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Real Estate Roundup 10.16.19

Real Estate Roundup

Leasing

The Israel Discount Bank (AKA IDB Bank) is moving to the Grace Building at 1114 Avenue of the Americas. The lease will span nearly 125,000 SF. Asking rents at the building are around $100 per SF. (NYPost)

E-commerce plug-in Yotpo has inked a 27,269 SF office lease at 400 Lafayette Street on the northwest corner of East 4th Street. The deal is a sublease from SeatGeek. (NYPost)

Office furniture designer Knoll has renewed and expanded its lease to 60,500 SF at RXR’s 1330 Avenue of the Americas. Current building asking rents range from the mid-$80s to mid-$90s per SF. (NYPost)

Facebook and Apple both vying to lease 740,000 SF of office space being developed by Vornado in the former James A. Farley Post Office. Steve Roth sitting happy. (NYPost) 

Major League Baseball has signed a 17,000 SF retail lease on the first floor and basement of Rockefeller Group’s 1271 Avenue of the Americas between West 50th and West 51st Streets. (CO)

Financing 

Global auction house Sotheby’s has secured a $252 million loan from BNP Paribas to refinance its massive New York headquarters at 1334 York Avenue in the Upper East Side. (CO)

The Rochdale Village co-op apartment complex in southeastern Queens has landed a $195 million refinancing from Wells Fargo. The loan appears to significantly upsize the most recent $130 million debt package obtained by the co-op from the same lender in 2014. (CO)

WeWork

WeGrow shutters… WeWork informed parents on Friday that it would no longer operate its private school in Manhattan after the 2019-20 school year. (HuffPost)

The city is investigating WeLive’s Financial District location. Officials are looking into whether units that were supposed to be long-term apartments are instead being advertised as hotel rooms. It’s the latest piece of bad news for WeWork’s co-living division, which hasn’t expanded beyond its initial two locations and failed to grow into India and Israel. (NYTimes)

Other news 

MGM Resorts International has agreed to sell the Bellagio resort in Las Vegas to Blackstone Group for $4.25 billion. The Las Vegas-based casino company also agreed to sell the Circus Circus property on the Strip, along with 47 adjoining acres to Phil Ruffin for $825 million. (Bloomberg)

Brookfield Asset Management starts $400 million revamp of 666 Fifth Avenue… The renovation is expected to begin after business tenants vacate over the next year and a half and wrap up by early 2023. The company plans to charge an average rent of $100 per SF. (WSJ)

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