Durst Organization Nabs $100M Loan at 825 Third Avenue
The Durst Organization landed $100 million of financing from JPMorgan Chase Bank on its 40-story Midtown East office building at 825 Third Avenue, according to property records made public on Thursday The three-year loan, which closed on April 4, will help pay for a recent $150 million renovation that upgraded nearly every aspect of the property including its mechanicals and windows, Lucas Durst, a financial associate at the firm and Jonathan Durst’s son, said in a statement. “The proceeds will help back-pay for building improvements that have already been made and for [tenant improvements] and other improvements as we lease…
Date 2022-04-26
Author Celia Young
Glendale’s Finback Brewery to open new location in Long Island City luxury highrise
Finback Brewery will open its new taproom and on-site microbrewery in Long Island City later this year The Durst Organization announced that the Glendale-based brewery signed a 15-year lease to establish a 3,800-square-foot location in the Sven, the recently completed 67-story luxury residential tower at 29-59 Northern Blvd. on Queens Plaza North. It has a unique curved façade and wraps around the historic Clock Tower. At 762 feet, its height is second only to the Skyline Tower in Court Square just a few blocks to the south. Founded in Glendale more than a decade ago by owners Basil Lee and…
Date 2022-04-26
Author Bill Parry
Santander’s East Midtown tower has new owner with modern vision
East Midtown, a favored location for hedge funds and small financial firms, will soon have a prestigious new location for them After serving as Santander’s New York headquarters since 1991, the 134,000 square-foot boutique office tower at 45 E. 53rd St. is finally to be made available for other tenants. A joint venture of ZG Capital and Rialto Capital Management quietly signed a contract last week on an off-market deal to buy the tower for $105 million, Realty Check has learned. The seller was Florida-based MEK Management Services. The deal will close in 30 days. The new owners plan a…
Date 2022-04-26
Author Steve Cuozzo
Experts: Commercial real estate in New York City doing better than originally thought
NEW YORK -- Many thought the pandemic left much of the city's commercial office space vacant. But it turns out that's not exactly the case As CBS2's Kevin Rincon reported Thursday, some buildings are hot, some are not, and some may be repurposed to draw people back to the city. There is no shortage of commercial real estate in the city. But much like the housing market, the newer, renovated spaces, are in high demand. "We just hit 95 percent occupancy, which is the highest occupancy number in the history of the building," said Jordan Barowitz, VP of public affairs…
Date 2022-04-08
Author Kevin Rincon
Durst Leases Penthouse Space at Manhattan High-Rise
An information management company committed to the pavilion that caps 1155 Avenue of the Americas.
Date 2022-04-07
Author Barbra Murray