Another gourmet food market to open in Chelsea
Eastern Consolidated has arranged a long-term, 5,100-square-foot lease for Hudson Market, a new gourmet food market concept by Terence Park at 303 Tenth Avenue in … Continued
Category : Blog
Elevated project has new track
The NYC Department of Transportation (DOT) and the Design Trust for Public Space last week unveiled The Boogie Down Booth, the second prototype for the Under the Elevated project in collaboration with the Bronx Music Heritage Center (BMHC) of the Women’s Housing and Economic Development Corporation (WHEDco). Located at the Freeman Street station bus stop underneath the 2/5 subway...
Berkadia arranges multifamily deal
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...
Urban Compass announces next direction, hires Extell vet’
Technology-driven real estate platform Urban Compass has tapped another top talent as it simultaneously announced a new collaboration with Century Management. Beginning August 1, Century Management will refer Urban Compass exclusively throughout its New York City portfolio, which includes over 80 buildings and over 10,000 residential units. Urban Compass’ agents...
Nursing home refinance
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...
Crowdfunding sector growing some grey hairs
A good way of measuring how the real estate crowdfunding industry has changed in the past months is to count gray hairs.
Last winter, it was hard to find anyone over 40 at the nascent industry’s conferences. Now, a noticeable influx of distinguished real estate executives, along with their firms, is changing the field.
Since its inception, real estate crowdfunding has been dominated by young tech entrepreneurs with lofty visions of democratizing investment and little ties to the industry establishment. This dominance is starting to fray.
$10M for New Jersey’s ‘Wealth Belt’
HFF secured a $10.5 million refinancing for 180-188 Mt. Airy Road, a two-building office property in Basking Ridge, NJ. Working on behalf of Lincoln Property Company, HFF placed the five-year, floating-rate loan with OceanFirst Bank. Loan proceeds will be used to retire existing debt and return equity to the partnership....
Architects thrash out storm plans at AIA working group
The third in a series of Sandy-related workshops recently brought together more than 100 participants to listen to speakers from both the public and private sectors, who discussed resilient measures that have been implemented since Hurricane Sandy hit the Greater New York region almost two years ago. Organized by the...
Rechler to develop foreign trade zone site
Rechler Equity Partners, the largest owner and operator of commercial properties on Long Island, announced plans for the development of three parcels that, when combined, offer 119,000 s/f of industrial/flex space within the Islip Foreign Trade Zone (FTZ). Located adjacent to Islip’s Long Island MacArthur Airport, the FTZ was established...
Hammer nails $63M in financing in 20-day marathon
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...