Hotelier André Balazs unloaded his Soho apartment this week, 14 years after first listing the pad. The Mercer Hotel owner first listed the 4,200-square-foot unit at 158 Mercer Street, the New Museum Building, for $10 million back in 2007, with no luck. He tried again in 2017, and then in 2020, bumping the asking price to $12 million. Third time’s the charm: Balazs sold the 10th floor unit for $10.35 million, well above the $5.75
Last week, “rumblings” from Katerra workers on a project site in Jersey City reached developer Paul Silverman. He then learned the ominous chatter was true: Katerra was shutting down. Many developers are now in a similar position as Silverman, figuring out how to move forward on projects that suddenly no longer have a construction manager. Silverman, whose eponymous firm hired Fields Construction, one of many companies acquired by Katerra over the last few years, said
The post What Katerra’s shutdown means for clients, subsidiaries appeared first on The Real Deal New York.
Private equity’s push into single-family housing this year strained a market already strapped for supply as mom-and-pop bidders found themselves up against institutions intent on buying to flip or rent. Investment firm Fundrise found opportunity in that bottleneck. Last week, the startup secured a $300 million credit facility from Goldman Sachs to finance almost half-a-billion dollars in new home construction to bulk up supply in the Sun Belt. But the firm’s new developments will be
The post Fundrise scores Goldman backing to expand single-family rental market appeared first on The Real Deal New York.
A fridge that knows you’re low on oat milk before you do may sound like the stuff of science fiction. For Colony Capital, it’s only the beginning of a hard pivot from traditional real estate to a focus on digital infrastructure. On this episode of the REInterview, TRD’s Hiten Samtani spoke with Colony CEO Marc Ganzi about the “tectonic shift” towards digitalization in commercial real estate. Geology metaphors aside, Colony’s own digitalization journey has been
The post WATCH: Marc Ganzi on Colony Capital’s digital transformation appeared first on The Real Deal New York.