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Midtown Equities gets $95M loan for Empire Stores project

400K sf commercial complex fronting East River to open by fall 2015

Interior rendering of Empire Stores in Dumbo and Jack Cayre
Interior rendering of Empire Stores in Dumbo and Jack Cayre

Midtown Equities has received a $95 million construction loan to proceed with its $150 million Dumbo warehouse conversion project known as Empire Stores.

M&T Bank Corporation provided financing to the Cayre family-led real estate investment firm, in partnership with White Plains-based real estate investment firm Rockwood Capital and Brooklyn-based developer HK Organization. The four- and five-story former coffee warehouse at 55 Water Street, fronting the East River, is slated to offer 400,000 square feet of space for retail, restaurants and offices.

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Perkins Eastman and Studio V Architecture, who are handling design, released new renderings of the project. Midtown Equities plans to open the complex by fall 2015.

The building’s $90-per-square-foot asking rent for the rooftop office space set a record last year, as The Real Deal reported. — Mark Maurer

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Bobby CayreMidtown EquitiesRockwood Capital