Schrager, Witkoff land refinancing of Public hotel

The Witkoff Group and hotelier Ian Schrager refinanced their luxury Public hotel-condominium project on the Lower East Side. Deutsche Bank provided the firm with a $173.25 million loan for the property at 215 Chrystie Street, according to property records filed Thursday. The debt replaces previous financing from Starwood Capital Group, which in 2017 provided the same amount for the project. Deutsche Bank declined to comment. Schrager and the Witkoff Group did not immediately return requests […]

source https://therealdeal.com/2019/03/29/schrager-witkoff-land-refinancing-of-public-hotel/

Guggenheim and Singapore fund make move to buy Eastdil: report

A partnership between Guggenheim Investments and Singapore sovereign-wealth fund Temasek holdings is in advanced talks to buy Eastdil Secured from Wells Fargo, according to the Wall Street Journal. As part of the deal, Eastdil CEO Roy March and senior management would take an ownership stake in the commercial brokerage, which was long the leader in the New York investment-sales market but has struggled over the past two years after losing key players.

source https://therealdeal.com/2019/03/29/guggenheim-and-singapore-fund-make-move-to-buy-eastdil-report/

Former MHP exec David Greene joins LSL Advisors

David Greene, the former head of brokerage at MHP Real Estate Services, is joining a boutique leasing and investment sales firm. He will serve as a principal at LSL Advisors, which was founded by Daniel Lolai in 2014, Commercial Observer reported. Greene told CO he “preferred a boutique rather than a big company.” He has been working with LSL Advisors since last year, but officially joined in January. Previously, Greene spent two decades at MHP, […]

source https://therealdeal.com/2019/03/29/former-mhp-exec-david-greene-joins-lsl-advisors/

These middlemen want to negotiate tenant buyouts — for a commission

There’s a new kind of broker in town. Middlemen companies are emerging to broker buyout deals between landlords and rent-stabilized tenants, according to a new report from Gothamist. Lease Buyout Advisors and Metro Tenant Advisors are two companies offering to negotiate buyouts, and both say they don’t charge upfront fees. Instead, they charge commissions of between 15 and 18 percent for closed buyouts. While that’s more than double the typical 6 percent charged by a […]

source https://therealdeal.com/2019/03/29/these-middlemen-want-to-negotiate-tenant-buyouts-for-a-commission/

Homebuyers with heavy debt might find it tougher to get a mortgage

First-time and move-up homebuyers with heavy debt loads, low credit scores and small down payments face a daunting new mortgage hurdle: The Federal Housing Administration is toughening its underwriting standards. Large numbers of applications could be turned down in the coming months as a result. Industry estimates vary about the impact of the agency’s abrupt changes, but mortgage company executives told me last week that they are bracing for reductions in their FHA business by […]

source https://therealdeal.com/miami/2019/03/29/homebuyers-with-heavy-debt-might-find-it-tougher-to-get-a-mortgage/#new_tab

Emmes and Hello Living head to court over $12M Bronx warehouse deal

It’s a face-off between a real estate investment firm, a developer and now, a title insurance companyk Real estate investment firm Emmes Asset Management is suing Eli Karp’s Hello Living after the developer didn’t turn up to close on a $12 million deal on a Bronx warehouse, according to Commercial Observer. Emmes went into contract with Hello Living on the roughly 30,300 square foot property at 580 Gerard Street in November 2018, but did not […]

source https://therealdeal.com/2019/03/29/emmes-and-hello-living-head-to-court-over-12m-bronx-warehouse-deal/

Wave of NYC hotel openings see operators trying new tactics to boost business

There are an unprecedented number of new hotel projects opening in New York City. And operators are exploring news ways to lower prices — and raise them. Two major trends have emerged among these new hotel offerings, according to Bloomberg. Firstly, a slowing market has encouraged residential developers to work with luxury hotel brands. For hotels, the sale of expensive condos in the building can offset development costs. That’s the case at the Crown Building […]

source https://therealdeal.com/2019/03/29/wave-of-nyc-hotel-openings-see-operators-trying-new-tactics-to-boost-business/