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Real Estate Roundup 9.18.19

Milk Building (Credit: ALAMY)

Real Estate Roundup

L&L + Normandy reveal plans for the recently acquired Terminal Stores building. (NYPost)

A ceremony held Tuesday morning in the concrete shell of a duplex on the 107th floor at Central Park Tower celebrated the topping out of the condo building. Barnett boasts, “It’s now the tallest residential building in the world and it’s going to be the best building in the city of New York.” The 131-story tower is 1,550 feet high, and is slated to be complete in 2020 (NYPost)

Forever 21 is in discussions to give a stake in the company to its two largest landlords as part of a restructuring that would allow co-founder Do Won Chang to retain a share. The ailing fast-fashion retailer is in talks with Simon Property Group and Brookfield Property Partners about the proposal. (Bloomberg)

Politics 

MTA announces $51.5 billion plan to save the subway. (DailyNews)

After weeks of confusion over a rule change that sought to rein in upfront costs for renters, a state agency on Friday announced that licensed real estate brokers and salespeople cannot collect application fees greater than $20. (Gothamist)

The Federal Reserve stepped into financial markets on Tuesday to keep short-term interest rates from rising — the first time the central bank has had to carry out a “repurchase market operation” since the global financial crisis. (NYTimes+WSJ)

Leasing

Knotel has signed a 27,186 SF lease at ATCO’s 240 West 35th Street.

Technology

Vivint Smart Home, a home automation company backed by Blackstone Group, agreed to merge with a company funded by a unit of Japan’s SoftBank Group to create a firm with an enterprise value of $5.6 billion. The company makes a range of smart home security products that help in controlling other automation gadgets, such as Amazon Echo and Google Home, through a central touchscreen panel. (Reuters) 

Colony Capital is making one of the most aggressive bets yet that technology is disrupting real estate: It is selling nearly all of its traditional holdings and channeling the money into property that focuses on the tech sector. The company aims to sell as much as 90% of its $20 billion property portfolio of hotels, warehouses and other commercial real estate by the end of 2021. (WSJ)

WeWork

WeWork exodus: Sarah Pontius, the firm’s global head of real estate partnerships is leaving the company. Employee stock doesn’t look the same as it once did. (CNBC)

After investing hundreds of millions of dollars in more than half a dozen side businesses like education, wellness, and short-term apartment rentals, WeWork has struggled to demonstrate that any of them are the fast-growth profit centers the company had envisioned. Instead, with a reliance on a single, volatile business for nearly all its growth, investors view WeWork as a real estate leasing company. (WSJ) 

Great read: The New York City block party. NYTimes sent 20 photographers to 65 parties across the city to capture New Yorkers eating, dancing and playing in the streets. (NYTimes)

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