Santander’s East Midtown tower has new owner with modern vision
East Midtown, a favored location for hedge funds and small financial firms, will soon have a prestigious new location for them After serving as Santander’s New York headquarters since 1991, the 134,000 square-foot boutique office tower at 45 E. 53rd St. is finally to be made available for other tenants. A joint venture of ZG Capital and Rialto Capital Management quietly signed a contract last week on an off-market deal to buy the tower for $105 million, Realty Check has learned. The seller was Florida-based MEK Management Services. The deal will close in 30 days. The new owners plan a…
Date 2022-04-26
Author Steve Cuozzo
Durst Organization Nabs $100M Loan at 825 Third Avenue
The Durst Organization landed $100 million of financing from JPMorgan Chase Bank on its 40-story Midtown East office building at 825 Third Avenue, according to property records made public on Thursday The three-year loan, which closed on April 4, will help pay for a recent $150 million renovation that upgraded nearly every aspect of the property including its mechanicals and windows, Lucas Durst, a financial associate at the firm and Jonathan Durst’s son, said in a statement. “The proceeds will help back-pay for building improvements that have already been made and for [tenant improvements] and other improvements as we lease…
Date 2022-04-26
Author Celia Young
Queens-based Finback Brewery expands to Long Island City
One of the most popular breweries in the city — with locations in Glendale, Queens; and Gowanus — is expanding its reach. According to Commercial Observer, Finback is opening a brewery and taproom at the base of a luxury apartment building in Long Island City. The brewery, known for its range of IPAs, will be highlighting more fruit-packed sour beers at the new location, the publication reports.
Date 2022-04-26
Author Erika Adams
Experts: Commercial real estate in New York City doing better than originally thought
NEW YORK -- Many thought the pandemic left much of the city's commercial office space vacant. But it turns out that's not exactly the case As CBS2's Kevin Rincon reported Thursday, some buildings are hot, some are not, and some may be repurposed to draw people back to the city. There is no shortage of commercial real estate in the city. But much like the housing market, the newer, renovated spaces, are in high demand. "We just hit 95 percent occupancy, which is the highest occupancy number in the history of the building," said Jordan Barowitz, VP of public affairs…
Date 2022-04-08
Author Kevin Rincon
Durst Leases Penthouse Space at Manhattan High-Rise
An information management company committed to the pavilion that caps 1155 Avenue of the Americas.
Date 2022-04-07
Author Barbra Murray