Reuben Brothers scoop up 618-acre property outside Madrid

Fresh off a big retail deal in New York, British investors David and Simon Reuben have picked up a 618-acre property outside Spain’s capital Madrid. Their private equity firm, the aptly-named Reuben Brothers, bought the parcel for an undisclosed price, according to Bloomberg. The property is in a pricey area about 46 miles from Madrid that borders the San Juan Reservoir. It’s a popular place for second homes of celebrities living in the capital, including

source https://therealdeal.com/2020/05/31/reuben-brothers-scoop-up-618-acre-property-outside-madrid/

Trophy office towers could become a thing of the past in London

Some London developers could find themselves building office space for tenants that don’t exist, if they already aren’t. The economic downturn brought on by the pandemic is also likely to mean at least a temporary end to the type of monumental office projects born from the optimism of the last several years, according to the Financial Times. Number 22 Bishopsgate, a 62-story Class A tower that will be the tallest office block in the city

source https://therealdeal.com/2020/05/30/trophy-office-towers-could-become-a-thing-of-the-past-in-london/

Lesser-known Apple co-founder re-lists 14,000-acre California ranch

A sprawling central California ranch owned by an Apple co-founder is on the market for $37.5 million. Neither Steve Jobs nor his programming whiz partner Steve Wozniak ever owned this 14,000-acre property — it is owned by Apple’s second CEO and first big investor, Mike Markkula, according to Business Insider. The now-76-year-old Markkulla and his wife bought the property in 1982 for $8 million. Five years earlier, the already-wealthy investor cut a $250,000 check to

source https://therealdeal.com/2020/05/30/lesser-known-apple-co-founder-re-lists-14000-acre-california-ranch/

Mass timber project in Cleveland could be nation’s tallest

What will be the country’s tallest wood building is headed skyward in Cleveland. Harbor Bay Real Estate Advisors is building the 298-unit, nine-story building dubbed Intro with mass timber throughout much of it, including load-bearing sections. The firm closed $144 million in financing in March and construction has now started, according to the Wall Street Journal. Intro is one of a handful of mid- and high-rise mass timber projects proposed or under construction in the

source https://therealdeal.com/2020/05/30/mass-timber-project-in-cleveland-could-be-nations-tallest/

Negotiating in a pandemic: 32BJ, landlords reach reopening deal

Labor negotiations can be tense, a give-and-take dance between rivals across the table. But the pandemic changed that dynamic — moving contract talks to phone and video conferences. The Realty Advisory Board of Labor Relations and 32BJ SEIU have reached several agreements in the past few months, including an extension of two contracts that were slated to expire for security officers and window cleaners. There’s typically a more public lead-up to such contract renewals: The

source https://therealdeal.com/2020/05/29/negotiating-in-a-pandemic-32bj-landlords-reach-reopening-deal/

Inside South Florida’s mall, retail and restaurant reopenings

Masks, one-way signs, spread-out open-air dining. Malls, stores and restaurants are reopening in South Florida, and changes are evident amid the pandemic. The Real Deal’s South Florida Managing Editor Ina Cordle toured the Miami Design District with Craig Robins, Bal Harbour Shops with Carolyn Travis and Aventura Mall with Jackie Soffer on Saturday, May 23. After two months of forced closures of non-essential businesses and stay-at-home orders, shoppers were ready to venture out. Robins, president

source https://therealdeal.com/2020/05/29/inside-south-floridas-mall-retail-and-restaurant-reopenings/

“Dream” comes true for long-vacant Bronx ice house

Over time, the stately but aging edifice at 20 Bruckner Boulevard became known as History Channel Building for the network’s massive advertising sign on its roof. Naming it after the occupant wasn’t an option — there hasn’t been one for decades. That will change next year, when the Dream Charter School moves its main campus to the Mott Haven site. Jorge Madruga’s Maddd Equities, developer Eli Weiss and Drew Katz — son of the late

source https://therealdeal.com/2020/05/29/dream-comes-true-for-long-vacant-bronx-ice-house/

NYC sees second week with no mid-market deals since onset of pandemic

The weather’s heating up, but for mid-market investment sales, it was another week of absolute zero. The last week of May marked the second time since the onset of the pandemic that commercial sales between $10 million and $30 million ground to a complete halt. After the first time it happened, during the week of April 6, brokers unanimously blamed the coronavirus pandemic for the absence of buying and selling. And while some said they

source https://therealdeal.com/2020/05/29/nyc-sees-second-week-with-no-mid-market-deals-since-onset-of-pandemic/

Not your father’s distress: Down market could be opportunity of a lifetime or a big letdown

