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Tuesday, 28 January 2014

Tishman Buys Land Beneath Westin New York Times Square

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Commercial Real Estate Direct Staff Report

An affiliate of Tishman Hotel & Realty has acquired the land beneath the Westin New York at Times Square, an 863-room hotel that Tishman had developed in 2002, and has lined up $55 million of CMBS financing against it.

The land, at 270 West 43rd St., was purchased from the City and State of New York, which had been leasing it to the hotel under an agreement that was to run through the end of 2026. The hotel had been paying $2.6 million annually under its ground lease.

As an incentive to develop the hotel, New York City effectively abated Tishman's tax liability through 2017. That would have totaled some $44.1 million between now and the end of the abatement, which was done under a payment in lieu of taxes, or Pilot, program.

Tishman recently negotiated its purchase of the land by agreeing to pay the $44.1 million that normally would have been due through 2017. And it lined up a $55 million mortgage from Wells Fargo Bank, which is including it in the...


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Hotel & Resort
  • Subject: Property Acquisitions (ACQ)
  • Company: Trammell Crow Co.
  • Private: Yes
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Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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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