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
M&T CFO Darren King (The Org and iStock)
Real estate lender’s bleak outlook and earnings decline perplexes analysts
Real estate lender’s bleak outlook and earnings decline perplexes analysts
Grocery store signs lease for 14,000 square feet at 725-733 Amsterdam (Wikipedia, Google Maps, iStock)
Key Food to open 14K sf shop on the UWS
Key Food to open 14K sf shop on the UWS
(Facebook/XS Ranch, iStock)
XS Ranch in Texas finally finds a buyer after emerging from bankruptcy
XS Ranch in Texas finally finds a buyer after emerging from bankruptcy
(Photo-illustration by Kevin Cifuentes)
LA industrial developers turn to office conversions
LA industrial developers turn to office conversions
Prologis CEO Hamid Moghadam and CFO Tom Olinger (Prologis, iStock)
Supply-chain crisis likely to persist well beyond 2022: Prologis
Supply-chain crisis likely to persist well beyond 2022: Prologis
Uptown ATX (Brandywine Realty Trust)
$24M metro station for $3B Texas development breaks ground
$24M metro station for $3B Texas development breaks ground
“WeCrashed,” starring Jared Leto as Adam Neumann, is set to premiere on March 18 (Wikipedia, Getty Images)
Watch: Apple drops first trailer for WeWork series starring Jared Leto
Watch: Apple drops first trailer for WeWork series starring Jared Leto
Michael Gronager, chief executive officer, Chainalysis, in front of 114 Fifth Avenue (Chainalysis, LoopNet/Illustration by Steven Dilakian for The Real Deal)
Crypto data firm doubles space at Flatiron office
Crypto data firm doubles space at Flatiron office
arrow_forward_ios

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

Loading...