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Ladder’s $38M Loan Funds ZG Capital’s Buy of Union Square Office Asset

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ZG Capital Partners has nabbed $37.5 million in debt from Ladder Capital to fund its purchase of a mostly vacant mixed-use office asset in Manhattan’s Union Square neighborhood, Commercial Observer has learned. 

The investment firm, an affiliate of CEO Bobby Zar and Partner James Tamborlane’s The Zar Group, bought the six-story, landmarked property at 836 Broadway — between East 12th and East 13th streets — for about $39.3 million in October, as Commercial Observer previously reported.  

The seller was 836 Broadway Associates, which sources said is a “longtime family owner,” who bought the building in 1986, city records show. 

Newmark’s Dustin Stolly and Jordan Roeschlaub, the vice chairmen and co-heads of the firm’s New York City-based debt and structured finance team, led the arrangement of the financing, alongside Daniel Fromm and Eden Abraham. Stolly and Roeschlaub declined to comment on the transaction.

The property includes around 81,000 square feet of boutique office space, all of which is currently vacant, according to information from Newmark, which also arranged the sale. With the office space vacant, ZG Capital is planning to immediately undergo a full-scale renovation and modernization of the property’s interiors. 

New York University’s development, alumni relations and School of Professional Studies staff used to be housed in the upper floors of the property, and the asset’s ground-floor retail space is leased to Hyde Park Antiques, as CO previously reported. 

ZG Capital could not be reached for comment. A representative for Ladder Capital did not respond to an inquiry prior to publication.

Mack Burke can be reached at mburke@commercialobserver.com

Original Article: commercialobserver.com

Finance

Ford, ADT App to Signal Vehicle Owners of Break-ins

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DETROIT, Michigan: Ford Motor Co. and ADT, through a new joint venture called Canopy, are introducing two new vehicle security packages, with the first being for truck and van owners who use their vehicles for business, and the second for SUV and car owners.

The antitheft technology will first enter the market early next year as an accessory sold through Ford, Amazon.com, big box stores and other retailers. It

Original Article: bignewsnetwork.com

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Finance

Biden: Federal Reserve Should ‘Recalibrate’ Policy As Prices Rise

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WASHINGTON – U.S. President Joe Biden on Wednesday said it was appropriate for the Federal Reserve to recalibrate the support it provides to the U.S. economy, in light of fast-rising prices and the strength of recovery.

‘Given the strength of our economy and recent price increases, it’s appropriate, as … Fed Chairman [Jerome] Powell has indicated, to recalibrate the support that is now necessary,’ Biden told a

Source: bignewsnetwork.com

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Finance

Sinema, Manchin Prove There’s Still a Long Way to Go

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The Black community owes a debt of gratitude to United States Senators Kyrsten Sinema and Joe Manchin. The dynamic duo have managed, by supporting the filibuster and crippling two major voting rights bills, to remind any of us who had any doubts or historic contextual misunderstandings that Martin Luther King Jr. Day is a day …

Original Source: azcapitoltimes.com

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