Billy Macklowe has snapped up the troubled loan on a Tribeca office building. The William Macklowe Company bought the $46 million note tied to 291 Broadway as the loan barreled toward foreclosure, The Real Deal has learned. Lender Flagstar Bank sold the note to Macklowe for slightly less than the balance of about $45 million, per a source with knowledge of the deal. The note sale comes after Flagstar sued owner Sutton Management in July to foreclose on the 129,000-square-foot property, alleging the borrower stopped making payments at the end of 2024. As of June 30, the landlord allegedly owed […]

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Pyramid Management Group is going through hard times with much of its portfolio, but it received a lifeline for its Crossgates properties in New York. Pyramid landed more than $200 million in financing for a pair of retail properties, the Times Union reported. The financing is split between $193 million for the Crossgates Mall in Guilderland and $13.8 million for the Crossgates Commons shopping center in Albany. Both of the deals take the form of five-year finance loans. The developer said in a release announcing the deal that the financing “enables Pyramid to reinvest in the properties, ensuring their vitality, […]

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Trammell Crow Co. is proposing a 12M SF data center campus about 25 miles north of Macon that will cost a reported $21B.

As of February, passengers without the government-approved identity card will be required to pay for alternative screening at U.S. airports.

OpenAI may need to find new sources of capital to fund its aggressive data center spending. And the clock is ticking. 

Brooklyn’s luxury market managed to dodge for a surprisingly strong holiday week.  The borough saw 19 contracts — 10 for condos, one co-op and eight townhouses —between Nov. 24 to Nov. 30 for a total contract volume of $56 million, according to Compass’ weekly report of contracts for homes asking at least $2 million.  Last year, Thanksgiving week saw 11 contracts signed in the borough for $38 million. In 2023, just seven luxury contracts were signed during the holiday week.  The median asking price for homes that entered contract was $2.8 million and homes spent an average of 102 days […]

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As the end of the year approaches, Jersey City’s residential construction boom shows no signs of a holiday break. Lions Group NYC landed $200 million in construction financing to fund work at Homestead Gateway, Bloomberg reported. The 360-unit project is being developed at 701 Newark Avenue in the city’s Journal Square neighborhood. Goldman Sachs provided the financing for the 34-story development through its Urban Investment Group. The financing takes the shape of a construction loan, bridge facility, low-income housing tax credit equity and other public capital. A JLL team including Jimmy Cochran, Nicco Lupo and Jillian Grzywacz advised on the […]

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Architect Robert A.M. Stern, who brought a new dawn of luxury to New York City’s skyline, died Thanksgiving Day at the age of 86.
The cause was a brief pulmonary illness, his son, Nicholas, told The New York Times.

Alternative investment firm Ares Management Corp. is consolidating its logistics real estate platforms across the Americas, Europe and Asia-Pacific under a new brand, Marq Logistics.

The Manhattan office market pumped the brakes in November. Leasing activity dipped nearly 18 percent from October, despite a handful of big deals. Tenants inked deals for 2.99 million square feet, down about 12 percent year over year, according to a new Colliers report. Still, demand exceeded the borough’s 10-year monthly average and pushed year-to-date activity to 36.7 million square feet, already ahead of last year’s total.  If December holds pace, Manhattan could top 40 million square feet of leasing for the first time since 2019. A handful of headline-grabbing deals anchored the month, led by Millennium Management’s 438,000-square-foot renewal […]

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