Tenant group sees opportunity in multifamily foreclosures: report

Distressed debt fund managers aren’t the only ones smelling opportunity from a coming foreclosure crisis. A nonprofit seeking to help the poor says rental properties’ struggles present a chance to decommodify multifamily buildings. The Community Service Society, which looks for systemic solutions to problems that create a “permanent poverty class” in New York City, expects non-payment of rent to trigger a wave of apartment building foreclosures. When that wave hits, the group argues in a

The post Tenant group sees opportunity in multifamily foreclosures: report appeared first on The Real Deal New York.

NexPoint Advisors buys self-storage company for $900M

NexPoint Advisors has acquired Jernigan Capital, a large owner of and capital provider to self-storage facilities, for about $900 million in an all-cash transaction. The deal signals the growing interest from institutional investors in the sector. The newly acquired company will be known as NexPoint Storage Partners. Extra Space Storage, a self-storage REIT, provided about $300 million to finance the acquisition by purchasing preferred stock. JPMorgan Chase provided about $512 million of additional financing for

The post NexPoint Advisors buys self-storage company for $900M appeared first on The Real Deal New York.

RXR to raise $1B pandemic fund

RXR Realty is planning to raise $1 billion to invest in sectors the firm thinks will thrive after taking a hit from the pandemic. The firm is talking to potential investors about its RXR Real Estate Market Dislocation & Mega-Trends Fund, Bloomberg News reported. The company plans to find “pockets of distress,” such as non-performing loans and borrowers in need of rescue financing. Areas of focus will include sectors RXR believes will be in high-demand

The post RXR to raise $1B pandemic fund appeared first on The Real Deal New York.

CBRE to shutter White Plains office, lay off 35 employees

CBRE Group will permanently close its office in White Plains, laying off 35 employees, according to a notice recently filed with the state Department of Labor. A CBRE spokesperson told The Real Deal that the office at 70 West Red Oak Lane in Westchester County mainly houses valuations staff, and the operation will be consolidated into the firm’s Stamford, Connecticut office. The White Plains space will close in February. CBRE, the largest commercial real estate

The post CBRE to shutter White Plains office, lay off 35 employees appeared first on The Real Deal New York.

SL Green snags $1.25B construction loan for One Madison Avenue

SL Green landed a big loan for its One Madison Avenue office redevelopment. SL Green, in partnership with the National Pension Service of Korea and Hines, snagged a $1.25 billion construction loan, the company announced Monday. Construction will kick off this week as well. The deal, the largest office construction loan in the city this year, was facilitated by Wells Fargo, TD Bank, Goldman Sachs, Bank of America, Deutsche Bank and Axos Bank. “Despite the

The post SL Green snags $1.25B construction loan for One Madison Avenue appeared first on The Real Deal New York.

Ralph Lauren to sublease Fifth Ave. location for a fraction of the cost

Ralph Lauren is subleasing its Fifth Avenue location for just a fraction of the price. Mango, the Spanish fast-fashion retail chain, has agreed to take on the 28,300-square-foot store at 711 Fifth Avenue on the corner of East 55th Street, Business Insider reported. Under the deal, Mango will pay $5 million annually, less than 20 percent of the more than $27 million per year that Ralph Lauren pays to occupy the prime piece of real

The post Ralph Lauren to sublease Fifth Ave. location for a fraction of the cost appeared first on The Real Deal New York.

Simon and Taubman reach a new merger deal

The long-in-the-works merger between Simon Property Group and Taubman Centers is finally coming to fruition. Michigan-based Taubman has agreed to take a price cut in Simon Properties’ buyout of the company, allowing the two to avoid pending litigation. Simon, the country’s largest mall owner, will pay $43 a share for Taubman under the new deal, down from the original price of $52.50. Taubman has also agreed not to declare or pay a common stock dividend

The post Simon and Taubman reach a new merger deal appeared first on The Real Deal New York.

Two-year foreclosure battle in Tribeca culminates in bankruptcy filing

The owner of a five-story commercial building in Tribeca has filed for bankruptcy, facing foreclosure and $23 million in debt. CTW Realty’s Gary Tse owns the 18,300-square-foot building at 381 Broadway through an entity, 381 Broadway Realty, which recently filed for Chapter 11 protection with the U.S. Bankruptcy Court Southern District of New York in Manhattan. Another property owned by Tse at 55-59 Chrystie Street in Chinatown was sold in a bankruptcy auction earlier this

The post Two-year foreclosure battle in Tribeca culminates in bankruptcy filing appeared first on The Real Deal New York.

Real estate stocks had a big week. But are they still undervalued?

Real estate stocks ended the week on a positive note, with companies sustaining gains made earlier this week after Pfizer announced successful trials for its Covid-19 vaccine. Some of the country’s largest property owners had their best week of trading since June, with share prices rising more than 20 percent, substantially outperforming major indexes. The share price of SL Green Realty, New York City’s largest office owner, grew 23 percent. Shares of Hilton Worldwide and

The post Real estate stocks had a big week. But are they still undervalued? appeared first on The Real Deal New York.

Brookfield delinquent on $190M loan tied to Baltimore mall

Troubles mount for mall owners around the country as an increasing number are skipping loan payments, with the threat of another wave of coronavirus cases potentially leading to new restrictions. Brookfield Property Partners is over 60 days delinquent on a $190 million CMBS loan secured by White Marsh Mall in Baltimore, according to Trepp. The mall is among the largest in the Baltimore area, spanning over 1 million square feet. Wells Fargo originated the loan

The post Brookfield delinquent on $190M loan tied to Baltimore mall appeared first on The Real Deal New York.