South Korean firm snaps up two Midtown hotels for $137M

Aju Hotels & Resorts is the buyer in the recent sale of two Midtown hotels of the former Chesapeake Lodging Trust, property records show. The buyer, a subsidiary of South Korean-based conglomerate Aju, picked up 52 West 36th Street for $85.5 million and 30 West 31st Street for $51.2 million. Combined, the properties have 307 rooms. Park Hotels & Resorts announced in May that it was buying Chesapeake, a deal that included the sale of

source https://therealdeal.com/2019/09/30/south-korean-firm-snaps-up-two-midtown-hotels-for-137m/

Here’s what the $10M-$30M NYC investment sales market looked like last week

1. David Ciampietro purchased a one-story warehouse at 175 Canal Street West in Mott Haven for about $11.6 million, according to property records. He purchased the property from Victor Weingarten. Both the buyer and seller operated through LLCs. 2. A group of four LLCs purchased an office building at 2-34 Beach 102nd Street in Far Rockaway for $11.25 million from the Cantanese family. The building contains three units and encompasses about 47,000 square feet. 3.

source https://therealdeal.com/2019/09/30/heres-what-the-10m-30m-nyc-investment-sales-market-looked-like-last-week-9/

Can Paul Massey repeat his past brokerage success with B6?

“Rain Man” and “Beaches” were playing on the big screen and the Berlin Wall was still standing. The year was 1988 — the same year that Paul Massey and Bob Knakal launched their eponymous New York City investment sales firm. And now, more than 30 years later, Massey’s career has come full circle. After the duo famously sold Massey Knakal Realty Services for $100 million to Cushman & Wakefield in 2014, Massey did a stint

source https://therealdeal.com/issues_articles/paul-masseys-b6-bet/#new_tab

WeWork pulls its public offering

WeWork is officially pulling it public offering. The firm’s co-CEOs, Artie Minson and Sebastian Gunningham, said in a statement that WeWork “decided to postpone our IPO to focus on our core business.” “We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future,” the statement said. Last month, the firm’s S-1 filing to the U.S. Securities and Exchange Commission set off a media

source https://therealdeal.com/2019/09/30/wework-pulls-its-public-offering/

How mobile homes became a billion-dollar, recession-proof industry

Mobile homes are no longer just a necessity for the poor. They’ve increasingly become a must-have for some of the world’s richest private equity players. A 2016 investor pitch from manufactured housing owner and operator RHP Properties boasted that its portfolio of 33,000 lots — stretching across seven states — had “low cash flow volatility and steady year-over-year rent increases” as well as minimal capital expenditures. The pitch apparently worked on Brookfield Asset Management, which

source https://therealdeal.com/miami/issues_articles/a-captured-audience/#new_tab

Blackstone buys Colony Capital’s warehouse portfolio for $6B

Blackstone is doubling down on its e-commerce bet with another multibillion dollar industrial portfolio deal. The company is buying Colony Capital’s national warehouse portfolio for $5.9 billion, according to the Wall Street Journal. Blackstone also struck a deal in June to buy a similar portfolio from GLP for $18.7 billion, although it has already started to sell portions of that portfolio. The portfolio Colony sold to Blackstone spans 60 million square feet across 465 warehouses

source https://therealdeal.com/national/2019/09/30/blackstone-buys-colony-capitals-warehouse-portfolio-for-6b/#new_tab

SoftBank taps former Sprint CEO to fix WeWork, this borough could house Trump’s presidential library: Daily Digest

Every day, The Real Deal rounds up New York’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com This page was last updated at 9 a.m. SoftBank is bringing on Sprint’s former CEO to help turn around WeWork. SoftBank head Masayoshi Son has asked Marcelo Claure to take a more hands-on role at

source https://therealdeal.com/2019/09/30/softbank-taps-former-sprint-ceo-to-fix-wework-this-borough-could-house-trumps-presidential-library-daily-digest/

Playing the real estate game: College athlete bill could mint young millionaires and homebuyers

In the not too distant future, college athletes playing at top-tier schools may be hitting the open houses as hard as they hit the gym. Earlier this month, the State Legislature unanimously passed a bill — over the NCAA’s objection — to allow college athletes to earn money from their names, likenesses and images. If Gov. Gavin Newsom signs the “Fair Pay to Play Act” — which would take effect in 2023 — California would

source https://therealdeal.com/la/2019/09/27/playing-the-real-estate-game-college-athlete-bill-could-mint-young-millionaires-and-homebuyers/#new_tab

