Fortress buys debt on troubled 125 Greenwich

A SoftBank-owned investment firm has purchased the defaulted mortgage on the troubled luxury condo tower 125 Greenwich Street. Fortress Investment Group bought the mortgage for about $230 million from the investment firm BH3, according to the Wall Street Journal. BH3 had been moving to foreclose on the 88-story project, which is under construction but nearly complete. Fortress will have the right to continue the foreclosure lawsuit if it chooses. The developers — Howard Lorber’s New

source https://therealdeal.com/2020/03/02/fortress-buys-debt-on-troubled-125-greenwich/

Pols shunning real estate donations welcome casino giant’s cash

A quiet push for casinos in New York City is intensifying ahead of a highly anticipated gambling-market report and a deadline to close a yawning state budget deficit. The state has a casino-license moratorium — imposed to give four upstate casinos time to build customer bases without downstate competition — in effect until 2023. But casino operators want New York lawmakers to reconsider waiting that long. At least one, Genting, has been filling the campaign

source https://therealdeal.com/2020/03/02/pols-shunning-real-estate-donations-welcome-casino-giants-cash/

WeWork taps oil exec as new CFO

WeWork has named Kimberly Ross as its new chief financial officer, the company announced on Monday. Ross, most recently vice president and CFO at Baker Hughes, will start at WeWork on March 16. She previously held the same role at Avon Products and Ahold Delhaize, a retail company based in the Netherlands. She sits on the Board of Directors at Chubb Insurance Group, Nestle and PQ Corporation. Ross is just the latest new face on

source https://therealdeal.com/2020/03/02/wework-taps-oil-exec-as-new-cfo/

Hines CEO talks coronavirus, Opportunity Zones and WeWork

Coronavirus and its impact on the real estate industry were top of mind at the University of Miami’s Real Estate Impact Conference. During a session on development opportunities with Hines executives, Hines President and CEO Jeff Hines said coronavirus is a “major, major concern at this point.” The Houston-based real estate investment and development firm, with more than $124 billion in assets under management and 148 projects underway, is pulling out of the MIPIM property

source https://therealdeal.com/2020/03/02/hines-ceo-talks-coronavirus-opportunity-zones-and-wework/

Bronx multifamily deal leads New York’s mid-market investment sales

There were a pair of deals last week for New York’s mid-market buildings: one for a multifamily building in the Bronx and one for a townhouse in Manhattan. Here are the details: 1. A Yonkers-based LLC purchased 1515 Grand Concourse in The Bronx from The Morgan Group for about $13.8 million. The multifamily building stands six stories tall with 75 units, and it is located in the borough’s Mt. Eden neighborhood. 2. The JM Revocable

source https://therealdeal.com/2020/03/02/bronx-multifamily-deal-leads-new-yorks-mid-market-investment-sales/

Even lava won’t stop rich people from buying mansions in Hawaii

Wealthy homebuyers and vacationers aren’t letting a little existential threat from five active volcanoes ruin their good time on Hawaii’s Kona-Kohala coast. The Kona Kohala coast stretches 35 miles on the state’s Big Island. Everyone wants a piece of its pristine beauty and they’re paying top dollar for it, even though much of it is at high risk for lava flows, according to the Wall Street Journal. Most homes on the Big Island are modest

source https://therealdeal.com/2020/03/01/even-lava-wont-stop-rich-people-from-buying-mansions-in-hawaii/

New Jersey’s most famous zoomorphic attraction is up for rent on Airbnb

Lucy the Elephant has attracted sightseers and tourists to Margate, New Jersey for well over a century, but for the first time in a very long time, the six-story-tall relic of kitsch architecture is up for rent. Come Saint Patrick’s Day, Lucy the Elephant can be rented out on Airbnb for $138 per night, according to the New York Times. That’s one dollar for every year Lucy has stood in Margate, weathering hurricanes, changing tourist

source https://therealdeal.com/2020/03/01/new-jerseys-most-famous-zoomorphic-attraction-is-up-for-rent-on-airbnb/