Steiner New York City, the company that founded the Hollywood-inspired Steiner Studios for film and television production, has refinanced another key component of the Brooklyn Navy Yard.
The $148.5 million bridging loan from Deutsche Bank is for Admiral's Row, an eight-acre, 696,000-square-foot complex that is home to Wegmans and 350,000 square feet that is master leased to Brooklyn Navy. of light industry and creative manufacturing spaces. Yard Development Co., Ltd.
Admirals Row, developed by Steiner, includes six buildings located around a Wegmans parking lot. It is part of the city's 300-acre Navy Yard, where World War II battleships were built, and is home to 450 diverse businesses, employing more than 12,000 people.
The Navy Yard as a whole is estimated to generate more than $2 billion in economic activity for the city.
The financing was arranged by Walker & Dunlop's capital markets team led by Jonathan Schwartz, Aaron Appel, Keith Kurland and Adam Schwartz.
Walker & Dunlop Senior Managing Director Jonathan Schwartz praised Steiner's “extraordinary sponsorship and unwavering commitment to this important area.”
“Admirals Row exemplifies a great urban model for mixed-use development,” said Doug Steiner, Chairman of Steiner New York City. I'm glad we were able to secure it.”
In RFR Realty's latest deal at 375 Park Avenue, better known as Abby Rosen's landmark Seagram Building, Churchill Asset Management will retain its current 52,124-square-foot lease through 2036. The extension added an additional 26,062 square feet across the eighth floor.
Notably, RFR leasing director AJ Kamhi said the Churchill expansion space won't even be available until 2026. Blue Owl Capital recently took a similar step with a 70,000-square-foot expansion at Seagram.
“The building is basically 100 percent full,” Kamhi said. He will use his time to help Rosen install a new outdoor terrace, lease former Four Seasons restaurant space to The Grill and The Pool, and an amenity center for 34,000 tenants called The Playground. He pointed out that over the years, a series of renovations have been carried out to enhance the tower's appeal.
Churchill was represented by Scott Binet of Savills and Chris Joyner of Fisher Corporate Real Estate. Camhi and Paul Milunec were internal RFR representatives.
