Long Island City was marked X on the treasure map. Then Amazon pulled out, leaving the CRE industry to wonder what's next? Short answer: Big corporate leases and an $880 million recapitalization at One Court Square.
Newmark Knight Frank Multifamily reports it arranged more than $61 million in financing in connection with the purchase of the property that was completed in 2000 and is located adjacent to Route 59 Metro Station.
The $85 million LIBOR floating loan will replace the existing construction loan and provide needed funds for tenant improvements and leasing commissions during lease-up.
New York State Gov. Andrew Cuomo has announced that Pennsylvania Station is going to see a well-needed expansion with an additional eight new tracks upon the acquisition of an entire Manhattan block.
Madison International Realty, a real estate private equity firm, has closed on the recapitalization of a $275M multifamily portfolio in New York. The deal includes Urban American, an apartment operator who will continue to manage the 15 properties.
Thor Equities reports it has signed a contract to acquire 95 Greene St., a nearly 340,000-square-foot, eight-story property that has been marketed as the Liberty Innovation Center.
Investors are rushing in to break ground on community facility and residential-focused developments in the Bronx. But not ZG Capital Partners, the development firm see’s an opportunity to roll-out creative office for a live-work-play feel.
The properties sold include retail stores, a distribution facility and office space. Bed Bath & Beyond will continue to occupy these properties pursuant to long-term leases.
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