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Real Estate Roundup 6.26.19


Eran Polack’s HAP Investments has secured $55 million from Asia Capital Real Estate to refinance a rental building in East Harlem at 2211 Third Avenue. The two-year loan was issued at a variable rate of LIBOR plus 3.25 percent, with two one-year extensions. (TRD)

Silverback Development has secured a $90 million construction loan from Och-Ziff Capital Management Group + Michael Dell’s MSD Partners for its condo project at 359 Second Avenue. The developer will focus on the lower echelons of the market and aim to keep apartments priced below $3 million. (TRD)


Wellness boutique Clean Market plans to open a third Manhattan location (2,600 SF) at the base of Broad Street Development’s 40 Bleecker in Noho. Asking rent on the deal was $250 per SF. (CO)

Extell continues construction at Hard Rock Hotel. (NYPost)


NYC rent board approves increases for stabilized apartments. (NYPost)

Commercial Observer breaks down the new rent regulation laws. (CO)

Residential brokers “working around the clock” to close big deals before new taxes hit. (TRD)

Fed Chief Jerome Powell warns against policy bending to ‘short-term political interests’ (CNBC)

SALT Cap Repeal would be $40 billion windfall for millionaires. (Bloomberg)


Facebook rumored to be eyeing 1 million SF of office space in the under-construction 50 Hudson Yards. Deal is reportedly close to getting done. Stay tuned! (Crain’s)

New to the market

RFR puts 3.2-acre Gowanus site at 169-225 Third Street on the market for $200 million. (CO)

Other news 

Kushner Companies’ retail condo at the former New York Times building on West 43rd Street faces debt and vacancy problems. (Bloomberg)

New home sales fell for the second straight month in May. (WSJ)

Foreign investing in Chinese commercial property hits new high. (WSJ)

A joint venture of Advance Realty Investors, Greek Development, and PGIM Real Estate breaks ground on Linden Logistics Center – a 4.1-million-square-foot, state-of-the-art logistics park. The warehouse complex will be the largest planned industrial development in Port of NY/NJ region. (NJBiz)

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