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Real Estate Roundup 2.26.20

51 West 52nd Street (Credit: Google Maps)

Real Estate Roundup:

Leasing

  • Amazon is taking roughly 300,000 square feet of space in Queens’ Rentar Plaza. The e-commerce giant will be taking over the Metropolitan Museum of Art’s 109,000-square-foot space, plus the remaining 190,000 square feet of vacant space at the property. (TRD)
  • Production studio Cine Magic is expanding and just signed a lease for 61,000 SF at 30-15 48th Ave in LIC. (NYPost)
  • Taco Bell has signed a 15-year lease for 6,615 SF for an entire four-story commercial building at 707 Lexington Avenue. Asking rent for the space ranged from $400 a square foot on the ground floor to $85 a square foot on the fourth floor.
  • Taco Bell also leased 2,650 SF for ten years on the ground floor and basement of 1266 First Avenue, a five-story residential building between East 68th and East 69th Streets. (CO)

New to the market 

  • CBS is looking to get north of $1 billion for its HQ at 51 West 52nd Street on Sixth Avenue. The broadcaster, which merged with Viacom late last year in a $25 billion deal, announced in December that it would look to sell the 52-story skyscraper. (TRD)

Other news 

  • One of the best-performing investments since last decade’s housing crash: trailer parks… From the March 2009 stock-market bottom, shares of big mobile-home park owners Sun Communities. and Equity LifeStyle Properties have returned 4,137% and 1,186%, respectively, counting price changes and dividend payments. The S&P 500’s return has been 499%. Trailer-park companies usually just own the land where manufactured homes and recreational vehicles are parked. It is as if apartment owners didn’t have to maintain or pay taxes on their buildings but still collected rent from those who lived inside. (WSJ)
  • Blackstone has raised about $29.4 billion for its core plus funds. That amount doesn’t include the firm’s non-traded real-estate investment trust, and is still a small part of the firm’s $163 billion raised overall for real estate, most of it in higher-risk products… Many investors recognize that shooting for higher returns is trickier these days because property values have risen for much of the past decade. These funds are open ended and have no expiration date. (WSJ)
  • The new owners of Forever 21 have hired Daniel Kulle as CEO. Kulle has worked at Hennes & Mauritz AB for more than two decades, and most recently served as H&M’s North America president for nine years. (Bloomberg)

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