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Acquisitions

Real Estate Roundup 3.13.20

475 Clermont Avenue (Credit: Douglas Elliman Development Marketing)

Real Estate Roundup:

Leasing 

  • Murat Uyaroglu’s Neighborhood coffee chain Hungry Ghost and cocktail bar Sweet Polly will share a space at RXR Realty’s 475 Clermont Avenue. The two food and drink establishments signed a 10-year lease for a 2,000-square-foot storefront at the base of the new rental building. Asking rent for space was reportedly around $80 to $90 per SF. (CO)
  • Shoemaker Manolo Blahnik has signed a lease for both retail and office space at 717 Madison Avenue. The retail store will consist of 4,942 SF on the ground floor and lower level, and the brand will also occupy 5,005 SF of office space on the second through fourth floors of the building located between East 63rd and 64th Streets. (CO)

Financing 

  • Safehold, the iStar-managed ground lease REIT, has secured a $134.8 million mortgage from John Hancock Life Insurance Company for its fee interest in 685 Third Avenue. The firm had acquired 685 Third from Japan’s Unizo Holdings in late December, holding onto the $180 million fee interest and selling the building leasehold to BentallGreenOak for $271.25 million. (TRD)
  • Anbang Insurance Group’s sale of a $5.8 billion portfolio of U.S. luxury hotels to South Korea’s Mirae Asset Global Investments Co. is at risk of collapsing. Lenders are balking as the impact of the coronavirus on global travel becomes more evident and prolonged. Revenue at hotels across the globe is expected to plunge as tourists and corporate travelers cancel plans and hundreds of conferences get either scrapped or delayed. This has made some lenders unwilling to commit to certain new loans, in part because anticipated muted appetite from investors could leave them saddled with unwanted positions. (Bloomberg)

Other news

  • Newmark Knight Frank employee at the 125 Park Avenue office tested positive for the virus. (Crain’s)
  • Investment firm Bow Street is seeking to oust the CEO of Mack-Cali Realty Corp, Michael DeMarco. Bow Street owns a roughly 4.5% stake in the company. (WSJ)

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