News:
Brokerage
Posted: September 22, 2008
JPMC 2005-CIBC12 purchases Olympic Towers for $8.46 million
The Olympic Towers have been sold to JPMC 2005-CIBC12 Olympic Towers LLC, an affiliate of JP Morgan Chase Bank and Chicago's LaSalle Bank, for $8.46 million in a foreclosure sale. The 150,000 s/f building located on Pearl St. was acquired from from Manhattan investment group Elman Buffalo Associates LLC. The property was purchased by Elman for $11.2 million from Acquest Development 10 years ago.
The foreclosure action led by LaSalle Bank, which is attempting to recoup an $8.3 million mortgage that JP Morgan Chase Bank originated three years ago.
The main tenant in the complex is U.S. Bankruptcy Court, who earlier this year renewed its lease for 24,000 s/f. The building's leasing and management is handled by CBRE/Buffalo.
Tags:
Brokerage
MORE FROM Brokerage
Liberow and Benshar of Asset CRG Advisors arrange $18.1 million ground lease transaction for 358 Flatbush Ave. development site
Brooklyn, NY Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Ave., a Brooklyn development site situated at the intersection of Park Slope and Prospect Heights overlooking Grand Army Plaza and Prospect Park.
Columns and Thought Leadership
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
