By Mark Maurer |  November 29 Witkoff, Fisher Brothers and Howard Lorber’s New Valley just pulled off about $650 million in financing for 111 Murray, part of which is a condominium inventory loan for the 800-foot Tribeca tower’s remaining unsold units, The Real Deal has learned. The developers recently closed a large loan from the lending arm of Blackstone Group for the project, which is expected to be complete by spring 2018. Sources said the loan is partially an inventory loan in the interim before all in-contract units close in the first quarter, as well as a takeout of the existing construction loan. The Kohn Pedersen Fox-designed project’s units are nearly 80 percent sold, according to a source familiar with the apartment sales. Sales launched at the 58-story, 157-unit tower in July 2015. That same month, the developers secured a $445 million construction loan from a group that included M&T Bank, Deutsche Bank and Blackstone Real Estate Debt Strategies. The new refinancing now comes solely from Blackstone, sources said. The deal has not yet appeared in property records, though there is a new agreement filing for the amount of the initial construction loan – just a portion of the total loan. Steve Witkoff declined to comment, and representatives for the project and Blackstone could not be immediately reached. Back when the offering plan was filed with the New York State Attorney General’s office, the tower had a total projected sellout of $973 million. Apartments have ranged in price from $2.5 million to $18.9 million.  The tower’s current projected sellout is $1.05 billion, according to the AG’s office. Condo inventory loans have become more popular in New York City recently, as a way to receive financing for a chunk of apartments that have not yet closed. The loans get paid as more units sell. Tessler Development and Time Equities secured condo inventory financingearlier this year for unsold units at their respective towers at 172 Madison Avenue and 50 West Street.   Will Parker and Danielle Balbi contributed reporting.
Nestled in the heart of the New York City sits the metropolitan hub's famed Times Square. Constantly in motion, the area sees an estimated 26 million people each year and offers an array of experiences designed to suit nearly every visitor. On Thursday, Times Square will add one more tourist attraction to its portfolio — the NFL Experience. The attraction is a partnership between Cirque du Soleil, which produces and operates the attraction, and the NFL, which co-created the immersive elements. The project is an exemplar of the growing experiential retail trend, a pattern brought on by the advent of e-commerce that has left fewer shoppers visiting brick-and-mortar stores. Retailers, finding themselves at a crossroads, have turned to more hands-on ways to attract more customers. Simply put, retailers are betting the experience, rather than the physical commodities a consumer can purchase, are what will drive individuals to stores. Though the NFL Experience is what may ultimately lure people to this new attraction, onsite retail, food and beverage vendors also stand to benefit from the attraction's foot traffic. But before the experience could get off the ground, Boston-based Shawmut Design & Construction had to figure out how to produce and work with previously unfamiliar technical elements — and how to do so in the middle of New York City. Randy Shelly, Shawmut's vice president of hospitality, says the firm ultimately won the project not only because of its experience and skill sets, but because of its familiarity with the nuances of building in Times Square, one of the nation's most challenging construction environments. Logistically, the project required significant up-front planning and clear communication with the 42-story New York EDITION hotel base building. "All of the authorities having jurisdiction, including the NYC Department of Buildings and New York Fire Department, have enabled us, for the most part, to execute with limited disruption," Shelly said. Inconveniences such as redirecting pedestrians, closing lanes and sidewalks and deliveries were planned well in advance. In all, it took 12 weeks of careful planning before construction even started. The 38,000-square-foot attraction is housed in a 39-story, mixed-use high-rise. It includes a 188-seat, 4-D movie theater with motion-capable seats and weather effects that simulate NFL experiences from the athlete's standpoint. The space also hosts interactive exhibits and simulated training drills, including running back and tackle challenges and a touchdown dance photo op that can be televised on a 2,120-square-foot digital display in Times Square. The project's success required immense coordination between all teams, including vendors, subcontractors and the base building landlord. "Communicating early and often was key to keeping everyone on the same page while delivering on the most sophisticated and technologically challenging elements," Shelly says. "Creating a framework for easy collaboration made it possible for the collective teams to respond to unforeseen changes. It all comes back to communication." Along with constant emails and phone calls, Shawmut conducted weekly in-person coordination meetings with vendors from pre-construction through completion to encourage collaboration and keep the information flowing freely. The firm also adopted Procore, a cloud-based construction management software. "We knew additional support would be critical in meeting the needs of this complex project," Shelly said. Shelly explains that the project's uniqueness lies in its theatrical elements and interactive vendor coordination. Because those elements were so involved, they each presented distinct challenges.  
THE ASSOCIATED PRESS | Tuesday, Nov. 28, 2017, 8:27 a.m. NEW YORK — The NFL is taking its game to Times Square. Literally. NFL Experience will open to the public in the mecca of Manhattan on Friday, one day after a grand opening that Commissioner Roger Goodell and assorted football celebrities and Hall of Famers will attend. While this Experience is patterned after the exhibits the league has done for years at the Super Bowl and draft, it has a new and different feel thanks to a partnership with Cirque du Soleil. “Cirque du Soleil has been involved with our team on things and with the Super Bowl,” says Dawn Hudson, the league's chief marketing officer. “We wanted to not just do an experience like anything else, but to have creativity and imagination and to really think about the things we would do. We thought about the power of what we know about the NFL and to try to reimagine that with a company that looks at the world in a totally different way could create magic for the fan.” A $30 million project that has taken 2 12 years in development, the Experience has something for kids, teens, and adults, mixing high tech and traditional displays into an immersive attraction. Want to read about and see clips from your favorite franchise, or view memorabilia? There's a room for that, whether