January 9, 2015

Sahara To Leverage Stake In Plaza, Grosvenor Hotels

Sahara India Pariwar intends to pay part of founder Subrata Roy's bail by leveraging its stake in New York's Plaza (below) and Dream Downtown hotels and the Grosvenor Hotel in London. Sahara bought the storied Plaza Hotel from Elad Group for $600M in 2012 after a turbulent condo conversion.

Bloomberg reports that $400M of the $1.05B raised by mortgaging the three top lodgings via Mirach Capital Group will go toward paying down the company's current mortgage to the Bank of China. Roy was arrested last February after Sahara issued debt sans Indian regulator approval, leading to a protracted $3.9B refund dispute. The government will transfer him to house arrest following this deal.

CohnReznick (Field) MNY
Wells Fargo (Access6) NY

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Inditex Breaks Retail Sale Price Record

The Spanish clothing behemoth Inditex, Zara's parent company, is primed to buy a retail condo at 503 Broadway in SoHo for $280M or $20,588/SF. That latter figure would set a new price PSF record for the neighborhood, a mecca for the world's top retailers. A "global standard-setting" Zara store will occupy prime space in the 47k SF building when it reopens this year. An Old Navy store previously took the ground-floor space. The transaction, should it be finalized on Tuesday as expected, took several years to close. The New York Post first broke news of the sale way back in 2012. It's one of several big moves for Inditex and Zara, which is expanding its 500 Fifth Ave store and opening a new location near the World Trade Center campus.

REBNY (Jan15) NY

Former Schlitz Brewery to Become Creative and Tech Office Space

Preliminary design concept for Schlitz Brewery released by Savanna

Recently, Vogue called Bushwick the “7th Coolest Neighborhood in the World.” Now, private equity firm Savanna, with Hornig Capital Partners and Chelsea Village Associates, has plans for newly acquired 95 Evergreen Ave that could help it climb even higher. The five-story, 165k SF former Schlitz Brewery will get a $20M makeover (no more beer goggles needed)--upgrading its windows, façade and entire infrastructure. Its soaring ceilings and 15k SF to 37k SF footprint will be used to attract incoming creative, media and tech businesses with sites on Bushwick, now that Williamsburg has become more like their childhood friend who became famous and ditched them. Meanwhile, new developments, like the major 977-unit mixed-use project across the street at the former Rheingold Brewery, reinforce one fact: Bushwick is on the rise.

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BMS (Innovation) NY
295 Lafayette Street Penthouse 1 by Sotheby's

Jared Kushner Aims for Record $66M Puck Penthouse Sale

If all goes according to Jared Kushner's plan, his sprawling duplex penthouse at Puck Penthouses will become the Most. Expensive. Penthouse. In. Manhattan (as his father-in-law might say through expressive hand gestures). Kushner is asking $66M for his Jose Ramirez-designed 7,241 SF Nolita pad with six bedrooms, 7.5 bathrooms and barrel-vaulted ceilings, the Wall Street Journal reports. Oh, and there's also an additional 5,158 SF of outdoor space that touts indulgent features like a yoga lawn, a putting green, and a hot tub with a view of the Empire State Building. (If that's your home, where do you vacation?) The current record-holder is a $50.9M Walker Tower penthouse that sold in early 2014, according to Jonathan Miller of real estate appraisal firm Miller Samuel. Meanwhile a record sale would apparently be just another day at the Puck Penthouses as listing agent Nikki Field told the Wall Street Journal that one of their units already set a Nolita record of $28M. 295 Lafayette St Penthouse 1 is listed by Sotheby's.


Park Slope and New York Methodist Finally Agree on New Facility

Rendering of the new site released by NYM

New York Methodist Hospital will get its new outpatient facility after all. Following nearly two years of litigation with Preserve Park Slope, both organizations announced they've reached an agreement, which was approved by New York State Supreme Court Justice Alexander Hunter. The hospital agreed to trim off the seventh floor of the building reducing it by 28k SF, landscape the facility, and hire a traffic engineer to develop an operational traffic management plan to avoid congestion and keep pedestrians safe. The hospital's website will have updates on construction and Preserve Park Slope, which is dropping the issue of zoning, will be directly involved in discussions regarding the building's façade, demolition and traffic. 

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Brooklyn Navy Yard from Brooklynnavyyard.org

Stellar 2014 Prompts Expansion for Brooklyn Navy Yard

2014 was a tremendous year for Brooklyn Navy Yard, with four new tenants, two expanding and 42 renewing, employing more than 300 people and occupying over 185k SF. That's on top of a fully occupied 3.5M SF of leasable space with more than 300 businesses. Brooklyn Navy Yard Development Corp CEO David Ehrenberg points out this is largest expansion the city-owned industrial yard has seen since World War II, in fact. We're talking about a mega-plan to create up to 5,000 more jobs in over 1.5M SF of new space. So in addition to the $200M worth of construction going on right now, they're ringing in the new year with an extra $100M to go toward initiatives like a $140M renovation of a 1M SF building. They're also adapting a former machine shop building into a 250k SF Green Manufacturing Center, and creating a 74k SF grocery store, along with 127k SF of light industrial space, 89k SF of retail space and a 7k SF office facility. The expanding tenants at Crye Precision and New Lab are already set to lease 85k SF and 84k SF of the Green Manufacturing Center once it opens. A 70k SF third wing has yet to be leased, but we're pretty sure they're not concerned.