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Acquisitions

Real Estate Roundup 12.4.19

250 Church Street, AKA 101 Franklin Street (Credit:Google Maps)

Real Estate Roundup

Acquisitions 

Normandy Real Estate Partners + Columbia Property Trust have closed on its acquisition of 250 Church Street from Norvin Properties for $205.5 million. (DailyBeatNY)

Retail 

Some restaurateurs say they are contemplating pulling up stakes from Grand Central Terminal’s lower dining level because of high rents, sluggish sales, poor retail conditions, and a growing homeless problem. Lady Gaga’s father Joe Germanotta pays around $50,000 a month for a 1,900-square-foot space, which houses his Art Bird and Whiskey Bar. (WSJ)

Hudson Bay has rejected an offer by private-equity firm Catalyst Capital Group that values the Canadian retailer at more than $1.5 billion… Hudson’s Bay shares have plunged by about two-thirds in the past five years. (Bloomberg)

Politics

Real Estate thought it was invincible in New York – it wasn’t. REBNY has since tried to cultivate more centrist Democrats — or at least those that haven’t sworn off real estate money — giving $84,500 to 14 Democratic state senators since the start of the year, compared to just $2,000 to Republican senators… Quoted: Extell’s Gary Barnett: ““It’s a cheap headline for any politician to get up and say, ‘I’m not going to take money from real estate people,’ because we can’t take our buildings and go somewhere else. We are the guys you can hit without consequence, except there’s going to be really serious consequences.” (NYTimes) 

Tech 

More bad news for co-working… WeWork rival, RocketSpace is pulling out of its U.K. shared office business and will shut down by April. (Bloomberg)

Bad news for Masa piling up: Modular construction startup, Katerra got an $865 million cash infusion from investors led by SoftBank last year. Now, the company is shutting down a factory in Phoenix and cutting 200 jobs. (Bloomberg)

Other news 

Jamestown has begun marketing a $50 million fund geared to U.S. individuals, offering a minimum investment of $2,500. Industry giants like Blackstone Group and Starwood Capital Group have been raising billions of dollars from individual investors through the sale of a product known as non traded real-estate-investment trusts, with minimum investments of $2,500 and $5,000 respectively. These funds enable small investors to own a piece of hotels, office buildings, shopping centers and other properties typically owned by large institutions and their money managers. (WSJ)

The New York City Subway Map as You’ve Never Seen It Before. (NYTimes)

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