JPMorgan Chase just purchased nearly 700,000 square feet of air rights from Grand Central Terminal for its planned tower at 270 Park Avenue. The bank bought 666,766 square feet of development rights, 1,234 square feet less than what was expected based on the company’s application to the city in September. JPMorgan paid $208 million to Grand Central’s owners, TF Cornerstone and MSD Capital, according to documents filed on Thursday with the city’s Department of Finance. […]
When the defaults come, the vulture investors get to work. Maverick Real Estate Partners announced on Thursday that it closed another fund that targets defaulted commercial mortgages in New York City. The latest fund has $200 million at its disposal, and appears to be the largest of Maverick’s distressed debt vehicles. The announcement from the distressed private equity firm comes amid jitters about some segments of New York City real estate, particularly from those who […]
Compass is launching a technology campus in Seattle geared toward building “real estate’s first-ever end-to-end platform,” and plans to hire at least 100 engineers. The SoftBank-backed brokerage, which has been in expansion mode, announced the West Coast Product & Engineering Campus in a Facebook post this week, according to Geekwire. The move came about two weeks after Compass brought on former Microsoft and Amazon executive Joseph Sirosh as its new chief technology officer. The firm’s […]
UPDATED, Dec. 13, 5:55 p.m.: The first round of payments are being issued to former tenants of infamous landlord Steve Croman, the New York state Attorney General’s office said Thursday. Checks are being mailed to eligible current or former tenants who last month submitted claims to the restitution fund, according to the statement. The first batch of payments follows the landlord’s initial $2 million payment to the fund, which totals a record $8 million. “I’m […]
In Los Angeles and San Francisco, many homebuyers are still facing a competitive bidding process. But other pockets of the country are facing a growing glut of unsold homes. In markets like Las Vegas and Phoenix, home sales have significantly slowed in the last year, signaling a potential shift nationwide, the Wall Street Journal reported. Existing home sales in Las Vegas, for example, have decreased nearly 12 percent in November compared to the year prior. […]