Real Estate Roundup:
- L3 Capital has secured a $90.5 million loan from Ladder Capital to refinance 11 retail properties in Williamsburg spanning 85,000 square feet. The portfolio includes 81-83, 85-87, 89, 91, 111, 113 and 115 North 6th Street, 104-106 and 108 North 7th Street, 168-170 Wythe Avenue, 51 North 6th Street and 129-133 Kent Avenue. (TRD)
- Fendi and Berluti have signed retail leases at Vornado’s 595 Madison Avenue replacing the prime corner previously occupied by Coach. Asking rent for the space was reportedly $1,000 per SF. Good news for the Madison-57th Street area!
- However… The long 57th Street block between Fifth and Sixth avenues now has as much vacant store space as occupied space since Z Chemists went dark a few weeks ago. At the same time, Fifth Avenue south of 57th has large, empty spaces that were home to Henri Bendel, The Gap, Ralph Lauren Polo, Tommy Hilfiger, Massimo Dutti, Stuart Weitzman, Lululemon, and Topshop. Most have been empty for more than a year, and leases are known to be pending at any of them. (NYPost)
Tech and other news
- Compass is laying off 40 employees across its IT, marketing, and M&A teams. (TRD)
- After operating as “sister” companies for nearly two decades, the Corcoran Group and Citi Habitats are merging under the Corcoran banner to better compete in an increasingly cutthroat brokerage business. (TRD)
From our sponsor – Rabbet
- 42% of developers aren’t confident they submit draw requests with all of the required information.
- Two-thirds of developers believe automation would expedite the construction finance process.
- 0% of developers think their lender’s process is streamlined or efficient.
Access the full report for more insights here.