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AIG antes up $280M to refinance Empire Stores in DUMBO

Midtown Equities and Empire Stores have refinanced their Empire Stores development in Brooklyn with a $280 Million loan from AIG.

JLL’s Capital Markets brokered the deal for the newly-redeveloped Class A retail and office building on the East River Waterfront in DUMBO. JLL represented the borrowers securing the 15-year loan.

The JLL team included Aaron Appel, David Sitt, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Jackson Sastri and Eliott Zeitoune l.

“The value of the Empire Stores is the result of a clear vision and superior execution by Midtown Equities and HK Organization for the redevelopment of the property,” said Appel. “This was an excellent lending opportunity with a stabilized property and outstanding sponsors.”

Time Out New York will open in the spring.

A new food hall from Time Out is set to open in the former warehouse complex that now features  377,929 s/f of office space and 65,082 s/f of ground floor retail.

The publishing giant is launching its Time Out Market concept in  Miami, New York, Boston, Chicago and Montreal in 2019 and in London-Waterloo and Prague in 2021.

Time Out New York will feature eateries include Mermaid Oyster Bar and Clinton St. Baking Co. & Restaurant across two floors when it opens in the spring.  The venue will has over 500 indoor and outdoor seats, three bars and a performance stage.

Office tenants in the complex include furniture big West Elm, advertising firm 72andSunny and United Technologies.

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