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New York & Tri-State  + Downtown New York  + Finance  |  June 11, 2022
Parkview Financial provided a $70-million loan for the refinancing and construction of an office/retail project in Manhattan's East Village
By: Paul Bubny

Parkview Furnishes Construction Financing to REEC 

Parkview Financial provided a $70-million loan to Real Estate Equities Corporation (REEC) for the refinance and construction of a nine-story, 61,513-square-foot Class A office/retail building at 1 & 3 Saint Marks Pl. In the East Village. 

REEC acquired the 99-year leasehold interest on the land in 2017 and demolished the aging commercial space on the site. However, construction delays required the project to be restructured and the original loans to be recapitalized.   

Parkview’s loan includes the refinance of the existing land loan and construction financing. Development has gotten underway, with project completion anticipated for June 2024.  

“Despite the challenges surrounding some sectors of the office market in New York City, Parkview saw this as a compelling opportunity to provide financing to a best-in-class sponsor for this Class A project that stands to be in high demand from the growing number of tech companies in the area,” said Parkview CEO Paul Rahimian. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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