It’s not just Chinese buyers retreating from NYC’s condo market

On Friday, Aug. 23, President Trump escalated his trade war with China in a series of tweets that labeled Chinese leader Xi Jinping an “enemy.” That same day, in Hong Kong, demonstrators formed a human chain across the territory in a show of solidarity with anti-government protests that had been raging for months. In Brazil, meanwhile, wildfires spread across the Amazon, wiping out millions of acres of forestland. And in the U.S., economists sounded alarms

source https://therealdeal.com/issues_articles/the-foreign-buyer-fallout/#new_tab

Tishman Speyer locks in $1B in financing for Jackson Park

Tishman Speyer has landed $1 billion in permanent financing for its massive Long Island City project known as Jackson Park, the company announced Friday. The developer secured the mortgage from Bank of America and Wells Fargo. It is a 10-year, interest-only loan to replace a $640 million construction loan secured in 2015 from the same companies. READ MORE Macy’s love of Queens has given Rob Speyer 867,000 reasons to smile Common and Tishman Speyer want

source https://therealdeal.com/2019/09/27/tishman-speyer-locks-in-1b-in-financing-for-jackson-park/

Carpenters union official accused of stealing $1.5M from pension funds

A former union official was indicted by a federal grand jury Friday on charges that he stole $1.5 million from the benefit funds of carpenters in New Jersey and New York. George Laufenberg, 69, faces several counts of embezzlement and other charges for allegedly paying himself a $120,000 pension and $180,000 in annual deferred compensation without retiring or getting approval from the fund’s trustees, the U.S. Attorney’s Office in New Jersey announced. Laufenberg formerly served

source https://therealdeal.com/2019/09/27/carpenters-union-official-accused-of-stealing-1-5m-from-pension-funds/

Inwood braces for gentrification

Inwood has remained an affordable part of Manhattan for a remarkably long time, but a rezoning has raised fears among locals that rents will rise. The city rezoned the northern Manhattan neighborhood last August, easing restrictions on buildings to allow for new residential properties that could transform the skyline. Real estate investors have purchased $610 million worth of properties in the neighborhood since plans to rezone were announced in 2013, and longtime tenants are concerned

source https://therealdeal.com/2019/09/27/inwood-braces-for-gentrification/

Mark your calendars: These are NYC’s top real estate events next week

Here are three real estate events worth checking out next week! Host: InterFace Conference Group Date: October 3 Time: 7 a.m. to 4:30 p.m. InterFace Conference Group is holding its 10th Annual Net Lease event at the New York City Bar Association, 42 West 44th Street from 7 a.m. to 4:30 p.m. This event will offer the chance to network and discuss the latest in development and financial trends. Will Pike of CBRE and Coler

source https://therealdeal.com/2019/09/27/mark-your-calendars-these-are-nycs-top-real-estate-events-next-week-28/

Racial inequality in homeownership across US is sharpest in New York: report

White homeowners control a disproportionately high percentage of property across the country, and the discrepancy between population and ownership is widest in New York. In the New York metro area, white homeowners make up about 47 percent of the population but own close to 70 percent of homes, according to a new report by Lending Tree. That 22% gap was the most nationwide. Other metro areas across the country also had significant gaps between the

source https://therealdeal.com/national/2019/09/27/racial-inequality-in-homeownership-across-us-is-sharpest-in-new-york-report/#new_tab

Brokers are already scoring touchdowns with Super Bowl bookings and the pricing is getting nuts

UPDATED September 20, 1:04 p.m. Though the football season has only just begun, diehard fans know where they’re going to be come Feb. 2, 2020: watching the Super Bowl at Hard Rock Stadium in Miami Gardens. Those wanting to travel in style should have some deep pockets: A Super Bowl LIV package for a one-bedroom overlooking the beach at 1 Hotel South Beach will run them $13,963 a night, according to Five Star Luxury Travel,

source https://therealdeal.com/miami/issues_articles/girding-for-the-gridirons-biggest-day/#new_tab#new_tab

Resi scorecard: Brooklyn and Queens condo inventory through July 2019

New development condo report Brooklyn Inventory expanded as developers filed more units than were purchased Developers filed 13 plans with 258 units The state approved 13 plans with 477 units valued at $919 million Buyers purchased 156 units valued at $158 million Queens Inventory expanded as developers filed more units than were purchased Developers filed four plans with 300 units The state approved two plans with 202 units valued at $145 million Buyers purchased 43

source https://therealdeal.com/issues_articles/brooklyn-and-queens-condo-inventory-through-july-2019/#new_tab

The Daily Dirt: Big tech’s west side lovefest

The James A. Farley Post Office — the hottest new place for tech companies? Neither crummy lunch options nor swarms of tourists nor the hell that is Penn Station stays these tech companies from considering the west side of Manhattan.  Facebook is the latest company to toy with the idea of moving to the Farley Building, which Vornado Realty Trust is turning into 740,000 square feet of office space. There will also be 120,000 square feet

source https://therealdeal.com/2019/09/27/the-daily-dirt-big-techs-west-side-lovefest/

