BERKLEY ACQUISITIONS LLC RECENT DEALS
Deals successfully transacted with Berkley during the last 24 months
The Hotel Syracuse Redevelopment Project
Syracuse, NYRenovation and preservation of this National Historic Landmark hotel has been negotiated and approved by Berkley Acquisitions LLC, pending the outcome of negotiations with the secured creditors. State, County and City grants and specialty debt have been secured and Berkley Acquisitions LLC has been approved and vetted. The renovation project has also qualified for Historic Preservation Tax Credits on the State and Federal levels. This project is a potential candidate for investment by the Fund.
The W Court and Tuscany Hotel Buildings
Lexington & E. 39th St., New York, NYBerkley Acquisitions LLC partnered with an Asian investor to acquire this asset at an exceptional price per key for 323 suites, setting a record low price per room key for 3+ star hotel purchases in Manhattan.
245 West 14th Street
Meatpacking District, NYCBerkley has partnered to purchase the first position note secured by this development site. The plan for this development is a 90 key Boutique Hotel. Berkley's relationships with various Banks has enabled us and our partner to take advantage of this off-market bargain opportunity at well below the note's face amount.
53 Greene Street
New York, NYBerkley was instrumental in the acquisition and redevelopment of this landmark district property in SoHo into retail and loft condominium units. The skill and care with which Berkley created this opportunity demonstrates our acumen in sourcing off-market properties.
Flatiron Hotel
NoMad district, NYCBroadway and 26th St., in the so-called NoMad district. This ready 64-room boutique hotel is situated between the Ace Hotel and future NoMad Hotel to the north, and Mario Batali's "Eataly" and the Flatiron building to the south. The acquisition of this asset is pending finalization of the legal process and is a potential candidate for investment by the Fund.
Deals for which Berkley was in strong contention of acquiring. Berkley performed the necessary analysis, underwriting, public/private partnership structuring, due diligence investigation, zoning studies, architectural planning, leasing analysis, debt raise, deal structuring, LOI preparation, contract mark-up, investor syndication and raised the necessary capital.
The Bank of America Building
135 South LaSalle St., Chicago, ILBerkley secured bank financing of $125MM and raised committed capital of $60MM on this sale-leaseback of a Bank of America owned 1.4MM SF Trophy Landmark property.
The AIG Tower
70 Pine St., New York, NYBerkley made an all cash offer of $105MM for this 1MM SF Trophy property without its 325K SF sister building at 72 Wall St.
The United Health Group Buildings
Connecticut River Plaza, Hartford, CTBerkley's offer for these 556K SF combined Class A Office Towers was $60MM cash after a self liquidating mortgage.
The HSBC NY HQ Building
452 Fifth Ave., New York, NYBerkley's offer for this 865K SF Trophy office complex was $285MM all cash raised from a handful of private equity sources close to the company.
The Teacher's Insurance (TIAA-CREF) Building
485 Lexington Ave., New York, NYBerkley's offer for this 923K SF Class A Office Tower is $500MM, $50MM of which is cash above an existing $450MM mortgage. Our JV partner meets all the mortgage assumption criteria, however SL Green insists on avoiding the transfer taxes; otherwise SLG is only interested in selling a 49.5% interest in the asset
The UBS Bank Building
299 Park Ave., New York, NYUBS was to sell their 49.5% ownership interest in the 1 MM SF asset. Berkley, on behalf of our JV Partner bid $158MM. Fisher Brothers, the other stakeholder had rights to accept or reject all bid proposals or to meet any other third party offer. The minority interest sold for $185MM
The Forbes HQ Building
60 Fifth Ave., New York, NYDesigned by William F. Lamb, recognized for his design of the Empire State Building several years later. Berkley's offer for this 110K SF Landmark, in conjunction with a foreign investor, was $65MM all cash with a 7 year sale-leaseback at an 8 Cap.
The Ten Eyck Troughton Building
145 E 39th St., New York, NYThis former 17 story 92K SF Hotel building, designed by William F. Lamb, was most recently a women's shelter and has a Landmarked façade. Berkley's offer is $23.5MM, presently under bid.
The Chase Bank Building
349 Fifth Ave., New York, NYOn the southeast corner of 5th Ave. & 34th St., opposite the Empire State Building; this property is a sale-leaseback to Chase for the 1st & 2nd floors + basement, leaving the upper floors vacant; Berkley partnered to bid with an upper floor user/investor.
6 Times Square
1466 Broadway + 136-140 W 42nd St., New York, NY (aka the old Knickerbocker Hotel)Property owned by Istithmar and currently in foreclosure with the Bank that inherited the original Lehman Brothers Note. This 300K+ SF Landmarked façade building is bundled with a 7.2K SF lot immediately to the East possessing 107K SF buildable as-of-right which can be combined with 40K SF of unused rights from the Landmark. Berkley's offer of $170MM is direct to the Note holder.
The Helmsley Carlton House
680 Madison Ave., New York, NYBerkley's plan was to immediately Co-op the 154 keys and offer rooms to existing tenants, continue to operate the remaining rooms as either residence or transient Hotel rooms and then to sell off the retail. Our offer for this Landmarked building along with our Capital partner was actually higher than the winning bid. The other terms of the marked up Purchase and Sale agreement caused us to fall just short of acquiring this trophy gem.
241 5th Avenue
New York, NYBank Note Foreclosure property with approved plans for a 4 Star 134 key Kimpton Hotel. Berkley's offer of $13.5MM with backing of $30MM to complete the project was rescinded when one of the original owners repurchased the Note.
The Downtown LA Marriott
333 S. Figueroa St., Los Angeles, CAThis REO 469 key Hotel & Conference center featured an attached office complex and a 4 theater Cineplex. Berkley's offer on behalf of our JV Partner Redwood Capital was $94MM in a combined package of equity and debt.