Rockrose takes over NoMad office building in $145M deal

Rockrose Development is doubling down on the city’s office market with the takeover of a NoMad building that it plans to combine with a neighboring property. The developer purchased the remaining stake in 11 East 26th Street in a deal valued at $145 million, Rockrose’s Ted Traum told The Real Deal. The firm held a nearly 50 percent stake in the office building after acquiring a 14 percent interest in April and another 5 percent

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Shokai Group picks up unsold NoMad condos for $81M

Lendlease and Victor Group have resorted to a bulk buyer to unload condo units at 277 Fifth Avenue, selling 22 of them at a discount to the Shokai Group. City records show the nearly $81 million sale closed at the beginning of the month. The three companies were all partners on the development of the 55-story building, with the Shokai Group serving as the primary financial backer. On its website, the building touts that units

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Safehold snares ground lease under Ron Burkle’s troubled NoMad Hotel

Safehold, which specializes in acquiring ground leases, has once again done what it does best. The firm has purchased the ground lease at the debt-plagued NoMad Hotel for $77 million, according to public records, adding another hospitality property to its portfolio. Hotel assets make up 17 percent of Safehold’s portfolio, according to the company’s 2020 annual report. The seller was clothing manufacturer and distributor Haddad Brands. Billionaire investor Ron Burkle and hotelier Andrew Zobler own

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Vanbarton Group, church sued by foreign investors in fallout from HFZ debacle

Real estate investors beware: Don’t bet against God. Or at least not against religious institutions shielded by New York’s Religious Corporations Law. That lesson may have come too late for those who lost more than $60 million last year as insolvency enveloped HFZ Capital’s office development at 29th Street and Fifth Avenue. A group of foreign investors last week sued Vanbarton Group, which took control of the project as mezzanine lender through an April foreclosure

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Jeff Bezos buys fifth unit at 212 Fifth Avenue

Jeff Bezos built Amazon into a global behemoth over many years. He’s taking a much quicker approach to building his home above New York City. The founder and former CEO just paid $23 million for another unit at 212 Fifth Avenue in NoMad. The purchase was agreed to in July and closed on Aug. 6, according to the New York Post. Bezos has been creating a sprawling home in the building. He also owns a

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With $52M sale to Texas rug maker, plan for oligarchs’ tower unravels

One man’s dream of a Fifth Avenue tower for Russian oligarchs has died. Boris Kuzinez has sold his 60,000-square-foot office building at 260 Fifth Avenue for $52.5 million, according to property records. The Manhattan building was one of three assembled by the Israeli-Russian billionaire who struggled to find a lender for his resi tower. Therein lies the rug. The buyer is Texas-based rug manufacturer Amir Loloi, who scooped up the NoMad office building for $6.5

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Rockrose investment values Nomad office building at $235M

At least one developer is looking at the office market through rose-colored glasses. Rockrose Development purchased a 14 percent interest in a 218,000-square-foot office building at 11 East 26th Street in Nomad for $32.9 million. The investment values the pre-war building at $235 million, down only slightly from its pre-pandemic valuation of $246 million. The purchase gives Rockrose a 23.5 percent membership interest in the building, according to property records, which is a non-controlling share.

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Solly Assa delinquent on Mave Hotel loan

Salim “Solly” Assa is facing new troubles at the Mave Hotel in NoMad. The $19.5 million loan on the 72-key hotel at 62 Madison Avenue has been sent to the special servicer, according to Trepp. The loan is now more than 90 days past due. Cantor Commercial Real Estate issued the loan, which carried an original balance of $22 million, to Assa Properties for the firm’s acquisition of the hotel in 2013. Assa paid $28.45

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Nomad’s Stand For Apple Watch Is Nice And Simple

apple-watch-stand2 The Apple Watch’s charging puck is, in itself, pretty versatile and fool-proof when it comes to connecting your smartwatch to power over night. But there’s always room for improvement, and the Nomad Stand offers that, with a minimal approach that’s optimal for bedside or desktop use. Nomad’s approach to a charging accessory for Apple Watch is beautifully basic,… Read More