Office Towers at 530 Fifth Avenue and 485 Seventh Avenue Defeased

530 Fifth Avenue.

Two securitized loans backing Manhattan office towers at 530 Fifth Avenue and 485 Seventh Avenue were fully defeased this month, according to December remittance data obtained by Trepp and provided to Mortgage Observer.

The 499,554-square-foot office tower at 530 Fifth Avenue has a current balance of $164.1 million and previously made up 7.8 percent of its CMBS deal, WBCMT 2006-C25. The building’s defeasance brought the total percentage of defeased loans in that deal to more than $218 million, or 10.4 percent of the securitized balance, according to Trepp. Read More

Mortgage Observer

Canyon Provides Construction Loan for Gowanus Development

365 Bond Street rendering.

Los Angeles-based real estate investment firm Canyon Capital Realty Advisors originated a $120 million construction loan for the development of a 12-story apartment complex at 365 Bond Street in Brooklyn’s Gowanus area, Mortgage Observer has first learned.

The 30-month senior loan, provided to an affiliate of The Lightstone Group, features a fixed-rate and extension options, according to Meridian Capital Group, which brokered the debt. The project also benefits from a 25-year tax abatement, the lender and broker said. Read More

Lease Beat

Main Street Hub Signs Lease at 1407 Broadway

1407 Broadway.

Austin, Texas-based marketing platform developer Main Street Hub has signed a long-term lease for the entire 13,700-square-foot 26th floor of The Lightstone Group’s 1407 Broadway, Commercial Observer has learned.

The landlord is currently renovating the building and has been actively courting tech and media tenants. As previously reported, Techstars, a startup accelerator, signed a lease for the entire 24th floor at 1407 Broadway earlier this year. Read More

Competitive Market

Lightstone Group Launching Contest at 1407 Bway

Lightstone Group's eye popping scaffolding bridge around 1407 Broadway. (Credit: Evan Joseph)

As The Lightstone Group continues its repositioning of the Garment Center building, 1407 Broadway, the owner will be holding an ideas competition starting April 2, Commercial Observer has learned. The prizes: $14,000 for the winner and $3,000 for the three runners-up.

Space Forward: Ideas Competition calls for designers and any other creative folks to create the ideal work environment in the office tower between 38th and 39th Streets. The idea behind the competition is to “foster an environment that sparks creativity and collaboration through the building’s new office spaces, amenities and creative tenant mix,” according to information from Lightstone. Read More

Lease Beat

Startup Accelerator Moving to 1407 Broadway

1407 Broadway

Techstars has signed a lease for the entire 13,719-square-foot 24th floor at 1407 Broadway. The startup accelerator will relocate its New York location to The Lightstone Group-owned building from 36 Cooper Square.

“Having Techstars at 1407 Broadway shows the tech community that we are serious about providing them with what they need,” said Mitchell Hochberg, president of The Lightstone Group, in a prepared statement.  “It’s the first of a steady stream of tech companies that are coming to our site.” Read More

Lease Beat

Lands’ End Inks 1407 Broadway Office Lease

1407 Broadway

Retailer Lands’ End has signed a 10-year, 13,729-square-foot lease for the entire 27th floor at 1407 Broadway. The tenant will relocate to The Lightstone Group-owned property from 530 Seventh Avenue.

 “The excellent central location as well as the tower floor’s wonderful light and window line were certainly a huge draw,” said Amanda Bokman, senior vice president of CBRE, in a prepared statement. Read More

Year in Real Estate

Above and Beyond Hurricane Sandy

East Coast Begins To Clean Up And Assess Damage From Hurricane Sandy

FEMA spokesperson William Rukeyser described the ad-hoc, jumbled feel of the company’s impromptu space in the Forest Hills Tower like a scene from a hard-hit neighborhood, with hanging wires, antennas strapped to the ceiling, Post-It notes and sheets of paper with various instructions scattered about, and impromptu folding tables holding printers and other office equipment. Most seemed at a loss for words when assessing damages.

“It’s—It’s—It’s just a mess,” Durst Organization spokesperson Jordan Barowitz told The Commercial Observer less than a week after the storm hit, struggling to describe the destruction in Lower Manhattan. Read More

Cover Story

We Are OK: New Technology and Existing Resources Are Allowing Sandy’s Victims to Avoid Subleasing


On Thursday, Nov. 1, Virgo Business Centers made 27,321 square feet of temporary, furnished office space available at 14 Penn Plaza. Companies displaced by Hurricane Sandy filed in one by one, and by the following Thursday, the space was full.

“Typically, that process takes about a year,” said Pasha Erkin, director of sales at the company. “It’s all about readiness. You could literally bring me 40 people today, and I could have the space ready tomorrow. All you have to do is walk in, flip on a switch, plug in and start working.”

In that building alone, the company took on 177 employees from displaced companies like Coronet, amfAR, Linda Decorato, Ambrose and others located on the eastern tip of Downtown and other areas hit hard by the hurricane. Read More

Post-Tropical Storm Sandy

The List of CRE Companies Donating Office Space Through City Program Continues to Grow

David Lichtenstein

The list of real estate companies teaming up with the New York City Economic Development Corporation to donate free, temporary office space in the wake of Hurricane Sandy continues to grow.

The latest, The Lightstone Group, announced Friday that it will make 11,000 square feet of space available at 1407 Broadway through a city program for a period up to six months. Read More