Steiner NYC, a renowned company known for creating the Hollywood-inspired Steiner Studios for film and television production, has recently secured a significant refinancing deal for another essential component of the Brooklyn Navy Yard. The company managed to obtain a $148.5 million bridge loan from Deutsche Bank for Admirals Row, an 8-acre, 696,000 square-foot mixed-use complex that houses Wegmans and 350,000 square feet of light industrial and creative-manufacturing space master-leased to the Brooklyn Navy Yard Development Corp.
Admirals Row, developed by Steiner, consists of six buildings surrounding the Wegmans parking lot within the city-owned, 300-acre Navy Yard. This historic site, where World War II battleships were constructed, has attracted 450 diverse businesses, employing over 12,000 individuals. The Navy Yard, as a whole, is estimated to generate more than $2 billion in economic activity for the city.
The loan arrangement was facilitated by Walker & Dunlop’s capital markets team, led by Jonathan Schwartz, Aaron Appel, Keith Kurland, and Adam Schwartz. Jonathan Schwartz, a senior managing director at Walker & Dunlop, commended Steiner for their exceptional sponsorship and steadfast commitment to the vital area.
Doug Steiner, the chairman of Steiner NYC, expressed his satisfaction with the refinancing deal, stating, “Admirals Row exemplifies an outstanding urban model for mixed-use development. We are pleased to have collaborated with Walker & Dunlop to secure very favorable refinancing in a difficult market.”
In a separate real estate development update, Churchill Asset Management extended its lease at RFR Realty’s 375 Park Ave, famously known as Aby Rosen’s landmark Seagram Building. The company added 26,062 square feet on the entire eighth floor, in addition to the existing 52,124 square feet leased until 2036. RFR leasing director AJ Camhi highlighted Churchill’s expansion, noting that the additional space won’t be available until 2026. Blue Owl Capital also recently expanded its presence at Seagram by 70,000 square feet.
Camhi emphasized that the Seagram Building is nearly 100 percent occupied, attributing its appeal to Rosen’s continuous upgrades, such as new outdoor terraces, leasing former Four Seasons restaurant spaces to The Grill and The Pool, and the introduction of a 34,000-square-foot tenants’ amenity center called The Playground. Churchill Asset Management was represented by Savills’ Scott Vinett and Fisher Corporate Real Estate’s Chris Joyner, while Camhi and Paul Milunec represented RFR in-house.
These recent real estate developments underscore the ongoing growth and transformation of iconic properties in New York City, reflecting the dynamic nature of the commercial real estate market in the region.
