St. Marks office development escapes foreclosure, refinances

The developer of a new office project at the intersection of St. Marks Place and Third Avenue has nabbed a $70 million loan from Parkview Financial that has helped it escape foreclosure from previous lenders after it defaulted on payments. 

Real Estate Equities Corp. is planning to build a 9-story, 61,513-square-foot Class A office building addressed at 1 and 3 St. Marks Place in the East Village. According to plans, it will contain 53,737 square feet of office space, 4,881 square feet of ground-floor retail space and 2,895 square feet of retail space below that.
The developer bought the 99-year leasehold interest on the land in 2017 for $150

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