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Financing

Real Estate Roundup 11.13.19

Rendering of Brooklyn Pier 6 (Credit: MOSO Studio)

Real Estate Roundup

Financing 

Eli Karp’s Hello Living has secured a $34.5 million bridge loan from Greystone to refinance a recently finished building at 271 Lenox Road in Prospect Lefferts Gardens. The deal replaces $28 million in previous debt provided by Madison Realty Capital in March of this year. (CO)

Leasing

High-end casual retailer Club Monaco is planning a new 13,000 SF store at Thor Equities’ 597 Fifth Avenue in Midtown. Asking rent on the deal was reportedly $1,000 per SF. (CO)

CVS has inked a 12,000 SF retail lease at Warren Street Associates’ 140 Church Street in Tribeca. (CO)

Boutique investment bank Perella Weinberg Partners is in late-stage talks to take about 125,000 SF at 550 Madison Avenue (AKA Sony Building). (TRD)

Acquisitions

Harry Macklowe is offloading his stake in 200 East 59th Street to his capital partner Alpha Investment Partners. (TRD)

WeWork

As the WeWork IPO loomed, the SEC zeroed in on how the company framed its heavy losses, particularly through a bespoke profitability metric called “contribution margin,” a version of which had formerly been known as “community-adjusted Ebitda.” The agency sent WeWork a list of 13 unresolved issues on Sept. 11. (WSJ)

T-Mobile CEO John Legere in talks to become the head of WeWork. (CNN)

WeWork knew about its cancer-causing phone booths since early this summer. The booths, manufactured by now-defunct commercial fixture company Premier XD, were found to have elevated levels of formaldehyde. UBS complained about smell to WeWork, and had booths in its offices replaced over the summer. The co-working firm informed members of the issue on Oct. 14. (Bloomberg)

Politics and other news 

Commercial rent stabilization is back on the table. City Council member Stephen Levin will soon introduce a greatly revised version of last year’s Small Business Jobs Survival Act. The new bill will focus on “community-facing” businesses and not large office leases — a distinction that was not made in last year’s bill, drawing ire from the real estate industry. (Crain’s)

Barry Sternlicht’s Starwood Capital Group, one of the largest owners of U.S. apartments, is exploring new investments in single-family rental homes. The firm has bought houses through third-party platforms Roofstock Inc. and Tiber Capital Group Starwood, testing the viability of a larger investment (Bloomberg)

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