Genting Nets $750M Refi For Casino Complex: The N.Y. Deal Sheet
One of the winners of a New York casino license has scored a massive refinancing deal to expand its property.
Malaysia-based Genting Group landed a $755M loan from Wells Fargo to expand its 2.8M SF racino, the Resorts World New York City in Southeast Queens, PincusCo reported.
Genting aims to expand the site into a 5.6M SF, $7.5B complex, with plans to add full-casino slot machine operations and table games to its existing electronic table games.
Plans include a 500K SF gaming floor, more than 30 restaurants, 10 acres of community green space, 2,000 hotel rooms and a 7,000-seat entertainment venue.
Genting paid off its $175M loan from Wells Fargo just over a year ago, in September 2024.
The gaming giant was one of three bidders that New York State awarded a license to in December, alongside Steve Cohen and Hard Rock International’s proposed $8B campus near Citi Field and Bally’s $4B Bronx facility.
TOP FINANCING
SL Green nabbed a $480M CMBS mortgage to acquire Park Avenue Tower at 65 E. 55th St. Wells Fargo led the financing, which JPMorgan and Bank of America also participated in. The five-year, fixed-rate mortgage carries a stated 5.3% coupon, which SL Green has hedged to an effective 5.25% rate. SL Green’s $730M acquisition of the 36-story, 622K SF tower was announced in October, with Eastdil Secured representing seller Blackstone.
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The Moinian Group refinanced 535-545 Fifth Ave. with a $310M loan, replacing existing financing with long-term debt. Deutsche Bank and Société Générale provided the financing, Commercial Observer reported, 11 years after refinancing the 522K SF property with a $310M CMBS loan from Morgan Stanley. Iron Hound Management’s Rob Verrone advised Moinian in the deal, while CBRE’s Drew Anderman, Eddie Haber, AJ Bruno and Jared Fried arranged the financing.
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ProX landed a $28.2M acquisition loan for an 80K SF Staten Island industrial condo, Commercial Observer reported. The manufacturing company paid $33.3M for its space at the 136K SF complex at 2807 Arthur Kill Road, with BankUnited providing a $24.9M senior loan and Pursuit providing a $3.3M loan through the Small Business Administration. Meridian Capital Group’s Benjamin Klugmann brokered the deal.
TOP LEASES
EliseAI signed a 109K SF lease at the Chetrit Organization’s 401 Fifth Ave. to establish its New York headquarters. Elise swapped its digs a few blocks over in Midtown to facilitate its expansion, more than doubling its footprint, according to a release. Newmark’s Brian Waterman, David Waterman and Alex Kesseler represented the landlord of the 240K SF office tower, while JLL’s Evan Margolin, Valentin Stobetsky, Calum Waddell, Will McGarry and Hale King represented EliseAI.
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Kroll Bond Rating Agency signed for 121K SF at 51 W. 52nd St., New York Business Journal reported. Harbor Group International acquired the building from ViacomCBS, which is now Paramount Global, for $760M in 2021, Commercial Observer reported. KBRA is relocating from its subleased 95K SF space at 805 Third Ave. to the space in the 900K SF tower. Newmark’s Brent Ozarowski, Kevin Sullivan and Leo Paytas represented the tenant, while their colleagues Greg Conen, Scott Klau, Erik Harris, Jennifer Schreiber and Zach Weil represented HGI.
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Vornado Realty Trust, Hudson Pacific Properties and Blackstone Real Estate — the joint venture partners behind Sunset Pier 94 Studios — signed Paramount Television Studios to 70K SF across two of the property’s six sound stages plus office and production support space. The tenant will move in phases to film the second season of Dexter: Resurrection for Paramount+. Sunset Pier 94 Studios has six sound stages and spans 232K SF, according to a release.
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Arizona College of Nursing signed a 40K SF lease at Jenel Real Estate’s 532 Fulton St. in Brooklyn, Commercial Observer reported. Asking rents were $56 per SF for the 10-year lease.
TOP SALES
Atlas Capital Group acquired the 13-story, mixed-use East Village building at 250 E. Houston St. from the Dermot Co. and Rockwood Capital for $112M, Commercial Observer reported. JLL’s Rob Hinckley and Jeff Julien facilitated the sale of the 100K SF building, which has 130 apartments and 9K SF of ground-floor retail.
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G4 Capital Partners and SME Capital Ventures acquired 541 W. 21st St. for $46.2M via a bankruptcy sale, Crain’s New York Business reported. G4 was the primary lender on the eight-story, 65K SF project, providing a $56M mortgage in 2019, while SME provided a $5M mezzanine loan. The pandemic delayed the conversion of the prewar arts storage warehouse into office space intended for tech tenants, and the project team ran out of cash shortly before its delivery. G4 also loaned the property $25M in December, which will likely be used to finish construction.
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Double U Development CEO Michael Weitzman acquired the 5K SF Chelsea storefront at 110 Seventh Ave. for $5.8M — a more than 80% loss from the $30M that seller Hubb NYC Properties paid in 2012, Crain’s reported. ConnectOne Bank provided Weitzman with a $3.7M acquisition loan.
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Empire State Realty Trust closed on its long-awaited acquisition of publisher Scholastic’s former headquarters at 549 and 577 Broadway, PincusCo reported. ESRT paid $386M for the two properties, which total 356K SF. The properties are 70% leased, with Scholastic staying on as a tenant.
