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Retail Condo in Manhattan Scores Refinancing Loan

28 Jul 2015, 6:37 pm

By Veronica Grecu, Associate Editor

The Parkland Group landed a $44 million refinancing loan for a retail condominium between West 17th and 18th Streets in Manhattan’s Chelsea neighborhood.

611 Avenue of the Americas - Manhattan

611 Avenue of the Americas – Manhattan

HFF announced it worked on behalf of the borrower’s Gerald Brauser and Steven Brauser to secure the 15-year, fixed-rate, non-recourse loan which was provided by Allianz Real Estate of America, Inc. on behalf of the US Allianz insurance companies. HFF managing director Rob Rizzi and director Jennifer Keller led the debt placement team representing the borrower.

Located at the base of 611 Avenue of the Americas, a 10-story luxury residential building completed by The Parkland Group in 2008, the 30,216-square-foot retail condominium is currently fully leased to three tenants: Chase Bank, Duane Reade and Modell’s Sporting Goods.  According to HFF, the building also houses 41 luxury apartments and three additional retail spaces that were not included in the financing deal.

“The property’s location along a prime retail corridor and its stable long-term tenancy made the financing very attractive to lenders,” HFF Director Jennifer Keller said.

Image courtesy of HFF

 



Hunt Mortgage Group Expands NYC Team

28 Jul 2015, 6:26 pm

By Ioana Neamt, Associate Editor

Senior Managing Director Jon Trauben

Senior Managing Director Jon Trauben

Hunt Mortgage Group recently expanded its New York City headquarters team with the addition of Jon Trauben as head of capital markets. Trauben will join the company as a senior managing director and will focus his activity on the company’s capital markets and commercial lending efforts.

“Jon is a seasoned real estate finance executive that brings more than 20 years of solid industry and management experience to his new role at Hunt Mortgage Group,” said Hunt Mortgage Group President Chris Hunt.

Trauben previously served as managing director at Barclays, where he was a senior member of the Real Estate Finance group, and also worked with Cantor Fitzgerald & Co. as Managing Director and Head of Capital Markets and High Yield Real Estate and Loan Syndications. Earlier in his career, Jon Trauben worked at Credit Suisse Group AG, APC Realty Advisors and Ernst & Young. He holds a Bachelor’s Degree in Political Science from Rutgers University.

Image courtesy of Hunt Mortgage Group



LinkedIn Takes Over Even More Space at the Empire State Building

27 Jul 2015, 2:40 pm

By Veronica Grecu, Associate Editor

After creating quite a stir a few weeks ago with the decision to turn its normally white lights to green to mark the end of the Muslim holy month of Ramadan, the Empire State Building went back to safer business.

Empire State Building

Empire State Building

The 101-story iconic tower is ready to welcome even more LinkedIn employees within its Platinum-certified floors. The employment networking company will more than double the space it occupies at 350 Fifth Ave. at 34th St. in Midtown Manhattan.

The expansion comes four years after LinkedIn stepped into the world’s most famous building. As previously reported by Commercial Property Executive, back in 2011 the company leased 32,000 square feet—or the entire 25th floor—of Class A office space at the property. In fall 2012, the Mountain View, Calif.-based tech giant signed a 10-year lease for another 40,780 square feet on the 23rd floor. Since then, the professional network gradually expanded to fully occupy the 22nd and 28th floors for a total of 135,000 square feet.

LinkedIn, who was brokered by CBRE’s Sacha Zarba, Lauren Crowley, and Greg Tosko in the lease negotiations, will grow its presence at the Empire State Building by an additional 130,000 square feet on the entire third and 26th floors, bringing the company’s occupancy to 280,000 square feet on seven floors. Empire State Realty Trust, the REIT that owns the office building, was represented in-house by Ryan Kass and a leasing team from Newmark Grubb Knight Frank.

According to the New York Business Journal, asking rents for the lower base floors clock in at around $60 per square foot.

Image via ESB official website



Vacant Lot in Boerum Hill Goes Retail

23 Jul 2015, 4:49 pm

By Veronica Grecu, Associate Editor

A local real estate development company received financial support to spruce up the neglected corner of Smith and Douglas streets in Brooklyn’s Boerum Hill neighborhood.

232 Smith Street - Brooklyn

232 Smith Street – Brooklyn

Madison Realty Capital provided Second Development Services a short-term $9 million loan towards the acquisition and reconversion of the 5,000-square-foot lot at 232 Smith St. into a retail building.

“Boerum Hill is an exciting and attractive Brooklyn neighborhood with tremendous foot traffic.  Those attributes together with affluent demographics have made it a magnet for retailers, and given that context we believe this project should be successful,“ said Josh Zegen, co-founder and managing principal of MRC.

Second Development Services acquired the asset in a joint venture with Son Claire Realty LLC, the land’s existing owner, and now holds a majority interest in the property. According to Curbed, the site was occupied by a group of single-story buildings until 2006, when the structures were demolished.

Commercial Observer reported that the developer plans to transform 232 Smith St. into a 15,000-square-foot, three-story retail building which has been entirely pre-leased by a single tenant. Construction is expected to start this fall and wrap up by summer 2016.

Image via Google Street View



New Hotel Shining in Sunset Park

22 Jul 2015, 2:30 pm

By Veronica Grecu, Associate Editor

Summer might be halfway over, but the visiting season in New York City never really ends.With the tourism sector hitting a record 56.4 million visitors last year, the City that Never Sleeps has all the reasons to welcome new hotels.

Wyndham Garden Brooklyn Sunset Park - rendering

Wyndham Garden Brooklyn Sunset Park – rendering

Wyndham Garden Brooklyn Sunset Park is one of the newest additions to the list, marking Wyndham Hotel Group’s fourth property in the city and the seventh Wyndham Garden hotel to open globally in 2015. The seven-story hotel opened this month at 457 39th St. in Brooklyn’s Sunset Park neighborhood, almost two years since ground breaking.

Owned by an entity called 457 Hotel Group, the new Wyndham Garden was developed by W&L Group Construction Inc. and designed by Horst Design International. The hotel was built on a 10,017-square-foot lot that was acquired for $565,000 by CCL Management LLC back in 2012, according to PropertyShark data.

Situated in an area that continues to grow in popularity for tourists looking to get a grasp of the authentic New York City, the new hotel is just two subway stops from Downtown Manhattan and only minutes away from top Brooklyn destinations including Coney Island, the Barclays Center and the Brooklyn Cruise Terminal.

Wyndham Garden Brooklyn Sunset Park offers 70 guest rooms—in a mix of single, double, Queen single and connecting accommodations—and nearly 20,000 square feet of commercial space, including a business center, on-site restaurant, fitness center and surface parking for up to ten vehicles.

Rendering via W&L Construction Inc.







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