Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Wednesday, 03 June 2015

Manhattan's 32 Old Slip Gets Recapitalized

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Commercial Real Estate Direct Staff Report

The 36-story building at 32 Old Slip near Manhattan's southern tip has been recapitalized.

RXR Realty, which had acquired the 1.1 million-square-foot building last year for $675 million, sold the land beneath it to an investor group led by Melohn Properties for $197.5 million. That left RXR with the building, or improvements, which it had valued at $477.5 million as a result of the sale of the land.

It has lined up $300 million of fresh financing against the building from GE Capital, which replaces an equal amount of debt that previously had been provided against the building and land by MetLife and the New York State Teachers' Retirement System.

The building is 90 percent occupied by tenants that include the National Union Fire Insurance Co. of Pittsburgh, which pays $51/sf in annual rent for...





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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Office
  • Subject: Mortgages/Financing (MOR)
  • Deal Name: Morgan Stanley Bank of America Merrill Lynch Trust, 2015-C23
  • Private: Yes
  • bloombergDealName: MSBAM 2015-C23
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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