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Real Estate Roundup 11.18.19

Credit: Arlo NoMad Hotel

Real Estate Roundup

The Kushner family’s big bet on Times Square retail at 229 West 43rd Street is on the rocks… A $285 million loan taken out by the Kushner Cos. will require a renegotiation of terms after the firm’s tenants broke their leases. (Bloomberg)

Capital-hungry pot companies are increasingly selling off their real estate as other sources of financing dry up. With cannabis stocks down nearly 60% since their highs in March, producers that previously relied on issuing shares to raise money have been left with few alternatives, particularly in the U.S. where the drug remains federally illegal. Sale-leaseback transactions have stepped in to fill the void. (Bloomberg) 

Amazon Loss Stings, but Long Island City Real Estate Shrugs It Off. (WSJ)

CBD Retailer Hemped NYC signs an 1,800 SF lease at Continental Ventures’ 199 Orchard Street on the Lower East Side. Asking rent on the space, split into 700 SF on the ground floor and 1,100 SF in the basement, was $102,000 per year. (CO)

Rockwood Joins $365M Refi of 180 Water as Mezz Lender. (CO)

Politics

The City Council voted Thursday to obligate below-market housing developments that receive $1 million or more in city assistance pay prevailing wage to the staff members who maintain the structures and tend to tenant needs. (Crain’s)

A group of landlords has filed another lawsuit challenging New York’s new rent law, alleging that the measure is unconstitutional. (TRD)

WeWork

WeWork is drawing scrutiny from the SEC over whether the co-working company violated financial rules in the run-up to its failed IPO. The agency’s enforcement division is reviewing the co-working company’s business and its disclosures to investors amid a number of news articles that highlighted potential conflicts of interest and the company’s aggressive fundraising. (Bloomberg)

The real casualties… WeWork is preparing to cut at least 4,000 people from its work force this week. Under the plan, the company’s core business of subletting office space would lay off 2,000 to 2,500 employees. An additional 1,000 employees will leave as WeWork sells or closes down non-core businesses. Additionally, roughly 1,000 building maintenance employees will be transferred to an outside contractor. Together, these employees would represent around a third of the 12,500 people WeWork employed at the end of June. (NYTimes)

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