through tablets or visual displays. Want to virtually dress up in full uniform and equipment like a player from your team? Do drills as if you were a draft prospect at the NFL combine? Take a history lesson of football — sort of an NFL101 — or create a touchdown celebration dance? Go ahead, there's a place for all of that, too. Visitors can act the part of coach and quarterback with the help of Jon Gruden as he calls and diagrams a play (Dice Right 61 Bullseye X Individual), then allows fans to run the play on a video screen. Displays of all the Super Bowl rings and tickets and the Lombardi Trophy are on hand. A replication of an equipment room and the underneath areas of a stadium is part of the four-floor tour, which takes anywhere from one hour to 90 minutes, depending on lines, though there will be timed entries. But there's plenty to do even while waiting for something else to do. “We look at this as Disneyland meets the Hall of Fame in Times Square,” says Danny Boockvar, president of NFL Experience Times Square. The centerpiece certainly will be a 4D film that has Cirque du Soleil's touch — artistically and in reality. It's Cirque du Soleil's first experiential venture. Before watching the film in the Experience's Stadium, there's even a warning for people who are prone to motion sickness to beware, although the seats in the theater are adjustable to limit the amount of jerking around a viewer takes. Doubt they have those out on the field for the players. The movie by NFL Films pretty much covers every aspect of how a player prepares, feels and what he, well, experiences when running for touchdowns, being sacked, or winning a championship. It's as fast-paced as a Tyreek Hill sprint, as powerful as a Von Miller tackle, as memorable as a Drew Brees touch pass. It even comes with a weather surprise. “Part of the trick is make sure to appeal to kids who are 8 and adults who are 80, to the hardcore fan and the novice, and the people from overseas,” Hudson says, noting that 20 percent of foot traffic in Times Square is from Europe. Visitors can finish off the visit in a dining area featuring favored items from the 32 NFL teams. The New York item being highlighted recently was a reuben sandwich. The NFL Experience is one of several sites opening near Times Square this year that are a striking departure from the unique local attractions: Broadway theater; world-class museums; world-famous landmarks such as the Empire State Building, along with authentic neighborhoods, shops and eateries. New York isn't known for its Southern food or country music, but the Grand Ole Opry is opening a venue soon promising “the best of Nashville food and entertainment in Times Square.” National Geographic Encounter opened in October with an “immersive” experience using high-tech visuals and soundscapes. “I would say the primary thought was not a movement to enhance Times Square,” Hudson says. “People want things that are high-sensory experiences they can do with friends and they can talk and share, and that don't take a huge amount of time. “We considered other places and cities. We knew we needed to have an area with a lot of visitors and fans, an area that would require heavy foot traffic. New York is the home of the NFL, it has two teams, and so many or our other teams are not so far away. This is five blocks from our headquarters. Our people can be here every day and make sure everything is authentic.”  
NOVEMBER 9, 2017 BY DEVIN GANNON   Shortly after the launch of condominium sales last month, new renderings of 125 Greenwich Street were released Thursday, revealing its imposing height over neighboring Financial District towers (h/t YIMBY). The proposed 912-foot tall luxury condo designed by Rafael Viñoly Architects, the firm behind staggering 432 Park Avenue, features 273 total units, including 190 studios and one-bedrooms. Upon its completion, 125 Greenwich will have the third-highest apartments in lower Manhattan, after the Four Seasons Private Residences at 30 Park Place and nearly complete 45 Broad Street. The design of the residential building, developed by Bizzi & Partners and Vector Group, features rounded glass corners and two concrete-ribbons along the northern and southern sides of its crown. The design calls for nearly column-free layouts, high ceilings and many corner units.  Its Lower Manhattan location offers proximity to the World Trade Center and Wall Street, in addition to panoramic views. Instead of a sprawling penthouse on its top floors, there will be three floors of amenities, including private entertaining and dining areas, a 50-foot lap pool, a spa and fitness center. The interiors are being handled by the British firm, March & White, known for its sleek, simple designs. The original design of 125 Greenwich had the tower reaching supertall status at 1,400 feet tall. After lowering that plan to 898 feet, it grew slightly in its latest plan to 912 feet tall. Three-bedroom units, which span up to 3,960 square feet, are starting at $4.625 million. The tower is offering nearly 200 studio to one-bedrooms priced from $1.2 million. Notably, the studios are located above the 61st floor, giving smaller families and single professionals a chance to take in the sweeping views for less.
CAILEY RIZZO  NOVEMBER 23, 2017 [caption id="attachment_24078" align="aligncenter" width="741"] Illuminated Times Square at night, New York City, NY, United States[/caption] Travelers who want to experience the epicenter of New York City can now stay in a hotel behind the city’s largest LED billboard. Behind the nine-story, 18,000-square-foot LED billboard on West 47th Street and Seventh Avenue, there will be a massive, multi-billion dollar hotel and entertainment complex for those who want to spend their time in the Big Apple in the hubbub and electricity of smackdab midtown.   The Marriott EDITION Hotel Times Square, from hotelier Ian Schrager, will be behind more than 25 million pixels of screen when it opens in early 2018. However hotel guests won’t have their city views blocked by the screen. The 452 rooms will be located on the building’s 14th through 40th floors. Below the rooms, the hotel’s amenities will live on the 7th through 12th floors, while retail and theater space take up the floors below. While not much is has been announced about the hotel’s particulars, future guests can expect unparalleled views of Times Square action. A rooftop will likely be a main draw to the building, as will the hotel’s corner suites, with balconies directly overlooking the frenzy below. And, because this is Times Square, the retail and theater space are brand name. The ground floor will be anchored by a 40,000-square-foot “NFL Times Square Experience,” from the National Football League. The building will also feature space for Cirque du Soleil and the relocation of Hershey’s Chocolate World. The entire complex is already known as 20 Times Square and local news reports estimate that ad space on the building’s gigantic screen could run as high as $35,000 per minute.
BY: Bill DiPaolo | Nov. 21

