Global Holdings invests $100M in 25 Kent
Williamsburg office-and-retail will span 500K sf
25 Kent Avenue and Eyal Ofer (Credit: Twenty Five Kent)
Global Holdings Group is making a preferred-equity investment of $100 million in the office-and-retail Williamsburg project at 25 Kent Avenue.
Rubenstein Partners, which is co-developing the project with Toby Moskovits’ Heritage Equity Partners, secured the funding, according to the Commercial Observer. The eight-story, 500,000-square-foot project spans one full block by the East River waterfront, and it should come online by the end of the year.
Monaco-based billionaire Eyal Ofer owns Global Holdings, and the company has a portfolio of more than 100 properties including 120 Park Avenue and 15 Central Park West.
Rubenstein bought a majority stake in Moskovits’ project in 2015, and Natixis and Wells Fargo provided the project with a $197 million construction loan in 2016. [CO] – Eddie Small