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June 11, 2010
Forest City in the News
Curbed, Gehry's Beekman Tower to Hit the Market in Early 2011
Is Frank Gehry's Beekman Tower the most eagerly anticipated NYC rental building of all time? It's certainly the flashiest, and with the rippling skyscraper now hogging the Lower Manhattan skyline (without the aid of medical science!), we're wondering when these 900 slices of starchitecture will hit the market. A Curbed tipster writes we're one winter away:
Forest City Ratner has selected Citi Habitats to lease, Nancy Packes as marketing consultant and co-op as the advertising agency for Beekman Tower. Kick off meeting on Monday and leasing to commence early spring 2011.
According to a Forest City Ratner rep, leasing will begin in the first quarter of 2011, but that's all the developer will confirm. Will the apartments be snapped up quickly? We haven't heard much about prices or amenities, but Ratner can always throw in Nets season tickets with every signed lease, though that might actually discourage most people.
Image: Roccocell/Flickr via Curbed
PR Newswire, Press Release: Forest City Announces Closing of Permanent Financing for East River Plaza Retail Project
Forest City Enterprises, Inc. today announced that a subsidiary has closed on the conversion of the construction facility for the East River Plaza retail center in Manhattan, to a $214.3 million ($107.2 million at the Company's pro-rata share) term loan.
The conversion to permanent financing, with maturity in January 2019, is through the same lender group that provided construction financing for the center. The loan carries an effective all-in fixed interest rate of less than 4.5 percent. The major financial terms of the conversion were negotiated in conjunction with the initial construction loan. Coupled with the conversion of the construction loan, the existing $40 million credit enhancement in tax-exempt Empowerment Zone bonds has also been extended to the 2019 maturity date. In addition to conventional bank financing, the center was made possible by financing provided by the State of New York, New York City and the Upper Manhattan Empowerment Zone.
Posted by eric at June 11, 2010 9:12 AM