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Acquisitions

Real estate roundup 7.17.19

Acquisitions 

Prologis has agreed to buy warehouse owner Industrial Property Trust for about $4 billion to bulk up its business catering to companies such as Amazon and FedEx. (Bloomberg)

Politics

Why small hotel development in NYC may be a thing of the past? M1 Hotel Text Amendment. (TRD)

Blackstone halts Stuy Town upgrades in wake of rent-regs overhaul. (Crain’s)

Thousands likely overpaid property taxes due to computer glitch… That’s because the city’s new computer system issued property tax bills without including the 421a tax abatement. (NYPost)

Leasing

Deutsche Bank cutting 60K SF of office space at the Columbus Circle tower. Shedding two floors in the north tower was reportedly permitted under Deutsche’s lease with Related, which was signed in May 2018 (NYPost)

Sears to close at Brookfield’s Staten Island Mall. The mall at 2655 Richmond Avenue features 1.2M SF of retail space. The Sears location spanned 40K SF in the mall after shrinking its presence significantly over the last few years. 

Health insurance firm EmblemHealth has renewed and expanded a 42,982 SF office lease at Muss Development’s 41-61 Kissena Boulevard in Flushing. 

Skincare products maker Korres USA doubling size to 10K SF at A.M. Property Holding’s 80 Maiden Lane. Asking rent on the deal was $58 per SF. (NYPost)

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