February 14, 2019
Empire Stores, the redevelopment of a Civil War-era coffee warehouse on the East River waterfront in DUMBO, has gotten a $280-million refinancing. A JLL capital markets team, led by vice chairman Aaron Appel, arranged the 15-year loan from AIG on behalf of developers Midtown Equities and HK Organization.
“The value of the Empire Stores is the result of a clear vision and superior execution by Midtown Equities and HK Organization for the redevelopment of the property,” said Appel. “This was an excellent lending opportunity with a stabilized property and outstanding sponsors.”
Located at 55 Water St. in Brooklyn, the six-story property comprises 377,929 square feet of office space, and 65,082 square feet of ground-floor retail. Midtown Equities and HK completed the redevelopment in 2017.
Appel’s capital markets team included David Sitt, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Jackson Sastri and Eliott Zeitoune.
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