Tishman Speyer signs $255.8M construction loan with Starwood in Downtown Brooklyn

Tishman Speyer through the entity 422 Fulton Owner, L.L.C. as borrower signed a new construction loan with lender Starwood Capital Group through the entity Spt Real Estate Capital, LLC valued at $255.8 million for two commercial condominium units (CR) at 422 Fulton Street in Downtown Brooklyn, Brooklyn.
The deal closed on October 8, 2021 and was recorded on October 19, 2021.
The two properties have 496,977 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $514 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Tishman Speyer was Steven R. Wachsler. The signatory for Starwood Capital Group was Joseph Rothenberg.
(320908899)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on January 28, 2021.

Within a 400-foot radius of 422 Fulton Street, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, three were for major renovation including a certificate of occupancy change. They was one permit with a total initial cost of $300,000 and two initial temporary certificate of occupancy issuances for projects that initially costed $347.3 million. The most recent of these three items was the permit on June 21, 2021 for a 38,198-square-foot retail (M) building with no residential units at 408 Fulton Street.
Of those 11 items, two were sales above $5 million totaling $11.5 million. The most recent of the two was United American Land which bought the 1,490-square-foot, two-unit mixed-use building (K4) on 453 Fulton Street for $5.8 million from Fasiha Sheikh on January 26, 2021.
Of those 11 items, six were loans above $5 million totaling $181.5 million. The most recent of the six was sutton management which borrowed $32.0 million from Argentic secured by the 29,612-square-foot, four-unit mixed-use building (K4) on 386 Fulton Street and one other property on October 1, 2021.

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