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Category Archives: RE News

Ceruzzi Properties secures $350M to refi Midtown East tower

Ceruzzi Properties snagged a $350 million loan to refinance its luxury condominium tower in Midtown East. Ceruzzi Properties snagged a $350 million condo inventory loan for its luxury condominium tower in Midtown East. Meritz Securities provided the financing for the Centrale at 138 East 50th Street, according to Commercial Observer. The loan replaces $300 million in financing that Madison Realty Capital provided in 2017. In 2013, Ceruzzi bought the development site from Extell Development for

The post Ceruzzi Properties secures $350M to refi Midtown East tower appeared first on The Real Deal New York.

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All Year closing in on $675M refi for Rheingold Brewery development

A big deal is in the works for All Year Management’s massive mixed-use project on the former Rheingold Brewery site, also known as Denizen Bushwick. The Brooklyn development firm led by Yoel Goldman has signed a non-binding memorandum of understanding with “a consortium of leading financial institutions in the U.S.” for a $675 million refinancing of both phases of the development, according to a disclosure filed with the Tel Aviv Stock Exchange. The first phase

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NYC carpenters union elects new president following 2 resignations

The New York City District Council of Carpenters has elected a new president, following the recent resignations of two of the union’s leaders amid allegations of misconduct. Paul Capurso won by a significant margin, raking in 1,624 of the 3,668 votes tabulated by the union on Thursday. The results await certification by the district council’s court appointed monitor on March 9, followed by a swearing in ceremony. The union counted nearly 20,000 members as of

The post NYC carpenters union elects new president following 2 resignations appeared first on The Real Deal New York.

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City will convert 14 apartment buildings into housing for homeless

The city has taken the next step in converting over a dozen Manhattan and Bronx apartment buildings into housing for hundreds of homeless New Yorkers. The Neighborhood Restore Housing Development Fund Corp., a nonprofit that partners with the city on affordable housing projects, paid $74 million for the 14 buildings, property records show. The seller was landlord Mark Irgang, according to records. The city provided about $80 million to finance the purchase. “Through this latest

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Foes of 200 Amsterdam say other towers safe from cut-down

One of the skyscraper critics that won a shocking ruling against an Upper West Side condo project last week said it has no plans to take other towers to court, despite a claim by the developer’s attorney that many buildings are threatened by the decision. According to the Municipal Art Society — the longtime advocacy organization fighting what it calls New York’s “accidental skyline” — SJP Properties’ tower at 200 Amsterdam Avenue represents a unique

The post Foes of 200 Amsterdam say other towers safe from cut-down appeared first on The Real Deal New York.

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Compass is going to trial in Avi Dorfman case

It looks like Avi Dorfman, who is suing Compass to be recognized as a co-founder, will get his trial after all. In an attempt to avoid a courtroom faceoff, the SoftBank-backed firm had appealed an October ruling by a New York judge, who granted Dorfman a trial. But an appellate court judge has just denied the appeal. “The documentary evidence in the record shows that Dorfman actually performed at least some of the alleged actions

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WeWork announces Shyam Gidumal as new COO

Fresh off announcing its new CEO, WeWork has hired Shyam Gidumal as its chief operating officer. Gidumal spent eight years working in consumer products and retail at Ernst & Young before departing in June 2019, according to his LinkedIn page. He began his career at Boston Consulting Group, where he made partner. The announcement comes on the heels of WeWork hiring real-estate veteran Sandeep Mathrani as its new CEO. Mathrani, the former CEO of Brookfield

The post WeWork announces Shyam Gidumal as new COO appeared first on The Real Deal New York.

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PE firm to take Victoria’s Secret private as Leslie Wexner steps down

Leslie Wexner has agreed to sell his controlling stake in Victoria’s Secret to a private equity firm and to relinquish his roles chairman and CEO of L Brands, the chain’s parent company. According to the Wall Street Journal, which first reported the deal, Sycamore Partners will purchase 55 percent of the company and take it private. The deal values the struggling business at $1.1 billion, a striking fall from its peak valuation of $29 billion

The post PE firm to take Victoria’s Secret private as Leslie Wexner steps down appeared first on The Real Deal New York.

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Ken Griffin in contract for Calvin Klein’s Hamptons compound

Billionaire Ken Griffin has added another property to his ever-expanding luxury portfolio. The hedge funder, who famously dropped $238 million on a penthouse apartment at 220 Central Park South, is in contract to buy a compound in Southampton that belongs to Calvin Klein, according to the Wall Street Journal. Klein purchased the original property at the site in 2003 for almost $30 million. The seller was Francesco Galesi, a real estate executive. After a gut

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A major Bronx landlord is shorting All Year’s bonds. Are his concerns legit?

Yoel Goldman’s All Year Management received some good news earlier this month, when the ratings for two of its bond series were upgraded one level. But the Brooklyn multifamily developer is still facing scrutiny from investors, one of whom decided to take a short position after discovering what he called possible irregularities in property records filed with the city. The investor, Ardon Wiener of Bronx-based real estate firm Chestnut Holdings, wrote a letter to the

The post A major Bronx landlord is shorting All Year’s bonds. Are his concerns legit? appeared first on The Real Deal New York.

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