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Commercial Real Estate NYC (CRENYC) provides the latest investment news, information, deals, events that are happening in New York commercial real estate market.

20/03/2025

And single-family rental growth lags behind multifamily for the first time since June 2024.

20/03/2025

Shimon Shkury, President and Founder of Ariel Property Advisors, will be speaking at tomorrow's 5th Annual Future of New York Forum!

We’re looking forward to his panel, “Leading Investment Areas: What Are Domestic & Foreign Investors Eyeing in 2025.”

If you haven't registered yet, you can do so here: https://commercialobserver.com/events/future-of-new-york/

20/03/2025

Watermark Capital and Rubin Equities secured a $210 million construction loan to build a multifamily development in Sunset Park, Brooklyn.

20/03/2025

The public will have the chance to comment on the city's plan for affordable housing, new businesses.

27/12/2024

📢 Exciting Announcement from Cornerstone Capital Group! 🏙️

✨ We’re thrilled to announce the successful closing of an 💰 Investment Condo Refinance in West Hollywood, CA! 🎉

💼 This deal reflects our commitment to providing flexible financing solutions that meet our clients' unique needs. We’re proud to have helped our client secure the funds necessary to continue their investment journey! 🔑

👉 If you’re looking for customized lending solutions for your next investment, don’t hesitate to reach out to the team at Cornerstone Capital Group. We're here to make your real estate goals a reality! ✅

Summary:
💵 Loan Amount: $1,285,000
⏳ Loan Type: 12-month Bridge to Sale
🏠 Asset Type: Investment Condo
📍 Location: West Hollywood, CA
📊 Loan Type: Construction Loan

Agents:
👨🏻‍💼 Alexander Nemirovskiy, Credit Manager
☎️ 347-751-5232
📧 [email protected]
🌐 www.csg-ny.com

👨🏻‍💼 Igor Zakh, Operating Office
☎️ 917-567-1646
📧 [email protected]
🌐 www.csg-ny.com

👨🏻‍💼 Russell Nova, Principal
☎️ 917-559-1820
📧 [email protected]
🌐 www.csg-ny.com

27/12/2024

The Tribeca penthouse is the type of New York home that would attract lingering looks on StreetEasy — fitting, since it’s owned by Michael A. Smith, the co-founder and former CEO of the real estate site.

Now, the condo, which Smith expanded by adding additional stories, is being targeted for demolition by McDonald’s.

In the lawsuit, submitted just before Thanksgiving, the fast-food giant claims that the Reade Street penthouse was built over roof space designated for HVAC equipment for a McDonald’s restaurant located around the corner. The company is seeking at least $10 million in damages and the restoration of the roof.

Smith’s condo, which was expanded in 2007, now totals nearly 3,700 square feet of interior space, complete with four outdoor decks and a swimming pool, according to court filings.

In 1987, the original five-story brick building at the site was included in a plan for a condo project that also encompasses nearby properties on Reade, Chambers and Greenwich streets. McDonald’s says it acquired four commercial units at the project in 1990 and negotiated several easements, including one that allowed the company to install a cooling tower on the roofs of the Reade Street properties. McDonald’s says it used that space until 2006, but that it never relinquished its rights and realized in 2012 that its Greenwich Street restaurant was having “serious HVAC problems.”

According to McDonald’s, years of back-and-forth followed, during which its proposal to install HVAC equipment in the project's courtyard was “soundly rejected” by the condo board, which Smith led as president at the time. In 2021, McDonald’s says it informed the board that it was exercising its original easement, but a consulting engineer subsequently informed the company that the roof space was “no longer there” because a penthouse had been constructed on it.

Smith's penthouse’s expansion has come under scrutiny before. In a 2021 action that’s ongoing, the condo board claims Smith abused his position as its former president to mislead fellow owners about his expansion. The board is asking for at least $5 million in damages.

Read more: https://www.crainsnewyork.com/real-estate/mcdonalds-targets-ex-streeteasy-ceos-tribeca-condo-demolition

27/12/2024

Sioni Group has secured a $96.1 million loan to refinance a newly-completed mixed-use property in the Bronx.

16/10/2024

Retired boxer Floyd Mayweather Jr. is in contract to buy a $402 million affordable housing portfolio from Black Spruce Management.

06/02/2024

A spectacular, multi-use mega-tower on the scale of One Vanderbilt will replace the run-down Roosevelt Hotel — once the migrants move out, that is. The hotel’s owner, the government of P…

26/01/2024

Hosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

22/12/2023

A souring commercial real estate market has banks facing some $160 billion in losses on loans on these investment properties, according to a new report.

03/11/2023

Russian immigrant, co-founder of multifamily firm Schon Tepler, made his first housing investment when he was 23.

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Commercial Real Estate NYC (CRENYC) is a social media business platform that provides investment news, information, deals, commercial finance and events that are happening in New York commercial real estate market.

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