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

The post Hiring by hotels, bars and restaurants behind big July jobs gain appeared first on The Real Deal New York.

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

The post CBRE arm refis Amazon-operated warehouses with $106M loan appeared first on The Real Deal New York.

Tri-state deals: NJ industrial portfolio sale, multifamily deal in Westchester

MT Freehold BPD acquired a six-building industrial portfolio in Freehold, New Jersey, for $15.2 million, Real Estate Weekly reported. Asbury Avenue Partners was the seller of the Central Jersey portfolio, which includes a one-acre lot suitable for a 13,000-square-foot industrial build. The built portfolio at 1 Business Park Drive includes six warehouses spanning 90,000 square feet. The complex was built in 2007 and later renovated in 2021. A CBRE team including Charles Berger and Elli

The post Tri-state deals: NJ industrial portfolio sale, multifamily deal in Westchester appeared first on The Real Deal New York.

Andrew Chung’s Innovo plans ambitious warehouse in Sunnyside

Andrew Chung’s Innovo Property Group has its sights set on building another multi-level warehouse in Queens. The real estate developer submitted plans this week to construct a six-story, 682,400-square-foot industrial building at 28-90 Review Avenue in Sunnyside. The warehouse would have 350,200 square feet of floor area across a footprint of 108,600 square feet, according to the filing. It would also have a 174-space parking garage. A listing for the 175,400 square-foot development site said

The post Andrew Chung’s Innovo plans ambitious warehouse in Sunnyside appeared first on The Real Deal New York.

Andrew Chung lands major refi for LIC last-mile project

After his fiasco with the HSBC tower, Andrew Chung needed some good news. And he got it. Chung’s Innovo Property Group scored a massive $435 million refinancing of its project at 23-30 Borden Avenue in Long Island City, the Commercial Observer reported. JPMorgan Chase provided the senior loan and Starwood Property Trust, the mezzanine debt. The refinancing comes slightly more than a year after Innovo landed a $155 million construction loan from a Starwood affiliate

The post Andrew Chung lands major refi for LIC last-mile project appeared first on The Real Deal New York.

A “Wile E. Coyote moment” for CRE: Apartment deals at risk as interest rates spike

The commercial real estate market is singing a sagging tune as rising rates drive investors loony. Commercial transactions are slowing as interest rates spike, Bloomberg reported. The market slowdown is putting apartment and industrial deals at risk, with one economist comparing the period to an iconic cartoon character suddenly realizing the bottom is falling out. “It almost feels like a Wile E. Coyote moment,” MSCI Real Assets chief economist for real estate Jim Costello told

The post A “Wile E. Coyote moment” for CRE: Apartment deals at risk as interest rates spike appeared first on The Real Deal New York.

Foodmaker ups footprint by 200K sf at former Entenmann’s factory

One company is betting on the popularity of its dumplings in the face of rising interest rates and recession fears. Water Lilies Food is upsizing at a property in Suffolk County’s Bay Shore, increasing its footprint by 200,000 square feet, Newsday reported. The $36.1 million expansion for the Asian food manufacturer will accommodate a 300-person boost in headcount. The manufacturer is one of several tenants at 1724 Fifth Avenue, the former site of an Entenmann’s

The post Foodmaker ups footprint by 200K sf at former Entenmann’s factory appeared first on The Real Deal New York.

Strong jobs report brings warning signs for housing market

HED: Strong jobs report brings warning signs for housing market DEK: As mortgage lenders and brokerages cut staff, another interest rate hike is likely AUTHOR: Orion Jones TWEET: Strong employment gains in June could prompt another interest rate hike, likely further cooling the housing market at a time when lenders and brokerages are laying off workers. SEO HED: Tough June for Real Estate as Economy Plows On SEO DESCRIPTION: A strong jobs report could prompt

The post Strong jobs report brings warning signs for housing market appeared first on The Real Deal New York.

Sky buys Greenwich Village mixed-use building in quiet week for i-sales

Last week was a quiet one for mid-market investment sales in New York City despite what has otherwise been a busy month of dealmaking. Four transactions involving commercial properties between $10 million and $40 million hit city records during the week. Three were completed in Manhattan and one in Brooklyn. Below is each transaction, ranked by dollar amount. 1. Frank Wong’s Wong Brothers Realty sold a warehouse and development building at 6201 6th Avenue in

The post Sky buys Greenwich Village mixed-use building in quiet week for i-sales appeared first on The Real Deal New York.

Short seller Chanos betting against data centers

Data centers may be quaking in their 0s and 1s after a major hedge fund manager revealed his big bet against legacy properties in the sector. Short seller Jim Chanos is raising hundreds of millions of dollars for a fund that will take short positions in U.S.-listed REITs, the Financial Times reported. Chanos, president and founder of Chanos & Company LP known for predicting the collapse of Enron more than 20 years ago, is using

The post Short seller Chanos betting against data centers appeared first on The Real Deal New York.