News/Events
Lake Forest Bank Refis Queens IOS Site With $39M Loan
Sitex Group has secured a $39.4 million loan to refinance a Queens industrial outdoor storage (IOS) asset, Commercial Observer has learned. Lake Forest Bank & Trust Company supplied the loan for the 146,583 square-foot IOS property at 58-80 Borden Avenue in Maspeth. Sitex acquired the property from the Steinberg family for $50 million in late…
The Next Great Workplace Will Be Designed for Attention
The office today is filled with noise. Our attention is steadily given over to a barrage of notifications, messages, endless scrolls and side chats. We are conditioned to respond immediately, putting us in a state of perpetual distraction. And we’re becoming more distracted each year, three times more than in the pre-iPhone days, according to…
Brooklyn Nets, NY Liberty Holding Company Buys Three Training Facilities in Brooklyn
The Brooklyn Nets and New York Liberty have scored a three-pointer in the borough. The men’s and women’s professional basketball teams’ holding company, Brooklyn Sports & Entertainment, has acquired three new training facilities in Brooklyn — 100 Dobbin Street in Greenpoint, 53 Knickerbocker Avenue in Bushwick, and 483 Baltic Street in Gowanus — from The…
Finance App Lucid Trading Signs 8K-SF Lease at 260 Spring Street
Lucid Trading, an app that lets users manage their trading accounts, has taken 8,263 square feet at 260 Spring Street in Manhattan’s SoHo neighborhood, according to tenant broker Douglas Elliman. The office lease was signed Oct. 1 with an asking rent of $85 per square foot. The length of the lease was five years. The…
AXA Equitable Provides $103M Recapitalization for Midtown’s Ellington Building
Rose Associates and its joint venture partner, Morgan Stanley Real Estate Investing (MSREI), has secured $103 million to recapitalize the Ellington, a 29-story multifamily building in Midtown Manhattan, Commercial Observer can first report. AXA Equitable provided the debt. No broker was listed on the transaction. Marc Ehrlich, president of Rose Associates, noted that the deal…
Sports Retailer Lids to Open New Shop Inside Penn Station
Sports apparel retailer Lids is adding another location in New York City, this time inside Midtown’s bustling Pennsylvania Station, Commercial Observer has learned. Lids, which sells sports hats, jerseys and fan apparel, has inked a 10-year, 1,993-square-foot lease for a flagship location inside the Vornado Realty Trust-managed transit hub. Lids is the largest licensed sports-minded…
Commercial Real Estate’s Great Capital Stack Reset
The commercial real estate industry has spent the last two years focused on the debt maturity wall. The numbers are significant. Hundreds of billions of dollars in commercial and multifamily loans are scheduled to mature over the coming years. The prevailing question has been whether the industry can absorb that volume of refinancing. I believe…
Podcast: Fire Prevention Tech to Protect Homes After LA Fires, CitroTech’s Wes Bolsen
Wes Bolsen is the CEO and board member of CitroTech (NYSE AM: CITR), the company behind the only EPA Safer Choice recognized fire inhibitor in the United States. Before CitroTech, Wes co-founded LaderaTech, a wildfire prevention company built on patents from Stanford University and MIT, which he subsequently sold to Perimeter Solutions (NYSE: PRM) and joined their…
Access To Power Now The No. 1 Force Shaping U.S. Site Selection Decisions
Electric power now tops the list for site selection for megaprojects like factories and data centers, overtaking incentives and talent.
