Brokerage firms are fielding multiple requests daily about how commercial rent control laws will impact their retail businesses throughout New York City if the city council enacts Intro 1796.
Concurrent with the closing of the sale, Cresco has agreed to enter into a long-term, triple-net lease agreement with GreenAcreage and will continue to operate the property as a licensed medical and recreational cannabis cultivation and processing facility.
New York City-based Square Mile Capital Management provided the $200 million in financing to joint venture partners Somerset Development Group and Adarsan Holdings for the redeveloped former Bell Labs scientific research center.
The multifamily market in New York City has been on a downward slope since the announcement and enactment of the Housing Stability and Tenant Protection Act of 2019 this past June, and it looks like it won't let up.
The transactions presented Square Mile an opportunity to partner with well-known New York and New Jersey developers on projects across different asset classes.
Industry players from across a spectrum gathered on Manhattan’s West Side and discussed their optimism about emerging joint ventures in the retail sector at ICSC's New York Deal Making Conference this year.
The new loan bears a fixed interest rate of 3.62% and matures on January 1, 2030, and will replace a $427 million loan, which was repaid at closing.
Originally built in the early 1970s, 440 Washington Street was in financial and physical distress when New York City-based BRP joined with St. James A.M.E. Development Corp, the City of Newark and the state to stabilize the property and facilitate much-needed upgrades and repairs.
Looking for Off Market Deals? https://robertkhodadadian.com/join-skyline-properties-investor-list/
