Day 2 of ICSC: Retailers button up to network, prep for uncertain future

After partying the day away Sunday, retailers at ICSC Las Vegas swapped their swimsuits for business suits as they gathered for some old-fashioned, in-person networking. Monday’s annual industry conference, held in Sin City’s cavernous convention center, marked a stark departure from December’s thinned-out event for a still-struggling sector. This year, nearly 22,000 people registered, according to ICSC — short of the 30,000 or more that attended in previous years, but enough to call it a

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The Real Deal celebrates “The New Kings of New York” debut

In The Real Deal‘s “The New Kings of New York,” journalist Adam Piore details the cast of deep-pocketed characters behind the city’s biggest real estate deals over the last 20 years. In addition to filling the insider’s account of the “blood sport” that is New York City real estate, some of those characters joined friends of Piore and The Real Deal for a 100-strong gathering near Union Square Tuesday night to celebrate the book’s release

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Firm ditches Park Ave for entire floor of GM Building

As many firms downsize but upgrade their office space to account for hybrid work, one Midtown tenant is expanding — leaving Park Avenue for larger digs on Fifth. Eldridge is moving its city offices to the entire 17th floor of 767 Fifth Avenue, a 50-story office tower owned primarily by Boston Properties and better known as the General Motors Building. It signed a nearly 11-year lease for 37,150 square feet, roughly 75 percent more than

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Marvin Azrak, investors seal deal for Chaskiel Strulovitch’s Brooklyn portfolio

The purchase of a key piece of Chaskiel Strulovitch’s portfolio finally closed, ending one of Brooklyn’s most combative real estate tussles in recent memory. Facing foreclosure from hardball lender Maverick Real Estate Partners, Strulovitch put 31 buildings into Chapter 11 bankruptcy in 2019. He was able to save most of them with costly refinancing from Marvin Azark’s Maguire Capital, a New York-based lender. But nine properties slipped away, and after a contentious auction, Maguire eventually

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No buzz, but Adam Neumann will take the $293M

Who needs sexy when profitable will do? Adam Neumann’s latest reinvention has the former WeWork whiz doing real estate the old-fashioned way. Neumann’s family office, 166 2nd Financial Services, and Invictus Real Estate Partners combined to sell a two-property multifamily portfolio in Connecticut for $293.5 million, the Commercial Observer reported. The partners purchased the Norwalk assets for $226 million fewer than two years ago. The properties are the Waypointe at 515 West Avenue and the

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Avi Philipson–led group to buy William Vale hotel

The William Vale hotel drama appears to be coming to an end. A venture led by health care executive Avi Philipson is set to buy the debt and an equity stake in the Williamsburg hotel from All Year Holdings’ Israeli bondholders. The bondholders approved his proposal earlier this month and the deal is set to close in July, according to a filing in bankruptcy court. Philipson emerged with a bid at the 11th hour after

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More multifamily landlords are making less than their lenders

Sales of multifamily assets have been hot in the past year, but rising interest rates are now putting investors into a bind. Negative leverage in the sector is as widespread as it was in the subprime crisis, the Wall Street Journal reported. The crisis resulted in soaring defaults on apartment-building debt. Negative leverage occurs when the interest rate on a multifamily building’s or portfolio’s mortgage rises to the point where landlords make less money on

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RFR seeks extension on 285 Madison loan

A loan at a Midtown office building is headed to special servicing as Aby Rosen’s RFR Realty seeks an extension on its maturity date. The $235 million CMBS loan for 285 Madison Avenue was transferred to special servicing this week, the Commercial Observer reported. The special servicer is KeyCorp Real Estate Capital Markets. The fixed-rate loan was securitized in a CMBS deal in 2017 and is set to mature in November. In November 2017, RFR

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HNA must pay SL Green fat sum over 245 Park Avenue

SL Green is entitled to a whole lot of green from an affiliate of HNA Group. The Chinese conglomerate owes SL Green about $185 million from a dispute over 245 Park Avenue, former judge L. Priscilla Hall said in a ruling reported by the Wall Street Journal. The monetary compensation largely derives from an investment SL Green made at the skyscraper, as well as fees. SL Green invested $148 million in the building in 2018

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Real estate’s titans talk building, selling, and reinventing the city

It was like they had never left. The first post-pandemic edition The Real Deal’s New York City Showcase + Forum packed the Metropolitan Pavilion with real estate pros for an afternoon of panels, networking and dealmaking. The annual gathering had been on hold for the pandemic, but attendees seemed to make up for lost time as they buzzed through the venue, catching up with old acquaintances and making new ones. Some 43 booths snaked around

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