Capital One Lends On Cammeby’s 1501 Lexington Avenue Purchase

1501 Lexington Avenue.

Capital One Multifamily Finance provided a $59 million acquisition loan to Cammeby’s International for its purchase of a 12-story apartment building on Manhattan’s Upper East Side, city records show.

Rubin Schron’s real estate firm bought the property at 1501 Lexington Avenue from its developer, the New York-based Sigety family, for $92 million. The acquisition and financing both closed on May 12. Read More


Sutton and GGP Land $1.25B Loan from Four Banking Giants for Crown Purchase

The Crown Building (Winter Properties).

Billionaire New York developer Jeff Sutton and Chicago-based General Growth Properties closed on their $1.78 billion acquisition of the Crown Building at 730 Fifth Avenue with a $1.25 billion mortgage provided by Deutsche Bank, Morgan Stanley‎, Goldman Sachs and Citigroup, Commercial Observer has learned.

The loan closed last Friday. Oxford Finance and another, unnamed, mezzanine lender grabbed junior portions of the enormous debt deal, a source with intimate knowledge of the transaction said. Read More

Sales Beat, Acquisitions

Cammeby’s Buys 30 Park Avenue for $194M

30 Park Avenue.

In a mammoth multifamily transaction, Cammeby’s International Group led the purchase of a 20-story rental property at 30 Park Avenue from BlackRock and CalPERS for $194 million, Commercial Observer has learned

The real estate giant, run by Rubin Schron, borrowed $120 million from Ladder Capital to fund the purchase, a person familiar with the matter confirmed. Read More


Sapir Taps Column Financial for Mondrian Soho Purchase

Mondrian Soho Hotel.

A group of investors led by Alex Sapir of the Sapir Organization took a $180 million CMBS loan from Column Financial to acquire the 263-room Mondrian Soho hotel at 9 Crosby Street in Lower Manhattan, public records show.

The billionaire real estate mogul and his partners purchased the financially troubled five-star hotel from Deutsche Bank at a foreclosure auction in January, as previously reported. Read More


Extell, Kushner Companies Close $132M in Financing For New Jersey Purchase

Pier Village

A partnership of Extell Development and Kushner Companies closed a new take-out loan of $97 million while assuming $32 million in debt on a New Jersey multifamily building the pair purchased last November.

The duo bought Pier Village, a 492-unit mixed-use development at One Chelsea Avenue in Long Branch, for $180 million, with $51 million in bridge financing from Capital One. Now, they’ve finalized a $97 million long-term fixed-rate take-out with Fannie Mae, which retired the Capital One bridge loan, and assumed a $32 million Freddie Mac loan on the property originated by PNC Bank, according to representatives for both companies. The Freddie Mac loan was originated in mid-2013 and carries a seven-year term. Read More

Lease Beat, Acquisitions

Cure Urgent Care Prescribes New Location at the Monterey [Updated]

Cure Urgent Care

Cure Urgent Care will open the growing chain’s third location next spring at the Monterey apartment building on the Upper East Side, Commercial Observer has learned.

The company, which also offers walk-in clinic care at locations on Long Island and the Upper West Side, signed a 15-year, 2,900-square-foot lease to occupy a ground floor space in the 521-unit rental property that Rubin Schron owns at 175 East 96th Street. The building that’s between Lexington and Third Avenues commanded asking rents of $145 to $150 per square foot, officials at Cure said. Read More


Rubin Schron Nabs $100M from Capital One for Purchase of Controversial Multifamily Complex

Rachel Gardens

Meridian Capital Group brokered a $100 million acquisition loan for New York investor Rubin Schron to purchase the hotly disputed Rachel Gardens Montville luxury apartment community in Pine Brook, N.J., Mortgage Observer has exclusively learned.

Mr. Schron’s Cammeby’s International Group snagged the complex from the Wilf family and partners, after years of legal wrangling among those owners. Read More


Real Estate Principals Acquire Winoker Realty Company


Less than a year after Winoker Realty President David Winoker died in a parachuting accident, a group of four New York real estate principals has acquired the firm, it was announced today.

Business partners Ira Fishman and Dana Moskowitz, both of ID Real Estate Partners, are joining in the venture with Nathan Halegua and Josh Halegua of Jonis Realty and Citi-Urban Management.

Mr. Fishman was formerly part of the Winoker Realty team, from 1998 to 2008, and was one of Mr. Winoker’s partners for seven years of his tenure there Read More


Clocktower Building Strikes Deal

The iconic Clocktower Building is changing hands

Africa Israel USA, the controversial owner and operator of commercial properties across the United States, has entered into a contract to sell 5 Madison Avenue to an undisclosed investor for $165 million. Read More

Lease Beat, Acquisitions

Elusive Ruby Schron Inks Four Deals on Broadway

One of the city’s largest and most secretive landlords, Rubin Schron, has signed more than 17,000 square feet of leases at two elegant slivers of pre-war office space on lower Broadway.

Mr. Schron’s Cammeby’s International has scored three new deals and one renewal at 32 and 42 Broadway. In a 10-year deal, 42 Kopy has taken 4,000 square feetCaruso Painting & Decorating Corporation signed Read More