Steiner NYC, the company that created the Hollywood-inspired Steiner Studios for film and television production, has refinanced another crucial component of the Brooklyn Navy Yard.
The $148.5 million bridge loan from Deutsche Bank is for Admirals Row, the 8-acre, 696,000 square-foot mixed-use complex that’s home to Wegmans and to 350,000 square feet of light industrial and creative-manufacturing space master-leased to the Brooklyn Navy Yard Development Corp.
Admirals Row, which Steiner developed, includes six buildings situated around the Wegmans parking lot. It’s part of the city-owned, 300-acre Navy Yard, which has drawn 450 diverse businesses employing more than 12,000 people to the site where World War II battleships were constructed.
The Navy Yard as a whole is estimated to generate more than $2 billion in economic activity for the city.
The loan was arranged by Walker & Dunlop’s capital markets team led by Jonathan Schwartz, Aaron Appel, Keith Kurland and Adam Schwartz.
Jonathan Schwartz, senior managing director at Walker & Dunlop, praised Steiner for “their exceptional sponsorship and unwavering commitment to this vital area.”
Steiner NYC chairman Doug Steiner said, “Admirals Row exemplifies an outstanding urban model for mixed-use development. We are pleased to have collaborated with Walker & Dunlop to secure very favorable refinancing in a difficult market.”
In the latest deal at RFR Realty’s 375 Park Ave., better known as Aby Rosen’s landmark Seagram Building, Churchill Asset Management extended its current lease for 52,124 square feet until 2036 and added 26,062 square feet more on the entire eighth floor.
Notably, RFR leasing director AJ Camhi said, Churchill’s expansion space isn’t even available until 2026. Blue Owl Capital recently took a similar step at Seagram when it expanded there by 70,000 square feet.
“The building is basically 100 percent full,” Camhi said. He noted that Rosen had added to the tower’s appeal with a succession of upgrades over time, including new outdoor terraces, leasing the former Four Seasons restaurant spaces to The Grill and The Pool, and a 34,000 tenants’ amenity center called The Playground.
Churchill was repped by Savills’ Scott Vinett and Fisher Corporate Real Estate’s Chris Joyner. Camhi and Paul Milunec repped RFR in-house.