L&L Holding Company has secured $911 million in refinancing for 425 Park Avenue, an office skyscraper in Midtown East, Manhattan. Sumitomo Mitsui Trust Bank led the refinancing as the principal lender, with the new five-year floating rate loan intended to replace a similar-sized loan from 2021 that supported the tower’s final construction and leasing activities.
The Garden State Community Development Corporation, working alongside the Wells Fargo Foundation and local developer Cara Squared LLC, announced the commencement of construction on 307 Bergen Avenue, a $6.3 million housing development in Jersey City’s Greenville neighborhood. The project, which was designed by Inglese Architecture & Engineering, aims to convert a former parking lot into a 12-unit residential condominium complex, intended specifically for low-income families earning 70 percent or less of the area median income.
Renovations are complete on 51W52, also known as Black Rock, an office building at 51 West 52nd Street in Midtown Manhattan. Harbor Group International completed the $128 overhaul of the 38-story structure, which was originally designed by Eero Saarinen as the headquarters for CBS and yields 900,000 square feet of interior space.
Gotham Organization, in collaboration with Monadnock Development, the Christian Cultural Center, and New York City and State authorities, has secured $270 million in construction financing for the first phase of the Innovative Urban Village in East New York, Brooklyn. The project, which was designed by PAU, aims to transform 10.5-acre site currently owned by the Christian Cultural Center into a mixed-use urban village.
The Beitel Group has secured a $150 million loan for the development of 120 East 144th Street, a new residential project in Mott Haven, The Bronx. The funding, which was supplied by SCALE Lending, will support the construction of the 13-story, 450-unit property.
