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REGIONAL BANKS' TENANCIES PUT COMMERCIAL MORTGAGE-BACKED SECURITIES AT RISK • Several regional banks including First Rep...
04/05/2023

REGIONAL BANKS' TENANCIES PUT COMMERCIAL MORTGAGE-BACKED SECURITIES AT RISK

• Several regional banks including First Republic Bank, KeyBank and Charles Schwab, which serve as office tenants in commercial real estate properties, are at risk due to the ongoing national banking crisis.
• The stocks of these banks have tanked in the past week, causing concern about potential tenancy risk to commercial mortgage-backed securities (CMBS) loan collateral.
• This puts various commercial properties at risk of huge vacancies if their top tenants go under.
• The top 10 firms in the ranking handled nearly 71% of all new development sales.

CORCORAN AND ELLIMAN DOMINATE NYC NEW DEVELOPMENT SALES• Corcoran and Elliman dominated the New York City new developmen...
04/04/2023

CORCORAN AND ELLIMAN DOMINATE NYC NEW DEVELOPMENT SALES
• Corcoran and Elliman dominated the New York City new development sales market last year, closing almost half of all deals.
• New developments accounted for almost 30% of total residential sales volume.
• Corcoran and Elliman had the largest market share, generating $3.6 billion and $2.9 billion in sales volume respectively.
• The top 10 firms in the ranking handled nearly 71% of all new development sales.

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DYSON BUYS FORMER DOLCE & GABBANA STORE IN SOHO FOR $60M• Dyson's Weybourne Group bought a 13,500-square-foot building i...
04/03/2023

DYSON BUYS FORMER DOLCE & GABBANA STORE IN SOHO FOR $60M
• Dyson's Weybourne Group bought a 13,500-square-foot building in Soho for $60 million, which was previously valued at $93 million in 2016.
• The property will be leased to a Dyson retail shop.
• Dyson's Weybourne Group focuses on finance, real estate, and agriculture, and the billionaire has a net worth of $9.3 billion.

LAWSUIT FILED TO STOP NYC OFFICE-TO-RESIDENTIAL CONVERSION• Solstice Residential Group has filed a lawsuit to stop Silve...
03/31/2023

LAWSUIT FILED TO STOP NYC OFFICE-TO-RESIDENTIAL CONVERSION
• Solstice Residential Group has filed a lawsuit to stop Silverstein Properties and Metro Loft Management from converting an office building at 55 Broad Street in New York City into a residential property, claiming it would violate it's lease.
• The suit alleges that Silverstein and Metro Loft are trying to circumvent Solstice's lease by going ahead with the conversion without invoking a demolition clause.
• The lawsuit seeks to prevent the conversion before Solstice's lease expires in six years.

DEVELOPER MARK CALLER BUYS OUT PARTNER • Developer Mark Caller has bought out partner Rester USA's stake in a full-block...
03/30/2023

DEVELOPER MARK CALLER BUYS OUT PARTNER
• Developer Mark Caller has bought out partner Rester USA's stake in a full-block site near Pelham Bay Park in the Bronx for $57 million.
• Plans for the triangular assemblage on the site are uncertain, but in 2017, Caller and Rester field plans to replace the Pelham Bay Professional Center with a 10-story office building, which later shifted to a 17-story, 187-unit multifamily project.
• Marcal recently sold the Calko Medical Center in Bensonhurst for $81.5 million.

MIDTOWN NYC BUILDING AT 315 WEST 35TH STREET LISTED FOR $50M. • The Chetrit brothers and Jacob Aini have listed their 14...
03/29/2023

MIDTOWN NYC BUILDING AT 315 WEST 35TH STREET LISTED FOR $50M.
• The Chetrit brothers and Jacob Aini have listed their 14-story building in Midtown, New York, for $50 million.
• The building was purchased in 2015 for $43 million and was intended to be converted into high-end condos.
• However, in 2021 it was occupied by a flex office company. The building is now being marketed for creative studios, tech startups, and professional offices.
• Isaac Chetrit has been active in other NYC real estate deals recently.

