What office tenants pay at Witkoff & Cammeby’s Woolworth Building

first_imgThe Woolworth Building at 233 Broadway (Getty)Overlooking City Hall Park in Lower Manhattan, the Woolworth Building was the tallest in the world when built in 1913.The Woolworth family sold the 60-story tower in 1998, and in 2012 the Witkoff Group and Cammeby’s International sold the top half to Alchemy Properties, which would convert it into high-end condos.Witkoff and Cammeby’s still own the office portion of the building, at 233 Broadway, and in 2015 refinanced it with a $256 million loan from Blackstone. The financing was expanded to $355 million in 2018, and last fall a $56 million piece of the debt was included in a CMBS deal named BXMT 2020-FL3.Documents from the securitization provide an inside look at the property’s finances.ADVERTISEMENTAs of last July, the 790,000-square-foot office condominium was 92 percent leased to 84 tenants, up from 79 percent in 2015. The five largest tenants occupy 40 percent of the building and account for 42 percent of annual base rent.The largest tenant is New York University, which has been there since 2003. Its 94,000-square-foot space is home to part of NYU’s School of Professional Studies as well as some administrative offices.The second-largest tenant is the New York City Law Department, which represents the city in civil and criminal cases. Last February, a month before work-from-home became a big thing, the department expanded its space by more than 70 percent to 85,000 square feet.The third-largest tenant is the New York City Police Pension Fund, whose main office has been at the Woolworth Building since 2002. Shop Architects and Allied Advertising round out the top five.Read moreNYC Law rules in favor of Woolworth Building for new digsAlchemy closes on upper portion of Woolworth for $68MContractor accuses Alchemy Properties of trying to damage reputation As of September, six months into the pandemic, rent collection at the property stood at 72 percent, according to the loan prospectus.The debt, which matures this May but has two one-year extension options, has remained current throughout the pandemic. The 2018 upsizing of the loan came with an additional $99 million in mezzanine debt and returned about $74 million in equity to the landlord.When Kroll Bond Rating Agency representatives visited the site in October, several retail spaces were vacant and boarded up — including Starbucks, bankrupt stationery chain Papyrus and half of T-Mobile’s space.The Woolworth Building’s five-story penthouse hit the market with an asking price of $110 million in 2017, drawing skepticism amid a slowdown in the condo market. In 2019 the price was slashed to $79 million. In November, a contractor sued Alchemy over more than $1 million in unpaid bills.Contact Kevin Sun Share via Shortlink TagsCammeby’s International GroupTRD InsightsWitkoffwoolworth building Email Address*center_img Full Name* Message* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinklast_img read more

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Brazil’s Bolsonaro, long a skeptic, tests positive for coronavirus

first_imgFinishing the interview, he stepped back and removed his mask to reveal a smile, adding: “You can see from my face that I’m well and I’m calm.”Bolsonaro said he has been taking hydroxychloroquine, an anti-malarial drug with unproven effectiveness against COVID-19.Bolsonaro has emulated his political role model Donald Trump in voicing skepticism about the virulence of the virus, although the US president has moderated his tone. Bolsonaro tested negative in March for the coronavirus after several aides were diagnosed following a visit to Trump’s Mar-a-Lago, Florida, resort.The positive test on Tuesday looks set to spark a frantic period of contact tracing and tests for those who met Bolsonaro in recent days, including Economy Minister Paulo Guedes, lender Banco Bradesco’s Chairman Luiz Carlos Trabuco and planemaker Embraer’s CEO Francisco Gomes Neto. Brazilian President Jair Bolsonaro said on Tuesday he tested positive for the novel coronavirus after months of playing down the severity of the virus and defying medical experts, even as the pandemic killed more than 65,000 people in his country.The right-wing populist told a group of television reporters that he had developed symptoms at the weekend.”It started on Sunday with a certain malaise and became worse throughout the day on Monday, feeling poorly, exhaustion, a bit of muscle ache, fever hit 38 [degrees Celsius],” he said. Topics :center_img Over the weekend, Bolsonaro was also in close contact with US Ambassador Todd Chapman during July 4 celebrations. Pictures showed neither wearing a mask.Brazilian financial markets retreated following the news. Brazil’s currency, the real, swung into negative territory and the benchmark stock index deepened losses to 1.5%.CriticismBrazil has the world’s second-largest outbreak behind the United States, with more than 1.6 million confirmed cases.Bolsonaro has drawn criticism from public health experts for fighting state and city efforts to impose social distancing, arguing that the economic damage of those orders is worse than the disease itself.He has fired two health ministers during the crisis, both trained doctors, and replaced them with an active duty army general on an interim basis.He joins a list of government leaders to become infected with the coronavirus, including British Prime Minister Boris Johnson and Honduran President Juan Orlando Hernandez, both of whom were treated in hospital and needed extra oxygen.Pan American Health Organization director for communicable diseases Marcos Espinal wished Bolsonaro a “speedy recovery” but said his infection carried a message.”The message is that this virus is unpredictable and does not respect race, class or people in power, despite security around any president,” Espinal said. “For Brazil, the infection of its president should reinforce the need to strengthen implementations of social distancing recommendations and the use of masks to mitigate the spread of coronavirus,” he added.Bolsonaro has often defied local guidelines to wear a mask in public, even after a judge ordered him to do so in late June. Bolsonaro has also railed against social distancing rules supported by the World Health Organization.The US embassy in Brasilia said via Twitter on Monday that the ambassador had lunch on July 4 with Bolsonaro, five ministers and the president’s son, Congressman Eduardo Bolsonaro. The ambassador had no symptoms, but would undergo testing and is “taking precautions,” the embassy said.last_img read more