The purge continues: WeWork’s head of real estate is leaving

Today’s roster of WeWork departures include Granit Gjonbalaj, the company’s head of real estate development. Gjonbalaj, who oversaw real estate operations including design, construction, project management and development, signalled his intent to resign earlier this week, people familiar with the matter told The Real Deal. He is currently negotiating his exit package. Gjonbalaj and WeWork declined to comment. His departure follows that of vice chairman Michael Gross, VP of operations and special projects Zvika Shachar,

source https://therealdeal.com/national/2019/09/27/the-purge-continues-weworks-head-of-real-estate-is-leaving/#new_tab

Who will be the winners and losers of the next recession?

Miami’s condo doomsday prognosticator, Peter Zalewski, has been waiting for this moment for almost a decade. The fast-talking former business journalist turned consultant with a penchant for electronic cigarettes and condo sales numbers has predicted the crash of Miami’s high-end condo market for years. Zalewski projects that, driven by an oversupply of expensive condo buildings in Miami Beach and downtown Miami, along with a new influx of luxury apartments, vulture funds will swoop in to

source https://therealdeal.com/miami/issues_articles/the-downturns-winners-and-losers/#new_tab

WeWork pumps brakes on new leases, Tommy Hilfiger sells Plaza penthouse: Daily digest

Every day, The Real Deal rounds up New York’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page in real time, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com This page was last updated at 9 a.m. WeWork is putting the brakes on all new lease agreements. Sources familiar with the matter say the SoftBank-backed office space-leasing company — among the largest tenants in New

source https://therealdeal.com/2019/09/27/wework-pumps-brakes-on-new-leases-tommy-hilfiger-sells-plaza-penthouse-daily-digest/

A rally for real estate stocks amid a tumultuous week for Trump

Real estate stocks have ticked up this week, weathering a downward trending S&P 500 and the extraordinary news that the House Speaker had opened a formal impeachment inquiry into President Trump. The Real Deal analyzed a cross section of 28 real estate stocks — a mix of real estate investment trusts, research firms and brokerages — and found that the prices rose just over 1 percent on average since Monday’s market open. That’s about on

source https://therealdeal.com/national/2019/09/27/a-rally-for-real-estate-stocks-amid-a-tumultuous-week-for-trump/#new_tab

Inside Steve Croman’s dealings and legal battles post-prison

In May, three New York University students moved into the cellar of a pre-war East Village apartment building, excited to have a small — yet highly coveted — outdoor space. Little did they know, they’d soon be forced out. Two months later, the college students received notice that a new property manager was taking control of the six-story building at 60 Avenue B. Within a few weeks, the city declared the apartment illegal and ordered

source https://therealdeal.com/2019/09/19/inside-steve-cromans-dealings-and-legal-battles-post-prison/#new_tab

Meet WeWork’s new co-CEOs

Mounting speculation about WeWork co-founder Adam Neumann leaving his role as CEO ended when the company made his departure official earlier this week. But the move gave rise to new uncertainty about the two executives named to replace him and how they would reverse the office-space giant’s deteriorating fortunes. With Neumann relegated to the role of non-executive chairman, WeWork CFO Artie Minson and Sebastian Gunningham, a vice chairman, take over as co-CEOs. WeWork declined to

source https://therealdeal.com/national/2019/09/27/meet-weworks-new-co-ceos/#new_tab

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron’s Cammeby’s International Group scored a $500 million Fannie Mae loan for its nearly 3,300-unit megacomplex in Queens, according to property records. Capital One provided the refinancing, which includes a nearly $190 million multifamily mortgage. It covers hundreds of low-rise buildings and a vacant plot of land, stretched across eight tax lots surrounding the Long Island Expressway, city records show. The new financing replaced a $325 million debt package through Independence Community Bank from

source https://therealdeal.com/2019/09/26/ruby-schron-lands-500m-refi-for-sprawling-queens-apartment-portfolio/

At WeWork, family matters – and pays

In August 2015, Arash Gohari, co-founder of the real estate investment firm Xerxes Group, emailed friends and colleagues with some personal news.“I was approached recently by Adam Neumann of WeWork and asked to help him with the company’s expansion on the real estate side,” he wrote in the email, which was reviewed by The Real Deal. “I will have the exciting mission of helping to grow the company by finding new buildings for WeWork to

source https://therealdeal.com/2018/03/15/at-wework-family-matters-and-pays/#new_tab