Evening Roundup

Catching up with deals:

  • GlobeSt.com reports that Madison Realty Capital says it has closed a $27-million first mortgage loan for construction at Long Island City’s soon-to-open Paper Factory Hotel as well as two hotels in Greenpoint, Brooklyn. The financing will be used to repay existing construction financing for the 122-room Paper Factory project at at 37-06 36th St. 
  • A joint venture between Midtown-based based Spirit Investment Partners (on Facebook, HERE) and Irvine, Calif.-based the Bascom Group, whose Spirit Bascom Ventures bought the Avalon Crystal Hill apartments in Pomona, N.Y., in Westchester County, from seller Avalon Bay Communities, of Washington, D.C. GlobeSt.com reports that the selling price was $33 million. Bascom’s release can be found HERE
  • RXR Realty LLC of NYC signed a lease agreement with insurance giant TIAA-Cref, also based in New York, for Stamford, Conn., space. RXR was represented in lease negotiations by Gregory Frisoli, executive managing director at Newmark Grubb Knight Frank.  TIAA-Cref was represented by CBRE's Josh Liebowitz and Kevin Langtry. Details in RXR Realty's press release HERE.
  • The strong reaction QuidnuncRE documented to Hudson Cos.’ planned 23-story apartment building overlooking Prospect Park at 626 Flatbush Ave. early this month--HERE--has morphed into a lawsuit by two community groups, according to this afternoon’s report on Crain’s New York Business (subscription required). The suit’s challenges the state’s no-harm finding in an environmental report and seeks to block the project.  Crain’s quotes a bitter David Kramer, who is principal at Hudson Cos.: "Nothing says happy holidays and welcome to the neighborhood like a NIMBY lawsuit in the guise of an environmental challenge," Kramer said on Crain's. “And nothing clogs up the court system like a frivolous lawsuit.”
  • Jones Lang Lasalle announced today that it was selected to be the leasing agent at the newly acquired and newly refinanced 237 Park Ave. by owners by RXR Realty LLC and Walton Street Capital LLC. (QuidnuncRE item on the mezzanine renovation financing with background on the sale from early this month HERE.)  JLL’s press release is HERE. The 21-story building is between Lexington and Park Aves., and takes up a full city block opposite Grand Central Terminal. The names on the press release: Paul N. Glickman, Mitchell Konsker and Mitti Liebersohn, vice chairmen, and Cynthia Wasserberger, managing director, will handle the leasing for JLL. They will work with RXR Realty executive vice president and managing director William Elder.



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