Deals & Dealmakers »

[3:55 pm, February 27, 2015 | No Comment | ]

Newmark Grubb Knight Frank (NGKF) announced that elevator solutions company, TEI Group, will be relocating its corporate HQ in a 22,725 s/f lease at The Factory, a one-million-square-foot creative office loft building located at 30-30 47th Ave. in Long Island City.
Owners Atlas Capital Group and Square Mile Capital Management are well into a major renovation and repositioning program that will convert the former Macy’s furniture warehouse into Class-A, creative loft office and retail space.
It will have large, flexible floorplates, 13 ft. exposed ceilings, finished concrete floors, and new mullioned casement …

Deals & Dealmakers »

[3:43 pm, February 27, 2015 | No Comment | ]

Greystone has closed the first Fannie Mae M-PIRE (Multifamily Property improvements to Reduce Energy) loan for a Bronx rental building.
The $865,000 loan was originated by Robert Meehan of Greystone and Jeff Rueb of North Coast Funding for 2705 Colden Avenue in Baychester.
The Fannie Mae M-PIRE mortgage product is available to affordable and market rate cooperative and conventional rental housing owners in the five boroughs of New York City.
The loan offers an efficient and cost-effective way to both make improvements and comply with NYC energy requirements (Local Law 43 Clean Heating …

Deals & Dealmakers »

[3:43 pm, February 27, 2015 | No Comment | ]

HKS Capital Partners secured a $25 million mortgage for Dalan Management’s $36 million purchase of two Midtown South office properties, as part of a 1031 exchange.
The four-year loan from the Bank of the Ozarks, features a four-year loan with a rate of 375 over Libor with a floor of 4 percent. HKS Principals Jerry Swartz and Ayush Kapahi worked on the deal.
Dalan Management bought the 12-story buildings at 10 East 33rd Street and 12 East 33rd Street after selling three Washington Avenue Heights buildings in November for $16 million.
Daniel Wrublin, …

Deals & Dealmakers »

[3:41 pm, February 27, 2015 | No Comment | ]

Carlton Group chairman Howard Michaels has arranged a $185 million refinancing for The Shore Club, a luxury hotel on Miami’s South Beach.
The lender was Banco Inbursa, a Mexico-based bank run by Carlos Slim.
The 309-room hotel was acquired by its present owners, HFZ Capital, late in 2013.
The Carlton-managed refinancing provides the funding for a repositioning of the property, revamping it into 85 deluxe residential condos and 100 luxury hotel rooms.
HFZ founder Ziel Feldman told the Miami herald last month that he plans to “re-imagine and reposition a world-class property in a …

Deals & Dealmakers »

[3:41 pm, February 27, 2015 | No Comment | ]

MLK Real Estate Capital (MLK) secured financing on behalf of Riverbrook Equities (RBE) for the new location of its La Quinta hotel franchise at 9-02 38th Avenue, Long Island City.
MLK represented RBE in the financing for the 111-unit project estimated to cost $22 million.
RBE received construction loans for $14,000,000 to complete construction.
The undertaking will enhance RBE as a force in the limited service hospitality industry — the La Quinta franchise has more than doubled its number of hotels over the last ten years.
MLK provides structured finance and advisory services on …

Deals & Dealmakers »

[3:40 pm, February 27, 2015 | No Comment | ]

Meridian Capital Groupnegotiated a $30 million loan for the refinance of a mixed-use property located in New York, NY on behalf BLDG Management.
The five-year loan features a fixed-rate of 2.85 percent and was provided by a regional balance sheet lender.
This transaction was negotiated by Meridian Capital Group managing director Carol Shelby, and vice president Dani Sabesan, who are both based in the company’s New York City headquarters.
The property, located at 330 Bleecker Street, totals 199 apartments and 3,800 s/f of retail space.
“Meridian leveraged our unique relationship with the lender to …

Deals & Dealmakers »

[3:38 pm, February 27, 2015 | No Comment | ]

Meridian Capital announced the following transactions:
• A new mortgage of $3,800,000 was placed on a five-story, 43-unit multifamily property located on Wadsworth Terrace in New York, NY. The loan features a rate of 2.80% and a five-year term. This transaction was negotiated by Morris Diamant and Ben Piller.
• A new mortgage in the amount of $40,000,000 on a nine-story, 101-unit multifamily property located on East 30th Street in New York, NY. The loan features a rate of 3.00% and a five-year term. Michael Kesselman negotiated this transaction.
• A new mortgage …

Finance & Accounting »

[3:10 pm, February 27, 2015 | No Comment | ]

Attorney General Eric T. Schneiderman today announced that his office has reached a settlement with 47 East 34th Street (NY), LP, the owners of an apartment building located at 47 East 34th Street in Manhattan, to repay $4,446,153 in unpaid taxes due to the City under Section 421-a of the New York Real Property Tax Law and convert all 110 units of the building to rent-stabilized units. Prior to the Attorney General’s investigation, the building was operating as an illegal extended-stay hotel, which is not permitted under 421-a rules. The …

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