As the government’s closure drags on, commercial airline passengers are suffering. But private aviation is doing banner business.
One of the most powerful figures in global real estate investing is leaving the building. Blackstone’s Kathleen McCarthy, who helped grow the firm’s property arm into a $320 billion behemoth, will depart by year’s end after 15 years with the company, Bisnow reported. McCarthy, 47, has served since 2018 as global co-head of Blackstone Real Estate — the world’s largest private property investor — and will step down to “explore new opportunities,” the company said. Her co-lead, Nadeem Meghji, 45, will take over as sole head of the business. McCarthy joined the firm in 2008 from Goldman Sachs. Since then, […]
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BLDG Management has plans for Jersey City that stand to break records. Lloyd Goldman’s firm announced plans for a 1,300-unit complex at 100 Bay Street in the New Jersey municipality. NJBIZ reported. The project is expected to span 1.6 million square feet and replace a lot that’s been vacant for nearly two decades. The full-block site, also known as 111 First Street, began as the site for P. Lorillard Tobacco Company’s warehouse after the conclusion of the Civil War. That factory shut down in 1956 and the site ultimately became an artist community before its demolition, according to JerseyDigs. The […]
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A wide swath of land near the commuter rail station at Bowie State University is being targeted by county and state officials for a mixed-use makeover.
Arrived, a real estate investment startup that allows fractional investment by individuals, has locked in $27M from the top seats of tech giants.
Backers include Bezos Expeditions, Core, Forerunner Ventures and the CEOs of Salesforce, Uber and Match Group. The platform has now raised $60M in total, including $25M from a Series A round in 2022.
Arrived purchases single-family and vacation rentals for investors to buy shares in. Quarterly dividends are earned from rent, as well as a slice of appreciation if a home is sold after a holding period. It takes on the financing, property management, renovations and tenant relationship management for the houses.
The…
UK investor and asset manager Oberland has teamed with a Singaporean crowdfunding investment platform to buy a Manchester city centre hotel, Bisnow can reveal.
Oberland and RealVantage have bought the 61-room Heathcote Hotel, formerly the Abode Hotel, for an undisclosed sum from the family that owned the property.
Built in 1899, it was designed by Mancunian architect Charles Henry Heathcote and is reminiscent of Jacobean architecture. The Grade II-listed building still retains a formal staircase, original tile work and an ornate red-sandstone and brick Jacobean-baroque façade.
Oberland plans to revive the property, restoring its heritage features and introducing modern elements in guest rooms and public…
Hines and Rialto Capital Management are quietly fueling a foreclosure fight against Hilson Management in Midtown Manhattan. The partners sued last week to force the auction of a trio of office buildings owned by the Schwalbe family’s firm, Crain’s reported. The complaints were filed in Manhattan state Supreme Court. In an unusual twist for this type of proceeding, the foreclosure battle isn’t unfolding publicly. Online versions of the complaints are limited to attorneys who are registered with the court; the court’s media officer did not respond to the publication’s request for comment. The Schwalbes declined to comment, while Hines did […]
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Lower Manhattan’s residential conversion boom isn’t driving office tenants out… it’s locking them in. Office users displaced by the wave of conversions are largely staying downtown, Crain’s reported. The activity is fueling a leasing surge even as the neighborhood’s total office stock shrinks, according to a JLL report. Overall, leasing in the area this year is already more than twice last year’s total. Available space is tightening as more properties are slated for residential makeovers. Since 2020, more than 5.5 million square feet of downtown office space has been converted to housing; another 5.8 million square feet could face the […]
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A prominent U.S. commercial real estate lender with $18B under management is selling a majority stake in its operation to the Japanese insurance firm that helped it launch a decade ago.
Rudin’s proactive approach to its impending debt deadline at 32 Sixth Avenue yielded positive results. The company landed a four-year extension on its $425 million commercial mortgage-backed securities loan at the Tribeca office property, the Commercial Observer reported. The extension was secured two months after the debt hit special servicing. The loan transfer was due to “imminent maturity default,” as the debt was set to come due in November. But a representative for Rudin noted at the time that it requested the transfer to allow for negotiations to kick off for a loan modification. Those negotiations resulted in a four-year […]
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