The Real Deal New York

Posts Tagged ‘capital one’

  • From left: 299 Park Avenue, Capital One's Richard Fairbank

    From left: 299 Park Avenue and Richard Fairbank of Capital One

    Capital One is in talks with UBS to take about 250,000 square feet of office space at the latter’s Park Avenue building, Bloomberg News reported, citing sources with knowledge of the negotiations.

    The Zurich-based UBS had listed 382,000 square feet for sublease at 299 Park Avenue, a 1.2 million-square-foot skyscraper between East 48th and 49th streets, and Capital One is expected to take a large chunk. [more]

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  • Clint Olsen, sales director at Massey Knakal, and 991 Third Avenue

    The Heskel Group closed last night on an $18.42 million purchase of a three-story glass retail building across the street from the Bloomingdale’s flagship, CEO Yeheskel Elias told The Real Deal. It marks the first Manhattan purchase for the Queens-based developer.

    The entire building, at 991 Third Avenue on the northeast corner of 59th Street, is occupied by Capital One Bank under a long-term lease signed in 2006. The bank took over the triple-net, ground-lease when it bought North Fork Bank, which demolished the existing building and erected the current 4,560-square-foot structure. [more]

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  • Stephen Crane Village and Newark Mayor Cory Booker

    Newark Mayor Cory Booker will announce a $50 million contract between the Newark Housing Authority and Constellation Energy on Monday, to retrofit thousands of apartments with energy efficient heat, electrical and water systems.
    The program, one of the largest energy deals involving public housing in the U.S., is expected to create more than $78 million in savings over a 15-year period, officials said. The program, one of the largest energy deals involving public housing in the U.S., is expected to create more than $78 million in savings over a 15-year period, officials said.
    “We’ve been looking at what other housing authorities have done in the past,” said Newark Housing Authority spokesperson Lauren Hudock. “[Residents] will see reduced energy costs and a better quality of life in general.”… [more]

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  • Architect Karl Fischer and the Continental at 185 South 4th Street

    Capital One bank filed an early foreclosure notice for $18.6 million against the Karl Fischer-designed Continental building at 185 South 4th Street in Williamsburg Aug. 29, Curbed reported. Developed by Brooklyn’s Isaac Hager, the project was originally planned as a condominium, but went to market as rentals in 2009. The 46-unit building has a gym, storage, laundry room, roof terrace and lounge, all of which were rare amenities in Williamsburg when the building launched. It even has a part-time doorman. There are currently two rental listings at the property, a one- and two-bedroom apartment for $2,750 and $3,750 respectively, according to data from Streeteasy.com. The Continental is not the only Fischer building to have found itself in financial trouble of late. The 12-story, 20-unit Fischer-designed building at 480 Humboldt Street, known as SkyHigh, found itself at a bankruptcy auction earlier this year. [Curbed][more]

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    From left: 100 South 4th Street (credit: PropertyShark) and 120 South 4th Street

    Two under-the-radar Brooklyn real estate developers are confronting more than
    $51 million in personal guaranty and foreclosure lawsuits on five separate loans
    doled out in Williamsburg and Greenpoint in 2006 and 2007.

    In the largest and most recent legal action, special servicer CWCapital Asset
    Management sued the developers, Menachem Stark and Israel Perlmutter, to
    recover $29 million lent in 2007 and secured by the seven-story, 74-unit rental
    building at 100 South 4th Street, between Berry Street and Bedford Avenue.

    In the CWCapital suit filed in U.S. District Court in Brooklyn June 28, the special
    servicer claims the pair personally owes the full $29 million because of a Chapter
    11 filing the pair entered in an effort to block a foreclosure proceeding in 2009…. [more]

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  • [Updated at 4.30 p.m.] Developer Andrew Bradfield’s luck is continuing with 123 Third Avenue, a luxury condominium at the southeast corner of East 14th Street and Union Square. The 2,928-square-foot retail condominium at the base of the 19-story Orange Management building just sold for $11.05 million to Related Companies and Lloyd Goldman’s BLDG Management, according to public records.  RKF Investment Sales and Advisory Services brokered the deal.

    The condo, which features 126 feet of wraparound frontage, is currently fully occupied by Capital One Bank.

    RFK Executive Vice Presidents Jeff Fishman and Ariel Schuster and Director Brian Segall negotiated both sides of the deal. – Katherine Clarke[more]

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  • 484 Kent Avenue (source: PropertyShark)

    It seems there’s even more housing on the way for Williamsburg’s booming Kent Avenue. According to Brownstoner, a permit was recently filed with the Department of Buildings for a new residential conversion at 484 Kent Avenue, between South 11th and South 10th streets. The three-story industrial building, part of the would-be site for developer Isaac Rosenberg’s 800-unit Rose Plaza on the River, is slated to get 30 units on the second and third floors, though the first floor will remain a warehouse. Property records show that Rosenberg, the formerly bankrupt developer of the nearby Warehouse 11 condominium, is still behind this project, though it’s unclear what the latest plans mean for Rose Plaza. It’s also unclear whether condos or rentals are planned for the conversion. Lender Capital One filed a lis pendens at the property on Rosenberg’s $3.76 million mortgage in 2009. . [Brownstoner][more]

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  • It may be hard to believe, but lenders are now actually sending letters of intent to provide construction financing. Construction financing, perhaps the riskiest type of mortgage financing, is available in the tri-state region for rent-regulated and other multi-family buildings. It even exists for condominium projects (and yes, I did say “condominium”).

