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Category Archives: RE News

These were the top 10 outer borough loans in August

The top 10 outer borough loans recorded in August pulled off the rare feat of being more valuable than the top 10 loans in Manhattan. The loans were worth about $2.8 billion overall, mainly thanks to a $1.2 billion bond financing from the Dormitory Authority of the State of New York to Montefiore Health System. This was the largest outer borough deal by far for August, while a $380 million loan from Natixis Real Estate […]

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Microsoft is mulling a Soho flagship

UPDATED September 18, 10:12 a.m.: Microsoft has been eyeing a Soho office-and-retail building for a flagship store. As other tech giants increasing expand their brick-and-mortar operations, Microsoft is looking to do the same. The company has reportedly looked at leasing at 300 Lafayette Street, taking retail and possibly some office space, according to Crain’s. The outlet reported that no deal has been confirmed and that negotiations are in early stages. The 80,000-square-foot property is being […]

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This retail mogul is joining a wealthy set of owners at 520 Park

A unit at 520 Park Avenue just sold for $20 million. The buyers are Jay and Jennifer Kurani, according to New York City Department of Finance records. Jay “Jeff” Kurani is the founder of Tekno Products, which sells products through infomercials. The apartment was a sponsor unit. Closings began at the Zeckendorf Development building earlier this month. The first was unit 18, which closed for $16.9 million. The buyer is Ronn Torossian, founder of 5WPR, […]

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Former head of Ping An’s real estate arm joins Winter Properties

Winter Properties has tapped the former CEO of a Chinese insurance company’s real estate arm as its new president. Rick Singer left Ping An’s U.S. real estate venture — PARE U.S. — earlier this summer as the company pulled back on its investment activity in the U.S. In his new role with Winter Properties, Singer plans to help the development company grow in various cities, including New York, Los Angeles, Boston, San Francisco and Seattle, […]

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Och-Ziff looks to raise $2B private equity fund targeting real estate

Billionaire Dan Och’s hedge fund is looking to raise a $2 billion real estate fund, its largest investment vehicle targeting real estate yet. Och-Ziff Capital Management Group is seeking a $2 billion raise for its fourth fund targeting opportunistic investments as soon as the end of this year, people familiar with the matter told Bloomberg. Real estate has been a relative bright spot for Och-Ziff, which is trying to regain confidence from investors after the […]

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Ryan Serhant (maybe) won 9 DeKalb assignment with lots of books

Either Ryan Serhant wore Michael Stern down with an unsolicited library and won the gig to market 9 Dekalb Avenue — or he just made it sound like he did in his new book. In “Sell It Like Serhant,” the broker recalls wooing the developer of “Brooklyn’s first super-tall skyscraper” — a superlative repeatedly used to describe JDS Development’s 9 DeKalb — by persistently sending reminders of his existence. This initially took the form of […]

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Peerless Pierhouse: condo once again takes top spot for priciest contract signed in BK

The Brooklyn luxury market saw 11 contracts signed last week for the third week in a row, split between seven houses, three condos and one co-op. The properties sold for about $35.7 million overall and went for an average price of about $3.2 million, according to the latest report from Stribling & Associates. The firm defines the borough’s luxury market as all homes priced at $2 million or higher. Dollar volume was lower the week […]

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Wells Fargo expects CRE lending to decrease while bank copes with fallout from scandals

Wells Fargo expects its book of commercial real estate loans to shrink as the bank struggles with governance issues. CFO John Shrewsberry said during a conference Friday that he expects commercial real estate and industrial loans to fall from second-quarter levels, the Wall Street Journal reported. Shrewsberry pointed to the bank’s deliberate lending discipline and a competitive lending environment with an influx of alternative funding sources as reasons for the decline. But Wells Fargo is […]

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Manhattan’s luxe resi market notched just 13 contracts last week: Olshan

Manhattan’s luxury residential market recorded just 13 contracts last week, most likely the result of slow activity during the Jewish New Year, according to Olshan Realty’s weekly market report. An Upper West Side brownstone claimed the week’s priciest deal. The gut-renovated home at 18 West 75th Street had an asking price of $15 million, a reduction of 23 percent off the $19.5 million the home was originally asking when it hit the market in October […]

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RXR Realty lands huge refinancing for Starrett-Lehigh Building

RXR Realty refinanced the Starrett-Lehigh Building with a $900 million loan from Morgan Stanley and New York Community Bank. The financing, which comes with a five-year term, closed on Thursday, Commercial Observer reported. RXR will use the new debt to help reposition the 2.3 million-square-foot West Chelsea building, and pay down $525 million previous debt, also from Morgan Stanley and NYCB. Scott Rechler’s RXR is redeveloping and leasing retail space on the building’s first floor […]

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