Finance & Accounting »

[12:25 pm, July 30, 2014 | No Comment | ]

Eastern Union’s Shaya Ackerman arranged the refinance of a nursing home in Flushing, the 280-bed Union Care Plaza Center, located at 33-21 Union Street.
The 12-year loan closed with a fixed annual interest rate of 3.25 percent. The deal’s previous annual interest rate was 9.5 percent, which has been reduced in this refi.
The HUD loan refinances an asset constructed by David Marx 18 years ago. Since then, Marx has become a household name in New York real estate, accruing a large number of healthcare, multifamily units, and office space in New …

Finance & Accounting »

[12:24 pm, July 30, 2014 | No Comment | ]

The New York office of Berkadia Commercial Mortgage arranged $34 million for a multifamily property located in East Moriches, New York.
Senior vice president John DiCrocco secured the 10-year, fixed-rate financing through Berkadia’s Freddie Mac program.
DiCrocco worked with borrower Frowein Road LLC, who will use the loan to refinance existing debt on Walden Pond Apartments. Loan terms include a 3.89 percent interest rate and 30-year amortization schedule.
Walden Pond Apartments is a 324-unit property located on Long Island, New York, some 75 miles east of New York City. Situated on 38 …

Finance & Accounting »

[12:23 pm, July 30, 2014 | No Comment | ]

HFF announced that it has secured a $46.36 million loan for Center 78, a 371,680 s/f, Class A office property in Warren, New Jersey.
Working exclusively on behalf of Normandy Real Estate Partners, HFF placed the three-year, floating-rate loan with Square Mile Capital Management, LLC.
Center 78 is located at 184 Liberty Corner Road just north of Interstate 78 about 30 miles west of New York City. The LEED Gold certified property was originally built in 1982 and was renovated between 2012 and 2013.
The HFF team representing the borrower was led …

Deals & Dealmakers »

[12:23 pm, July 30, 2014 | No Comment | ]

Meridian announced the following transactions:
• New mortgages totaling $49,240,000 were placed on nine multifamily properties composed of 585 units located on Audubon Avenue, Arden Street, Kings Highway, Bay Parkway, Glenwood Road, Hunts Point Avenue, Valentine Avenue, Claflin Avenue and Weeks Avenue in New York, Brooklyn, and the Bronx, NY. The loans feature rates of 2.75% and four-year terms. These transactions were negotiated by Morris Diamant and Ben Piller.
• A new mortgage in the amount of $18,000,000 on a six-story, 42-unit multifamily property on Third Avenue in New York, NY. The …

Finance & Accounting »

[12:20 pm, July 30, 2014 | No Comment | ]

Meridian Capital Group, a national commercial real estate finance and advisory firm, announced that the company arranged financing for 20 loans totaling $62.7 million for multifamily and mixed-use properties located across Manhattan, Brooklyn The Bronx and New Jersey.
Thee transactions were negotiated by vice president Judah Hammer, who is based in the company’s New York City headquarters.
Averaging a deal a day over the 20 days, Hammer arranged financing from a mix of local balance sheet lenders sums ranging from $630,000 to $8,500,000.
The properties, in combination, total 492 residential units and …

Deals & Dealmakers »

[12:17 pm, July 30, 2014 | No Comment | ]
7 Bryant Park earns city’s first pre-wired certification

Hines announced that 7 Bryant Park, its 30-story, 470,000 s/f signature office tower, has become the first Wired Pre-Certified building in New York City, earning a Platinum certification — the highest attainable.
The certification follows a third party audit by technicians from WiredNYC, a program developed by the New York City Economic Development Corporation that evaluates and certifies the connectivity quality of commercial buildings.
It means that tenants at 7 Bryant Park, which is set to be delivered to the market in the first quarter of 2015, can have confidence that the …

Opinion, Property Managers »

[12:17 pm, July 30, 2014 | No Comment | ]

By Richard J. Hayes, vice president
ABM Facility Services
Today’s building technologies lend themselves to many advances that reduce the overall operating costs of a facility and become a significant contributing factor in both attracting and retaining tenants. 
This contribution is most pronounced when considering triple net tenants who are looking “holistically” at the true cost of leasing space, inclusive of operating expenses.  The cost per square foot is merely one part of the equation that informed prospective tenants use when calculating the life cycle costs of space for their employees. 
Smart …

Deals & Dealmakers »

[12:14 pm, July 30, 2014 | No Comment | ]
Health-tech upstart expands into Spring space

Flatiron Health Inc., a New York City-based healthcare technology company that recently raised $130 million in a Series B financing round, is relocating its headquarters and expanding its office space by 12,000 s/f.
The company’s new lease of 15,000 s/f comprises the entire 7th and 8th floors of 96 Spring Street.
Flatiron was represented by global commercial real estate services firm, Savills Studley.
Flatiron Health currently occupies 3,000 s/f at 291 Broadway and expects to relocate immediately in order to accommodate a wave of recent hires, nearly quintupling its Manhattan real estate footprint.
Savills …

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