    Gino Martocci, president of the New York City and Long Island region of M&T Bank, said: “We have and continue to provide construction financing for well-capitalized clients. We are in the process of providing construction financing for a brand new hotel in the Union Square neighborhood.” Another established developer who prefers to remain anonymous, who is in the process of building a rental building off Fifth Avenue on the Upper East Side, told me that 10 financial institutions have expressed interest in the development…. [more]

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  • With the 10-year Treasury note trading at very attractive rates, cooperative apartment buildings and owners of multi-family buildings are taking advantage of low rates and refinancing.

    Perhaps the best rates — as low as 5 percent on
    five-year fixed loans — are offered by government-chartered companies,
    which include Freddie Mac and Fannie Mae. Commercial and savings banks are providing attractive financing for terms of five to 10 years with rates as low as 4.85 percent to 6 percent. Daniel Harris, executive vice president and chief lending officer at the Dime Savings Bank of Williamsburgh, said: “It has become a very competitive market with existing and new players originating multi-family mortgages. It is a great time for a borrower to lock in a record-low mortgage rate.”… [more]

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  • One of the developers of Williamsburg’s Warehouse 11, the 120-unit luxury condominium at 214 North 11th Street, has exited Chapter 11 bankruptcy protection. The deal cut down the debt load of developer Isack Rosenberg and his partners at McCaren Park Mews to $35 million. The partners, who defaulted on their $50 million mortgage with Capital One Bank last summer, hope to pay off their remaining balance through sales of the remaining 36 units in the Karl Fisher-designed building. Sales had come to a halt during the bankruptcy process, but relaunched with verve in January as the developers slashed prices and raced against the clock to raise cash by a lender-imposed deadline. Aptsandlofts.com, which is marketing the building, expects the remaining units to go quickly now that the developers have worked through the bankruptcy. [Brooklyn Paper]

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  • Judge rejects Warehouse 11 extension

    February 10, 2010 12:32PM

    Warehouse 11

    A U.S. Bankruptcy Court judge rejected on Friday a settlement agreement
    that would have extended until next month the deadline for the
    developers of Williamsburg’s Warehouse 11 to buy the property’s
    discounted debt from lender Capital One. Under the original agreement, which still stands unless an appeal next
    week is successful, the developers had until Dec. 21 to find an outside
    investor who would purchase the $50.8 million note at an undisclosed
    discount. Otherwise, Capital One could resume shopping it to an outside
    party. The 120-unit condominium at North 11th and Roebling streets appears to
    be the most valuable asset one of the developers, Isack Rosenberg, has
    an interest in out of at least six under siege by 10 creditors in
    Brooklyn’s bankruptcy court. Rosenberg had hoped to use any profits from selling the condos toward
    settling his other debts, which have as collateral a lumberyard and
    adjacent warehouse on Kent Avenue; the rental portion of Olive Park in
    Williamsburg; a banquet hall on Flushing Avenue; and a home renovations
    center in Boro Park…. [more]

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  • Warehouse 11 races against clock

    January 29, 2010 06:46PM

    David Maundrell, founder and president of Aptsandlofts.com, and Warehouse 11 at 214 North 11th Street

    It may be a race against the clock at Warehouse 11, the Karl Fischer-designed condominium at 214 North 11th Street in Williamsburg, where nearly 60 contracts have been signed in the last two weeks, at less than $600 per square foot, according to Apartmentsandlofts.com, which is handling sales for the building. A spokesperson for Apartmentsandlofts.com said the price slashing is due to market conditions, but a source with knowledge of the situation said the fire sale marks an effort to ratchet up cash before a lender-imposed March 31 cut off date. Developer McCaren Park Mews LLC initially faced a Dec. 21, 2009 deadline to buy back the debt, according to bankruptcy filings. But, the developer had been “able to renegotiate terms with the bank,” the spokesperson said, and extend the closing deadline to March. The offering plan attorney, Abe Lowy, confirmed that there was a deadline extension on a bank-developer agreement but would not elaborate on the terms of the agreement…. [more]

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  • The Real Deal’s best of 2009

    December 31, 2009 07:31PM

    The year 2009 was a trying time to be a real estate broker, developer or investor, but it never lacked for news. In the aftermath of the financial crisis, the industry watched in awe — and sometimes horror — as residential sales ground to a virtual halt, condo projects stopped in their tracks, office rents shrank and retail stores disappeared. Buyers at buildings like 22 Renwick sued to get out of their contracts, and some were granted the opportunity to back out of their contracts. Meanwhile, an amazing cast of characters — from Kent Swig to Harry Macklowe to Lev Leviev — publicly fought for survival. There were also glimmers of hope, from the opening of the High Line in June to the expansion of Halstead Property into Connecticut to the sale of Former Lehman Brothers CEO Dick Fuld’s sale 16-room co-op apartment at 640 Park Avenue for $25.87 million, almost $5 million more than he bought it for two years ago. Click here to see The Real Deal staff’s picks for the stories that most altered the New York City real estate landscape in 2009…. [more]

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  • The rules of the game have changed for an investor to obtain mortgage
    financing, according to the majority of the 12 lenders who participated
    at the New York Real Estate Summit I hosted last month. Forget deals with project rent growth assumptions; the only way a bank
    or insurance company is going to lend money is with hard facts.
    Transactions must show the hard realities of today. Gino Martocci, a senior vice president at M&T Bank, made a comment
    that was echoed by all of the traditional lenders on the panel: “We are
    lending to our best customers, customers who have worked with the bank
    for years, who have a strong financial statement and the capability to
    support a loan even in the worst of times.” Wendy Silverstein, executive vice president at Vornado Realty Trust,
    noted: “The larger the loan size, the harder it is to get it financed.”… [more]

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