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Monthly Archives: June 2012

JP Morgan Refinances on Fifth Avenue

JP Morgan Chase has originated a $450 million loan to refinance 452 Fifth Avenue, an 865,000-square-foot tower on Bryant Park owned by an arm of Israel-based IDB Group. The building has had several recent capital improvements.

According to global commercial property research firm Real Capital Analytics, the loan is for a ten-year term and was arranged by advisory firm Ackman-Ziff. It’s expected to be securitized through a single asset deal.

See this and other refinancings using Real Capital’s Property Trade Search.

JP Morgan Refinances on Fifth Avenue

JP Morgan Chase has originated a $450 million loan to refinance 452 Fifth Avenue, an 865,000-square-foot tower on Bryant Park owned by an arm of Israel-based IDB Group. The building has had several recent capital improvements.

According to global commercial property research firm Real Capital Analytics, the loan is for a ten-year term and was arranged by advisory firm Ackman-Ziff. It’s expected to be securitized through a single asset deal.

See this and other refinancings using Real Capital’s Property Trade Search.

Investors Turn to Partial-Interest Deals in Manhattan

Partial-interest commercial real estate transactions are becoming more common in Manhattan. According to global commercial real property research firm Real Capital Analytics, partial-interest deals accounted for $9.9 billion, or 63 percent, of the $15.7 billion in Manhattan office transactions in 2011. That percentage is up sharply since the height of the market in 2007, when partial-interest deals made up less than $5.7 billion, or 19 percent, of Manhattan’s $30.3 billion in office deals for the year.

“These recapitalizations are the reason there isn’t blood on the streets,” said Dan Fasulo, the managing director at Real Capital Analytics, “and all this is taking place behind the scenes. That’s going to be a template going forward.”

Investors Turn to Partial-Interest Deals in Manhattan

Partial-interest commercial real estate transactions are becoming more common in Manhattan. According to global commercial real property research firm Real Capital Analytics, partial-interest deals accounted for $9.9 billion, or 63 percent, of the $15.7 billion in Manhattan office transactions in 2011. That percentage is up sharply since the height of the market in 2007, when partial-interest deals made up less than $5.7 billion, or 19 percent, of Manhattan’s $30.3 billion in office deals for the year.

“These recapitalizations are the reason there isn’t blood on the streets,” said Dan Fasulo, the managing director at Real Capital Analytics, “and all this is taking place behind the scenes. That’s going to be a template going forward.”

Madison Avenue Property Could Be the Most Expensive Development Site in NYC

Jones Lang LaSalle’s Capital Markets Group is selling 702-708 Madison Ave. It’s a 23,000-square-foot building on the corner of Madison Avenue and East 63rd Street, and zoning allows for a property over three times that size—75,000 square feet.

“That could be the most expensive development site in the city,” said Dan Fasulo, managing director at global commercial property research firm Real Capital Analytics. The property is in a historic district, which will add to time and complexity to the process, but with off-the-chart retail rents and space to expand this could be a developer’s dream.

Madison Avenue Property Could Be the Most Expensive Development Site in NYC

Jones Lang LaSalle’s Capital Markets Group is selling 702-708 Madison Ave. It’s a 23,000-square-foot building on the corner of Madison Avenue and East 63rd Street, and zoning allows for a property over three times that size—75,000 square feet.

“That could be the most expensive development site in the city,” said Dan Fasulo, managing director at global commercial property research firm Real Capital Analytics. The property is in a historic district, which will add to time and complexity to the process, but with off-the-chart retail rents and space to expand this could be a developer’s dream.

New Financing for Gansevoort Park Hotel

Citigroup and Redwood Trust have combined to provide $160 million of financing for the Gansevoort Park Hotel in Manhattan. According to Real Capital Analytics, Citigroup refinanced the hotel’s first mortgage for $140 million and Redwood took on a $20 million mezzanine loan.

The two year old hotel has generated considerable notice after appearing on reality television show Kourtney & Kim Take New York. Abe Katz from Deerwood Real Estate Capital (who brokered the deal) believes for this and other reasons that the property is considered a trophy asset.

The hotel features an indoor/outdoor pool, rooftop space, spa, and quality retail and restaurant tenants.

New Financing for Gansevoort Park Hotel

Citigroup and Redwood Trust have combined to provide $160 million of financing for the Gansevoort Park Hotel in Manhattan. According to Real Capital Analytics, Citigroup refinanced the hotel’s first mortgage for $140 million and Redwood took on a $20 million mezzanine loan.

The two year old hotel has generated considerable notice after appearing on reality television show Kourtney & Kim Take New York. Abe Katz from Deerwood Real Estate Capital (who brokered the deal) believes for this and other reasons that the property is considered a trophy asset.

The hotel features an indoor/outdoor pool, rooftop space, spa, and quality retail and restaurant tenants.

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