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Midtown Equities and HK Organization recapitalize Empire Stores

Rockwood Capital sells its stake in a deal that values the complex at $420 million.

Empire Stores at 53-83 Water Street in Dumbo (Credit: Empire Stores)

Midtown Equities + the HK Organization have recapitalized Dumbo’s Empire Stores. The duo bought out the majority stake previously owned by partner Rockwood Capital in a deal that valued the redeveloped complex at around $420 million. They subsequently refinanced the property with a $280 million loan from AIG

Financing details: The 15-year loan replaces $250 million in previous debt provided by M&T Bank in 2017. It has a rate of around 4.25 percent, according to TRD.

Be Smart: Office tenants include West Elm, United Technologies, Laundry Service, Newell Brands, Wasserman Media Group, and 72andSunny. Retail tenants include West Elm’s home décor outlet, J. Crew, and a food hall operated by NYC’s Time Out Market (22,000 SF).

Worth Noting: The developers agreed to lease the former warehouse from the state for 96 years in 2013… The fully stabilized office-and-shopping complex has 584,864 SF of rentable space.

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