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  #21  
Old Posted Jun 3, 2013, 11:28 AM
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NYguy NYguy is offline
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This is where the money is flowing...


Quote:


http://www.bloomberg.com/news/2013-0...3-billion.html

Carlyle Sets Record With $1.3 Billion Sale of NYC Tower





By David M. Levitt & Hui-yong Yu
Jun 3, 2013


Quote:
Carlyle Group’s $1.3 billion deal to sell 650 Madison Ave. will set a record based on the per-square-foot price for the office tower, driven by its retail space in the heart of midtown Manhattan’s Plaza district. Crown Acquisitions Inc., based in New York, and Highgate Holdings Inc. agreed to buy the 600,000-square-foot (55,700-square-meter) building, Crown said June 1. The property between East 59th and 60th streets has about 75,000 square feet of retail space in a prime tourist and office area.

The purchase is the largest of an entire building in the U.S. since Google Inc.’s $1.8 billion acquisition of 111 Eighth Ave. in Manhattan in late 2010, and on a square-foot basis it exceeds the record of $1,583 paid for 450 Park Ave. in 2007. In another deal for a trophy Plaza district property, a 40 percent stake in the General Motors Building was sold to the families of Chinese real estate developer Zhang Xin and Brazil’s Safra banking empire, a person familiar with the transaction said.

The building’s current retail tenant is a Crate & Barrel housewares store, under a lease that runs until 2019. As part of the deal, Carlyle agreed to pay Crate & Barrel $55 million in return for paying a higher rent, thereby expediting Highgate and Crown’s return on its investment, according to two people with knowledge of the transaction.
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  #22  
Old Posted Jun 3, 2013, 1:19 PM
Crawford Crawford is offline
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It will be very interesting to see what happens to this site in the coming years.
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  #23  
Old Posted Aug 9, 2013, 5:57 PM
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Eidolon Eidolon is offline
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Goldman Sachs, Deutsche Bank Said to Fund Debt on 650 Madison
By Sarah Mulholland
Aug 8, 2013

Quote:
Goldman Sachs Group Inc. and Deutsche Bank AG (DBK) are funding the acquisition of New York’s 650 Madison building with an $800 million loan, according to two people with knowledge of the transaction.

The lenders plan to package the debt on the Manhattan tower into bonds to sell to investors, said the people, who asked not to be identified because the negotiations are private. A $150 million portion may be carved into riskier mezzanine loans that pay higher yields, one of the people said.

The deal signals Wall Street’s conviction that bond buyers will snap up the commercial-mortgage backed securities even as concern that the Federal Reserve may begin to reduce stimulus efforts next month roils markets. Goldman Sachs and Deutsche Bank beat out Citigroup Inc., Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. to land the assignment, according to four people with knowledge of the talks.
It's always nice to hear that things are moving along. Also, some more good news from the same article:
Quote:
Wall Street banks have arranged $49.1 billion of bonds linked to everything from strip malls to skyscrapers this year, according to data compiled by Bloomberg. Issuance is forecast to climb to $70 billion in 2013, more than double last year’s total, according to Credit Suisse Group AG.
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  #24  
Old Posted Jun 8, 2015, 5:34 PM
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Vertical_Gotham Vertical_Gotham is offline
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Per WSJ today, Crate and Barrel is surprisingly vacating this August citing expected increase in rents.

With past news suggesting that Ralph Lauren has been kicking the tires for a possible move to either WTC or the Hudson Yards, this Crate and Barrel news is pretty significant. If RL decides to vacate, its possible Crown & Highgate could just let RL break their lease early if that is their true intentions to potentially speed up the process for a possible ground up development for this tower should they decide. With rising real estate values and increased rents, this imo, would make sense.

Stay tuned.


Crate & Barrel to Close Manhattan Flagship Store
Retailer negotiates early exit from lease at 650 Madison Ave.; closing date is Aug. 2

http://www.wsj.com/articles/crate-ba...ore-1433718746
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