OWNERS OF MADISON SQUARE GARDEN NEGOTIATE ITS FUTURE • Madison Square Garden, the iconic New York arena, is at the cent...
03/28/2023

OWNERS OF MADISON SQUARE GARDEN NEGOTIATE ITS FUTURE

• Madison Square Garden, the iconic New York arena, is at the center of a heated debate over its future.
• Owners MSG Entertainment have applied to renew their special permit to operate the arena, with plans to make the permit permanent.
• Meanwhile, the City Planning Commission is seeking changes to the permit agreement to ensure the arena's operation won't get in the way of the upcoming renovations of nearby Penn Station.

NEW TOWNHOME PROJECT PROPOSED AT FORMER MINISCEONGO GOLF COURSE • A developer has filed plans for 637-townhome project ...
03/27/2023

NEW TOWNHOME PROJECT PROPOSED AT FORMER MINISCEONGO GOLF COURSE

• A developer has filed plans for 637-townhome project at the former Minisceongo Golf Course in Ramapo, New York.
• The project also includes 103,000 square feet of commercial space for retail stores.
• The project is set to test Ramapo's recent zoning overhaul and may face opposition from locals who prefer single-family homes.

FLORIDA EDGES PAST NEW YORK AS TOP JOB HUB • For the first time in 40 years, Florida has more jobs than New York, with ...
03/27/2023

FLORIDA EDGES PAST NEW YORK AS TOP JOB HUB

• For the first time in 40 years, Florida has more jobs than New York, with a difference of just 2,400 jobs.
• This is attributed to the warm weather, lower taxes, and growing population in Florida, attracting businesses and young people.
• The pandemic has accelerated this trend, making Florida the fastest-growing state from 2021 to 2022 with a 1.9% population increase of 320,000 people.
• Meanwhile, New York was one of three states that lost over 100,000 residents during the same period.

BLT SECURES $257M LOAN FOR THE BEACON • Building and Land Technology received a $257 million loan from Greystone for its...
03/24/2023

BLT SECURES $257M LOAN FOR THE BEACON
• Building and Land Technology received a $257 million loan from Greystone for its multifamily complex, "The Beacon," in Jersey City.
• The project has 1,155 units and various amenities.
• BLT bought the site in 2011 and repositioned the former hospital buildings.
• Multifamily projects in Jersey City are popular with lenders due to rising rents, with Pacific Western Bank and Sequoia Development Group also securing loans for similar projects.


SL GREEN REALTY FACES SHORT SELLERS AS STOCK DROPS 65%• SL Green Realty, NYC's largest commercial landlord, is experienc...
03/23/2023

SL GREEN REALTY FACES SHORT SELLERS AS STOCK DROPS 65%
• SL Green Realty, NYC's largest commercial landlord, is experiencing a rise in short positions on its stock due to its plummeting share price and high level of debt.
• Analysts say that the reason for this is high level of debt and interest rates swaps that expire within the next two years, as well as the highly leveraged assets it acquired recently.
• To address this, the company plans to sell off more than $2 billion in assets this year.


LUXURY CONDO SELLS FOR $5.5M DISCOUNT AT ONE57 TOWER • A condo at One57 sold for $19.3 million, $5.5 million less than t...
03/23/2023

LUXURY CONDO SELLS FOR $5.5M DISCOUNT AT ONE57 TOWER
• A condo at One57 sold for $19.3 million, $5.5 million less than the asking price.
• This marks another discounted resale at the once-popular Billionaire's Row Tower, as demand for units has cooled.
• One57 was the first ultra-luxury building in the area and reported record-high sales figures in 2014, including a $100 million penthouse sale to billionaire Michael Dell.
• Extell has been offering perks to attract buyers, including rate buydowns for other properties.

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