The New York-based REIT is bulking up its share repurchase program, adding $500 million in common stock for a total of $3 billion.
The 23,746-square-foot property features 32 residential units and one commercial unit. On the ground-floor is Corner Social Bar & Restaurant, a well-known staple and gathering spot in the neighborhood.
Covenant restrictions have challenged the ability of banks and other traditional institutions to compete on certain deals, leaving the gates open for alternative lenders.
Slated to open in 2020, Target leased 33,000 square feet from Tishman Real Estate Services for the small structure, a fraction of the size of its typical stores.
The seller was a joint venture between affiliates of DRA Advisors and DLC Management Corp. Matthews Real Estate Investment Services represented the seller in the transaction.
Talks about a slowdown in commercial real estate have been constant. However, developers and retail landlords are steadily rolling out projects to create value.
The vacant office property will undergo renovations to capitalize on its location and size to turn into a Class-A boutique office building.
The building’s 80th floor is now open to the public, serving as the four-year redevelopment’s final phase.
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