GFP Real Estate, Metro Loft and Rockwood Capital started the year by launching leasing at 25 Water Street. They’re ending it with a nine-figure financing package for the historic office-to-residential conversion. Apollo and GIC provided an $835 million debt package to refinance the 1,320-unit building in the Financial District, the Commercial Observer reported. Leasing began at the former 1.1 million-square-foot office property — dubbed SoMA for South Manhattan — in the last days of January and move-ins began the following month. A Newmark team including Jordan Roeschlaub, Chris Kramer and John Caraviello negotiated the debt. The last major financing at […]

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Developer Cannon Hill Capital Partners has struck a partnership with a private equity firm to spend $1.5B over the next three years buying distressed office buildings along the Acela corridor.

The philanthropy has become one of America’s biggest, but most of its giving went to charities closely tied to the world’s richest man.

A struggling Singapore-based office REIT wants to pivot to the industrial, multifamily, retail and data center sectors in the U.S. and Canada to stabilize its portfolio and avoid a forced liquidation at distressed prices.

Amazon launched a pilot program to make ultrafast deliveries that, if successful, could fuel demand for industrial space. 
The online shopping and web services giant’s Amazon Now, which is starting in Seattle and Philadelphia, promises to deliver everyday essentials in 30 minutes or less.

Empire State Realty Trust is scooping up the Scholastic Building in an all-cash, sale-leaseback deal, the two companies announced Tuesday. 
The REIT has agreed to pay $386M for the property at 555-557 Broadway in SoHo, between Spring and Prince streets. The transaction is expected to close this month.

Letitia James is going after a prominent Brooklyn landlord, accusing the firm of illegally deregulating rent-stabilized units. The New York Attorney General’s office and the Division of Housing and Community Renewal sued Peak Capital Advisors on Monday, Crain’s reported. The lawsuit alleges Peak illegally deregulated more than 150 units across 30 properties in Queens and Brooklyn, including buildings located in Greenpoint, Astoria, Sunnyside and Long Island City. Since 2019, Peak deregulated dozens of units by using the state’s “substantial rehabilitation” program, designed for full-system replacements. Peak’s properties, however, didn’t warrant “substantial rehabilitation,” according to the agencies’ investigation. Peak allegedly tried […]

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The Jay Group in November secured a massive construction loan for a project on the Greenpoint waterfront. Now, it has the site to match. Jacob Kohn’s firm acquired the lot at 97 West Street in the Brooklyn neighborhood from Jack Guttman’s Pearl Realty Management for $130 million, the Commercial Observer reported. Pearl Realty had owned the site since 2001, when it acquired the lot between Greenpoint Avenue and Milton Street for $7 million. None of the parties involved in the transaction commented to the publication. The sale was disclosed in city records on Monday. Last month, the Jay Group landed […]

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Tony Malkin is continuing his retail buying spree. Malkin’s Empire State Realty Trust is in contract to buy the Scholastic Building in Soho for $386 million, the company announced Tuesday. Scholastic owns the building at 555-557 Broadway and leases the majority of the space, which includes 368,000 square feet of office and 28,000 square feet of retail along Soho’s prime shopping corridor. Malkin said he was attracted to the property for its in-place revenue and the ability to add value by marketing the “three uniquely large floors in a more than 110,000 square feet block.” ESRT expects the all-cash deal […]

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The government said the rules were needed to prevent theft and other crime. Its opponents and privacy activists regard the app as a tool of mass surveillance.