Nick Mastroianni II, the developer of Harbourside Place, and the Mastroianni Foundation donated $3 million to the Jupiter Medical Center to establish a pediatric emergency department.

“As a father of three young girls, the well-being of my children is always on my mind. If your child is sick or injured and needs emergency services, I want them to get the best treatment possible. With this donation, we hope we can make the emergency room experience less intimidating for parents and their young children by separating them from the adult emergency room, and having dedicated, pediatric physicians available 24/7,” said Nicholas Mastroianni III, Nick Mastroianni’s son.

Nicholas Mastroianni III and his brother Anthony work with their father at Allied Capital & Development of South Florida, a Jupiter-based real estate development and capital-raising firm.

The 6,300-square-foot Mastroianni Family Pediatric Emergency Department will be located next to the hospital’s current emergency room. Plans call for eight pediatric treatment rooms, a dedicated family waiting area, pediatric triage rooms and indoor play areas.

The unit is expected to open in late 2018.

“I’m humbled to be a part of this new era at Jupiter Medical Center. My family wants to make sure other families feel more comfortable and at ease when making a visit to the ER with young children,” said Nick Mastroianni II.

Founded in 1979, JMC is a not-for-profit, 327-bed, regional medical center, consisting of 207 private acute-care hospital beds, and 120 long-term care, sub-acute rehabilitation and hospice beds. The town’s largest employer, JMC has about 1,600 team members, 615 physicians and 640 volunteers.


Washington, D.C. – November 20, 2017: The recent USCIS EB-5 Stakeholder Engagement held in New York on November 7, 2017 provided some frank statements by...

