Midtown Equities to take stake in long-delayed Battery Maritime project

Cayre family's firm is expected to hold about a 30% equity stake

TRD New York /
Aug.August 16, 2018 09:30 AM

Battery Maritime Building at 10 South Street and Joe Cayre (Credit: Marvel Architects and Getty Images)

The Cayre family’s Midtown Equities is planning to take about a 30 percent stake in the Battery Maritime Building hotel project.

The equity stake would put construction on the conversion project back on track and could be completed in 2020, Crain’s reported.

In June, an official from the development corporation said Midtown Equities plans to issue a mezzanine loan to the project this month. After the deal is closed, the developer will convert the loan position to an equity stake in the roughly $100 million project, the report said. Midtown is expected to split ownership equally with Centaur and Cipriani.

The loan deal is expected to close imminently, Crain’s reported. The team expects construction to resume in the fall or winter, with work expected to last 18 months.

In 2007, a team led by Dermot Company was tapped to convert the structure at 10 South Street. But the company was unable to come up with the capital to finance construction. Last year, a venture between Centaur Properties and Cipriani took over the sublease but again was unable to get construction to resume.

Midtown is expected to split ownership equally with Centaur and Cipriani, according to Crain’s.

Earlier this year, about 150 Chinese nationals who collectively invested $77 million in EB-5 funds into the project sued New York City Regional Center for allegedly misleading them. [Crain’s] — Meenal Vamburkar


Related Articles

arrow_forward_ios
Mayor Bill de Blasio (Getty, Wikimedia)

Landlords challenge city laws protecting non-paying businesses

Landlords challenge city laws protecting non-paying businesses
Robert De Niro and 377 Greenwich Street (Getty, Google Maps)

Robert De Niro says Nobu, Greenwich Hotel are struggling

Robert De Niro says Nobu, Greenwich Hotel are struggling
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
Photo illustration of Ryan Serhant and  22-43 Jackson Avenue (Getty, Trader Joe's) 

Trader Joe’s to open in LIC early next year

Trader Joe’s to open in LIC early next year
Shawn Mobley (left), is being replaced by Andrew McDonald (right) as CEO of the Americas at Cushman

Shakeup at Cushman: Mobley out, McDonald promoted

Shakeup at Cushman: Mobley out, McDonald promoted
(iStock)

To survive, NYC retailers are treating average Joe’s like they’re rich

To survive, NYC retailers are treating average Joe’s like they’re rich
The financing deal comes after AMC theaters have been shuttered for months due to the coronavirus pandemic. (iStock)

AMC nears deal to avoid bankruptcy

AMC nears deal to avoid bankruptcy
CIM Group’s Shaul Kuba, Knotel's Amol Sarva, Related Group’s Jorge Pérez and The Agency’s Mauricio Umansky (Getty, Sarva by Sasha Maslov, iStock)

These real estate companies got fat PPP loans

These real estate companies got fat PPP loans
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...