{"id":1004045472,"date":"2012-07-31T13:27:09","date_gmt":"2012-07-31T21:27:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004043723"},"modified":"2022-12-09T01:09:44","modified_gmt":"2022-12-09T09:09:44","slug":"rreef-details-290m-investment-in-manhattan-retail-condo","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rreef-details-290m-investment-in-manhattan-retail-condo\/","title":{"rendered":"RREEF Details $290M Investment in Manhattan Retail Condo"},"content":{"rendered":"<p>By Barbra Murray, Contributing Editor<\/p>\n<p>The $290 million loan provided by RREEF Real Estate for a Midtown Manhattan retail condominium underscores the investment management firm&#8217;s\u00a0recent record of pursuing blue-chip retail properties in the city. \u00a0For the 123,000-square-foot retail condominium at 717 Fifth Ave., RREFF supplied owners \u00a0SL Green Realty Corp. and Jeff Sutton with a 9 percent fixed-rate mezzanine loan, the company said yesterday. RREEF added that it acted\u00a0on behalf of a German institutional investor.<\/p>\n<p>The 717 Fifth Ave. refinancing followed RREEF\u2019s investment in an 11,800-square-foot retail condo space at 415 W. 13th St., leased to apparel store AllSaints Spitalfields under a long-term agreement. RREEF also snapped up a retail condo occupied by ScoopNYC at 473-475 Broadway. Both transactions were off-market.<\/p>\n<p>RREEF cites New York, along with Miami and San Francisco, as key target markets, given their status as relatively prosperous metropolitan areas with \u00a0high constraints on supply. \u00a0&#8220;As the retail sector increasingly sorts between winners and losers, those centers at the top will face less effective competition, providing disproportionate gains in occupancy and rents,&#8221; \u00a0RREEF notes in a recent U.S. research report. &#8220;Thus, investors must be especially discriminating in their acquisitions and strategies as well, passing on the commodity assets and seeking out the truly dominant properties and supply-constrained markets. High street retail and upscale centers should outperform overall.&#8221;<\/p>\n<p>Given the quality and prominent location of the asset, then, RREEF\u2019s interest in 717 Fifth Ave. comes as no surprise. The retail condo spans four stories beginning at street level. Even though the property opened in 1959, renovations and expansions in 1993 and 2001 have maintained its Class A luster. Since SL Green acquired its stake in 717 Fifth in 2006, a repositioning and lease-up program has added the flagship stores of high-end retailers Giorgio Armani and Dolce &amp; Gabbana to the tenant roster.<\/p>\n<p>As <a href=\"https:\/\/www.commercialsearch.com\/news\/business-specialties\/sl-green-sells-half-its-interest-in-717-fifth-ave-to-jv-partner-jeff-sutton\/1004043533.html\">previously reported<\/a> by<em> CPE<\/em>, \u00a0SL Green and Sutton completed their refinancing package for 717 Fifth Ave. with a $300 million fixed-rate mortgage loan originated by New York Life and TIAA-CREF. SL Green also sold 50 percent of its stake in the retail condo to Sutton in a deal that values the asset at $618 million. While the focus was on the building&#8217;s retail portion, the transaction also involved a portion of the 26-story building&#8217;s office segment.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mezzanine loan underscores the investment management firm&#8217;s record of pursuing blue-chip retail properties in Manhattan. <\/p>\n","protected":false},"author":969,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37774,21825,37775,21742,10,21747,37776,37777,21749,37778],"tags":[],"class_list":["post-1004045472","post","type-post","status-publish","format-standard","hentry","category-rc-dividend-yield","category-finance","category-rc-forward-affo-payout-ratios","category-latest","category-northeast","category-office","category-rc-premium-discount-to-nav","category-rc-price-ltm-ffo","category-retail","category-rc-total-return"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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