USIF aims to help 250 Indian investors immigrate to the United States through the EB-5 program by raising USD 125 million in foreign investment from India over the next 15 months.
US Immigration Fund (USIF), an American foreign direct investment firm in the business of raising EB-5 capital, has said they aim to help 250 Indian investors immigrate to the United States through the EB-5 program by raising USD 125 million in foreign investment from India over the next 15 months. Funds raised from investors will be deployed in various current and upcoming commercial and residential real estate projects by leading developers and backed by prominent senior lenders. The company, in association with education firm The Chopras Group, said the capital is being raised for investments in key real estate projects across the United States as part of the EB-5 visa program which facilitates foreign investors to obtain a US visa for them and their family. The EB-5 Program was created by the US Congress in 1990 to enable high net worth Foreign Investors to obtain a US visa for themselves and their immediate family by investing a minimum of USD 500,000 in a US business that will benefit the economy and create 10 jobs for American workers. As per data available from the Department of State and USICS, while 65,992 I-526 approvals were received for the period 1991-2016, more than 60 percent of approvals have come since 2014. Previous USIF projects have been backed by major financial institutions including Blackrock, Wells Fargo and JP Morgan. USIF and The Chopras expect to secure 200 investors through 2018 having seen significant demand since the launch of the partnership in late September 2017. USIF has been actively working in the market since the beginning of 2017 and expects to raise USD 50 million by year-end. EB-5 visas for Indians have steadily increased over the last few years with 76 Indian EB-5 visas issued in 2012 to 149 visas issued in 2016. “Our partnership with the Chopras has allowed us to grow exponentially over the last six weeks and gives us the confidence to move forward and set clear milestones for ourselves for the next 12-15 months. Our intent is to gain majority market share in EB-5 capital raised from India and we strongly believe this can be accomplished as the market is expected to grow significantly. The Chopras’ credibility is an asset for us and truly provides assurances and comfort to our EB-5 investor families as they embark on what could otherwise be a very complex and difficult journey. The Chopras’ impeccable reputation, breadth and depth of service offerings, and longstanding history throughout India will allow us to reach families across the country enabling us to better assist them with immigration aspirations for themselves and their children,” said Nicholas A Mastroianni II, Chairman and CEO of US Immigration Fund. The Chopras have supported USIF in building a large platform for EB-5 and establishing a dedicated infrastructure for the offering across all their 26 offices in major cities including Delhi, Mumbai, Bangalore, Hyderabad and Ludhiana. These operations will include investor relations and backend operations to support and educate investors through the entire EB-5 process. To date, investor interest and investment has primarily come from Delhi and Mumbai. However, following direct outreach and investor education programs undertaken by The Chopras and USIF, strong interest from regions like Punjab, Bengaluru, Pune and Hyderabad has surfaced.
Nov 07 NEW DELHI: US Immigration Fund has tied up with education firm The Chopras group to promote EB-5 visa in India and aims to raise USD 125 million by next year from 250 Indian investors who want to immigrate to the United States through this route. US Immigration Fund (USIF) is America's leading EB-5 regional center operator. It is in the business of raising EB-5 capital for investment in the US real estate market. The EB-5 program, launched by the US government in 1990, enables high net worth foreign investors to obtain a US visa for themselves and their family by investing a minimum of USD 5,00,000 in a US business that helps create 10 jobs for American workers. USIF today said this program enables US residency for the investor, spouse and children under 21, as well as a full return of their investment. "We have partnered The Chopras group to help Indian investors immigrate through EB-5 route," USIF Director Business Development -India Andrews R Graves told reporters here today. USIF is targeting to raise USD 125 million from 250 Indian investors through this route, he said, adding that EB-5 visas have steadily increased over the last few years with 149 visas issued to Indians in 2016. Graves said investments are safe as funds are deployed in commercial and housing projects of leading developers and backed by prominent senior lenders. Asked about the return on investment, The Chopras group managing partner San Chopra said the Indian investors can expect a return of 2.5-3 per cent annually. However, he said: "Investors under this program put money not for interest but to become eligible for green card." An investor can expect to get a green card in 4-5 years, Chopra said, adding that investors should look at this route considering difficulties in getting H-1B visa. The US has tightened the norms for issuing the H-1B and L1 visas in line with the Trump administration's goal to protect American workers from discrimination and replacement by foreign labor. The Chopras group is supporting USIF in building a large platform for EB-5 and established a dedicated infrastructure for the offering across major cities. "The EB-5 program has helped tens of thousands of families across the world successfully migrate to the US," said Nicholas Mastroianni III, President, USIF. USIF has so far raised USD 3 billion through this route from across the world since it began operations in 2009. The Chopras group is a leading education group whose origins are in higher education, career management and student recruitment globally.