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New York
July Fourth wasn't the only big bang this past week—Gyrodyne is celebrating its own victory. The State of New York's Court of Claims issued an opinion requiring the State to pay the REIT an additional $98.7M for land appropriated to SUNY Stony Brook via eminent domain in '05.
Appraisers at Flowerfield, Long Island
The State paid $26.3M to Long Island-based Gyrodyne at the time of taking for the 245.5 acres of its Flowerfield property in St. James and Stony Brook. The REIT filed a claim for just compensation, and the Court agreed that the State improperly valued the property and misapplied the law's requirement— just compensation be based upon the highest and best use. (The Court decided the property could have been rezoned from light industrial to a planned development district.) Under NY's eminent domain law, Gyrodyne is entitled to statutory simple interest on the additional amount not exceeding 9% per annum from Nov. 2, 2005 to the date of payment. Above are appraisers sent by SUNY at the beginning of the appraisal and inspection process in November '03. The final award amount and timing are unknown until NYS reacts to the Court's opinion.
Barney's New York retail penthouse
And how about a firecracker of a deal in the CMBS market? Meridian Capital Group arranged a $100M CMBS loan to refinance the Barney's retail condo at 660 Madison Ave. The 10-year fixed-rate loan, which was negotiated with Citi Global Markets on behalf of Flagship Partners, is one of the largest and most notable CMBS loan originations since the downturn, and is expected to be contributed to a US conduit offering that will price later this summer. The nine-floor, 265k SF condo is home to Barney's flagship store and is located in the heart of the Plaza District. Forget about Independence Day clearances, how about a CMBS celebration?