The Real Deal New York

Midtown Equities gets $95M loan for Empire Stores project

400K sf commercial complex fronting East River to open by fall 2015
October 13, 2014 08:30AM

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.

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