Stolly and Roeschlaub of NKF Capital Markets lead team in raising $187 million construction financing

 

 

Manhattan, NY According to NKF Capital Markets, it has raised $187 million of construction financing from Apollo for Normandy Real Estate Partners and Columbia Property Trust’s development of 799 Broadway. 

The NKF Capital Markets team was led by co-chairmen Dustin Stolly and Jordan Roeschlaub, accompanied by managing directors Nick Scribani and Chris Kramer. Adam Spies, Adam Doneger, Kevin Donner, and Josh King of Cushman & Wakefield advised Normandy and its former partner Ares Management on the partial sale to Columbia. Gavin Evans and Travis Feehan were the project leads for Normandy while Kevin Hoover represented Columbia Property Trust. 

The planned 12-story, class A office tower, totaling 182,000 s/f, will feature 147,688 s/f of office space, 12,688 s/f of community space and 21,929 s/f of retail, as well as a gym. Designed by Perkins+Will, the boutique office building will include expansive terraces on each floor, oversized glass windows and ceiling heights of 15 to 17 feet.

“The state of the art development will be a trophy boutique office building, certain to attract New York’s most prominent tenants,” said Stolly.

799 Broadway is located at the corner of 11th St. and Broadway at the junction of Union Sq. and Greenwich Village. 799 Broadway will be the closest new creative office development to Union Sq., the cultural and transportation hub of Midtown South.

New boutique office product has been met with significant demand from tenants willing to pay premium rents. Nearby neighbors include Edward Minskoff’s 51 Astor Place (occupied by IBM and St. John’s University), Vornado’s 770 Broadway (leased to Facebook) and Normandy’s project at 888 Broadway, which has made headlines by landing leases for Australian software company Atlassian and, most recently, Netflix.