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| Cammeby’s lands $69M refi for Brighton Beach apartment building Posted: 05 Mar 2019 03:48 PM PST Cammeby’s International Group just landed a refinancing for a massive apartment building built by the late Fred Trump in the 1960s. Capital One provided $69.1 million Freddie Mac loan to finance for Shorecrest Towers at Trump Village, according to property records filed with the New York City Department of Finance. The deal appears to cover one of the two buildings in the complex, located at 3000 Ocean Parkway. The buildings have more than 880 apartment […] |
| Michael Cohen as plaintiff: Trump’s ex-fixer sues couple over $6M condo-backed loan Posted: 05 Mar 2019 03:30 PM PST President Trump’s former attorney, Michael Cohen, is suing two Chicago taxi medallion moguls over a $6 million loan the couple allegedly failed to repay, and in which their luxury Sunny Isles Beach condo was used as collateral. In 2012, Cohen loaned Semyon and Yasya Shtayner $2 million for their penthouse at Acqualina Ocean Residences, according to the lawsuit. Cohen kept loaning them millions more and by 2015, the total debt was up to $6 million. […] |
| Trump insurance broker subpoenaed following allegations of asset inflation in Cohen testimony Posted: 05 Mar 2019 03:23 PM PST The New York State Department of Financial Services subpoenaed insurer Aon following allegations made by former Donald Trump attorney Michael Cohen about the president’s previous business practices. At a congressional hearing last week in Washington, Cohen said Trump inflated the value of his assets to insurance companies, as well as to Deutsche Bank. Explaining how Trump did this, Cohen used the 40 Wall Street office tower as an example. “Find an asset that is comparable, […] |
| The list of richest real estate billionaires is in—and they ain’t New Yorkers Posted: 05 Mar 2019 03:00 PM PST Speyers, Trumps, Goldmans—they’re billionaires alright, but in the world of real estate’s richest they’re not even close to the top of the heap. In fact, the wealthiest American developer known for New York holdings is Related Companies’ Stephen Ross, whose $7.6 billion places him as the 191st richest man in the world, according to Forbes’ 2019 ranking of billionaires. The five highest ranking real estate moguls have at least one thing in common: they all […] |
| Posted: 05 Mar 2019 02:30 PM PST Real estate is getting old. If you hadn’t noticed, new senior living facilities are popping up all over the tri-state area. Aging baby boomers are fueling demand as they look to downsize to a maintenance-free lifestyle without leaving the area or giving up social ties. Developers are racing to get ahead of the so-called silver tsunami. “The need for them in this community is tremendous, as it is all over the country,” said Elysa Goldman, […] |
| Pritzker Prize goes to “emperor of Japanese Architecture” Posted: 05 Mar 2019 02:00 PM PST Arata Isozaki, once called the “emperor of Japanese architecture,” was crowned with the industry’s highest honor: the 2019 Pritzker Architecture Prize. Isozaki, 87, will be the 46th person to receive the award and the eighth from Japan, the New York Times reported. His work includes the Museum of Contemporary Art in Los Angeles, the Palau Sant Jordi (home of the 1992 Olympics in Barcelona), Shanghai Symphony Hall and the Qatar National Convention Center in Doha. […] |
| LeFrak sells Jersey City office building to iStar for $170M Posted: 05 Mar 2019 01:39 PM PST The LeFrak Organization, which has spent more than three decades developing the massive planned community Newport in Jersey City, parted with one of its office buildings for $170 million. iStar bought the 350,000-square-foot Newport Office Center 6 in the heart of Jersey City’s downtown from LeFrak, sources told The Real Deal. The purchase, which closed last week, works out to about $485 per square foot. Representatives for iStar and LeFrak declined to comment. Cushman & […] |
| William Vale Hotel lands first office tenant Posted: 05 Mar 2019 01:00 PM PST In what appears to be a positive sign for the Brooklyn office market, the developers behind the William Vale Hotel have inked their first tenant for the five-story office portion of the building. New York Studio Factory, a Brooklyn-based provider of creative studio space, will be taking up 17,000 square feet of community facility space across two floors in the building, at 55 Wythe Avenue in Williamsburg. Brendan Thrapp, senior director at Brooklyn-focused brokerage EXR, […] |
| FBI opens Miami task force to shut door on foreign corruption, money laundering Posted: 05 Mar 2019 12:30 PM PST The FBI is looking to clamp down on foreign corruption with a new task force in Miami, a city that has long served as a gateway for illicit money laundering. The squad will concentrate on Miami and on international corruption in South America, according to the Associated Press. The FBI said it often finds people hiding their money in luxury South Florida real estate and and luxury boats. And in recent months, federal authorities have […] |
