Hiring by hotels, bars and restaurants behind big July jobs gain

Robust hiring at hotels, restaurants and bars, as well as in construction and health care, powered an unexpectedly strong jobs increase in July, the government announced Friday. Those industries accounted for 43 percent of the 528,000 gain. The unemployment rate fell to 3.5 percent, according to government data released Friday, despite Federal Reserve actions to cool the economy with higher interest rates. “This is not a picture of an economy in recession,” said chief economist

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Quontic Bank’s Steven Schnall dies in motorcycle accident

Steven Schnall, who as head of Quontic Bank built a thriving mortgage business focused on New York’s immigrant communities, and also moonlighted as a boutique condo developer, died this week. He was 55, and died in a motorcycle accident while on the way back from a biking trip to Canada, sources said. “Steve was a charismatic leader who inspired progress, got results – and managed to have fun along the way,” George Lazaridis, Quontic’s co-Founder

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CBRE arm refis Amazon-operated warehouses with $106M loan

If having Amazon as a tenant is like money in the bank, CBRE Investment Management has made a withdrawal. The independently operated affiliate of CBRE has taken out a $61 million loan on its recently purchased Brooklyn warehouses, operated by Amazon, as part of a $106 million financing package from Bank of America, real estate records show. The funds replace $45 million originated by JPMorgan Chase when the CBRE affiliate bought the warehouses from Wildflower

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Manhattan office leasing has best month since pandemic hit

Midtown is having a moment. Available office space in Manhattan’s central business district dwindled for the fifth straight month, an encouraging sign for landlords after a painful period of surplus, according to a Colliers’ report of July leasing activity. That helped Manhattan as a whole fill more office space than in any month since January 2020. “Midtown’s ability to attract tenants is notable,” said Franklin Wallach, director of research at Colliers. “It really had its

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New resi projects nab biggest outer-borough loans

The biggest outer-borough loan list in June was a shadow of its former self — mirroring Manhattan — with the 10 largest totaling just $342 million. The outer boroughs brought in $1.16 billion in real estate loans in May and $1.42 billion last June. Nonetheless, the big loans that did close last month say something about lenders’ confidence in residential construction, as rents in the city have risen to record levels. Brooklyn captured eight of

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Sprayregen son sells self-storage for $56M payday

A second-generation real estate investor is poised to tuck away a big check and leave Brooklyn and Queens behind. Companies connected to the Sprayregen family’s defunct self-storage company, Tuck-it-Away, sold two self-storage buildings to Invesco Real Estate this month for $56.3 million, records show. A storage building spanning 99,000 square feet at 160 John Street in Vinegar Hill, Brooklyn, traded for $43.5 million, and a 47,000-square-foot building at 37-19 Crescent Street in Long Island City

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Summer slump: Manhattan’s 10 biggest loans shrivel

New York real estate is not known for small numbers, but June’s top loans tally was just that. Borrowers pulled in $630 million last month for their renovations, acquisitions and refinancings, less than half the total amount they did in May, and a far cry from the $4.5 billion the biggest borrowers pulled in June 2021. Chalk it up to a slow summer, perhaps, or worse, the lingering uncertainty in commercial real estate set off

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Haruvi family sells off half its NYC rental empire for $139M

After years of acrimony and legal wrangling, the Haruvi family has sold off a major piece of its Manhattan apartment empire. Landlord Peter Hungerford’s PH Realty Capital paid $139 million in May for about half of the family’s portfolio, records show. The dozen properties, which combine for more than 200 units, are concentrated mostly on the Upper West Side, plus two buildings on First Avenue in Midtown East. PH Capital secured a $160 million loan

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Chera family fails to raise cash for Brivo proptech merger

One of New York City’s biggest retail landlords has come up short in an effort to invest in protech company Brivo, a maker of card-swipe and other keyless-entry technology. The Chera family had targeted the Nevada-based firm to combine with its own special purpose acquisition company, or SPAC, but missed a July 9 deadline to consummate the merger. Crown Proptech Acquisitions, led by CEO Richard Chera, failed to drum up the necessary cash, according to

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Doronin’s Crown Building trades condo for $35M

Vlad Doronin’s OKO Group has sold another gem on Billionaires Row. An international buyer paid $34.8 million for a 3,700-square-foot condominium in Aman New York, the developer’s luxury hotel and residential project at 730 Fifth Avenue in Midtown. The three-bed, three-bathroom unit boasts a 1,000-square-foot terrace, and fetched its full offering price, according to plans filed with the New York State Attorney General. Jean-Michel Gathy of Denniston designed the interior, which includes views of Central

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