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Real Estate Roundup 1.22.20

Image of Fairway Market (Credit: Michael Brochstein / Getty Images)

Real Estate Roundup

Acquisitions

  • The Daten Group has closed on its acquisition of 540-554 Waverly Avenue in the Clinton Hill from Verizon New York for $17.5 million. Plans filed with the city indicate that David Ennis is planning a nine-story primarily residential development spanning 91,900 square feet. SL Green Realty provided financing of $21 million for the project. (REW)

Leasing 

  • Taco Bell Cantina has signed a 10-year lease for 4,050 square feet at the Paramount Building at 1501 Broadway in Times Square. (CO)
  • The University of Texas at Austin has signed a seven-year office lease for 15,212 square feet on the 15th floor of the APF Properties’ 28 West 44th Street. Asking rent on the deal was $66 per square foot. (CO)
  • All retailers have left 600 Broadway in Soho, but landlords Aurora Capital Associates, A&H Acquisitions, and Crown Acquisitions continue to pull in more than $10 million in annual rent. The 77,280-square-foot building remains 100-percent leased, with retailer Abercrombie & Fitch locked into a 20-year lease that lasts until 2028. Apparently, things got so bad for the store that the company preferred to keep it dark. (TRD)

Politics 

  • Brooklyn landlord Daniel Melamed who served 20 days in jail after pleading guilty to mortgage fraud has successfully had his conviction overturned. He convinced a panel of New York state appellate judges that the warrant the state’s attorney general used to search Melamed’s office in 2015 was so broad that it violated the United States Constitution’s Fourth Amendment protection against illegal search and seizure. (TRD)
  • Market values of existing homes, apartment buildings and commercial space rose at the slowest pace in six years, under a new assessment roll… The new data, released in January of each year, is a preliminary assessment statement to give property owners time to challenge it. It is for property taxes in the city’s fiscal year that begins on July 1. Owners of one-to-three-family homes have until March 16 to challenge their assessments. Other properties face a March 2 deadline. (WSJ)

Other news 

  • Raphael Toledano’s “ghostly” East Village portfolio… Nearly half of the units have been empty since Madison Realty Capital foreclosed in 2017. (TRD)
  • Bank OZK released its annual earnings. Revenues came in below expectations. (YahooFinance)
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