Monitor this situation.

Unsubscribe anytime.

[SITUATION] · [ACTIVE] · [BUSINESS]

2 clusters · 3 sources · 8 days · First seen 13 days ago · Last updated 5 days ago

New York City office building conversions

Overview

Real estate developers in New York City are securing significant financing to repurpose office buildings into residential and storage spaces.

In Manhattan, projects include a $57 million loan for an office-to-storage conversion at 152 West 36th Street and a $219 million construction loan for 100 Wall Street. The latter project, a joint venture between BLDG Management and David Werner Real Estate Investments, aims to convert several floors into 168 rental apartments while utilizing tax incentives to provide affordable housing.

Further developments include a $386 million floating-rate loan from New York Life to refinance the 750,000-square-foot office tower at 200 Madison Avenue. This Midtown East property, managed by a joint venture involving George Comfort & Sons, Loeb Partners Realty, and Jamestown, has recently undergone renovations and secured long-term leasing extensions.

Entities

Northwind Group · BLDG Management · PGIM · Mequity Companies · George Comfort & Sons

Timeline

5 days ago

[BUSINESS] 2 sources
New York City real estate sees major refinancing and conversion loans
Major real estate financing deals in New York City include a $386 million refinance for 200 Madison Avenue and a $219 million loan for the office-to-residential conversion of 100 Wall Street.
13 days ago

[BUSINESS] 2 sources
New York City developers secure major loans for office conversions
New York City developers are securing major loans for office conversions, including a $219 million residential project at 100 Wall Street and a $57 million storage conversion in Midtown Manhattan.

Sources

commercialobserver.com · pulse2.com · therealdeal.com