Manhattan, New York – NNN Commercial Real Estate news for the evening is on a very popular commercial property, known as Three Columbus Circle. This New York Commercial Real Estate development recently received refinancing. Commercial Mortgage Lenders arranged capital to finance a $260 million commercial loan for the Commercial Real Estate development.
The New York Commercial Real Estate development is situated on the West block between 57th and 58th Streets. This Commercial Real Estate development has tremendous retail foot traffic from the Time Warner Center, Trump International Hotel & Tower, and Hearst Publications. This New York Commercial Real Estate development was formerly known as the Newsweek Building.
The refinanced Commercial Real Estate development had completed a glass curtain facade renovation which cost approximately $59 million. Some more of the neighboring net lease properties Tenants include Citibank, Duane Reade, HSBC, The GAP, Chase Bank, Daffys, Bank of America, Brooklyn Diner, Lees Art Studio and the fine Jean George Restaurant. SL Green Realty Corp. received the refinancing so they were able to payoff a $250 million acquisition bridge loan. Deutsche Bank had a hand in that acquisition Commercial Loan but not the Net Lease Funding on this current refinancing. Commercial Mortgage Lenders arranged this new Commercial Loan with a five-year term.
The capital was supplied by The Bank of China for the NNN Commercial Real Estate at 3 Columbus Circle, in New York, with the 10019 zip code. This is just another example of the Chinese Commercial Property investors pumping their plentiful cash reserves into New York City. SL Green Realty Corporation is a co-owner with The Moinian Group of this New York Office Building. The Moinian Group had controlling interest after they acquired a former partner’s 90% interest in 3 Columbus Circle for $250 million back in 2004.
There is some history with this New York Commercial Real Estate development as there was a campaign for a takeover. Stephen Ross was believed to have the Commercial Mortgage before the commercial property was renovated. The financial Giant, Stephen Ross felt this Commercial Real Estate development was so unattractive that he started the campaign to take control of this New York Office Building. If he had gained control of this Commercial Real Estate development through foreclosure, he had plans to tear it down. What is an eye-soar to one NNN Commercial Real Estate Investor can be a treasure to another Investor.
The Commercial Real Estate developer Joseph Moinian, updated the property by installing plenty of glass (about $59 Million for the Glass) as part of a renovation that totaled approximately $100 million. The Moinian Group, the Commercial Real Estate developer, was finally able to work a deal with Stephen Ross and paid off the commercial loan. At this point, the NNN Commercial Real Estate Owners of Three Columbus Circle can start rounding up retail tenants. This New York Commercial Property may get the New York’s first Nordstrom retail store. The triple net lease properties with Nordstrom as Tenant attract very qualified customers.
SL Green Realty Corp. helped The Moinian Group with the Stephen Ross Commercial Loan by providing capital for the 83-year-old commercial property. SL Green Realty Corp. jumped into this deal through a joint venture (JV) with The Moinian Group that included a $138 million equity investment. This New York Commercial Real Estate development is situated across from the AOL Time Warner Center and Central Park. The New York Commercial Real Estate development is a 26-story high-rise, and was almost 20% net leased when SL Green started the recapitalization in October of 2010.
SL Green Realty Corp. and The Moinian Group are primed to complete a $175 million renovation project on this of this New York Commercial Office building. This Commercial Real Estate development will be turned into a premier office building with excellent amenities. This Commercial Real Estate development can end up with as about 79,957 square feet of retail space for Tenants seeking net lease properties to conduct their business.
The Commercial Property Owner, SL Green Realty Corp. is known as New York City’s largest landlord for office property for leasing. Currently this is the only fully integrated real estate investment trust (REIT) to concentrate on obtaining primarily Manhattan commercial properties. As of last December in 2010, SL Green Realty Corp. owned a stake in over 57 Manhattan investment properties which total more than 31.5 million square feet.
Apart from their Manhattan investment properties, SL Green Realty Corp. holds an interest in over 30 investment properties located in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey. This Commercial Real Estate Investment Company was started in August of 1997. This Company was started as to continue the commercial real estate business of S.L. Green Properties Inc. That Commercial Real Estate company was formed in 1980 by Stephen L. Green, their current Chairman.
The other commercial property owner, The Moinian Group, is known as one of the industry’s most active commercial real estate development firms. The Moinian Group owns about 21 million square feet of Investment Property across the Country. The Moinian Group’s has assets that include high-profile commercial properties in America’s leading cities, such as New York, Chicago, Dallas and Los Angeles. The Moinian Group has a reputation for developing state-of-the-art commercial properties as the Company continues seeking investment opportunities.
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