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Real Estate Roundup 11.20.19

(Credit: Simon Property Group)

Real Estate Roundup

Acquisitions 

Avery Hall Investments has acquired a development site at 204 Fourth Avenue in Gowanus from Speedway for $30 million. Interestingly, the WSJ reported last month that Marathon Petroleum Corp. is planning to spin off its gas-station chain… Marathon owns and operates roughly 4,000 convenience stores in the U.S., largely under the Speedway brand. (TRD+WSJ)

Financing 

Leo Tsimmer’s Caerus Group has secured $30.5 million in fixed-rate debt from Argentic to finance a portfolio of two recently repositioned office properties. The two office buildings at 74 Kent Street in Greenpoint and at 11-20 46th Road in LIC span a total of 65,000 SF. (CO) 

Leasing

Advertising company Dentsu Aegis Network will anchor Tishman Speyer’s re-development at 341 Ninth Avenue in West Chelsea after signing for 320,000 SF of office space. Asking rents at the project are in $120s per SF. (NYPost)

IT service provider, BCM One has inked a 15,875 SF office lease at the Eretz Group’s 295 Madison Avenue. (CO)

Art gallery, Peter Max Studio has signed a 2,307 SF lease on the second floor of Artemis Real Estate Partners’ 541 West 25th Street. Asking rent on the deal was $75 per SF. (CO)

Investment bank, Ducera Partners has inked a 29,089 SF office lease for the 36th floor of 640 Eighth Avenue. Asking rents on the deal was $110 per SF. Property is owned by SJP Properties, PGIM, and Norges Bank. (CO)

Other news 

Asking rents in Times Square are down 24% from the same quarter five years ago as its availability rate rose 8.9 percentage points… During the same time period, asking rent on Broadway in SoHo fell 43% to $486 a square foot, and on upper Madison Avenue, prices have dropped 46% to $954 a square foot. (WSJ)

Commercial rent ‘stabilization’ bill terrifies real estate industry. (NYPost) 

RFR makes it two Lever House lawsuits in two weeks. (TRD)

Cohen Brothers Realty is suing Sol Goldman Investments to stay at 475 Park Avenue South, the 34-story building where Cohen has held the ground lease since 1967. (TRD)

StreetEasy will begin charging agents $6 per day for rental listings. (TRD)

Trade talks between the U.S. and China are in danger of hitting an impasse, threatening to derail the Trump administration’s plan for a limited “phase-one” pact this year. (WSJ)

Sluggish sales at Home Depot and Kohl’s show the challenges retailers face ahead of the holiday season, while growth at off-price retailer TJX (TJ Maxx and HomeGoods) showed that shoppers are still snapping up bargains. This will be the first holiday that Kohl’s will accept returns of products bought on Amazon in all of its more than 1,100 stores, with the intention of bringing in new and younger customers. (WSJ)

The New York State Attorney General is investigating WeWork… Among the issues Letitia James is examining is whether WeWork’s founder and former chief executive, Adam Neumann, indulged in self-dealing to enrich himself. (Reuters)

Carl Icahn is placing a big bet against mall owners. The billionaire investor stands to gain $400 million or more if mall owners run into challenges servicing their debt. (WSJ)

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