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Real Estate Roundup 8.5.20

Real Estate Roundup:

New to the market 

  • The $195 million senior mortgage on Vornado Realty Trust’s Crowne Plaza Times Square hotel at 1605 Broadway is up for sale. The property was refinanced in April 2018, with three lenders providing the $195 million in debt currently on the market. Deutsche Bank provided $75 million, Morgan Stanley lent $70 million and ICBC provided $50 million. The loan is secured by the partial fee and partial leasehold interest in the property and the basis works out at around $245,000 per key or $231 per square foot. (CO)
  • SL Green is looking to sell a $126 million mezzanine loan on the 1.1 million-square-foot 5 Times Square tower. The building’s anchor tenant, accounting firm EY, is relocating to Brookfield Property Partners’ Manhattan West — which will create a large vacancy to fill. The owners of 5 Times Square, RXR Realty and David Werner, recently injected $200 million of equity into the trophy office tower and are renovating the building. (TRD)
  • SL Green is about to put 110 Greene Street in Soho on the market expecting to sell the 13-story office asset somewhere between $250 to $300 million. One source familiar with the sale said that the REIT is simply “selling a ton of non-core assets to buy back stock.” (CO)

Office Leasing

  • Moody’s is looking to find a tenant to sublease 75,000 SF across two floors at the Durst Organization and Port Authority’s World Trade Center. The financial research giant had signed a lease for the 56th and 57th floors of the building in 2015. (TRD)
  • The iconic Bryant Park Hotel is checking out of its long-time home on West 40th Street. The entire landmarked building is being offered as “boutique” office space by owners Philip Pilevsky, Raymond Gindi, and Joseph Chehebar. All 122,000 square feet on 25 floors are available in sizes from 1,900 to 7,535 square feet. (NYPost)
  • WeWork is piloting a pay-as-you-go offering – with its 20% availability rate – for the next 60 days in New York City. Users can book a workspace for $29 per day or a meeting room for $10 per hour. Membership is not required. (TRD)

Luxury Market Update 

  • Only 3 contracts were signed last week at $4 million and above, a steep slide from the 15 contracts in the previous week. (TRD+OlshanRealty)
  • Victor Group, the developers of the Getty condo at 503 West 24th Street in West Chelsea are slashing prices. The cuts on four unsold residential units range from 42 percent to 53 percent…. Time is ticking: The developer secured a $30 million condo inventory loan for the project last year from Paragon Outcomes Management and Axos Bank. (TRD)

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