Upper East Side Gets a $165M Vote of Confidence
Rabsky Group and Chetrit Group have secured a $165 million construction loan from G4 Capital Partners for their long-awaited project at 259 East 71st Street. The deal refinances earlier debt and will help fund two residential buildings: a 54-unit, 166,764-square-foot tower and a smaller four-unit building behind it. Though the plans were filed back in 2022, permits have yet to be issued. Still, the closing—slated for March 6—signals that capital is flowing and expectations remain bullish in Lenox Hill.
Landmark Seized in FiDi Foreclosure
After sitting vacant for over seven years, the Riverview Center at 70 Broad Street has officially changed hands through foreclosure. Wilmington Trust, acting through special servicer Rialto Capital, took control with a $20 million credit bid, acquiring the 23,000-square-foot landmark from Winta Asset Management. At the time of its bankruptcy filing, the building carried $24.2 million in debt—well over its $16 million valuation. This seizure may lead to a creative repositioning of the historic structure in one of the city's most evolving office corridors.
$36.8M Loan Backs Hamilton Heights Development
Bravo Property Trust is backing a mixed-use project at 1861 Amsterdam Avenue with a $36.8 million construction loan. Developed by Artifact Real Estate, the 78-unit multifamily building will designate 30% of its apartments as affordable thanks to former 421a incentives. A pre-leased urgent care and pharmacy on the ground floor adds stabilized commercial value to the build. This deal is a strong signal of confidence in submarket opportunities north of 125th Street.
Chanel Eyes Madison Ave Megadeal
In a potential power move, Chanel is in negotiations to acquire approximately 65,000 square feet of retail at the base of Gary Barnett’s proposed luxury tower at 655 Madison Avenue. The rumored price? Mid-$400 million. Sources say the deal could anchor the building’s financing, replacing Chanel’s previously scuttled plan to buy across the street in the former Barneys building. If it closes, the acquisition would cement Madison Avenue’s continued relevance for global luxury brands.
Hochul Launches RFP for Clinton Hill Housing
Governor Kathy Hochul has issued an RFP for the long-vacant state-owned lot at 1024 Fulton Street in Brooklyn. The proposal requires at least 100 units of 100% affordable housing, plus a ground-floor community center. The state has signaled it may override local zoning to maximize development. After years of stalled efforts, this site could serve as a model for public-private partnerships to address New York’s housing crisis more aggressively.
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