The Real Deal cleans up at 2021 NAREE Journalism Awards

Last year, The Real Deal crushed it at the NAREE Journalism awards, taking home 14 separate honors, a record for the publication. This year, “the bible of the real estate news industry” — as one judge put it — upped the ante with 15 awards. The New York City-based media company won Gold in the Best Commercial Trade Magazine category for the fourth consecutive year, further cementing its status as the premier news authority on

The post The Real Deal cleans up at 2021 NAREE Journalism Awards appeared first on The Real Deal New York.

SL Green unloads 707 11th Ave less than two years after buying it

After almost two years of ownership, SL Green has sold 707 11th Avenue. The company sold the 160,000 square foot, loft-style building for $95 million to an undisclosed domestic buyer. The sale comes after the real estate investment trust purchased the West Side office building in January 2020 for $90 million. The company declined to identify a buyer, but a person familiar with the deal told Crain’s Georgetown Co. and Beacon Capital Partners had snagged

The post SL Green unloads 707 11th Ave less than two years after buying it appeared first on The Real Deal New York.

Purchase of former oyster farm puts town in a pickle

Scott Russell saw this one coming. Some years ago, a developer had proposed a North Fork waterfront project far too intense for its would-be neighbors’ liking. But it complied with the East Marion site’s zoning, leaving opponents little legal ground to stop it. The site would make any developer salivate: 18 acres on Gardiners Bay and minutes from the trendy summer community of Greenport. Aside from unhappy locals, the site’s only downside was a hulking,

The post Purchase of former oyster farm puts town in a pickle appeared first on The Real Deal New York.

Morgan Stanley targeting student housing rebound with joint venture

Morgan Stanley is the latest major player to dip its toes into the rebounding student housing market. The bank formed a joint venture with Global Student Accommodation, which put forth a $1.6 billion portfolio for the partners to snag a piece of the recovering student housing sector, Bloomberg reported. The starting portfolio accounts for nearly 15,000 beds spanning 21 states and 29 cities, according to Bloomberg. Cities included in the initial portfolio include Cincinnati, Raleigh,

The post Morgan Stanley targeting student housing rebound with joint venture appeared first on The Real Deal New York.

Madison Realty Capital makes its biggest construction loan yet

David Schwartzman’s Harridge Development has scored $485 million in construction financing for Crossroads Hollywood, its $1 billion mixed-use development, The Real Deal has learned. Madison Realty Capital provided the construction loan to Harridge to build studio space and residential units along Sunset Boulevard just east of Highland Avenue, property records show. Terms of the loan were not disclosed. Crossroads Hollywood has been in the works since 2015, with plans to incorporate the landmarked outdoor mall

The post Madison Realty Capital makes its biggest construction loan yet appeared first on The Real Deal New York.

Silverstein lends $340M at Miami Worldcenter project

The flow of money from New York to South Florida continues. Silverstein Capital Partners provided Dan Kodsi’s Royal Palm Companies with a $340 million construction loan for Legacy Hotel & Residences, a mixed-use condo and hotel tower planned for Miami Worldcenter in downtown Miami. The financing marks the third largest construction loan ever in Florida, following two others for projects in Miami-Dade County, according to a press release. The two others were: a $558 million

The post Silverstein lends $340M at Miami Worldcenter project appeared first on The Real Deal New York.

What a $660-psf gift shop lease says about Times Square’s recovery

Tourism may be down, but retailers are still making bets on Times Square. Most recently, a souvenir shop signed a lease for 1,000 square feet of ground-floor space at 566 7th Avenue. The store will be paying $55,000 a month for the space, next door to the newly opened Margaritaville Resort. On its face, a $660-per-square-foot lease for a new gift shop may not seem like a comeback story for the city’s most tourism-dependent retail

The post What a $660-psf gift shop lease says about Times Square’s recovery appeared first on The Real Deal New York.

Now streaming: Have the holidays brought shoppers back to stores?

Happy holidays, from the team behind TRD’s podcast, “Deconstruct.” To celebrate, we’re digging into the one big question on the minds of retail brokers, mall owners and investors: Are shoppers returning to brick-and-mortar stores this year? Between supply chain issues, labor shortages and now a new Covid variant, this shopping season is somehow even stranger than the last. A new episode of “Deconstruct” looks at how the holidays have spurred a return to stores, as

The post Now streaming: Have the holidays brought shoppers back to stores? appeared first on The Real Deal New York.

Diminished return: What’s next for ICSC?

After a nearly-two-year Covid hiatus, ICSC’s return to Las Vegas last week attracted a tepid response from the industry, leading some to wonder whether it was merely a temporary symptom of the pandemic or representative of the new normal. If the latter, the trade organization could be in for some trouble. Most of its revenue has historically come from its in-person conferences. The Las Vegas event, in particular, was seen as a must-attend for retail

The post Diminished return: What’s next for ICSC? appeared first on The Real Deal New York.

The commodity office playbook is “dead:” Developers bet on pricey perks

Developers desperate to bring employees back to the office are trying to lure them with pricey perks — and in some cases, it could be working. Amid hybrid work policies and delayed office-return dates, the Wall Street Journal reported developers are still turning to added perks like outdoor spaces and on-site chefs as amenities in hopes of making their office properties more enticing than working from home. “Commodity office is just something we’re not thinking

The post The commodity office playbook is “dead:” Developers bet on pricey perks appeared first on The Real Deal New York.