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These were the top outer-borough real estate loans in December

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These were the top outer-borough real estate loans in December
The top spot went to a $217M loan for Empire Stores
New York /
Clockwise from top left: Empire Stores, Industry City, Dime Savings Bank and the Williamsburg Hotel 
The biggest outer-borough loan of December took place right along Brooklyn’s waterfront on the aptly named Water Street.
The $217 million loan from M T Bank and the Brooklyn Bridge Park Development Corporation to Midtown Equities for its Empire Stores project took the No. 1 spot on December’s list of loans in the outer borough, followed closely by Bank of China’s $196 million loan for Industry City. Other large loans for December included $150 million for the Dime in South Williamsburg and $92 million for the Parkline in Prospect-Lefferts Gardens.
Brooklyn’s presence on the list was extremely dominant, nabbing eight of the top 10 spots, while Queens and the Bronx each only had one loan apiece, and Staten Island had zero. The full list of top 10 loans for December is as follows:
1. Empire State of Mind — $217 million
M T Bank and the Brooklyn Bridge Park Development Corporation loaned Midtown Equities, Rockwood Capital and HK Organization $217 million for Empire Stores at 55 Water Street, taking the top spot for biggest outer borough loans in December. The loan consolidates and replaces $117 million in prior financing from[……]

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Take 3: Ben Shaoul launches sales at rebranded LES condo

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Take 3: Ben Shaoul launches sales at rebranded LES condo
Now dubbed Liberty Toye, units start at $675K
New York /
Renderings of Liberty Toye and Ben Shaoul
Developer Ben Shaoul has a new name for the East Village nursing home turned raucous rental building that’s now on its third life as a punk-inspired condominium.
Shaoul’s Magnum Real Estate Group is calling the project Liberty Toye, and the firm put 14 units on the market today with brokerage Town Residential. Availabilities include a mix of studios, and one- and two-bedroom units with a blended average price of $1,600 per square foot.
The building, located at 62 Avenue B, has garnered its share of headlines over the past few years. Magnum bought the property for $25.5 million from Cabrini Center for Nursing and Rehabilitation in 2011 and converted it to rentals in 2013.
But residents of the building — then called Bloom 62 — partied a little too hard on the rooftop, leaving beer bottles, graffiti and broken furniture after a particularly rowdy night. Magnum shut the rooftop indefinitely to stop the “excessive” partying it said had “left the amenity space looted.”
Rendering of the garden at Liberty Toye
In early 2015, Shaoul looked to sell the property for $80 million, but ultimately decided to convert it to condos.
The latest iteration of the building includes 81 condos with stained hardwo[……]

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WATCH: TRD discusses Town’s downfall and what comes next

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Last week, The Real Deal s E.B. Solomont and Hiten Samtani broke the news of Town Residential s decision to close its sales and leasing divisions, which followed months of speculation the firm was struggling financially. In a LinkedIn post this weekend, Town CEO Andrew Heiberger blamed the cost of commissions and a competitive recruiting environment for the brokerage s inability to stay afloat.
Though the dust continues to clear, questions about the future of the firm s operations and what will happen to its agents as well as their exclusives still remain. Solomont and Samtani met in TRD Studio today to discuss Town s demise and what s next for the brokerage.
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