CRE survived Covid with flexibility, focus on convenience: report

Commercial real estate’s resilience through the pandemic hinged on its surprising flexibility and new focus on convenience — themes that will remain vital going forward, a report concludes. The industry held up far better than most professionals expected at the outset of the economic shutdown in March 2020, according to Emerging Trends in Real Estate, a trends and forecast report published annually by PwC and the Urban Land Institute. “By forcing people to work and

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SL Green snaps up Ashkenazy’s 690 Madison through foreclosure

SL Green Realty has gained control of Ashkenazy Acquisition’s 690 Madison Avenue for what appears to be a discount. The major Manhattan landlord paid transfer taxes on about $74 million, just under 65 percent of what Ashkenazy paid for the property in 2015, according to property records. PincusCo first reported the transaction, but did not specify a price tag. SL Green in September held a UCC foreclosure auction of an Ashkenazy entity that owns the

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The Closing: Ron Dickerman

Ron Dickerman has made quite a career out of coming in second. As the founder of Madison International Realty, which over the past two decades has pumped north of $17 billion into real estate assets, Dickerman is one of the industry’s biggest secondary investors, focused on owning minority positions in big-ticket properties. His company’s name isn’t generally in the headline of a press release, but it’s in a lot of them.  Madison owns or has

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Reubens Bros.’ Madison Ave shopping spree tops mid-market deals

The Reuben brothers extended their Madison Avenue buying spree last week, scooping up two properties with 130 feet of frontage along the beleaguered shopping corridor for a total of $50 million. No financing documents were recorded with the purchases, suggesting all-cash deals. One of the properties was among five that seller Vornado Realty Trust recently said had been losing money due to a meager 30 percent occupancy rate. Dependent on foot traffic from emptied Midtown

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First we take Manhattan: Inside Reuben Brothers’ NYC shopping spree

If you’re having trouble getting a hold of David and Simon Reuben, don’t take it personally. They’re just very, very private people. The billionaire brothers have given one on-the-record interview in the 21st century, and promptly sued the publication for libel. They never appear on video, and the same handful of photos from some gala offer the only glimpses of them on the internet. They, like many people who’ve worked with them, declined to be

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This 250-acre abandoned waterpark in Mojave Desert is for sale

An infamous abandoned waterpark in California’s Mojave Desert is once again up for sale. The 250-acre park at 72 Hacienda Road in Newberry Springs, which started its life as Lake Dolores Waterpark, is asking $11 million, according to the New York Post. The park has been shuttered since 2004. Its dozens of structures are decaying and now almost entirely covered with graffiti, making it something of a local attraction. The property is entitled for “any

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Oaktree Capital buys Soho retail condo for $34M

Oaktree Capital Management is planting a new seed in Soho. The global investment manager has bought a retail condo at 90 Greene Street for $33.6 million, public records show. The seller, real estate investment firm Meadow Partners, has a tangled history with the property. In 2017, 60 Guilders bought the condo for $28 million through 121 Spring Retail Owner, an ownership LLC. The same LLC appears in the recent sale documents, registered this time to

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Vacant for 15 years, landmarked UWS theater holds out hope

Even on a block where the majority of its neighboring buildings are landmarked, the Metro Theater stands out. For one thing, it’s tiny: at just two stories, the Metro is an Art Deco splinter in the foot of the Ariel East, Extell’s 37-story glass tower that’s so tall it made Upper West Siders shriek with dismay when its design was revealed. The theater’s tri-colored, terra cotta façade, which used to advertise showings of adult cinema

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Halloween Adventure to vacate East Village home as retail condo hits market

After a staving off closure for one more year, this season will be Halloween Adventure’s last at its longtime East Village location. The retail condo at 808 Broadway and 104-110 Fourth Avenue is for sale asking $15.95 million, sources tell The Real Deal. Halloween Adventure has been operating from the building since 1996, but the store will close up shop after the sale. An LLC tied to Queens-based manufacturer Rubie’s Costume Company purchased the retail

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August retail rent payments close to 2019 levels

Despite the delta variant causing a new wave of restrictions on businesses, most retailers are paying their rent at nearly pre-pandemic levels. National chains have paid 95 percent of owed rent in August of this year. That’s just slightly below the nearly 97 percent paid during the same time in 2019, according to a monthly report by Datex Property Solutions. “There’s resiliency in retail,” Datex Property Solutions CEO Mark Sigal said. The chains included in

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