Clarion eyes $70M for Williamsburg loft apartments

As the city’s investment-sales market heads into its always-important fourth quarter, Clarion Partners is putting a pair of Williamsburg loft buildings on the market, aiming for a price of $70 million. Clarion is looking to sell the rental buildings at 44 Berry Street and 139 North 10th Street, marketing materials show. The buildings, which have a combined 78 apartments, were built in the early 20th century and converted in the early 2010s into spacious loft

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Brian Pun’s FSA Capital plans 173K sf project in Flushing

Another massive residential project is in the works for Flushing. An entity connected to Brian Pun’s FSA Capital filed permits Thursday to build a 173,000-square-foot, mixed-use development at 133-09 37th Avenue. The 17-story building would consist of 102 residential units across roughly 71,600 square feet, as well as about 101,400 square feet for commercial use, according to the plans. The Queens project would also have a 313-space parking garage. Hill West is listed as the

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Hedge fund finds 283K sf at Two Manhattan West

Two Manhattan West remains a busy spot in Manhattan’s uncertain office market. Brookfield Properties landed hedge fund D.E. Shaw as its latest tenant at the massive Hudson Yards office development, Bloomberg reported. The company is taking 283,000 square feet across eight floors, planning on moving in during 2024. It’s not clear how much D.E. Shaw is paying in the deal, which brings Brookfield’s tower to 76 percent leased. The vaunted office project is slated for

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Third Avenue: The land of “leave-behind”

New York’s office market is still trying to find its footing after the pandemic crushed it. While some newer buildings are attracting tenants anew, older buildings are being forgotten. The stretch along Third Avenue from 42nd Street to 59th Street is becoming a stark example of the downside to the city’s ongoing flight to quality, Bloomberg reported. While Savills pins the city’s office vacancy rate at 19 percent, it’s 29 percent on the 17-block corridor

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Zoning, infrastructure limits are squeezing U.S. land supply

The latest shortage wreaking havoc on the country? Land. Developers are increasingly struggling to find suitable land for residential developments, the Wall Street Journal reported. Land-use restrictions such as zoning and infrastructure issues are among the challenges making it difficult to find sites near major metropolitan areas. With scarcity comes inflated prices. Morris Davis, a professor of finance at Rutgers Business School, pegs national residential land to cumulatively be worth more than $20 trillion. Davis

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Long Island farmer turns his pitchfork on Jamestown

A frothy finder’s fee has a Long Island farmer going scorched earth on Jamestown Properties. Kerber’s Farm owner Nick Voulgaris is suing Jamestown and its president, Michael Phillips, claiming they failed to pay the farmer after he tipped them off on two buildings for sale in the West Village, the Commercial Observer reported. Voulgaris is seeking either the $1.6 million fee he feels he’s owed, or a 10 percent ownership interest in the buildings. Voulgaris

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Ryan Serhant talks Compass, reality TV and more on TRD podcast

When celebrity broker Ryan Serhant left Nest Seekers in 2020 — striking out on his own months into a pandemic that had all but shut down New York City’s real estate market — the industry thought he was crazy. “They were like, ‘Are you sick? Is something wrong? Why would you ever do this when New York is on fire?’” Serhant recalled two years later, noting he did struggle. On the latest episode of The

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Winter is coming: Landlords face brutal heating season

With temperatures dropping into the 40s in New York, landlords are cranking on the heat. But given the rising cost of fuel, many already had the jitters. “There’s a lot of anxiety going into this heating season,” said Aaron Weber, an owner at Weber Realty Management, which oversees 400 apartments across Manhattan and Brooklyn. Last winter, landlords were slammed by natural gas bills as high as 60 percent above the previous year’s levels. Utility providers

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Starwood snaps up Florida affordable housing portfolio

Barry Sternlicht’s latest affordable housing play in Florida stretches beyond Lake Worth. Starwood Capital Group spent $91.8 million for a 669-unit affordable housing portfolio in the state, Multi-Housing News reported. Comprising four different communities, the transaction breaks down to roughly $137,000 per unit. All four assets were completed between 1994 and 2007, developed under the Low Income Housing Tax Credit program. All four will remain affordable under Starwood. The 94-unit Villas at the Cove Crossing

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New Orleans Four Seasons lands $315M loan from Madison Realty Capital

Developers of a Four Seasons property in the Big Easy are trumpeting the arrival of a massive loan from a New York-based real estate firm. Carpenter & Company and Woodward Interests scored $315.6 million to complete the renovation of the Four Seasons Hotels and Residences New Orleans at 2 Canal Street. Madison Realty Capital, which provided the loan, announced it this week. JLL Capital Markets’ Riaz Cassum and Henry Schaffer arranged the financing. The hotel

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