View of 45 East 53rd Street - Courtesy of Newmark

Joint Venture Secures $175M to Purchase and Renovate 45 East 53rd Street in Midtown, Manhattan

Newmark, a global real estate services company, has successfully arranged $175 million in capitalization to facilitate a major renovation of 45 East 53rd Street in Midtown, Manhattan. Located in the Plaza District, the building once operated as the New York headquarters for Santander Bank, but sold in April to ZG Capital and Rialto Capital Management.

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Waterside at Xchange Reaches Pinnacle in Secaucus, New Jersey

Construction on a new 25-story residence, called “Waterside at Xchange,” has reached its top floors over Secaucus, New Jersey and is also known as Building G. This is the tallest component in of a number of completed and neighboring residences that make up the Xchange at Secaucus Junction complex. The building is being designed by Perkins Eastman and developed bye Fraternity Meadows, LLC on what was once an empty plot of land nestled between the Hackensack River and Brianna Lane. Nearby is the Secaucus Junction train station to the south of the New Jersey Turnpike. A total of 403 residential units and four floors of parking are expected to be created and housed within Waterside at Xchange.

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417 Park Avenue Readies for Excavation in Midtown East, Manhattan

Excavation is set to begin at 417 Park Avenue, site of a 220,000-square-foot office tower in Midtown East. The project is being developed by GDS Development (GDSNY) and Klövern AB, which acquired the property for $184 million and are also building on an adjacent plot to the south at 409 Park Avenue. The plot is located at the corner of Park Avenue and East 55th Street and will rise with a floor area ratio of 25 under the Midtown East Rezoning regulations.

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