New York, NY Rosenberg & Estis, P.C. has secured a victory for a cooperative on East 57
th St. in New York State Supreme Court in New York County, securing possession of a parking garage within the building whose leaseholder had defaulted on rent payments. Rosenberg & Estis members Bradley Silverbush, Howard Kingsley and Norman Flitt, and associate Richard Corde, represented Excelsior 57
th Corp. against Select Parking LLC and Citizens Icon Holdings before Supreme Court Justice David Benjamin Cohen.
Brooklyn, NY According to Industry City, The Garage, an imaginative tabletop production company specializing in commercials for household names such as Coca Cola, Hershey’s, Cadillac, and Olay, will be relocating and expanding its headquarters to the 35-acre campus in the Sunset Park neighborhood. The production company will hire an additional eight employees for the space, bringing its team to 12 people.
Manhattan, NY Avison Young’s Debt, Joint Venture, Structure Capital and Loan Sale Group has arranged a $13.75 million construction loan with Emerald Creek Capital for a proposed 10-story, ground-up residential condominium on a vacant lot at 14 Second Ave. in the East Village. An Avison Young team comprised of Justin Piasecki, principal, and Brandon Polakoff, senior director, represented the borrower, Daniel Vislocky of Station Cos. Emerald Creek Capital was represented by managing director Jeff Seidler.
Countless frantic property owners continue to call and email me, sounding the alarm months after the grand “re-open,” as they have no idea how they will pay the second half real estate taxes due in January. Numerous property owners receiving no rental income since March are asking me how they are supposed to pay their taxes, let alone timely. Some only managed to pay the first half taxes by borrowing, as opposed to exposing themselves to the city’s 18% interest rate.
There are many sectors of the New York City commercial real estate market that are performing well. Industrial real estate has been strong, along with class A and B multifamily, retail in lower and middle income neighborhoods, small floor plate office buildings in residential areas, and self-storage. According to the New York Times, roughly 420,000 or 5% of New Yorkers left the city from March 1
st, 2020 to May 1
st, 2020, and most of the residents that left are residents of the city’s highest income areas.
Manhattan, NY Blue Sky collaborated with Marymount Manhattan College (MMC) to raise capital and refinance the debt on the college’s residence hall. Located on East 55
th St., the 500-bed facility is the only dormitory owned by the college. The transaction was structured using a lease/leaseback arrangement, and allowed the college to raise capital, maintain its real estate tax exemption, retain fee ownership, and secure its desired financial statement presentation.
New York, NY Jonathan Rose Companies, LLC has closed on a $525 million impact acquisition fund. This represents the firm’s fifth institutional fund focused on acquiring and preserving affordable multifamily housing, implementing practical green strategies to reduce environmental impacts and operating costs, and connecting residents with social, educational and other services. The fund’s aggregate capital commitments of $525 million exceeded its top end target of $500 million, and in the end, was oversubscribed.
North Bergen, NJ Dave Carswell, managing director for Largo Capital, provided financing for a 7,800 s/f mixed-use property. Carswell was able to secure a $1 million bridge loan for 18 months interest only and close the transaction within three weeks. Additionally, Carswell secured two loans totaling $1.58 million for an investor of residential condo units in Manhattan and the Hudson Valley.
Brooklyn, NY Arbor Realty Trust, Inc. funded three Freddie Mac Small Balance loans. The multifamily properties received a total of $14.2 million in refinancing, with a 10-year fixed rate through the program. Vincent Chiodo of Arbor’s New York City office originated the loans. “These transactions exemplify Arbor’s commitment to meeting all of our clients’ needs no matter the environment or unique circumstances,” Chiodo said.
Manhattan, NY According to The Durst Organization, Starbucks Corporation has signed a 10-year and three-month lease for 1,192 s/f on the ground floor of the Bank of America Tower at One Bryant Park. Starbucks signed their first lease at the LEED Platinum office tower in 2011, shortly after the building’s completion. Starbucks was represented by David Firestein, partner, at TSCG.
