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Real Estate Roundup 6.1.20

Real Estate Roundup:


  • Mitsubishi International has renewed its 120,000-square-foot lease at the Durst Organization’s 655 Third Avenue. The Japanese company has extended its lease term for up to another three years, and will continue to occupy the tower’s entire second through sixth floors. Asking price for the space was $70 per square foot. (TRD)


  • Jorge Madruga, Eli Weiss, and Drew Katz have secured a $50 million loan from Sterling National Bank to build the Dream Charter School at 20 Bruckner Boulevard. The school inked a 35-year lease at the Mott Haven site. (TRD)


  • Shares of home builders have been standouts this month in an otherwise muted period for the stock market, signaling that investors are betting on a swift housing recovery as stay-at-home orders are lifted… Investors’ optimism about home building didn’t extend across the entire real-estate sector, with commercial real-estate stocks suffering some of the biggest losses (WSJ)
  • CDC recommendations would drastically alter office life… The guidelines range from technical — increasing air circulation and guarding against mold and stagnant water — to cultural, like recommending employees abstain from “handshakes, hugs or fistbumps.” (TRD)


  • Starwood Capital’s seven-property regional mall portfolio, already beset by high vacancy rates and in deep trouble with Israeli investors, has hit a new low as the coronavirus has sunk rent collection to around 20 percent. Now, with bondholders poised to accelerate payments and a senior lender threatening to foreclose, six competing proposals to restructure the assets have emerged. The bonds, which traded on the Tel Aviv Stock Exchange around a dismal 30 cents on the dollar for most of 2019, have fallen to around 15 cents during the pandemic. (TRD)
  • Colony Capital has hired Moelis & Co. to explore options for its hotel holdings as it migrates its focus from traditional commercial real estate to digital properties such as data centers. Colony is weighing alternatives for its portfolio of select-service, extended stay and full-service hotels. (Bloomberg)
  • Facing a cash crunch, TPG Real Estate Finance Trust has secured a major infusion a little over two weeks after it sold off nearly $1 billion of its commercial real estate debt. The real estate investment trust announced that Starwood Capital is taking a stake in the company, providing it with up to $325 million in new capital. (TRD)

Other news

  • Party City was already weighed down by debt before closing its stores in March in response to the coronavirus pandemic, is floating a debt-for-equity swap with bondholders that would erase millions in debt from its balance sheet. (WSJ)
  • Joe Sitt’s Thor Equities deal to sell 933 Broadway to Mactaggart Family & Partners for $24 million fell apart earlier this month. And now Thor is suing to keep the latter’s $1.2 million deposit. (TRD)

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