The Hudson Companies has closed a $28.3 million capital restructuring deal for House No.94, a five-story residential building at 94 North 3rd Street in Williamsburg, Brooklyn. The transaction, brokered by Newmark Holdings, involved financing from Voya Financial and a new joint venture with Meadow Partners.
Othership, a health and wellness brand, will soon bring a bathhouse and spa to 25 Kent Avenue in Williamsburg, Brooklyn. The new bathhouse will occupy 6,168 square feet and is the company’s inaugural Brooklyn location.
Newmark has arranged a $535.8 million loan to support a 22-story office-to-residential conversion project at 25 Water Street in Manhattan’s Financial District. The joint venture behind the project includes GFP Real Estate, Metro Loft Management, and Rockwood Capital.
Newmark has revealed a new collection of architectural renderings that illustrate the next phase of upgrades to The Paramount Building at 1501 Broadway in Times Square. In collaboration with Rosemark Management, Levin Management, and interior architects MKDA, the upgrades include Class A office suites ranging in size from 1,000 square feet up to 45,000 square feet, new corridors, and sweeping views of the New York City skyline.
Back in May, Olmstead Properties and Newmark Holdings entered into contract to purchase the six-story, 225,000-square-foot manufacturing building at 43-01 22nd Street, located on the corners of 43rd and 44th avenues in the heart of Long Island City. The duo have now closed on the purchase for $61 million, Commercial Observer reported. They plan to convert the structure into office space, although roughly two-thirds of the property is currently leased to Reis Studios. The vacant portions are expected to be converted soon, but it’s not known when the currently leased space will get the conversion. Upgrades to the building will include a redesigned lobby, new windows and façade elements, and new mechanical infrastructure such as elevators.
