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Roundup

Real Estate Roundup 2.3.20

Knotel’s Founder and CEO Amol Sarva (Credit: Knotel)

Real Estate Roundup

Financing 

  • Thomas Wang’s W&L Group has secured a $71 million loan from G4 Capital Partners for their development at 2300 Cropsey Avenue in Gravesend. The developer is planning a 23-story mixed-use building, with 154 apartments. (TRD)
  • FTERE has secured $43.8 million in permanent financing from Morgan Stanley for six rental properties in the Bronx that contain 300 rental units and five commercial spaces. The 10-year, interest-only loan carries a rate of 3.74 percent. Addresses include: 104 West 190th Street, 1055 Grand Concourse, 1354 Commonwealth Avenue, 2085 Valentine Avenue, 2264 Creston Avenue, and 3425 Knox Avenue. (CO)

Retail 

  • Mexican eatery Tacombi has signed a 15-year lease for 3,572 square feet on the ground floor of TF Cornerstone’s 202 East 70th Street. The restaurant also inked an 1,800-square-foot lease at Rockrose Development 27-10 43rd Avenue in Long Island City. (CO)
  • Bankrupt retailer Forever 21 asked a bankruptcy court to approve plans to sell “substantially all” of its assets to a buyer who might keep the chain in business. (Bloomberg)

Tech 

Other news 

  • Despite a weak outlook for residential real estate, the number of building permits issued in New York City for new homes surged last year to the highest pace since 2015. It was the second-highest total since the end of the last big building boom in 2008. Permits for 26,547 units of housing were issued in 2019, about 27% more than the year before… Some developers are adapting to the changing market by focusing on smaller rental apartments that can keep rent low and attractive to younger tech and professional workers, rather than $5 million condos. (WSJ)
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