Lightstone’s David Lichtenstein would like to make one thing clear: Not all property classes are in immediate peril. “Read my lips: You are not going to see distress in multifamily,” he said during a TRD Talks Live panel discussion on Tuesday. “Everybody listening who thinks ‘this is my opportunity to sharpen my claws. I’m a hedge fund, and I’m going to find a lot of great deals in New York,’ let me disabuse you of
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Financing from Wells Fargo for a Rockrose Development project in Queens was the largest outer-borough loan last month by a huge margin. The bank lent Rockrose $350 million for its Eagle Lofts development in Long Island City, taking first place on the list by a margin of more than $270 million. The No. 2 loan in March was roughly $77 million from Morgan Stanley to eight Finkelstein Timberger East Real Estate multifamily properties in the
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Most people around the globe have wondered what long-term impacts the coronavirus pandemic could have on their jobs, the economy, and culture. The verdict is very much out on all those fronts, but some in the real estate industry are already planning for a big change with regard to workplace design and practices, according to the New York Times. On the bright side, that might mean larger and more permanent workspaces for employees. Office workers
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Among the many businesses not paying rent is Equinox, despite Related Companies’ CEO saying this week that commercial tenants must pay if they can afford it. Related’s principals are Equinox owners. The gym chain has not paid rent for the month of April at multiple New York City locations, The Real Deal has learned from documents and three sources with direct knowledge. Equinox’s failure to pay raises questions about its financial health and it comes
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RedSky Capital’s entire Miami Design District portfolio, encompassing 14 buildings with 125,000 square feet of space, is hitting the market as the troubled Brooklyn-based development group seeks to sell much of its real estate. Cushman & Wakefield is listing the 2.5-acre site as a potential redevelopment opportunity for a mixed-use project totaling over 628,000 square feet. The property is in a designated Opportunity Zone, which allows developers and investors the ability to gain significant tax
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SL Green Realty has landed a $220 million refinancing from Wells Fargo for the office building at 10 East 53rd Street, according to the deal’s brokers. The five-year, interest-only loan replaces $180 million in financing that Wells Fargo provided on the 37-story, 385,000-square-foot property in 2017. Walker & Dunlop’s Aaron Appel, Keith Kurland, Jonathan Schwartz and Adam Schwartz arranged the debt. In a statement, Appel described the property as “an exceptional investment opportunity with predictable
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