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Acquisitions

Real Estate Roundup 12.2.19

Real Estate Roundup

23-10 Queens Plaza South (Credit: Google Maps)

Acquisitions

Gary Segal has acquired 23-10 Queens Plaza South in LIC from Kevin Maloney’s PMG Holdings for $27.5 million. Segal is planning to build an office building with retail and cafe space at the property, which spans about 135,000 square feet. Churchill Real Estate provided $29.75 million in financing with a 50 percent profit-sharing agreement. (TRD)

Sharon Hakmon’s H. Holding Group and Klosed Properties have acquired 780 East 135th Street in Port Morris from Adi Altmark, Eli Tabak, and Joe Tabak for $17.5 million. The Bronx warehouse spans 92,000 square feet. (NYPost)

Financing

Steve Valiotis’ Alma Realty has secured an $107 million loan from New York Community Bank to refinance 106-20 Shore Front Parkway, 107-10 Shore Front Parkway, and 106-10 Shore Front Parkway. The Far Rockaway rental complex contains 770 apartments.

Financing details: The loan provides $16.6 million in fresh financing. (TRD)

The New York Yankees are asking the New York City Industrial Development Agency (IDA) to issue $900 million worth of tax-exempt bonds so the team can refinance bonds it used to build its 1.3 million SF stadium. (TRD)

Weekend Retail Update

Black Friday brick-and-mortar retail sales fell by 6.2% compared to last year. The pullback corresponds with a 19.6% increase in online spending, which hit $7.4 billion, the largest online Black Friday total ever. 

Worth Noting: Brick-and-mortar sales on Thanksgiving Day rose 2.3% from a year ago, resulting in a combined 3% decline for the two-day period. Cyber Monday, is on track to break records as the biggest online sales day ever, at $9.4 billion (CNBC)


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