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| 70 Pine Street, a 66-story, 1.03 million-square-foot, mixed-use, Art Deco-style tower in Lower Manhattan’s Financial District |
NEW YORK, NY – JLL announced it has arranged $386 million in financing for 70 Pine Street, a 66-story, 1.03 million-square-foot, mixed-use, Art Deco-style tower in Lower Manhattan’s Financial District.
JLL worked on behalf of the borrower, a joint venture between DTH Capital and Rose Associates, to secure the five-year, floating-rate financing through Goldman Sachs. Loan proceeds refinanced construction financing that funded the redevelopment of the property.
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| Kristen Knapp |
70 Pine Street consists of 612 luxury rental apartment units, a 132-room Lyric Hotel and approximately 30,500 square feet of retail leased to Black Fox Coffee, Blue Park Kitchen and gourmet grocer City Acres.
In addition, the property is home to two restaurant concepts by James Kent and Jeff Katz, formerly of Eleven Madison Park and Del Posto, including the critically acclaimed Crown Shy.
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| Christopher Peck |
The iconic New York property, which formerly served as the global headquarters for CITGO and AIG, was originally constructed in 1932.
Some of its most notable Art Deco architectural features were preserved through during its 2016 transformation into a state-of-the-art residential building.
70 Pine features three tiers of residential packages: the City, Tower and Penthouse Collections, all of which include conveniences such as high-quality appliances, stone countertops, European cabinets, in-unit washers and dryers and walk-in closets.
Residential amenities include access to the 21,000-square-foot Elite by NYSC fitness center and a private bowling alley, screening room, golf simulators, children’s playroom, game room and lounge.
The JLL Capital Markets team representing the borrower was led by Managing Director Christopher Peck, Senior Director Geoff Goldstein and Associate Kristen Knapp.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
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| Geoff Goldstein |
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
About DTH Capital
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| Chef James Kent |
DTH Capital is a real estate development and investment management firm with a successful track record of repositioning landmark office buildings into luxury multi-family properties.
DTH Capital is currently the majority owner of a 1.9 million-square-foot apartment portfolio concentrated in New York City. The firm’s growth strategy is focused on applying its valuable experience, gained from completing complicated change of use conversions, to other asset classes and expanding its geographic market area.
DTH Capital is owned by the Eastbridge Group, a European private investment company, and AG Real Estate, a subsidiary of AG Insurance, Belgium’s largest insurance company and real estate investor.
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| Chef Jeff Katz |
About Rose Associates, Inc.
Based in New York, Rose Associates is a developer, owner and operator of premium residential properties.
From planning a new development to managing day-to-day property operations, the Rose 360 Platform offers a full range of services designed to maximize the value of real estate.
The firm oversees more than 14,000 units across New York, with approximately $2.24 billion in projects developed in recent years.
Contact:
Olivia Hennessey, JLL Public Relations Specialist
Phone: +1 713 852 3403