| Here’s what the $20M-$30M NYC investment sales market looked like last week Posted: 05 Mar 2019 12:00 PM PST A California company picked up an industrial property in Maspeth, and Meyer Orbach sold once again in the Upper West Side. Here are the details on last week’s $20 million to $30 million investment sales market in New York City, per documents recorded with the New York City Department of Finance. 1.) Terreno Realty Corporation bought an industrial transshipment property near the Brooklyn-Queens Expressway for $24 million. The building at 56-85 49th Street has about […] |
| Posted: 05 Mar 2019 11:30 AM PST Welcome to the first iteration of The Real Deal’s New Jersey Cheat Sheet! Much like our other Tri-State weekly cheat sheets focusing on the Hamptons, Long Island and Westchester and Fairfield counties, this offering looking at the latest commercial and residential real estate news in the Garden State is part of TRD’s expanded Tri-State coverage. Given the size of New Jersey, we’re initially going to focus on the northern New Jersey counties of Bergen, Essex, […] |
| Adam Neumann’s personal interests have become We Company investments: report Posted: 05 Mar 2019 11:00 AM PST After We Company chief executive Adam Neumann and his wife had a difficult time selecting a school for their children, the company launched an elementary school, WeGrow. Neumann likes surfing, and now WeWork has invested in a wave-pool company and a food line by a famous surfer. He even took a brand new $60 million jet, which the company purchased recently, to go surfing in Hawaii, according to the Wall Street Journal. A series of […] |
| Sotheby’s realigns C-suite, moves businesses under one roof Posted: 05 Mar 2019 10:10 AM PST Sotheby’s International Realty — which for years ran its franchise and company-owned businesses separately — is bringing the two operations under one (corporate) roof. The Realogy-owned brokerage billed the integration as a strategic business decision that will help the company realize economies of scale, invest further in marketing and technology, and claim more global market share. Philip White — who has been president and CEO of the Sotheby’s franchise business for five years — will […] |
| JLL hires former Starbucks retail executive as its top bean-counter Posted: 05 Mar 2019 09:30 AM PST JLL named Stephanie Plaines its new chief financial officer, replacing the interim executive who took over the position after Christie Kelly announced her resignation in September. Plaines will join the $7.6 billion real estate services firm later this month after a two-year stint as CFO of U.S. retail for Starbucks, JLL announced Tuesday morning. Before that she was CFO of e-commerce for Walmart’s Sam’s Club stores, and she previously oversaw finances at Ahold Delhaize, PepsiCo […] |
| RXR lands hefty refi for one of Brooklyn’s priciest office buildings Posted: 05 Mar 2019 09:30 AM PST Scott Rechler’s RXR Realty has landed a $157 million loan from Bank of America to refinance its leasehold at 470 Vanderbilt Avenue in Brooklyn, according to property records. The financing package includes a gap mortgage for $15 million. Meridian Capital Group’s Rael Gervis and Richard Sutton negotiated the loan. RXR acquired the building in 2014 for just under $195 million, its first purchase in Downtown Brooklyn, and one of the largest office deals in borough […] |
| Nashville office REIT eyes sector’s first IPO this year Posted: 05 Mar 2019 09:00 AM PST As office REITs in general continue to underperform, growth-focused office landlord Priam Properties is considering an initial public offering. The Nashville-based company would be the first U.S. REIT to go public this year, according to Bloomberg. Led by CEO Abhishek Mathur, the firm has had discussions with investment banks about selling shares in 2019, sources told Bloomberg. Representatives for Priam did not respond to requests for comment. Though REITs took a beating in the markets […] |
| Good Morning, Vietnam: Country is becoming a large EB-5 participant Posted: 05 Mar 2019 08:35 AM PST Vietnam is boosting its presence in the EB-5 program, now trailing only China and India as the most active participant. About 20 percent of EB-5 investment in American real estate now comes from Vietnam, putting it behind just India’s 25 percent and China’s 30 percent, the Wall Street Journal reported, citing statistics from the U.S. Immigration Fund. Vietnamese nationals received 693 EB-5 visas last fiscal year, an increase from 471 in 2017. The country made […] |
