GFP, Metro Loft close on $536M loan at 25 Water Street

The three partners planning a 1,300-unit conversion of 25 Water Street closed the $536 million loan that’s been in the works for months. Michael Dell’s MSD Partners and Apollo Commercial Real Estate Finance provided the loan for the acquisition and redevelopment of the Financial District property, Newmark announced Thursday.   Read the full story here.

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Historic Bank Buildings Get a Second Act

New developments across the city are repurposing the opulent spaces where New Yorkers once deposited their savings. The fate of the soaring, palatial and utterly impractical Dime Savings Bank in Downtown Brooklyn was inevitable. The 16,750-square-foot, 40-foot-tall chamber, with seven kinds of marble flooring, a vaulted-tile dome and Corinthian columns, closed in 2016, a victim… Read more »

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Tour: 20 Broad

Construction is wrapping up at Metro Loft Developers’ 20 Broad Street office-to-residential conversion in the Financial District. The 1956 tower served as the New York Stock Exchange headquarters before the recent conversion and expansion into a residential rental building. CetraRuddy has led the renovation of the 29-story tower, which will offer 533 units ranging from… Read more »

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