JLL’s Capital Markets team secured $280 million to refinance Empire Stores, the newly-redeveloped retail and office building in DUMBO.
JLL represented the borrowers, Midtown Equities and HK Organization. AIG provided the 15-year loan.
Vice Chairman Aaron Appel, along w ith David Sitt, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Jackson Sastri and Eliott Zeitoune led the JLL team on the transaction. “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.”
The six-story property, located at 55 Water Street, comprises 377,929 s/f of office space and 65,082 s/f of ground floor retail.
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.