Youngest female unicorn CEO moves startup to Moinian’s 60 Madison Avenue

The growing health care company Spring Health has signed a lease for about 30,000 square feet at the Moinian Group’s 60 Madison Avenue. The seven-year deal encompasses the entire second and most of the third floor at the property, which faces Madison Square Park in Nomad. As a sweetener, the agreement enabled the startup to move into a furnished 12,000 square feet on the 21st floor of 245 Fifth Avenue — a Moinian and Thor

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NoMad hotel market set for 25% property boost

NoMad is slated for the debuts of several new hotels that could bring a business boost to the area not accustomed to large amounts of tourists. Six hotels are expected to open in the neighborhood by the end of this year, Crain’s reported, raising the area’s stock of properties 25 percent. The Ritz-Carlton New York, NoMad is scheduled to open next month. General manager Bastian Germer told Craiin’s he expected to be fully booked at

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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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