New Empire Real Estate plans to demolish the existing distressed property and construct an approved 69-unit residential condominium building that will total approximately 85,000 square feet upon completion, according to Madison Realty Capital.

"President Ford may have metaphorically told New York to drop dead in 1975—but this federal government is the most hostile and aggressive toward New York in history.”—Gov. Andrew Cuomo

The financing package consists of a $900-million senior construction loan syndication led by J.P. Morgan and a $235-million preferred equity loan from an unnamed hedge fund.

The median sale price of a residential unit in Manhattan in the fourth quarter of 2017 was $1.06 million, which marked the third consecutive quarter where the median sale price increased as compared to the same period a year earlier. However, the fourth quarter median price was 9.4% lower as compared to the third quarter 2017 median price of $1.17 million.

A deep dive into the statistics shows that food/coffee establishments are continuing to post strong growth, while retailers facing competition from on-line outlets have considerably contracted their respective footprints in the New York metro region.

The report notes that while several new large public works projects have came on line this year, the residential housing sector in the borough has accounted for more than 50% of the construction starts in the first nine months of this year.

In an 8-K filing with the Securities and Exchange Commission on Tuesday, Trinity Financial revealed the lender in the $189.5-million deal is Massachusetts Life Insurance Co.

The property, located on the northeast corner of Broadway and West 40th St., has undergone more than $36 million in building improvements since 2000. NYRT received net proceeds of approximately $192.9 million on the purchase.