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Real Estate Roundup 1.8.20

685 Third Avenue (Credit: Google Maps)

Real Estate Roundup


The $285 million CMBS loan on the Kushner Companies’ retail space at 229 West 43rd Street has been transferred to its special servicer, an indication that bondholders have concerns about being paid back on schedule. (CO)

SL Development and Local Capital Group have secured a $63.6 million loan from Greg Lippmann’s LibreMax Capital to refinance its mixed-use condo and retail development The Umbrella Factory (AKA 722 Metropolitan Avenue) in Williamsburg. The financing retires around $53.5 million in debt provided by Madison Realty Capital, and an additional $23 million in financing at the time of the acquisition. Upon completion in August 2020, the seven-story development will span 65,288 square-feet, and consist of 69 condos, and a ground-floor retail component (4,000 SF). (CO)

Heitman has provided $200 million of floating-rate financing for BentallGreenOak’s leasehold acquisition of 685 Third Avenue. (CO)

Fairstead Capital has secured a $46.4 million loan from Capital One to refinance its apartment building at 680 St. Nicholas Avenue. The loan was made under the U.S. Department of Housing and Urban Development‘s 223f program, which means that Capital One will be insured against default by the federal government throughout the permanent loan’s term. (CO)

The Bluestone Group, the Altmark Group, Madison Realty Capital, and Galil Management have secured an $85 million loan from LibreMax Capital to refinance their South Bronx office conversion at 825 East 141st Street. The LIBOR floating-rate loan will provide funding for continued renovations and leasing commissions. (TRD)


CW Realty has acquired a development site at 251 Front Street in Vinegar Hill from Tocci Brothers for $20 million. Cheskie Weisz is planning to construct a five story, 59-unit luxury rental complex. (TRD)


Ghost kitchen operator Kitopi has signed a ten-year lease for 7,500 square feet on the ground-floor of 116 West Houston in Greenwich Village. Asking rent on the deal was $50 per SF. (CO)


Newmark Knight Frank CEO Barry Gosin and GFP Real Estate chairman Jeffrey Gural hosted a party on Monday evening to raise money for Joe Biden. Attendees paid $2,800 per ticket. TRD noted other real estate related Biden bundlers. (FoxBusiness+TRD) 

Unfortunate trend continues: Bushwick rezoning faces deadlock amid local opposition… The city’s proposed plan would add around 5,600 apartments to the neighborhood, up to 1,680 of which would be affordable under mandatory inclusionary housing rules. But Council member Reynoso has insisted that the number of new units be capped at 2,000, all of which would be affordable. (Crain’s)

Amazon breached a letter-of-intent to lease a big chunk of space at the Durst Organization’s 1133 Sixth Avenue back in 2014, a Manhattan Supreme Court judge has ruled — and now, Amazon must cough up as much as $21.65 million to the landlord it left in the lurch… The LOI forbade Amazon from negotiating with any other landlord until a decision was made about the Sixth Avenue space. But even as it continued talking to Durst about the prospective deal’s fine points, Amazon carried on secret talks with rival landlord Vornado about 7 West 34th Street where it signed a lease in September 2014. (NYPost)


In their annual construction payments survey, Rabbet found that slow payments add an average additional 5.3% to project costs.

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