Monday Wrap-Up: A Broadway Transaction, a Credit Facility, and Chinatown

A few from Monday that we didn't want to slip by:

  • A recap of a big Chinatown sale by Massey Knakal in the new New York Real Estate Journal, here. The $33.6 million all-cash transaction saw the sale of two adjacent office buildings at 40-42 Elizabeth St.,  and 159-165 Canal St., on the corner of Elizabeth Street. The properties, the item says, combine for a total of 29,425 s/f.
  • Cushman & Wakefieldhad a signing ceremony late last week at the New York headquarters of the 60,000-member International Council of Shopping Centers to "share global market retail intelligence and collaborate on research enterprises such as the European Shopping Centre database." It’sthe first ever such partnership for  the nonprofit.  You can see it’s press release here.
  • New York based Rouse Properties announced earlier today it closed on a line of credit and a term loan—a facility worth $510 million.  It replaces the developer’s existing $337.9 million credit facility which had been scheduled to mature in January, 2015. The new facility is a $260 million five-year term loan, and a $250 million revolving line of credit with a four year initial term and a one year extension option.  It is using the proceeds from the increased term loan component to retire a $70.9 million nonrecourse mortgage loan on Southland Mall in California prior to its maturity January maturity date.  The company’s press release is here.  
  • The Real Deal reports that real estate investment firm Atlas Capital Group bought a 58,500-square-foot, nine story Soho office building at 434 Broadway near Howard St. for $62 million, citing property records.  The seller is the Georgetown Group, another private New York real estate investment and development company which had purchased the building for $41 million in 2010. "The purchase by Midtown-based Atlas went from a contract signing to an all-cash closing in just 10 days, at a price 50 percent higher than the building traded for just three years ago," the Real Deal reports, here.

 

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