The middle of the city’s i-sales market cooled last week, notching just three sales after a frenzy of residential dealmaking. But despite the paucity of transactions, the pandemic’s forces shone through in those that were completed. A logistics site sold in Staten Island and Ben Ashkenazy shed a retail property (he’s not the only one dumping retail) two blocks east of Madison Avenue. Here are more details on the investment sales between $10 million and
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Howard Hughes Corp. and the de Blasio administration have laid out a plan for providing the Seaport Museum with a $50 million endowment, funding that is critical for the developer’s project at 250 Water Street to secure final approval. The developer will pay $40 million for 234,630 square feet of air rights from nearby Pier 17 and the Tin Building, which the city will set aside for the museum. The city has committed $10 million
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Depending on whom you ask, a new law requiring hotels to reopen by Nov. 1 or pay severance to out-of-work employees either achieved its intended results or claimed its first victims. The Omni Berkshire Place, a 399-room Midtown hotel that opened in 1926 but has been closed since June of last year, plans to welcome back guests before the November cut-off, according to Crain’s. “Our strategy was to lose less, so what do we do?”
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Los Angeles-based billionaire Ron Burkle is buying into the fundamentals of New York’s Financial District — and it’s more than a stock play. Burkle’s Yucaipa Companies recently bought the former headquarters of the American Stock Exchange at 86 Trinity Place in New York City’s Financial District from Clarion Partners for $155 million, records show. Neither Yucaipa nor Clarion immediately responded to requests for comment. Yucaipa got $97.1 million in financing from Los Angeles-based commercial lender
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It was a close call. George Comfort & Sons’ last-ditch refinancing effort has kept its Westchester office campus from being foreclosed by its mezzanine lender, an affiliate of Oaktree Capital Management. The $134 million refinancing deal that rescued the Manhattan-based landlord’s Centre at Purchase office campus consists of a $105 million mortgage loan from Bank of America and a $29 million mezzanine loan from real estate lender RCG Longview, according to George Comfort & Sons.
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NBA star Ben Simmons isn’t playing for the Philadelphia 76ers these days. He might not be living near the team much longer, either. The player listed his mansion in Moorestown, New Jersey, for almost $5 million, according to Mansion Global. He reportedly purchased the 10,477-square-foot home for $2.3 million two years ago. The home sits on 1.78 acres and comes with five bedrooms and five and a half bathrooms. The basement features a gaming room
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