| Miami development dynasty breaks up Posted: 05 Mar 2019 08:03 AM PST After 25 years of joint ownership of the family real estate development company, Turnberry Associates, siblings, co-CEOs and co-chairmen Jackie and Jeffrey Soffer have split up to pursue individual projects. Jackie Soffer will retain the Turnberry Associates brand as CEO and chairman, and will be the principal owner of Aventura Mall and Town Center Aventura. She will also continue to develop the 800-key hotel connected to the Miami Beach Convention Center with Terra’s David Martin, […] |
| Regulators seek to rein in energy-efficient home improvement loans Posted: 05 Mar 2019 07:30 AM PST Amid concerns over a looming debt crisis, federal regulators are preparing new rules to rein in the popular Property Assessed Clean Energy (PACE) home improvement loan program, which homeowners use to finance solar panels and other energy-efficient upgrades. Following a rare collective effort from bipartisan lawmakers, banking groups and consumer advocates, the Consumer Financial Protection Bureau said on Monday that it is seeking public comments to prepare for a new regulation for the government-supported program, […] |
| Compass expands in Northern California; acquires 1,300-agent brokerage Posted: 05 Mar 2019 07:00 AM PST Compass is tightening its grip on the Bay Area residential market. The New York-based firm acquired Alain Pinel Realtors, adding 1,300 agents across 33 offices in Northern California, according to a statement from Compass. Inman first reported the news. The latest acquisition comes less than a year after Compass acquired Pacific Union International, a residential real estate juggernaut on the West Coast. That San Francisco-based firm had $14 billion in sales in 2017, along with […] |
| Posted: 05 Mar 2019 06:30 AM PST Race car-driving ex-banker Alan Wilzig, known for inspiring a minor character in the movie “The Wolf of Wall Street,” has sold his Tribeca townhouse to a wealthy Brazilian family for $12.65 million, well below its original asking price of $44 million in 2014. Having paid $3.35 million for the property and another $1.5 million on renovation, Wilzig still netted a tidy profit, the Wall Street Journal reported. The $44 million price tag was a “pie […] |
| Simon Baron lands $105M refi loan for UWS rental project Posted: 05 Mar 2019 06:00 AM PST After buying out its partner last year, Simon Baron Development Group has landed a $105 million loan to refinance the Upper West Side rental project. The new loan for the building at 393 West End Avenue was provided by M&T Bank and refinances the existing $70 million of debt, HKS Real Estate Advisors said in a statement. Ayush Kapahi, a principal at HKS, negotiated the financing. The deal comes after Simon Baron acquired a 98 […] |
| Ace Hotel on Bowery lands $80M refinancing Posted: 05 Mar 2019 05:30 AM PST A new hotel just landed a new refinancing package. Developer David Paz’s Omnia Group and the Northwind Group secured an $80 million mortgage for the new Ace Hotel on the Bowery, according to sources familiar with the deal. Bank Hapoalim provided the five-year balance-sheet loan for the 14-story, 200-key hotel, replacing previous debt from Bank of the Ozarks, property records show. Mission Capital Advisors’ Jonathan More, Steve Buchwald, Ari Hirt, Alex Draganiuk, Jamie Matheny and […] |
| Slate Property’s Scale Lending strikes first deal for a Brooklyn resi project Posted: 05 Mar 2019 05:00 AM PST Scale Lending — a partnership between Slate Property Group and the Carlyle Group — has closed on its first deal in New York. The platform provided a $35 million construction loan for 834 Pacific Street in Brooklyn, according to the company. Happy Living Development is planning to convert a Prospect Heights rectory into a residential rental project at the site. The loan is part of Scale’s intent to provide up to $750 million in financing […] |
| StreetEasy’s rough road: A look at where the Zillow-owned portal began and the tumult it’s faced Posted: 05 Mar 2019 04:30 AM PST From the moment StreetEasy debuted in New York City 14 years ago, it was clear that the listings portal was a game changer. But after an information tug-of-war with the brokerage world, it became something of a de facto multiple listings service for an industry that was too territorial to create a proprietary one for itself. Now, what StreetEasy once offered for free, its public parent company, Zillow Group, has been monetizing at an increasing […] |
| Modern Spaces hopes to cash in on another development boom, this time in Jersey City Posted: 05 Mar 2019 04:00 AM PST After cementing its presence in Long Island City and Astoria, Modern Spaces is expanding to another up-and-coming area. The brokerage is entering the Jersey City market, with its first rental project set to launch leasing in June, said CEO Eric Benaim. The co-living project at 87 Newkirk Street is among five buildings Modern Spaces will market for the Namdar Group. Overall, the firm will market roughly 1,500 residential units as well as the commercial space […] |
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