News:
Owners Developers & Managers
Posted: October 15, 2024
ERG Commercial brokers $7.5m loan for Skyland Management
Manhattan, NY ERG Commercial Real Estate brokered a $7.5 million bridge loan to allow the borrower, Skyland Management, to refinance existing debt on three adjoining vacant lots.
The consecutive lots, 120-124 Lexington Ave., totaling 4,647 s/f, on the corner of East 28th St. and Lexington Ave. in the Kips Bay neighborhood. The vacant development site allows for 32,000 buildable s/f with tentative plans to construct a mixed-use condominium building.
ERG’s Salvatore Iuvara and Ryan Lewis handled the transaction between Skyland Management and the private lender, a local family office.
“The primary focus of the borrower was to secure enough proceeds and refinance his existing debt,” said ERG's Salvatore Iuvara. “We were able to structure a one year interest only mortgage loan to give the borrower the ample time he needs to move forward with the property and accomplish his goals.”
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SL Green and Mori Building Co., Ltd. form joint venture for new development at 346 Madison Ave.
Manhattan, NY SL Green Realty Corp., one of the city’s largest office landlord, today announced that it has closed on the sale of a 49.0% joint venture interest in the development of 346 Madison Ave.to Mori Building Co., Ltd., Japan’s leading urban landscape developer, at a gross valuation of $175.0 million.
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