Connect with us

Roundup

Real Estate Roundup 2.28.20

118 East 93rd Street (Credit: LoopNet)

Real Estate Roundup:

Acquisitions

  • Amit Doshi and Jonathan Shainberg of Meridian Investment Sales have arranged the sale of 118 East 93rd Street for $27.5 million. The 38-unit pre-war building sold for 16.2 times the rent roll at a cap rate of 4.1 percent. Jacob Schmuckler of Meridian Capital Group arranged $16.5 million in financing. (ConnectMedia)

Office leasing 

  • Investment firm Fred Alger Management has signed a 50,040-square-foot lease for the top three floors at 100 Pearl Street. The FiDi office tower is owned by Northwind Group and GFP Real Estate who are undertaking a $250 million renovation of 360,000-square-foot property. Asking rents at the property were in the high $70s per SF. (CO)

Retail 

  • Modell’s renegotiating leases in attempt to avoid bankruptcy… One real estate source expressed doubt that Modell will file for bankruptcy, as he owns some of the smaller shopping centers outside the city that host his stores and recently opened a large New Jersey distribution center. (NYPost)

New to the market 

  • Rockwood Capital has put the 44-story 2 Grand Central Tower (AKA 140 East 45th Street) on the market with a price tag of around $580 million. The 650,000-square-foot office tower is 92 percent occupied. (TRD)

Tech and other news 

  • Rosewood Realty Group is launching a national brokerage division that will focus solely on off-market properties outside its New York metro area base, which the company said is in response to strict state rent laws passed last year. (TRD)
  • SoftBank’s Rajeev Misra rise to the top of the $100 billion Vision Fund isn’t a traditional tale of corporate ladder-climbing. He succeeded, in part, by striking at two of his main rivals inside SoftBank with a dark-arts campaign of personal sabotage. The tactics included planting negative news stories about them, concocting a shareholder campaign to pressure SoftBank to fire them and even attempting to lure one of them into a “honey trap” of sexual blackmail. (WSJ)
  • Some have described Newmark Knight Frank’s debt and structured finance group as a “toxic” work environment. Within the past few days, more than half of the team led by Dustin Stolly and Jordan Roeschlaub has left the group or made plans to leave imminently. Both current and former Newmark employees say Stolly and Roeschlaub are verbally abusive and demeaning to their subordinates. (TRD)

Continue Reading
To Top