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Category Archives: RE News

Minskoff sells first condo in West Village project for $22M

Edward J. Minskoff Equities’ boutique condominium in the West Village has its first buyer. An unknown limited liability company, DOC BABE, bought a duplex unit at the property this week for $21.9 million, according to property records. The buyer went into contract on the home in September 2019. The condo is the smaller of two townhouse units that occupy the first and second floors of the six-story condominium at 17 Jane Street that Minskoff converted

The post Minskoff sells first condo in West Village project for $22M appeared first on The Real Deal New York.

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Columbia Property Trust sees leasing, revenue rise while buildings just 5% full

Looking at the latest quarterly financials from Columbia Property Trust, you might forget that we’re in the middle of a pandemic. The office REIT leased more square footage than it did in the same period a year ago, and recorded its highest normalized funds from operation since 2018. But the situation on the ground tells a different story. The company’s properties still stand mostly empty — which has helped reduce operational costs somewhat — and

The post Columbia Property Trust sees leasing, revenue rise while buildings just 5% full appeared first on The Real Deal New York.

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New York extends rent-relief window one week

Tenants are getting an extra week to apply for pandemic rent relief. Homes and Community Renewal, the state agency that administers the rent-relief program, announced it would accept applications until Aug. 6. Initially, the agency planned on a two-week window beginning July 16. The response on that first day was so great that it briefly crashed the website to apply. Instructions for the program are available in Spanish, Chinese, Russian, Haitian-Creole, Korean and Bengali, according

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IBM narrows search for big Manhattan office

Much has changed since last fall, when IBM was looking for a sizable new office in Manhattan. One thing that hasn’t is that IBM is still pursuing it, even as the pandemic and work-from-home has raised doubt about the future of offices in urban centers. In fact, the blue-chip giant has narrowed its search down to about six buildings — including SL Green’s One Madison Avenue — and has hired Cushman & Wakefield to find

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Astoria waterfront project nabs $280M financing package

A joint venture has nabbed $280 million in debt and equity to develop a mixed-income rental property on Astoria’s waterfront. Cape Advisors and The Pioneer Group secured a $225 million construction loan from Square Mile Capital Management, Commercial Observer reported. The loan will have full-term interest-only payments. Denver-based real estate investment trust UDR provided the equity. Meridian Capital Group advised on the debt, and JLL on the equity. The development at 30-77 Vernon Boulevard will

The post Astoria waterfront project nabs $280M financing package appeared first on The Real Deal New York.

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SL Green shopping Amazon-anchored office in Hudson Yards

SL Green Realty, which has been bulking up its coronavirus cushion, is looking to sell an office property in the Hudson Yards area for $1.1 billion. The office landlord is marketing 410 Tenth Avenue, which is anchored by Amazon, Business Insider reported. SL Green acquired a majority interest in the 640,000-square-foot building in 2018, valuing the property at about $440 million. SL Green then leased over half of the building’s space to Amazon. Analysts say

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“Headwind to profitability”: Amazon doubles down on fulfillment centers

Amazon has been on a torrid pace of leasing and acquiring millions of square feet of fulfillment centers and warehouses across the country this year. And demand is there. The company, which reported $88.9 billion in second quarter sales Thursday, said it would increase its fulfillment center square footage by 50 percent in 2020. That’s on top of the 15 percent increase it reported in 2019. The Jeff Bezos-led behemoth benefited from an April through

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Starwood eyes $11B raise for real estate, distressed bets

Barry Sternlicht is putting his money where his mouth is. The Starwood Capital Group CEO last month quipped, “when it’s really ugly, it’s a good time to invest.” Now, the company is looking to raise $11 billion for real estate and distressed bets. The firm’s Starwood Global Opportunity Fund XII is looking to raise $8 billion for real estate acquisitions, and a sidecar fund will raise $3 billion for distressed opportunities, Bloomberg reported. Starwood, partly

The post Starwood eyes $11B raise for real estate, distressed bets appeared first on The Real Deal New York.

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Porch.com to go public in $523M blank-check deal

Porch.com, a VC-backed home services marketplace, is going public with a blank-check company, one of the first such deals in the proptech world. The Seattle-based firm said Friday it entered a definitive agreement to merge with PropTech Acquisition Corp., a Los Angeles-based special acquisition company, or SPAC, formed last year by Abu Dhabi Investment Authority veterans Thomas Hennessey and Joseph Beck. The deal values Porch.com at $523 million. Upon closing, PropTech will be renamed Porch

The post Porch.com to go public in $523M blank-check deal appeared first on The Real Deal New York.

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Calamity and Kabbage: Accountants riff on PPP madness

Wrapping their arms around the Paycheck Protection Program has been a mind-boggling experience for Mark Bosswick and Elliot Levine, two veterans of New York City’s accounting industry. With hundreds of billions of dollars up for grabs from Congress, rapid-fire rule changes from Washington and bewildering responses from the banking system, the accountants and their colleagues have been trying to make sense of it all for clients. Appearing Wednesday on The Real Deal’s webinar series TRD

The post Calamity and Kabbage: Accountants riff on PPP madness appeared first on The Real Deal New York.

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