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Acquisitions

Real Estate Roundup 8.28.19

263 West 34th Street (Credit: Churchill Holdings)

Real Estate Roundup 8.28.19

Acquisitions 

Nuveen is joining Taconic Investment Partners on its $230 million purchase of a portion of Silverstein Properties’ ABC campus on the Upper West Side… The two partners are in talks with Deutsche Bank for a loan to finance the acquisition. (TRD)

Fairstead has secured a $32.9 million loan from NYC Partnership Housing Development Fund Company to fund its acquisition of an apartment building at 414 West 48th Streetfrom E&M Associates. (CO)

Politics

Landlords fight back… Blackstone Group is keeping some rent-regulated apartments at Stuyvesant Town and Peter Cooper Village vacant. (TRD) 

Tenants having a hard time reviving rent overcharge claims in light of the new law. Judge Frances Ortiz denied a motion filed by a tenant at Ofer Yardeni’s 400 East 58th Street, finding that the Housing Stability and Tenant Protection Act of 2019 “relates to claims pending or filed after the effective day of the statute,” which was signed into law June 14. The court dismissed claims that illegally deregulated a stabilized apartment in the building on June 13. (TRD)
De Blaso pushes plan to restrict hotel development. (Crain’s)

Other news 

Aby Rosen reveals plans for 477 Madison Avenue. (NYPost)

Software company Unqork has subleased just under 40,000 Sf from Univision Communications at 114 Fifth Avenue. Asking rent was reportedly in $90s per SF, and there are 11 years remaining on the lease. The property is owned by L&L Holding Company, Columbia Property Trust, and Allianz. (TRD)

Investor’s ties to WeWork raise conflict-of-interest concerns… Rhone Group co-founder Steven Langman is one of the company’s key backers but also runs a fund that leases buildings to the workspace giant. (WSJ)

Mark Dixon, IWG’s chief executive, is in talks with investment banks about creating a standalone business that would become a publicly traded rival to WeWork. The London-listed‎ flexible office group is looking to float its US business for $3 billion in New York. (SkyNews)

WeWork acquires co-working company Spacious. The three-year-old, New York-based startup turns restaurants that sit empty during the day into co-working spaces. (TechCrunch)

Storefront Vacant Report reveals NYC is in a retail leasing crisis. (NYPost)

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