RXR Mulls 5 Times Square Office-to-Resi Conversion; and David Brickman Exits NewPoint

RXR Mulls 5 Times Square Office-to-Resi Conversion; and David Brickman Exits NewPoint This week, RXR is exploring the possibility of converting its 39-story 5 Times Square office tower into residential space; Meridian Capital Group lost another top executive with Seth Grossman’s decision to join Ronnie Levine at Green Pine Real Estate; NewPoint Real Estate Capital has new leadership at the top as Nick Gesue is appointed CEO, replacing David Brickman; and a loan on 1500 Broadway has hit special servicing just before losing ABC’s Good Morning America as a tenant next year. RXR Exploring Conversion of 5 Times Square Office Building Into Residential: Sources RXR, along with partners SL Green and Apollo, refinanced the building two years ago for $1.3 billion to fund renovations [Read More]( Top Deals Of The Week   - Madison Realty Capital, Taconic Capital [Lend]( $94M to Complete South Florida Apartments - KeyBank Provides $94M[Refi]( for 390-Unit Apartment Community in Tysons Corner - 13th Floor [Lands]($83M to Build Apartments Next Door to Big Easy Casino - Centaur Holdings [Lands]( $160M Loan for Second Phase of [South Florida]( Luxury Community - Developer Iadisernia Lands $85M to Finish First [Condo Tower]( at Oasis Hallandale - Scale Lending Provides $75M Bridge Loan for [New Jersey]( Multifamily - Naftali Credit Partners Provides $72M Construction Loan for [Queens]( Luxury Condo - Maxim Capital Group Lends $54M on [Bay Harbor Islands]( Apartments - Emerald Creek Capital Lends $52M on [Midtown East]( Condo Project - Bridge Investment Holdings Provides $50M Refi for [North Carolina]( Apartments - Citigroup [Provides]( $47M to Finance Cocoa Grand Acquisition in Florida - Coworking Firm Jay Suites Lands [Citi Loan]( for $35M Office Purchase - Bank Hapoalim Provides $30M Construction Loan for [UC Berkeley]( Student Housing People Moves   David Brickman Steps Down as NewPoint CEO, Successor Named KThe multifamily lender has appointed Nick Gesue, founder and CEO of Alder View Capital, as the firm’s new leader, effective immediately. [Read More]( Meridian Capital Group’s Seth Grossman Co-Founding Green Pine Real Estate Just days after it was announced that top executive Ronnie Levine had left the firm, Seth Grossman, another senior executive who led West Coast operations, announced he has also left the firm to join Levine at Green Pine Real Estate. [Read More]( DWS Hires Jay DeWaltoff From J.P. Morgan Asset Management to Head Debt DeWaltoff arrives at asset manager after 11 years of running J.P. Morgan’s commercial mortgage loan group. [Read More]( Q&A   Brown Harris Stevens’ Stephen Kliegerman On Selling New Condos in NYC The president of Brown Harris Stevens Development Marketing explains how the condo sales market is not what it used to be, with more foreign buyers and a clearer break between ultra luxury and luxury. [Read More](   Other Stories From This Week   Mind The Gap: RXR Is Busy Filling Incomplete Capital Stack Everyone in CRE knows just how many apertures there are in today’s capital stacks — but you may not know RXR is busy filling some of them. [Read More]( CMBS Loan on GMA-Anchored Times Square Office Property Enters Special Servicing The 75-percent occupied 1500 Broadway is set to lose ABC’s Good Morning America and Nasdaq as tenants. [Read More]( U.S. REITs Raise $12.5B in Debt, $4.1B in Equity in Second Quarter New data from NAREIT suggests that the capital markets system is beginning to thrive again around real estate investment trusts. [Read More]( Housing Costs Continue to Drive Inflation Even as Overall Pace Slows Housing costs in the U.S. are still on the rise even as inflation overall cools down, according to the latest Consumer Price Index (CPI) report released on Wednesday. [Read More]( What We're Reading This Week   - ECB finds //link.commercialobserver.com/click/36412225.1860/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMjQtMDgtMTQvZWNiLWZpbmRzLXdlYWtuZXNzZXMtaW4taG93LWJhbmtzLXZhbHVlLWNvbW1lcmNpYWwtcmVhbC1lc3RhdGU_ZW1iZWRkZWQtY2hlY2tvdXQ9dHJ1ZSZ1dG1fc291cmNlPXNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPWNvZncmdXRtX3Rlcm09MDgvMTUvMjAyNA/64088580f1b22f85f50207b0Cfd60e599[weaknesses]( in how banks value commercial real estate [Bloomberg] - German property bank PBB's profit plunges as [US office loans]( sour [Reuters] - Mortgage refinancing [surges]( 35% in one week, as interest rates hit lowest level in over a year [CNBC]   [View in Browser]( | [Advertise]( | [Forward to a Friend]( [Manage your email preferences or unsubscribe]( [Share your thoughts: Help us improve with our quick feedback survey!]( [Commercial Observer]( © Copyright 2024 [Observer Media]( 1 Whitehall Street, Floor 7, New York, NY 10004 This newsletter was published 08/15/2024