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Real Estate Roundup 2.21.20

340 East 51st Street (Credit: Google Maps)

Real Estate Roundup:

Closings 

  • Global Holdings Management Group has closed on its acquisition of 10 East 29th Street from the Los Angeles County Employees’ Retirement Association for $380 million. The luxury apartment building spans 408,000 SF, and contains 392 market-rate units. (CO)
  • Ofer Yardeni, Alex Rodriguez, and Adam Modlin have closed on their acquisition of 340 East 51st Street from Allen and Ben London’s Solstice Residential Group for $66.25 million. The multi-family property spans 88,658 SF, and contains 114 apartments (100 are free market). Deal traded at around a 4.1% cap rate. (TRD+NYPost)

Financing 

Yoel Goldman’s All Year Management has signed a non-binding memorandum of understanding with “a consortium of leading financial institutions in the U.S.” for a $675 million refinancing of both phases of its Rheingold Brewery redevelopment

  • Worth Noting: The first phase of the 911-unit development serves as collateral for All Year’s Series E bonds, and that bond series will be paid off if and when the refinancing closes. (TRD)

Office Leasing

  • Private equity firm Blue Wolf Capital Partners has signed a 10-year, 20,000-square-foot lease at Silverstein Properties’ 3 World Trade Center. The lease covers half of the building’s 65th floor. (CO)
  • VC firm Alumni Ventures Group has signed a 10-year lease for 11,006 SF on the 18th floor of APF Properties’ 183 Madison Avenue. Asking rent was in the mid-$70s per SF. (CO)

Industrial 

  • The U.S. Postal Service has signed a five-year lease renewal for the entire 17,628-square-foot warehouse at DHY Property Group’s 42-36 12th Street in Long Island City. (CO)

Retail 

  • P.F. Chang’s To Go has signed a 10-year lease for 2,000 SF on the ground floor of Socius Development Group and The Parkland Group’s 60 Fulton Street. Asking rent on the deal was $175 per SF. (CO)

Tech

  • Fresh off announcing its new CEO, WeWork has hired Shyam Gidumal as its chief operating officer. Gidumal has spent eight years working in consumer products and retail at Ernst & Young and was previously a partner at Boston Consulting Group. (TRD)
  • Avi Dorfman, who is suing Compass to be recognized as a co-founder, will get a trial. In an attempt to avoid a courtroom faceoff, the SoftBank-backed firm had appealed an October ruling by a New York judge, who granted Dorfman a trial. But an appellate court judge has just denied the appeal. (TRD)

Other news

  • Ric Clark, who has headed up Brookfield Property Group and Brookfield Property Partners, is stepping back from his day-to-day role, with Ben Brown taking over. Clark, 61, will remain chairman of Brookfield Property Group, Brookfield Property Partners, and Brookfield Property REIT. (CO)
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