Real Estate Roundup 12.30.19

Real Estate Roundup

Acquisitions 

Prologis has acquired 24 Woodward Avenue from Willowen Management for $21.5 million. The two-story warehouse spans 120,000 square feet, and is located between Metropolitan and Flushing Avenues in Ridgewood. 

Leasing

Ghost kitchen operator Kitopi has inked a 10-year lease for 4,036 square feet at the Balogh family’s 15 Vanderbilt Avenue directly across from the Brooklyn Navy Yard. (CO)

305 Fitness is opening a new location at 12 East 14th Street in Union Square. The space includes 5,700 square feet on the ground and lower level. Asking rent was a blended $84 per SF. (NYPost)

Politics

Lawyers for Gary Barnett’s Extell Development filed a suit last week against the non-profit City Club of New York — which has been trying to halt construction of 50 West 66th Street over alleged zoning violations — blasting the organization for conceding to drop its case against the project for a $300,000 settlement payment, yet still moving forward with it. (CO)

New facade inspection rules will leave tenants waiting for changes. (NYPost)

Tech 

Geniuses at SoftBank continue to astound: WeWork will have to pay close to $17 million under exit packages negotiated in the event the co-chief executives depart the company… This report is striking because the WeWork board has actively considered replacement candidates. (FT)

Another one bites the dust… Venture-backed startup CrediFi has informed employees that its shutting down. (TRD)

Other news

City condos that sold for the largest discounts in 2019. (NYPost)

Long-form: Welcome to the Era of the Post-Shopping Mall. Review of American Dream from the NYTimes.