He says those distressed asset opportunities will come “in two flavors”—residential condominium development sites and existing retail condo properties that were underwritten based on securing extremely high rents.
The new financing replaces a highly-leveraged bridge to HUD loan in 2015 provided by Greystone to the Sapphire Care Group to acquire the 227-bed skilled nursing facility.
Rizzi says the deal is one of the largest New York City retail trades thus far in 2017 and demonstrates there is still a healthy appetite for retail investments, particularly those with strong locations and stable cash flow.
According to the RFEI the state is prepared to allocate up to $6 million in grants from the State and Municipal Facilities Program in connection with the redevelopment of the property.
McKool Smith's New York City offices are currently housed on the 47th floor at One Bryant Park where it occupies approximately 33,000 square feet and employs 48 attorneys.
Madison Realty Capital provided the construction loan for the project that is already under construction. All Year Management is developing two separate buildings totaling more than 1 million square feet that will feature 911 residential units, 20,650 square feet of retail space and 533 parking spaces.
