Previously an office building, 70 Pine Street currently
features 612 rental apartments, 39,075 square feet of retail space
and a 165-key hotel
NEW
YORK, Feb. 14, 2024 /PRNewswire/ -- JLL's
Capital Markets group announced today that it has secured the
$395 million refinancing of 70 Pine
Street, a 66-story, mixed-use property with luxury multi-housing
rental, retail and hotel space located in a landmarked building in
the Financial District of New York
City.
JLL worked on behalf of the borrowers, DTH Capital and Rose
Associates, to secure financing through Goldman Sachs.
The renowned landmark property was built in 1932 originally for
office use, and at the time, was the third tallest building in the
world. Renovated in 2016, the property is now a state-of-the-art
adaptive reuse building with 612, 100% free-market, luxury rental
residences featuring hardwood floors, high-end kitchens with stone
countertops and stainless-steel appliances and in-unit washers and
dryers. In addition, residential amenities at 70 Pine include a
22,000-square-foot fitness center with an array of fitness
equipment, two golf simulators, two bowling alleys and a screening
room in the property's historic bank vault. The property also
includes a children's playroom, co-working and lounge spaces.
The 165-key Mint House hotel occupies floors two through six of
the property and offers spacious studio-, one- and two-bedroom
apartments. With the intention to attract guests seeking longer
term stays, the rooms feature fully equipped kitchens, en suite
laundry in select rooms, custom-designed furniture, free wi-fi,
spacious living areas and smart TVs. Most recently, Mint House at
70 Pine has ranked one of the top hotels in New York City on Trip Advisor.
The property features two world-renowned restaurants including,
SAGA (two Michelin-starred) and Crown Shy (Michelin-starred), and
Overstory, a World's 50 Best-rated contemporary cocktail bar. There
is also a gourmet market that focuses on fresh and regionally
produced goods. Other retail offerings include a beauty salon,
coffee shop, and a quick-service restaurant.
Marc Ehrlich, Chief Investment
Officer at Rose Associates, said, "Rose Associates and DTH Capital
thank JLL, Goldman Sachs and the individual team members who
assisted in this refinancing. While the current credit market has
its challenges, 70 Pine drew significant interest. This property
has outperformed as an asset since leasing began in 2016, and it is
a shining example of a successful office to residential
conversion."
70 Pine is located in the heart of the Financial District and is
walking distance to eight subway lines, providing seamless access
to all major employment centers throughout Manhattan, Brooklyn and New
Jersey. Residents are able to commute to Midtown Manhattan
in under 15 minutes with express train service to Grand Central and
Penn Station. 70 Pine is situated five blocks from the Wall Street
water ferry, which provides access to Dumbo, Williamsburg,
Long Island City, East 34th Street
and several other stops along the Brooklyn, Queens and Manhattan waterfront.
JLL's Capital Markets Debt Advisory Team was led by Senior
Managing Director Christopher Peck
and Managing Director Geoff
Goldstein and Vice President Christopher Pratt.
"Rose Associates and DTH Capital are amongst the most
experienced sponsors in the industry, and their market-leading
redevelopment of this iconic property presented lenders with a
spectacular opportunity in New
York's strong luxury housing market. It was a pleasure to
work with all parties to close the transaction," said Peck.
JLL's Capital Markets group is a full-service global provider of
capital solutions for real estate investors and occupiers. The
firm's in-depth local market and global investor knowledge delivers
the best-in-class solutions for clients — whether investment and
sales advisory, debt advisory, equity advisory or a
recapitalization. The firm has more than 3,000 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please
visit our newsroom.
About DTH Capital
DTH Capital is an experienced
developer and owner manager of real estate focused on the
conversion and management of historic office properties into
residential apartments in New York
City. DTH has developed and managed a 2.6 million
square foot multi-unit rental apartment portfolio comprising four
landmark properties (2,218) apartments in Manhattan's Financial District. DTH Capital
was initially formed with the US real estate assets of Eastbridge
Group, a family holding company based in Luxembourg, before partnering in 2013 with
Belgian operated AG Real Estate. Eastbridge Group manages DTH
Capital and is focused on long-term value creation through
strategic vision and premier operations.
About Rose Associates Incorporated
Established in
1925, Rose Associates is a premier real estate firm specializing in
multifamily rental properties in New York
City and the tristate area. Focused on the development,
acquisition and management of the highest quality assets, the firm
is currently developing six properties in the New York City metropolitan area. Rose's
management platform incorporates state-of-the-art services to
maximize revenue and enhance asset value, ensuring that Rose
properties consistently outperform the market. Under the leadership
of CEO and President Amy Rose, the
firm is a certified Women's Business Enterprise that is currently
pursuing a diverse and aggressive growth strategy.
About JLL
For over 200 years, JLL (NYSE: JLL), a
leading global commercial real estate and investment management
company, has helped clients buy, build, occupy, manage and invest
in a variety of commercial, industrial, hotel, residential and
retail properties. A Fortune 500® company with
annual revenue of $20.9 billion and
operations in over 80 countries around the world, our more than
105,000 employees bring the power of a global platform combined
with local expertise. Driven by our purpose to shape the future of
real estate for a better world, we help our clients, people and
communities SEE A BRIGHTER WAYSM. JLL is the brand name,
and a registered trademark, of Jones Lang LaSalle Incorporated. For
further information, visit jll.com.
Contact: Jenna Sharp,
Associate, Public Relations
Phone: +1 214 394-3356
Email: Jenna.Sharp@am.jll.com
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SOURCE JLL