“Fortnite” game developer will convert mall into massive HQ

Epic Games, best known for developing the hit game “Fortnite,” is buying a mall in North Carolina with plans to convert it into a new headquarters. The company has agreed to buy the 980,000-square-foot Cary Towne Center for $95 million, according to the Wall Street Journal. The mall is located in Cary, where the company is currently based. Epic Games plans to open its new headquarters in 2024. It will be about four times as

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RedSky hands over Williamsburg retail portfolio valued at $145M

 Embattled developer RedSky Capital has transferred ownership of a portfolio of Williamsburg retail properties in a deal valuing them at $145 million. The company, headed by Benjamin Bernstein and Benjamin Stokes, handed over ownership of the 14 properties near North 6th Street and Bedford Avenue, property records filed with the city Friday show. RedSky handed the keys back to its mezzanine lender on the property, BlackRock, in a deed-in-lieu of foreclosure action. BlackRock then did

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Manhattan retail rents hit new lows

The coronavirus pandemic has undoubtedly taken a huge toll on Manhattan’s retail sector, leading to stores closing and rents dropping along even the most posh shopping corridors. But those problems were in place well before the pandemic took hold, according to a new report from the Real Estate Board of New York. In the fall of 2020, all 17 of the Manhattan retail corridors that REBNY tracks saw their average asking rents drop from the

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Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects

UPDATED, Jan. 7, 2:30 p.m.: Kushner Companies is expanding in South Florida, acquiring two development sites in Palm Beach County, The Real Deal has learned. The New York-based firm is buying two properties near Delray Beach and near Lake Worth Beach, according to a source close to the deal. An industrial project is planned for the Delray-area property and a mixed-use multifamily development for the Lake Worth site. Kushner Companies could not be reached for

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Trader Joe’s is coming to Harlem

Trader Joe’s is coming to 125th Street in Harlem. The grocery store, known for its affordable speciality items, will open its 13th New York City location at 121 West 125th Street, according to the Wall Street Journal. The 28,000-square-foot location will be one of the anchors of the 17-story building, along with a Target on the building’s second floor. The new building will be known as the Urban League Empowerment Center, which will also include

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Macy’s to close 4 tri-state locations in next few months

Macy’s may no longer be the “way to shop” for some residents of the tri-state area. Four of the department store’s mall locations will close in the first quarter of 2021. Those stores are located in Sangertown Square in New Hartford, New York; White Plains Galleria in Westchester County, New York; Brass Mill Center in Waterbury, Connecticut; and Crystal Mall in Waterford, Connecticut. Another location, in Commack, New York, shut its doors in the second

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Struggling restaurants to get $5K lifeline from state

New York restaurants, once bustling spaces that shaped the city’s character, are in trouble. One by one, hundreds have shut for good, unable to weather indoor dining bans, an exodus of patrons and now, a frigid winter. And hundreds more may not be able to survive the next few months. The state government wants to curb that trend. On Wednesday, the Empire State Development Corporation announced a new fund designed to support struggling restaurants over

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City extends little-used storefronts program through September

The Open Storefronts program, which allows stores to sell goods on the sidewalk in front of their location, has been extended by nine months. The initiative, which had been set to end Dec. 31, will now run through Sept. 30, according to an executive order signed by Mayor Bill de Blasio, 6sqft reported. The program will also be expanded to increase the number of restaurants and retail stores that can use sidewalks. “We think that’s

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Simon completes acquisition of high-end mall owner Taubman

After a tumultuous process, Simon Property Group has completed its acquisition of Taubman Realty Group. Under the merger agreement, which was made official Tuesday, Simon acquired an 80 percent ownership stake in the company. The Taubman family sold off about a third of its ownership interest, but will retain a 20 percent stake in the company. “We are very pleased to complete this transaction and to add some of the world’s premier retail assets to

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Related files “emergency” request for $5.3M in back rent from Hugo Boss

Related Companies has filed an emergency affirmation to collect $5.3 million in back rent from Hugo Boss, along with nearly $700,000 in monthly rent for the retailer’s store at the Shops at Columbus Circle. “It is inherently and manifestly inequitable and prejudicial for the multibillion-dollar luxury retailer to arbitrarily decide not to pay its rent while occupying, using and doing business,” wrote Howard Kingsley, an attorney at Rosenberg & Estis who is representing Related, in

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