Steiner NYC is getting a $148.5 million loan from Walker & Dunlop so it can refinance its eight-acre land mixed-use property in the Brooklyn Navy Yard, which is currently going through a redevelopment.
Admirals Row spans 696,000 square feet and is home to the first Wegmans supermarket in a New York City submarket. Admirals Row also includes 350,000 square feet of manufacturing and light industrial space, more retail space, parking that can hold more than 700 spots, and a community facility. Brooklyn Navy Yard Development Corporation has a master lease for the manufacturing portion.
"The ongoing redevelopment of the historic Brooklyn Navy Yard, particularly with the construction of Admirals Row, has brought thousands of new jobs and services to the community," Doug Steiner, chairman of Steiner NYC, said in a statement.
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"This project exemplifies an outstanding urban model for mixed-use development, and we are pleased to have collaborated with Walker & Dunlop to secure very favorable refinancing in a difficult market."
Plus, the Brooklyn Navy Yard area features a workforce of over 12,000 residents, who contribute $2 billion to the local economy each year, according to Walker. Admirals Row is just two blocks away from the Brooklyn Bridge and Manhattan Bridge and only one block from the Brooklyn-Queens Expressway.
Steiner, which has been around since 1907, has other major NYC properties in its portfolio including a 900,000-square-foot Hollywood-style production facility called Steiner Studios, and Hub, a 55-story rental building featuring 750 units.
Even as high interest rates have caused hesitancy generally in the CRE space in the past year — Manhattan has shown some resiliency. Transactions and dollar volume in the city increased by 29 percent and 16 percent, respectively, in the third quarter compared with the previous three months, according to a property sales report from Avison Young. Particularly, retail revealed some strength in the city, with volume growth of 22 percent, sales hitting $318.1 million, and transactions up 100 percent.
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