REBusinessOnline

Boston Properties Enters into Agreement to Buy Manhattan Office Building for $300M

NEW YORK CITY — Boston Properties Inc. (NYSE: BXP) has entered into an agreement to acquire 360 Park Avenue South, a 450,000-square-foot office building in Midtown Manhattan, for $300 million. The 20-story building is currently fully leased to a single tenant that will vacate the property at the end of the year. Boston Properties will subsequently implement a capital improvement program. The company expects to close on the asset in December. The seller was not

Lightstone Group Receives $130M in Construction Financing for Manhattan Hotel Project

NEW YORK CITY — Locally based developer Lightstone Group has received $130 million in construction financing for Lightstone Moxy, a 303-room hotel that will be located on Manhattan’s Lower East Side. MSD Partners LP, an affiliate of the private investment firm of tech magnate Michael Dell, provided a $90 million senior loan for the 16-story project. Lionheart Strategic Management LLC, an affiliate of Fisher Brothers, provided a $40 million mezzanine loan. Tao Hospitality Group will manage …

Criterion Provides $125M Loan for Refinancing of Manhattan Office Building

NEW YORK CITY — Criterion Real Estate Capital has provided a $125 million loan for the refinancing of 817 Broadway, a 140,000-square-foot office building in Manhattan’s Union Square neighborhood. The property was originally built in 1895 and features a 4,000-square-foot rooftop terrace. The borrower, Taconic Partners, which acquired the asset in 2016 in partnership with Nuveen Real Estate, will use a portion of the proceeds to fund tenant improvements and leasing

George Comfort & Sons Completes Renovation of 925,000 SF Manhattan Office Tower

NEW YORK CITY — Locally based landlord George Comfort & Sons has completed the renovation of 135 W. 50th St., a 925,000-square-foot office tower in Midtown Manhattan. Global architecture firm Gensler designed the project, which included the reimagining of the lobby and entrance, as well as the creation of a new tenant amenity center. This 20,000-square-foot space features collaborative workspaces, executive conference rooms, a game room, lounges and a bar area. George Comfort & Sons …

L&L, Columbia Receive $1.2B Construction Loan for Redevelopment of Historic Manhattan Warehouse

NEW YORK CITY — A joint venture between L&L Holding Co. and Columbia Property Trust (NYSE: CXP) has received a $1.2 billion construction loan for the redevelopment of the historic Terminal Warehouse building in Manhattan’s West Chelsea neighborhood.The property was originally built in 1891 as the first major New York City facility with direct access to the river, streets and rail lines. A set of twin rail tracks runs through the center of the facility and originally offered a direct …

Hudson Square Properties Breaks Ground on 270,000 SF Spec Office Project in Manhattan

NEW YORK CITY — Hudson Square Properties, a joint venture between Trinity Church Wall Street, Norges Bank Investment Management and Hines, has broken ground on 555 Greenwich, a 270,000-square-foot speculative office project in Manhattan’s Hudson Square neighborhood. COOKFOX Architects is designing the 16-story building, and AECOM Tishman is the general contractor. CBRE is the leasing agent. Completion of the project, which according to the development team is the first spec office building …

Black Bear Capital Arranges $22.6M Agency Loan for Refinancing of Bronx Multifamily Assets

NEW YORK CITY — Black Bear Capital Partners (BBCP) has arranged a $22.6 million Fannie Mae loan for the refinancing of two multifamily assets totaling 140 units in The Bronx. Bryan Manz, Emil DePasquale and George Pektor of BBCP arranged the financing, which featured a fixed interest rate of 3.37 percent for 12 years with five years of interest-only payments and a 30-year amortization schedule, through PGIM Real Estate. The borrower was Finkelstein Timberger East Real

Fairfield Properties Acquires 367-Unit Apartment Community in Glen Cove, New York

GLEN COVE, N.Y. — Locally based owner-operator Fairfield Properties has acquired Avalon Glen Cove, a 367-unit apartment community located about 30 miles northeast of New York City on Long Island. The property offers studio, one- and two-bedroom units with walk-in closets, individual washers and dryers and private patios/balconies. Amenities include two pools, two fitness centers, an outdoor picnic area and a cinema room. Maryland-based investment firm FCP served as Fairfield Properties’ …

Berenberg Capital Markets Signs Office Lease Renewal, Expansion in Midtown Manhattan

NEW YORK CITY — Berenberg Capital Markets LLC has signed deals to renew and expand its office headquarters space at 1251 Avenue of the Americas in Midtown Manhattan. The company has renewed its 31,700-square-foot lease for the entire 53rd floor and will expand by 30,700 square feet to occupy the entire 52nd floor. Mitchell Konsker, Alexander Chudnoff and Benjamin Bass of JLL represented the tenant in the lease negotiations. David Falk and Peter Shimkin of Newmark represented the landlord, …

Electra America Hospitality Group Buys 194-Room Roger New York Hotel

NEW YORK CITY — Electra America Hospitality Group, a joint venture between Florida-based private equity firm Electra Capital and hospitality operator AKA, has acquired the Roger New York hotel in Manhattan’s NoMad neighborhood. The 194-room boutique hotel sold for $19 million, or roughly $98,000 per room. The new ownership will invest $22 million in capital improvements and reopen the hotel in mid-2022 under the AKA brand. The seller was not

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