Breadcrumbs:
New boutique office building aims for East Village, San Marco

New boutique office building aims for East Village, San Marco

One more opulence structure going towards Midtown South.

As stated by realty reviews registered in regional Wednesday for erection of Real Estate Equities Corp. not far from 1 St.Mark's Place in East Vil. has been allocated about $80million.

Located in South Korea, company Hana Financial Group that supplies banking, gave a credit of $79.1 mil, after which it traded in its first hypothec in the amount of about $48 mil to Madison Realty Capital and got a second-line loan of $31.1 mil. VI Dev. Group sorted out their indebtedness.

A REEC spokesman, led by B. Miller and M. Siegel, refused to give any commentaries. REEC has a conception, the essence of which is to erect a building on the area on the fringe of St. Mark's Square and Third Avenue. The construction itself will include ten floors in which offices will be located. The area of the building is planned to be 65.000 sq.ft.

Originators will contemplate to rental of $150 per sq.ft. In the Meatpacking Dist., Soho and Greenwich Vil., such prices are quite common when it comes to office buildings that have only recently been built. However, some time ago only the most expensive places closer to the center had such price tags.

Area at 1st San Marco lies near Minskoff Equities' 51 Astor Place, edifice, consisting mostly of glazing and metal, reasonably set current standards for erection of administrative blocks after 2013, when it has finally opened. At the exact time, locals laughed at the fact that this was not in keeping with the temper of the East Vil.

In addition, this real estate was funded by South Korean contributor, the Credit Union of Korean Teachers, who obtained a 49% ante real estate in 2015, which was estimated at approximately $600 mil.

Not far from there, at 799 Broadway, NRE Partners and the CPT are forming an administrative structure with a place of 180,000 sq.ft.

The St.Mark's realty is administrated by REEC on the basis of a near 100-year rent contract, which was concluded in 2017 for worth of $150 mil.

Val Bogatov
Val Bogatov
Val Bogatov manages iNewHomes Advertising Program, helping agents hyper-target their marketing on engaged buyers. With a background in sales, marketing and economics he brings a complex understanding of the market to help Realtors upgrade their marketing efficiency.
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