As the coronavirus pandemic bore down on the economy, veteran investor Tom Barrack emerged as one of the loudest voices urging a lifeline for the real estate industry. Barrack, the head of Colony Capital and a longtime friend of President Donald Trump, penned a series of much-discussed blog posts and took to the airwaves, warning that the real estate industry could collapse. His alarm hit close to home when Colony disclosed this month that it

source https://therealdeal.com/2020/05/29/not-your-fathers-distress-down-market-could-be-boon-or-bust-for-opportunists/

TPG RE Finance gets $325M infusion from Starwood

Facing a cash crunch, TPG Real Estate Finance Trust has secured a major infusion a little over two weeks after it sold off nearly $1 billion of its commercial real estate debt. The real estate investment trust announced that Starwood Capital is taking a stake in the company, providing it with up to $325 million in new capital. Greta Guggenheim, TPG RE Finance CEO, said the investment will provide the firm with “with additional liquidity and

source https://therealdeal.com/2020/05/29/tpg-re-finance-gets-325m-infusion-from-starwood/

WeWork sued for backing out of San Francisco development deal

An investor in San Francisco’s largest residential complex is suing WeWork for abandoning its development plans and backing out of a pledge to invest $450 million. The development at Parkmerced — which plaintiffs allege lost a year in closing additional investments, Bloomberg reported — was intended to showcase WeWork’s WeLive initiative, featuring amenities like media rooms, hot tubs, and offering happy hours and yoga classes. The plaintiff, Parkmerced Investors LLC, is seeking at least $100

source https://therealdeal.com/2020/05/29/wework-sued-for-backing-out-of-san-francisco-development-deal/

Rihanna is on the hunt for a Hamptons getaway. And she “doesn’t have a budget”

Rihanna is reportedly in the market for a Hamptons getaway, either short-term or long-term. The singer and fashion entrepreneur is looking to buy a home, but first wants to get a feel for the East End with a rental, according to the New York Post. The 32-year-old is a big fan of jet skiing and is specifically looking for something on the water. “She doesn’t really have a budget, she just knows what she wants,”

source https://therealdeal.com/2020/05/29/rihanna-is-on-the-hunt-for-a-hamptons-getaway-and-she-doesnt-have-a-budget/

Le Pain Quotidien freed from 59 leases in bankruptcy

Upscale bakery chain Le Pain Quotidien will be allowed to break 59 of its leases, in a decision the judge acknowledged is “unusual.” The company filed for Chapter 11 bankruptcy protection, which allowed it to pare down debt and complete a $3 million sale to Aurify Brands pending court approval, Bloomberg reported. “The relief requested is unusual, but these are unusual times,” U.S. bankruptcy Judge John Dorsey said of Le Pain Quotidien’s request for immediate

source https://therealdeal.com/2020/05/29/le-pain-quotidien-freed-from-59-leases-in-bankruptcy/

CDC recommendations would drastically alter offices

Sweeping new recommendations from the nation’s health protection agency would drastically alter how people work in offices. The Centers for Disease Control and Prevention guidelines range from technical — increasing air circulation and guarding against mold and stagnant water — to cultural, like recommending employees abstain from “handshakes, hugs or fistbumps.” Scientists last week warned that stagnating water in office buildings, left empty for months in some cities, could lead to the proliferation of bacteria,

source https://therealdeal.com/2020/05/29/cdc-recommendations-would-drastically-alter-offices/

IBM to leave WeWork’s 88 University Place

IBM is pulling the plug on a large office space it leases from WeWork. The technology giant will leave the 70,000-square-foot space it leases from WeWork at 88 University Place sometime around Labor Day, Business Insider reported. IBM will continue to lease office space from WeWork in Chicago and London. When the two parties struck a deal in 2017, it marked a turning point for WeWork, which was trying to expand past the market for

source https://therealdeal.com/2020/05/29/ibm-to-leave-weworks-88-university-place/

Marriott jumps into Hamptons rental market

Marriott International is dipping its toe into the frenzied Hamptons rental market. The hotel management company’s short-term rental business, Homes & Villas by Marriott, has partnered with Hamptons rental company StayMarquis to offer hotel-quality properties and concierge services to guests, the companies announced. When Homes & Villas launched last May, Marriott said the move reflected the evident evolution of “consumer travel needs.” Rental guests can also use and earn points via Marriott’s loyalty program, which

source https://therealdeal.com/2020/05/29/marriott-jumps-into-hamptons-rental-market/

TRD Insights: NY, NJ homeowners more likely to be in mortgage forbearance

The number of homeowners seeking forbearance for their mortgages has risen dramatically as a result of the coronavirus crisis, with the Mortgage Bankers Association finding more than 8 percent of home loans to be in forbearance as of mid-May. But what kinds of homeowners have been seeking relief on their loans? A recent analysis by Kroll Bond Rating Agency provides some clues. The company ran a logistic regression analysis on about 22,000 mortgages across 47

source https://therealdeal.com/2020/05/29/trd-insights-ny-nj-homeowners-more-likely-to-be-in-mortgage-forbearance/

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

Hypergrowth has been the mantra of flex-office-space players for years. WeWork became the largest private tenant in New York City by signing leases at an astonishing rate, and venture-backed rivals from Knotel to Industrious were similarly ravenous. But when you’re a flex-space player bankrolled by the world’s largest commercial real estate services firm, you approach growth quite differently. “We’re not in the business of land-grabbing,” Andrew Kupiec, CEO of Hana, said in a conversation with The

source https://therealdeal.com/2020/05/29/hana-ceo-on-the-future-of-flex-space-were-not-in-the-business-of-land-grabbing/

Bill would cap emissions at many rent-regulated buildings

Last May the city enacted sweeping legislation that required buildings to cap carbon emissions — but it spared properties with even one rent-regulated unit. Now that may change. A new City Council bill would broaden the law to require certain rent-regulated apartment buildings to also meet those standards. The measure, sponsored by Queens Democrat Costa Constantinides, would amend the landmark Local Law 97 to include buildings where up to 35 percent of units are rent-regulated.

source https://therealdeal.com/2020/05/28/bill-would-cap-emissions-at-many-rent-regulated-buildings/

StreetEasy threatens to yank Elliman’s rental listings

Call it a declaration of war? StreetEasy has threatened to yank Douglas Elliman’s rental listings in what the portal has described as a contract dispute. The Zillow-owned company alerted Elliman’s nearly 2,500 New York City agents on Thursday that the brokerage’s rental listings would be pulled unless the ongoing dispute is resolved by June 19. StreetEasy also sent the email to landlords represented by Elliman agents. “Douglas Elliman agents will also no longer be able

source https://therealdeal.com/2020/05/28/streeteasy-threatens-to-yank-ellimans-rental-listings/

British aristocrats sue to quit Park Ave purchase

A couple whose family has been part of the British aristocracy for generations wants out of a $5.5 million Park Avenue co-op purchase. Lady Eva-Marie Houstoun-Boswall and Sir Alford Houstoun-Boswall argue in a lawsuit that the pandemic made it impossible for them to move in and that they are entitled to their $535,000 deposit back. The Houston-Boswells are baronets in the United Kingdom, a rank in the British aristocracy. Their family’s title was created in

source https://therealdeal.com/2020/05/28/british-aristocrats-sue-to-quit-park-ave-purchase/

Survival of the Fullest: Restaurants fear capacity constraints will kill them

As restaurants move to open, owners are agonizing over capacity constraints and social distancing guidelines, which are expected to result in a decline in sales. In turn, their landlords are sure to suffer from heartburn wondering whether the rent checks are coming. Of the 30 states that have allowed restaurants statewide to resume serving customers indoors, 15 have limited capacity to 25 percent or 50 percent, according to market-research firm Gordon Haskett. Restaurant executives expect

source https://therealdeal.com/2020/05/28/survival-of-the-fullest-restaurants-fear-capacity-constraints-will-kill-them/

Tallying crisis’ toll on MRR Development’s Hotel Indigo

Unlike many New York hotels, Hotel Indigo Lower East Side has kept its doors open during the coronavirus pandemic. But new financial disclosures show the last few months have cut deeply into the MRR Development-owned property. In March, following the shutdown of bars and restaurants across the state, the hotel furloughed 80 percent of staff, according to the company’s first quarter earnings report published Wednesday on the Tel Aviv Stock Exchange. The hotel rehired some

source https://therealdeal.com/2020/05/28/tallying-crisis-toll-on-mrr-developments-hotel-indigo/

The biggest new tenant in New York City is… TikTok

TikTok is coming to Times Square. The parent company for the video-sharing app has inked a lease with the Durst Organization for 232,000 square feet at One Five One, formerly known as Four Times Square, according to the Commercial Observer. It is the first six-digit office lease in Manhattan since the onset of the pandemic. Lenders still need to sign off on the deal to complete it, which should happen in a few weeks. The

source https://therealdeal.com/2020/05/28/the-biggest-new-tenant-in-new-york-city-is-tiktok/

Hotel occupancy hovers around 35% after Memorial Day boost

Hotels are slowly clawing their way back from pandemic purgatory. National occupancy rates climbed to 35.4 percent between May 17 and 23, according to weekly data released by STR. That’s up from 32.4 percent the week prior, and it marks the sixth consecutive week that rates have improved. Occupancy hit a low of roughly 21 percent in early April, and crossed the 30 percent threshold in the first week of May. Jan Frietag, STR’s senior

source https://therealdeal.com/2020/05/28/hotel-occupancy-hovers-around-35-after-memorial-day-boost/