JLL Capital Markets secures $280M for developers to refinance Empire Stores

AIG provides loan for transformative Brooklyn waterfront redevelopment

February 14, 2019

JLL’s Capital Markets experts today announced the firm secured $280 million on behalf of Midtown Equities and HK Organization to refinance Empire Stores, a newly-redeveloped Class A retail and office building on the East River Waterfront in DUMBO, Brooklyn. AIG provided the 15-year loan.

Vice Chairman Aaron Appel, Managing Director Jonathan Schwartz, Executive Vice President Jackson Sastri, and Vice Presidents David Sitt and Eliott Zeitoune led the JLL team on the transaction.

“The value of the Empire Stores is the result of a clear vision and superior execution by Midtown Equities and HK Organization for the redevelopment of the property,” said Appel. “This was an excellent lending opportunity with a stabilized property and outstanding sponsors.”

The six-story property, located at 55 Water Street, comprises 377,929 square feet of office space and 65,082 square feet of ground floor retail.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit