Meridian Properties buys pair of rent-stabilized buildings for $35M

Meridian Properties bought a pair of rent-stabilized buildings in Brooklyn for $35.25 million, despite several worries about how active the rent-stabilized market will be in the wake of all the new rent laws passed by the state, according to sources familiar with the deal. The firm closed Friday on 441 Ocean Avenue and 1745 Caton Avenue, which are located about a block apart from each other in Prospect Park South. The Ocean Avenue building contains […]

source https://therealdeal.com/2019/07/02/meridian-properties-buys-pair-of-rent-stabilized-buildings-for-35m/

Halfway through 2019, proptech investment has already hit a record high

The real estate industry has long been slow to embrace innovation. But judging by recent investment figures, that might not be the case for much longer. Venture investment in real estate tech startups hit $12.9 billion in the first half of 2019, the Wall Street Journal reported, citing data from research firm CREtech. That’s already more than all of 2017, which saw a record $12.7 billion in proptech investment. “We feel like we’ve hit that […]

source https://therealdeal.com/national/2019/07/02/halfway-through-2019-proptech-investment-has-already-hit-a-record-high/#new_tab

Senior lender files to foreclose on 125 Greenwich

A senior lender at 125 Greenwich Street, the under-construction luxury residential supertall in the Financial District, has moved to foreclose on the project. United Overseas Bank, a Singapore-based lender, filed a complaint in New York State Supreme Court Monday, which states the lending consortium at the project is owed $187 million it advanced to the developers. The foreclosure proceeding will wipe out more than $100 million in equity in the project, owned by partner China […]

source https://therealdeal.com/2019/07/02/senior-lender-files-to-foreclose-on-125-greenwich/

“We were always pro-artist”: Developer that knocked down 5Pointz wants to patch up relationship with NYC artists

It’s been five years since G&M Realty whitewashed and then demolished the graffiti mecca at 5Pointz in Long Island City. Now, the developers are now hoping to bring artists back to their luxury apartment development — but artists are skeptical. David and Jerry Wolkoff’s firm is currently requesting modifications to a special permit it received in 2013, in order to increase the size of the development at 22-44 Jackson Avenue, The City reported. The new […]

source https://therealdeal.com/2019/07/02/we-were-always-pro-artist-developer-that-knocked-down-5pointz-wants-to-patch-up-relationship-with-nyc-artists/

Maddd Equities, Joy Construction score for massive Bronx project

Maddd Equities and Joy Construction have landed a roughly $64 million construction loan from Wells Fargo for their massive affordable housing project in the Bronx, according to Joy Construction’s Eli Weiss. The money will go towards the firms’ projects at 1159 and 1184 River Avenue.  The project at 1159 River Avenue will include 250 affordable housing units across 200,000 square feet with space for retail and parking, and the project at 1184 River Avenue will […]

source https://therealdeal.com/2019/07/02/maddd-equities-joy-construction-score-for-massive-bronx-project/

The trendiest place for young homeowners? It’s the suburbs

After years of flocking to city centers, American homeowners are now returning to familiar grounds: the suburbs. With America’s major cities seeing population growth slow, 14 of the 15 fastest growing cities in the country are now actually suburbs, according to the Wall Street Journal. And the popularity of some suburbs has caused a development boom, with builders barely managing to keep up with demand. After the recession, young workers flocked to major American cities. […]

source https://therealdeal.com/national/2019/07/01/the-trendiest-place-for-young-homeowners-its-the-suburbs/#new_tab

Rabina Properties closes on JV deal at 520 Fifth Avenue

A troubled Midtown development project is officially back on track, with a new developer in charge. Rabina Properties has closed on its joint-venture agreement with Ceruzzi Properties and SMI USA to develop a 76-story mixed-use project at 520 Fifth Avenue, the New York Post reported. The Real Deal first reported on the agreement in May. Sources told the Post that the deal consists of a “partnership restructuring and recapitalization.” In May, Ceruzzi president Art Hooper […]

source https://therealdeal.com/2019/07/02/rabina-properties-closes-on-jv-deal-at-520-fifth-avenue/