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Real Estate Roundup 2.14.20

Rendering of the planned renovations at 2 Penn Plaza (Credit: Vornado Realty Trust)

Real Estate Roundup:


  • Urban Edge Properties has acquired two large shopping centers in southern Brooklyn from Infinity Real Estate and Nightingale Properties for $165 million. The portfolio includes: a 230,000-square-foot Kingswood Center at 1630 East 15th Street (which is home to T.J. Maxx, New York Sports Club and the Visiting Nurse Service), and a 110,000-square-foot Kingswood Crossing about three blocks away at 1715 East 13th Street, where tenants include Target and Marshalls. (TRD)
  • Jeffrey Levine’s Douglaston Development has signed a 99-year ground lease with New York Botanical Garden to build two affordable housing projects along Webster Avenue in the Bronx. (CO)

Office Leasing

  • Private equity fund Lexington Partners has inked a 48,000 SF lease for the entire 20th and 21st floors of Boston Properties399 Park Avenue. Asking rent on the deal was $110 per SF. (CO)
  • Trading firm Susquehanna International Group has signed a 16-year renewal for 52,412 SF on the 47th and 48th floors of Union Investments140 Broadway. Asking rent on the deal was in the low $80s per SF. (CO)
  • Investment bank H.C. Wainwright has renewed its 33,698-square-foot office lease for another seven years at 430 Park Avenue in Midtown East. Asking rents in the building are $85 per SF. Property is owned by Midwood Investment & Development and Oestreicher Properties. (CO)


  • Four-year-old Pennsy Food Hall, located at Vornado’s 2 Penn Plaza, between West 32nd Street and West 33rd Street, is shutting down. The building is currently undergoing a major renovation that will extend the first four stories of the building’s base and add 145,000 SF of office space. (CO)


SoftBank said operating profit fell 99% to $23.6 million for the quarter ended December 31st versus the previous year. The sharp drop was largely attributed to continued weakness of the Vision Fund. CEO Masayoshi Son is considering launching Vision Fund 2 in stages, starting with a smaller bridge fund that might run for one or two years, and that it could finance itself.

  • Worth Noting: SoftBank’s large stake in Chinese e-commerce giant Alibaba Group Holding, which started with a $20 million investment in 2000, and is currently worth around $146 billion, more than SoftBank’s entire market capitalization. (WSJ)

Other news 

  • An RXR Realty project in Yonkers is one of several ensnared in the alleged kickback and bribery scheme that led to the indictment of an HFZ Capital Group executive last year. A project manager for Larkin Plaza, developed by RXR and Yonkers-based Rising Development, accepted bribes in the form of free construction materials for a jiu-jitsu gym in White Plains that the manager is “associated with,” according to a Dec. 5 letter from federal prosecutors to U.S. Magistrate Judge Ramon Reyes Jr. (TRD)
  • Simon Dushinsky’s Rabsky Group has filed plans for a 78-unit mixed-use project at 34 Union Avenue in Williamsburg. The complex will span around 99,000 SF, and will include residential, community and commercial space. (TRD)

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