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[29 Jan 2015 | No Comment | ]

Meridian Capital announced the following transactions:
• A new mortgage of $2,575,000 was placed on a two four-story mixed-use properties totaling 14 units and 1,200 square feet of retail space located on East 87th Street in New York, NY.  The loan features a rate of 2.88% and a five-year term. This transaction was negotiated by Allan Lieberman and Asher Haft.
• A new mortgage in the amount of $40,000,000 on a 12-story, 88,700 square foot office property located on West 45th Street in New York, NY. The loan features a rate of …

Deals & Dealmakers »

[29 Jan 2015 | No Comment | ]

Meridian Capital Group negotiated a $44.8 million loan and $15.5 million in joint-venture equity for the construction of a multifamily property in Astoria, Queens.
The three-year interest-only loan, provided by a CIT Real Estate Finance, a middle-market balance sheet lender, features a LIBOR-based floating-rate and two one-year extension options.
The $15.5 million of joint-venture equity was provided by Glenmont Capital Management.
These transactions were negotiated by Meridian Capital Group managing director Tal Bar-Or, who is based in the company’s New York City headquarters.
The site was acquired in an off-market transaction and is currently …

Deals & Dealmakers »

[29 Jan 2015 | No Comment | ]

By Sabina Mollot
A federal court judge has decided that the lawsuit against CWCapital by a group of junior lenders involved in Stuyvesant Town should be handled by a state court, as the lenders had been hoping.
United States District Judge Alison Nathan remanded the litigation to the New York State court where it was originally filed.
In the decision, Nathan wrote that “this case invokes no comparable federal interest, scheme or agency. Rather it is a contract dispute between private parties, turning almost entirely on construction of a private contract, and failing …

Deals & Dealmakers »

[29 Jan 2015 | No Comment | ]

HKS Capital Partners negotiated a $39 million CMBS loan from CCRE for the refinance of the 72 room Flatiron boutique Giraffe Hotel on Park Ave South.
The hotel, part of the Library Hotels Collection, is owned by Henry Kallan.
HKS co-founder Jerry Swartz has handled all three permanent mortgage refinances on the hotel done over the past 15 years.
Swartz also created the JV between the original owner of the property and Kallan to purchase the  land at 365 Park Avenue South.
He then arranged financing for the demolition of the previous SRO asset …

Deals & Dealmakers »

[29 Jan 2015 | No Comment | ]

National Cooperative Bank (NCB) originated $48.3 million in new loans during December for 27 New York area properties.
Edward Howe III, managing director of the NCB New York office, originated $27.3 million in new loans during December, including the largest loan of the month, a $7 million first mortgage and a $1 million line of credit for 201 West 21st Street, a 130-unit co-op in Manhattan.
Other activity included:
• A $4 million first mortgage for Jefferson Avenue Owners Corp., a 120-unit co-op at One Jefferson Avenue in Rockville Centre, NY;
• A $3 …

Deals & Dealmakers »

[29 Jan 2015 | No Comment | ]

Procida Funding’s 100 Mile Fund announced that the firm closed on a $16,200,000 construction loan for the famous Mural Arts Lofts building, aka the Thaddeus Stevens School in Philadelphia.
Developer Eric Blumenfeld is using the funds to renovate the historic site into 56 loft-style apartments.
“The architectural detail from the original design blended with a modern interpretation of loft style living will be inter-woven together in an elegant way creating some of the most charming residential living opportunities yet to be presented in the Philly real estate market,” said Blumenfeld. Procida Funding …

Deals & Dealmakers, Featured »

[29 Jan 2015 | No Comment | ]
‘Mr Silicon Alley’ is latest big hire for Cushman

Former Cresa principal, Wesley Rudes, has joined Cushman & Wakefield as executive director.

A prolific downtown broker, Rudes is credited with helping spur the development of New York’s Silicon Alley by helping launch an initiative that leased pre-built, web-enabled space to 250 technology companies in Lower Manhattan.

His is the latest in a flurry of big hires and new faces at Cushman.

Deals & Dealmakers »

[29 Jan 2015 | No Comment | ]

NEW YORK 
MHP Real Estate announced that the Children’s Aid Society has leased 25,965 s/f at 4-14 West 125th Street, Harlem, NY, for a term of five years. years, Andrew Silvester and Randy Sherman of MHP Real Estate Services represented the tenant. Landlord Olam Trading Corp was represented by Paul Walker, CB Richard Ellis.
•••
Adams & Co. Real Estate brokered 4,811 s/f throughout Midtown in the last few months.
• Poppin, Inc. renewed its 1,927 s/f lease on the third floor of 1115 Broadway for another five year term. James Buslik and Jeff …

Deals & Dealmakers »

[29 Jan 2015 | No Comment | ]

Mack-Cali Realty Corporation and its joint venture partner, The Praedium Group, announced that global transportation company Yang Ming Marine Transport Corporation signed a new lease for 19,306 s/f at One Newark Center in Newark, New Jersey.
The 24-story, 416,429 s/foffice building is 98.4 percent leased. The class A property is one block from Newark Penn Station and offers tenants an attached parking garage, cafeteria, 24-hour security, redundant power systems, The Metropolitan Room at the Newark Club, and the Seton Hall Law School.
Yang Ming was represented in the transaction by Frank Recine …

Deals & Dealmakers »

[29 Jan 2015 | No Comment | ]

Real estate investment management firms Clarion Partners and Marcus Partners, announced that Jarden Corporation leased 30,000 s/f for its new corporate offices at Merritt 7 Corporate Park, the six-building, 1.4 million square foot Class–A office park in Norwalk.
Jarden, a world-class Fortune 500 consumer products company with a portfolio of products, will occupy the entire 5th floor of Building 301. Jarden will move to Merritt 7 from 555 Theodore Fremd Ave. in Rye, NY.
“In selecting a new corporate office site, Jarden sought a centrally located office property close to various modes …

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