A federal judge has ordered that Uncle Nearest be placed in receivership, after a lender claimed the company’s finances are in disarray.
Scott Rechler closed his $1 billion deal for 590 Madison Avenue with a big private equity loan, marking New York City’s largest investment sale in three years. Mark Rowan’s Apollo Global Management provided $785 million in debt to finance RXR’s $1.08 billion purchase of the Plaza District office tower from the State Teachers Retirement System of Ohio, sources told The Real Deal. “This is one of the highest quality buildings in Manhattan with one of the best locations at 57th Street and Madison,” Rechler said. “With institutions seeking to shed their exposure to office, we view this as a great […]
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The value of a distressed Midtown skyscraper has plunged dramatically.
The largest owner of U.S. malls is paying off an upcoming $1.1B debt maturity with the issuance of new debt.
It took less than a year for the Beitel Group to retire the construction debt at a newly developed Mott Haven multifamily property. Dwight Mortgage Trust provided a $155 million bridge loan to refinance the 405-unit rental complex at 261 and 315 Grand Concourse in the Bronx, the Commercial Observer reported. The loan comes after Scale Lending in September issued a $135 million construction loan. The refinancing provides a “significant cash-out” to the developer, according to the Dwight Capital real estate investment trust affiliate. The development features 283 market-rate units and 122 affordable housing units. It qualified for the city’s […]
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The U.S. apartment market experienced a reversal of fortune in July as rent growth returned to its highest level in two years and the pipeline of new units continued to shrink.
One Wall Street, Harry Macklowe’s hulking condo conversion in the Financial District, has scored its priciest sale to date. Unit 3304 sold for $9.08 million, or over $3,000 per square foot, according to documents. The deal for the unit, which went into contract with a last asking price of $9.75 million, marks the most expensive residential sale since October 2022. The sale is the neighborhood’s most expensive since a unit at Time Equities’ 50 West Street fetched $12 million in October 2022. The deal also marks a bright spot for the massive condo conversion that has otherwise made headlines for […]
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A penthouse with a private rooftop hot tub has set a record for the priciest condo sale in Greenpoint. The top-floor duplex at 524 Manhattan Avenue sold for $5.975 million in an off-market deal, a surprise entrant into a neighborhood that has thus far been dominated by new development sales at the top of the market. Chubet previously listed the apartment for $8 million in 2022 before taking it off the market at the start of 2024. He said he had since listed it as a Compass Private Exclusive, before receiving a call from Jones, who had been checking in […]
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Manufacturing in Ireland has long helped many American drug companies pay lower taxes. But that strategy was designed for a world without President Trump’s tariffs.
The embattled federal agency that oversees the appraisal industry has a new acting head.
The board of directors for the Appraisal Subcommittee unanimously approved Frederick Griefer as acting executive director, effective Aug. 10. He’s the third person to hold the position in a month.