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Acquisitions

Real Estate Roundup 10.18.19

Seaport District (Credit: Howard Hughes)

Real Estate Roundup

Acquisitions

Columbia University has acquired 3300 Broadway from the Sprayregen family for $33.6 million. The three-story industrial building in Manhattanville spans __ SF. (CO)

Financing 
Columbia International has secured a $66.8 million loan from Shanghai Commercial Bank to develop 402-422 West 126th Street. Plans call for a mixed-use 16-story tower with 92 apartments and 59,000 SF of commercial space. (CO)

WeWork

SoftBank has hired investment bankers to oversee WeWork’s restructuring. Houlihan Lokey, which specializes in bankruptcy, will work on slashing liabilities at the office-space giant. The move comes as WeWork is assessing a deal that would give SoftBank control of the company. (Bloomberg)

WeWork abandons planned Seattle co-living location. The firm announced with landlord Martin Selig Real Estate, the owner of a 36-story tower at Third Avenue and Lenora Street, that it would be backing out of a planned lease deal to refocus on its core business. The news comes on the heels of a New York Times report that said WeLive was under investigation by the city at 110 Wall Street in Manhattan. (Bloomberg)

How a spiritual group helped WeWork’s rise. New details have emerged about former WeWork CEO Adam Neumann’s connection to the Kabbalah Centre, a group that promotes Jewish mysticism and helped build WeWork in its early days through a network of wealthy members. (WSJ)

Report calls into question WeWork’s “membership” tally. On its S-1 filing, the co-working giant said it had 527,000 memberships, however sources told Business Insider that many apparent members represented unused work stations. (BI)

Other news

Bidding for Barneys New York is in full swing. Two bids are in for the bankrupt luxury department store, including a $264 million offer from Authentic Brands Group, the owner of Nine West and Nautica, a figure that has satisfied Barneys lenders. Another bidding group, led by a consortium that owns clothing brand Kith, has also declared interest. An auction is due to start next week. (NYTimes)

The City Council has its sights set on a raft of new housing bills. Council members, which last year passed a slew of tenant protections, plan to move forward with the legislation before the end of the year. The package includes the largest set of lead laws since 2004, an ambitious mandate for homeless housing and a cap on rental fees. (CityLimits)

The office market in Brooklyn is starting to cool. Despite a strong start to the year, with more than 500,000 square feet in signings in both the first and second quarters, deals fell to 195,000 square feet in the third quarter. (WSJ)

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