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

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

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
Multifamily sector beating the odds

Multifamily sector beating the odds

Multifamily sector beating the odds
The home improvement retailer will stay in it's Flatiron location (Google Maps)

Home Depot extends lease for Flatiron store

Home Depot extends lease for Flatiron store
Hewlett Packard Enterprise Co. CEO Antonio Neri (Unsplash; Hewlett Packard Enterprise)

Hewlett Packard Enterprise leaves Silicon Valley for Texas

Hewlett Packard Enterprise leaves Silicon Valley for Texas
Convention centers are a losing proposition for private developers, but local governments see them as a way to attract business tourism. (iStock)

Convention centers boom despite shows going virtual

Convention centers boom despite shows going virtual
Charlie Kushner and Laurent Morali with Commons at White Marsh Apartments in Maryland (Photos via Sasha Maslov and CommonsatWhiteMarsh)

Kushner looks to unload multifamily properties for $800M

Kushner looks to unload multifamily properties for $800M
Having learned from missed opportunities a decade ago, family offices are strategically looking for distress opportunities in real estate (iStock)

Family offices are gearing up to pounce on distressed real estate

Family offices are gearing up to pounce on distressed real estate
Slate Property's CEO Martin Nussbaum (West End 87)

Scale Lending originates $38M inventory loan for unsold UWS condos

Scale Lending originates $38M inventory loan for unsold UWS condos
Knotel CEO Amol Sarva (Sasha Maslov, Knotel, iStock)

Evictions, unpaid vendors and back rent: Lawsuits mounting against Knotel

Evictions, unpaid vendors and back rent: Lawsuits mounting against Knotel
arrow_forward_ios

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

Loading...