Plaza District office tower 590 Madison Avenue is shopping for a loan of up to $650 million, a source told Commercial Observer. A loan of that size could be one of the largest to close so far this year, if the landlord can find the funds.
The 42-story property’s owner, the State Teachers Retirement System of Ohio, has retained Cushman & Wakefield to source the funds, a representative for C&W confirmed.
SL Green Realty, which agreed to acquire the fee interest at 635 Madison Avenue in an off-market transaction earlier this year, has closed the deal all-cash and for $10 million more than anticipated, Mortgage Observer has learned.
An SL Green executive confirmed the amount of the purchase, and that no financing had been used in the transaction.
On the Market
Cushman & Wakefield arranged $88.2 million in debt and equity to refinance Mellon Independence Center, a mixed-use property in Philadelphia.
The recapitalization of Mellon Independence Center included $65.5 million of debt from Natixis Real Estate Capital and $17 million in equity from Madison International Realty, according to a spokesperson for C&W.
American Bible Society has hired Cushman & Wakefield to market for sale its 12-story headquarters building at 1865 Broadway.
The site is being marketed as a development opportunity and could accommodate a building of over 300,000 square feet. The Columbus Circle site could command as much as $300 million, according to Crain’s New York, which first reported the news.
Macklowe Properties has sold the retail condominium at the base of its residential condominium conversion at 150 East 72nd Street to RFR Realty for $19.9 million, Cushman & Wakefield, the firm that represented Macklowe in the deal, announced.
The building, on the southeast corner of Lexington and 72nd Street, is configured as four individual retail storefronts, totaling 4,000 square feet of ground floor space with 900 square feet of below-grade space and more than 150 feet of retail frontage on two major thoroughfares.
Capital One has provided a $56.8 million loan to affiliates of Bethesda-based ASB Real Estate Investments for The Peninsula, a 285,205-square-foot apartment community in Dorchester Bay, Boston, Mortgage Observer can exclusively report.
The 10-year loan is “a delayed refinancing of a loan that was paid off a number of quarters ago,” Robert Bellinger, president and CEO of ASB Real Estate Investments, said in an email exchange. He declined to give details on the loan’s interest rate. Capital One did not return requests for comment.
While it did not rival what some recalled as a “blistering” second quarter, the Manhattan commercial real estate office market continued to gain momentum in the third quarter, and most real estate observers took the growth as a sign of more to come.
Positive absorption and rising rents throughout Manhattan are on track to rain in a strong end to the year, as Midtown remained steady, Midtown South shined, and Downtown turned heads.
Fortis Property Group has purchased 151-161 Maiden Lane for $64 million.
Cushman & Wakefield made the announcement today after a team of Helen Hwang, Nat Rockett, Steve Kohn, Jared Kelso, John LiGreci, Bruce Mosler and George Giannopoulos represented Maiden Lane Development LLC in the sale.
“151-161 Maiden Lane is an irreplaceable waterfront location, spanning an entire Read More
A partnership between Fisher Brothers and The Witkoff Group has acquired 101 Murray Street from St. John’s University for $223 million, it was announced today. The sale is the largest residential development site transaction in lower Manhattan.
“101 Murray Street is a development site like no other in Manhattan with the potential to become a truly world-class residence,” said Helen Hwang, executive vice president at Cushman & Wakefield, who represented the seller, in a prepared statement. “We are privileged to have helped St. John’s University successfully realize such an important transaction for its academic mission.”
Cushman & Wakefield Equity, Debt & Structured Finance has arranged $39 million in financing for, as well as the sale of, 444 West 55th Street, The Mortgage Observer has learned exclusively.
The Mortgage Observer met with Steve Kohn, head of one of three service lines under the capital markets department at Cushman & Wakefield. Mr. Kohn shared his outlook for 2013 and details about he types of deals his growing group is busy working on.
The Mortgage Observer: How did you get your start in the industry?
Steve Kohn: My first job in real estate was with Reliance Development Group, which was a subsidiary of Reliance Insurance in Philadelphia. The president of Reliance Development Group was a gentleman named Henry Lambert, who still is very active in real estate here in New York City. He hired me, and I actually worked for his other business—he had a food business called Pasta & Cheese. I worked for the summers at Pasta & Cheese, and then when I graduated college, I knew that he had a big job in real estate.
What were you doing for him?
The new ownership of a former teddy bear factory at 497 Broome Street in SoHo is breathing new life into a building that’s available for lease for the first time since it was built in 1900, The Commercial Observer has learned.
A.M. Properties and Quality Capital have appointed Cushman & Wakefield as exclusive leasing agent Read More
Dermot Property Associates has sold a portfolio of 14 buildings in Manhattan, the Bronx and Queens for $190.5 million, The Commercial Observer has learned.
Ten of the buildings – five in Manhattan and five in the Bronx – were sold to the Parkoff Organization for $158 million, and the remaining four were sold to Douglaston Realty, said Aaron Jungreis, president of Rosewood Realty Group, who represented the buyers.
The 14 buildings were initially marketed as a package before it was determined that splitting it up was in the best interest of both the buyers and the seller.
Cushman & Wakefield has tapped Fred Harmeyer as senior managing director and regional head of U.S. Capital Markets for the eastern region.
He’ll be responsible for coordinating activities within Equity, Debt & Structured Finance, Corporate Finance & Investment Banking and Investment Sales & Acquisitions. Additionally he’s going to work with Steve Kohn, president of Equity, Debt & Structured Finance to grow that division nationally.
71 Smith Street, a development site in Brooklyn’s Boerum Hill, is up for grabs. Cushman & Wakefield and JRT Realty Group have been tapped to market the property, a parking lot.
The 27,582-square-foot parcel is located between Schermerhorn and State Streets and allows for a 311,801 square-foot mixed-use project to be built. Up to 206,530 square feet of residential space can be raised. Another 105,271 square feet for commercial use is also zoned for the site.