Increased L Train service begins Sunday

Straphangers frustrated by crowded and infrequent trains on the L line will soon get some relief, thanks to an increase in service that will begin this Sunday.

The new service increase will add seven additional round trip trains on Sundays, 16 additional peak and off-peak round trip trains on weekdays, and 11 additional round trip trains on Saturdays, State Sen. Daniel Squadron announced.

Squadron said he pushed for the increase in service because of a huge spike in ridership over the past 14 years. An article in am New York today reported that although ridership on the L has nearly doubled since 1998, train service has only increased by 50 percent.

CWCapital to be bought for $220M

CWCapital LLC will soon be bought by Walker & Dunlop, a commercial real estate lender with a focus on multi-family properties.

The purchase price will total $220 million, $80 million in cash and approximately $140 million in Walker & Dunlop stock, subject to potential adjustment based on changes in the company’s stock price pending closing, Walker & Dunlop announced today. The transaction is expected to close within 90-120 days pending stockholder, governmental and regulatory approvals. CW is currently owned by Fortress Investment Group.

However, the entity that controls Stuyvesant Town won’t be sold, according to Joe DePlasco, a spokesperson for CWCapital. That company (the special servicer of ST/PCV) is CWCapital Asset Management, which, like CWCapital LLC, is a subsidiary of CW Financial.

“We are thrilled to announce this acquisition. CWCapital is an exceptional company with an outstanding team and a corporate culture very similar to Walker & Dunlop’s,” commented Willy Walker, chairman, president and CEO of Walker & Dunlop. “The combined company will be one of the largest commercial real estate lenders in the United States,” Walker continued.  “CW’s people, credit discipline, and client focus are highly regarded throughout the industry.  It’s a wonderful accomplishment to bring these two fantastic companies together and create a true industry force.”

UPDATE:

Following the announcement, Council Member Dan Garodnick offered the following statement:

“I want to clarify that Fortress did not sell the special servicer of Stuyvesant Town and Peter Cooper Village, but rather, another subsidiary company of a similar name. In short, the entity with whom we have been working over the past two years remains in place, and remains the same. We will continue to seek avenues to work with CW Capital Asset Management to advance the Tenant Association’s conversion plan and to bring greater affordability and stability to the neighborhood.”

Street closures this weekend

The Department of Transportation announced street closures for this weekend, with some affecting the area around Kips Bay.

On Saturday from 11 a.m. until 6 p.m., street will be blocked off around Madison Square Park for the Big Apple Barbecue Block Party on Broadway between 25th and 26th Streets, and Madison Avenue between 23rd and 28th Streets, as well as 24th and 25th Streets between Madison and Park Avenues, 26th Street between Fifth and Park Avenue and 27th Street between Madison and Lexington Avenues.

Third Avenue between 23rd and 34th Streets will be closed on Sunday from 11 a.m. until 6 p.m. for the Gustavus Adolphus Lutheran Church Fair and the Tilden Midtown Democratic Club.