Mortgage Observer

Prudential, AXA Provide $300M Refinancing on LIC’s 4545 Center Boulevard

4545 Center Boulevard

Developer TF Cornerstone closed a $300 million permanent loan from Prudential Mortgage Capital Company and AXA Equitable Life Insurance Company for 4545 Center Boulevard, part of the developer’s EastCoast residential complex in Long Island City. The loan is one of an increasing number of large deals from leading lenders focused on the area.

The Singer & Bassuk Organization brokered the 15-year, fixed-rate mortgage to refinance a $265 million construction loan on the 40-story rental tower, said Andrew Singer, chairman and chief executive officer of the New York brokerage firm. Prudential took $200 million, and AXA took $100 million, he said. The new loan closed on March 10. Read More

Lease Beat

New York Kids Club Heads to Queens, Leases at TF Cornerstone High Rise

4545 Center Boulevard (Credit: TF Cornerstone)

In further confirmation of the stroller army’s successful invasion of Long Island City, New York Kids Club signed a 15-year, 5,003-square-foot lease at 4545 Center Boulevard.

The private “enrichment center” for preschool children will open by the LIC waterfront in September 2014 in TF Cornerstone‘s new mixed-use high-rise. This space–the tenant’s first in Queens–will offer preschool classes as well as after school, art, music and fitness programs. Read More

Long Island City

Rockrose Building Queens’ Tallest Residential Building

CourtSq_Aerial_2010-05-20

Rockrose Development Corp. is in the process of demolishing seven dilapidated Long Island City warehouses to pave the way for the construction of what will become the tallest residential building in Queens, The Commercial Observer has learned.

The 50-story, 907,000-square-foot, 500-foot-tall building at 43-25 Hunter Street will not only be the tallest, but it will Read More

Baseball

Did ‘Blue-Collar’ Mets Settle For Less ‘Glitzy’ Long Island City Digs by Choice?

(Credit: John Dunn, The New York Times)

The New York Post reports that members of the New York Mets have “forsaken Yankee-style Manhattan condos” by renting units in two waterfront residential buildings in Long Island City.

The “blue-collar” Mets have decided “against glitzy Manhattan digs,” with Jon Niese, Jordany Valdespin, John Buck and Justin Turner among the players renting at the Avalon Riverview buildings, the Post stated. Read More

Cover Story

Long Island City’s Renaissance

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Miami native Rick Rosa stuffed a few bags with his belongings in 1999 and headed for New York City.

Though not the postcard image he envisioned, he stumbled upon the industrial waterfront neighborhood of Long Island City, where he found an affordable pad, close to Manhattan, with a yard for his dog, Benny.

“The neighborhood Read More

Lease Beat

Entertainment Law Firm Grubman Indursky Shire & Meiselas Renews at Carnegie Hall Tower

450px-Carnegie_Hall_Tower

Law firm to the stars Grubman Indursky Shire & Meiselas will stay grounded at Carnegie Hall Tower after renewing its 26,000-square-foot lease at the Midtown building.

The entertainment firm, which lists Bruce Springsteen, Lady Gaga and U2 among its clients, will pay rents in the $90 per square foot range for the 30th, 31st and partial 32nd floors of the tower, where it has maintained offices since 1991.

Michael Cohen, the tristate president of Colliers International, represented the tenant. Matt Leon, a broker at Newmark Grubb Knight Frank represented the owner, TF Cornerstone, alongside in-house representative Chip Sealy. Read More

Lower Manhattan

Sale of City Hall Buildings Snagged

City Hall submarket.

A city proposal to sell three lower Manhattan buildings, potentially converting 750,000 square feet of outmoded office space into luxury housing or hotels, has run into objections from community representatives in the City Hall area, who argue that the plan should have included provisions for a school, community center or affordable housing.

The City Council’s subcommittee on planning, dispositions and concessions plans a hearing next week on the disposal of the properties at 22 Reade Street and 49-51 Chambers Street. Disposition of the third building in the package, at 346 Broadway, was approved in 1998. Mayor Michael Bloomberg announced the sale in January as part of a drive to make the city more efficient by consolidating its office spaces. Read More

Midtown South

Computing Midtown South: Tech Is Booming, but for How Long?

Midtown South.

Late last year, when the education publishing company Scholastic offered up about 60,000 square feet of sublease space at the top of the Soho office building 568 Broadway, the firm quickly found it wouldn’t be difficult to fill.

Within weeks, a host of tenants were competing for it, including several tech firms, one of the most active sectors of the leasing market in Manhattan right now. Tumblr, foursquare and AppNexus, all well-known names in the industry, moved to the front of the pack.

On the face of it, such a decision would seem easy. Of the three, only AppNexus, a firm that specializes in online advertising and is backed by the software giant Microsoft, is known to be profitable. But in a tech boom in which riches don’t always flow from the most likely sources, the deal for the space took a different turn.

The competition soon boiled down not to AppNexus but to Tumblr and foursquare, two companies that have become top brands in the new internet boom and have raised tens of millions of dollars in venture capital between them, but have yet to find income-producing platforms for their services. Read More

Lease Beat

TF Cornerstone Plans High End Makeover of 387 PAS

Planned Roof of 387 PAS

TF Cornerstone is planning a bold makeover of 387 Park Avenue South, leasing executives for the building say.

The company, which owns several prominent office properties in the city including Carnegie Hall Tower, will build an outdoor area and conference facility on the 12-story building’s roof and clad its lower floors in a new glass facade. A new lobby and elevators will also be installed as part of the project. Read More

Mortgage Observer

Bank of America: Off to the Races

Steve Kenny.

Training for a marathon while working a full-time job would be a challenge for anyone. But working up to that 26.2-mile mark while simultaneously doing your part to contribute to a nation-wide book of transactions that over the last 18 to 20 months included the origination of more than $20 billion in commercial real estate loans might pose its own set of challenges.

Steve Kenny, Bank of America’s commercial real estate banking executive for New York and New Jersey, is doing just that, though. And when he takes to the starting line for the ING New York City Marathon November 4 to set out on a course that will take him through all the five boroughs, the challenges he’ll face will in many ways be business as usual. Read More

Lease Beat

645 Madison Reels in Another High Priced Deal

645 Madison Avenue

645 Madison Avenue has reeled in another high priced lease despite a flat rental market in the city that has left most landlords with little leeway to bump up rates.

Marble Arch Investments has taken the building’s entire 17th floor, a nearly 7,000 square foot space for seven years. The building’s landlord TF Cornerstone was asking for rents north of $100 per square foot for the floor and just about got them in the lease negotiation, which, as is typical for such talks, usually sees rates drop as tenants and their leasing reps work to finagle a better deal. Read More