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How Brookfield went from a potential lender to the owner of a massive Bronx project

When Somerset Partners and the Chetrit Group were getting started on their massive South Bronx project, Brookfield Property Partners was in talks to be a possible lender. Instead, it’s becoming the owner. Chetrit and Keith Rubenstein’s Somerset Partners are selling the site of their megaproject to Brookfield for about $165 million, according to sources familiar with the deal. The developers initially spent $58 million acquiring 2401 Third Avenue and 101 Lincoln Avenue along the Mott […]


Source: realdeal

Lower Fifth Avenue just got high: New marijuana dispensary to open

Fifth Avenue, which runs along the full length of Central Park, is about to get even greener. Los Angeles-based MedMen plans to open a 10,000-square-foot medical marijuana dispensary at 433 Fifth Avenue, the New York Post reported. Billed as the “Barneys of weed,” the dispensary is slated to open on April 20, an unofficial stoner holiday. The shop will only sell to state residents who are medically qualified to receive marijuana and will be the […]


Source: realdeal

Judge calls Cushman “wage thief” in decision favoring JLL brokers

Real estate brokers are in it for the money, and when they don’t get it, they’re often inclined to sue. So in 2011, when a five-man troupe of Cushman and Wakefield leasing agents left an expiring contract to head to competing brokerage JLL, they expected to take their final paychecks with them. Instead, the agents — Mitchell Konsker, Paul Glickman, Matthew Astrachan, Mitti Liebersohn and Alexander Chudnoff — said they were given short shrift and […]


Source: realdeal

Sale-leaseback activity up 40% to $75B

Sale-leaseback deal activity exploded in 2017 as corporations look to cash in on demand for fully-occupied real estate, particularly in manufacturing and healthcare. Sales of single-tenant, owner-occupied buildings grew 40 percent to $74.8 billion in 2017, according to Real Capital Analytics. The data only includes deals valued at $2.5 million or more. “On the deals that we are doing right now I’m seeing some of the lowest cap rates on the credit and the product […]


Source: realdeal

Anbang gets $9.7B bailout

Anbang Insurance Group is getting a $9.7 billion government bailout to prevent it from collapsing. The China Insurance Regulatory Commission said Wednesday that the move is meant to protect policyholders. The money comes from the China Insurance Industry Fund, a bailout fund backed by the industry, Bloomberg reported. In February, Beijing took control of the struggling insurer, which owns the Waldorf Astoria hotel, for at least a year. The company funded long-term investments, for example […]


Source: realdeal

Wife of billionaire revealed as buyer of full-floor 432 Park pad

The buyer behind one of 2017’s priciest residential sales has been revealed as the wife of hedge fund billionaire Israel Englander. Operating through a trust, Caryl Englander paid $60.08 million to combine two penthouse units on the 91st floor of 432 Park Avenue, the Wall Street Journal reported. The apartments 91A and 91B were originally full-floor units asking $78 million, but the developers CIM Group and Macklowe Properties opted to split them in late 2015 […]


Source: realdeal

Coffee is for closers: How the city’s top office brokers made it

From their corner offices at addresses like 330 Madison Avenue and 200 Park Avenue, the city’s top office brokers work on the blockbuster deals that keep the Big Apple’s commercial towers humming. But they didn’t start out that way. “In the early ’80s, it really was ‘Glengarry Glen Ross’ at Williams Real Estate,” Peter Riguardi, president of the tri-state region for JLL, reflected on his days at the brokerage, which – much like the famed […]


Source: realdeal

City wins $1M judgment against couple who illegally Airbnb’d

A pair of illegal hotel operators need to pay the city $1 million as part of its crackdown on converting housing units into hotels. The Mayor’s Office of Special Enforcement received the $1 million judgment against Mina Guirguis and Szilvia Patkos, who used services like Airbnb to market at least seven units in 5 West 31st Street and 59 Fifth Avenue, according to Politico. They operated as City Oases LLC and marketed the units as […]


Source: realdeal

Purplebricks parachutes into NYC disavowing broker fees

UPDATED, 12:50 p.m., April 3: The discount residential brokerage Purplebricks is launching in New York today with a simple message: In 2018, why are consumers still paying a 6 percent fee to sell their home? “Our view is that in 2018 no one should be paying 5, 6 or 7 percent to sell their home, given the changing consumer behavior and access to information and viable alternatives,” said Eric Eckardt, the company’s U.S. CEO. “Look […]


Source: realdeal

Kaufman Organization inks ground lease for LIC building slated for office conversion

The Kaufman Organization just inked a 99-year ground lease for an industrial building in Long Island City that it plans to convert into office space. The firm is taking control of 21-01 51st Avenue, a 65,000-square-foot building owned by Martial Enterprises, Crain’s reported. Kaufman will gut renovate the building, install larger windows and replace loading docks. The ground floor will be dedicated to either retail or office space. The terms of Kaufman’s lease were not […]


Source: realdeal