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Real Estate Roundup 10.23.20

11 Penn Plaza (Credit: NY Post)

Real Estate Roundup:

Financing

  • Vornado Realty Trust has received a $500 million loan package for the 1.2 million-square-foot PENN11 in Midtown Manhattan. The interest-only mortgage carries a LIBOR of plus 2.75 percent and a maturity date set for October 2025. The loan retires a previous $450 million financing from AXA Equitable Life Insurance scheduled to mature at the end of 2020, which carried an interest rate of 3.95 percent. (Vornado)
  • Invictus Real Estate Partners + MJM Associate Contracting have secured a $27.5 million loan from Metlife for their newly-constructed project at 812-814 Amsterdam Avenue in the Upper West Side. The 15-story, 60,182-square-foot tower comprises 30,333 SF of residential space and 12,302 SF of retail space. (CO)

Residential 

  • Extell said Corcoran Sunshine Marketing Group would join the developer’s in-house sales team as co-exclusive brokers at Central Park Tower at 217 West 57th Street. Extell closed on $1.14 billion in financing for the tower in December 2017. Under the deal, the developer is required to have $500 million worth of units in contract by this December. The 1,550-foot-tall building topped out last fall and has a projected sellout of $4 billion. (TRD+PR)

New to the market

  • Edge Fund Advisors + HSBC Alternative Investments have put Four New York Plaza on the market. The 22-story, 1.1-million-square-foot office building at the tip of Lower Manhattan in the Financial District is being marketed by CBRE. Until 2010, the building was owned by JPMorgan, which remains as a tenant on a 850,000-square-foot lease that runs through 2025. The current owners purchased the property in 2012 for $270 million, and it could sell for as much as $300 million. (REA+TRD+Bisnow)

Other news

  • The Howard Hughes Corporation, which has long faced pushback over its development plans in the South Street Seaport, is moving forward with plans for a $1.4 billion mixed-use project for the neighborhood. The publicly traded development firm on Thursday said it will begin the public review process to build a residential building on the site it owns at 250 Water Street with 260 condominiums and 100 affordable rentals. (NYBJ)
  • Jack and Rina Cywiak are challenging the city’s assessment in court in an effort to lower the property tax bill at 518 Broadway, which they say is too high for a mostly vacant retail building. The owners paid the city about $408,000 in property taxes in fiscal 2019 and $439,000 in fiscal 2020. The challenged 518 the $3.63 million assessment before the city’s Tax Commission this year and won a reduction to $2.9 million. But they are looking for more in state court since the building has been vacant since 2016… Assessments are based on properties’ status as of Jan. 5, prior to the pandemic. Jack said they are either going to fdina tenant or sell it. (TRD)

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