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Durst refinances two Midtown buildings with $1.1B CMBS loan

The Durst Organization has secured $1.1 billion in debt to refinance office properties at 1133 Sixth Avenue and 114 West 47th Street The 10-year, fixed-rate, interest-only CMBS loans came from Bank of America, Citigroup and Wells Fargo, according to the Commercial Observer. They retire $800 million of debt provided by Citi and Ladder Capital on the two office buildings as well as cover closing costs. The properties are situated near Bryant Park. The 26-story 114 West 47th Street is 660,000 square feet and was built in 1989. The 47-story, 1.1 million-square-foot Sixth Avenue building opened in 1970. As of February,…

Publication The Real Deal
Date 2021-04-08
Author Sasha Jones

Durst Organization Nabs $1.1B Refinance on 2 Manhattan Office Towers

The Durst Organization has secured about $1.1 billion in debt to refinance its Midtown Manhattan office properties at 1133 Avenue of the Americas and 114 West 47th Street, according to analysis from Fitch Ratings The 10-year, fixed-rate and interest-only, commercial mortgage-backed securities (CMBS) loan was originated by Bank of America, Citigroup and Wells Fargo, and is secured by Durst’s fee simple interests in the two office towers — one of which has caught headlines in the last several months, due to a more than five-year-long legal dispute between the landlord and Amazon over a scuttled lease agreement at the property,…

Publication Commercial Observer
Date 2021-04-07
Author Mack Burke

Astoria’s Halletts Point Play to debut theatrical drive-in next month

As City Hall lays the groundwork toward reopening Broadway shows in September following the yearlong COVID-19 shutdown, a theatrical drive-in experience is set to debut next month in western Queens The Durst Organization, owner of Halletts Point Play in Astoria, is bringing back Resounding, an immersive live-audio entertainment company, for a monthlong residency at Radial Park. Resounding will perform and simulcast five immersive audio plays in five weeks beginning April 23, helmed by creative director Steve Wargo, including a remount of the company’s popular “Treasure Island”; an adaptation of Shakespeare’s “The Tempest”; a new ghost thriller, “Beyond the Vail”; an…

Publication QNS
Date 2021-03-30
Author Bill Parry

Here’s How Landlords Can Make Tenants Feel Comfortable About Returning to the Office

Office building owners are still figuring out how to square immediate anxieties about returning to work with longer-term concerns about making their properties more energy efficient and flexible, landlords said during Commercial Observer’s “Making of a Modern Office” event on March 18 “Fresh air is talked about more and more, but that runs counter to the public policy initiative of making more efficient buildings,” said Dean Shapiro, head of U.S. development at Oxford Properties, speaking on a panel moderated by Fried Frank’s Jonathan Mechanic. Oxford is working on the redevelopment of the old St John’s Terminal building in Hudson Square…

Publication Commercial Observer
Date 2021-03-25
Author Rebecca Baird-Remba

The behind-the-scenes power players in real estate

In New York and nationwide, deep-pocketed developers and high-ranking government officials are grappling with a pandemic that has rattled the real estate industry. And they’re coming up with solutions – thanks in no small part to a bevy of behind-the-scenes deputies and advisers in both the public and private sectors As part of this year’s annual Real Estate Power 100 feature, we recognize a group of these little-known industry players who are doing big things. **Helena Rose Durst** <br> *Principal, Durst Organization* Leading the Durst’s real estate empire with her father, Douglas Durst, Helena Rose Durst, a fourth-generation member of the…

Date 2021-03-23
Author City & State New York