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Real Estate Roundup 5.27.20

Real Estate Roundup:


Real-estate companies are cashing in on the Paycheck Protection Program, despite rules meant to bar landlords and other property owners from participating. Some firms have returned the funds after political or public pressure because the Small Business Administration specifically excludes those who “primarily develop or lease real estate”.

  • How Francis Greenburger’s Time Equities still obtained funds: Properties are held by separate special-purpose entities that Greenburger controls with other investors, making the company legally eligible. (WSJ)

Office Leasing

  • Law firm Cozen O’Connor will have a Midtown conference center thanks to the 7,100 square feet they just leased on the 34th floor of SL Green’s 100 Park Avenue. The firm previously announced they would move to entire 55th floor and a portion of the 56th floor at 3 World Trade Center. (CO)


  • Piermont Properties has secured $29 million in construction financing from Bank OZK for a new mixed-use development at 188-11 Hillside Avenue in Jamaica Estates. Upon completion, the seven-story, 120,905-square-foot building will include 101 residential units, 19,655 square feet of medical office space, and a 75-space parking garage. (CO)
  • Abraham Leser’s Leser Group is examining the possibility of issuing a new bond series on the Tel Aviv Stock Exchange, which would be secured by a first mortgage on two properties in Brooklyn and one in the Bronx. A rating document published Monday by S&P Global Ratings shows that Leser is hoping to raise up to 260 million shekels, or about $74 million. The new bonds would be used to refinance existing debt on the three properties and to cover other costs. (TRD)


  • Macy’s launched a funding round offering $1.1 billion in bonds to get the struggling retailer through the lockdowns enforced during the coronavirus pandemic. The company plans to use the proceeds of the bond sale to repay borrowings under a current facility. It will issue senior notes, set to mature in 2025, that will be secured by 35 stores and 10 distribution centers. (WSJ)

Other news 

  • With interest rates falling to the lowest level on record, this should be a banner time for households in search of a new mortgage…It isn’t. Mortgage availability has tightened sharply as lenders impose tougher income, credit-score, and down-payment conditions and drop some loan types altogether, such as home-equity lines of credit. (WSJ)
  • Blackstone Group, Kayne Anderson Capital Advisors, Starwood Capital Group and other investment firms are sitting on roughly $300 billion of equity ready for deployment. By comparison, property sales totaled $570.6 billion in 2019… Every commercial property owner has its specific problems, but mom-and-pop landlords that own a handful of apartment buildings, retail centers or other assets are in a much more compromised position. (NYTimes)

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