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Real Estate Roundup 6.12.20

Real Estate Roundup:

  • Sister companies Brown Harris Stevens and Halstead will merge under the BHS banner, owner Terra Holdings said Thursday. The combined firm will have 2,500 agents. Brown Harris Stevens CEO Bess Freedman will be chief executive of the unified brokerage. Terra — owned by Arthur Zeckendorf, William Lie Zeckendorf, Kent Swig, David Burris and Eric Hadar — has owned BHS and Halstead since 1995 and 2001, respectively. (TRD)

Retail 

  • Simon Property Group is terminating its $3.6 billion deal to acquire Taubman Centers. The deal, announced in February, would have combined two landlords as the industry struggles with an oversupply of malls and the decline of traditional retail stores against the rising tide of e-commerce. (WSJ)
  • A company linked to the Moinian Group, filed a complaint in late May saying that NBA Media Ventures breached the terms of its lease and is liable for $1.26 million in rents for its Manhattan location at 545 Fifth Avenue and other charges for April and May. The lease, which started in November 2014, has a fixed rent of $7.5 million a year or $625,000 a month, according to the complaint filed at the U.S. District Court for the Southern District of New York. NBA said that its store, like others on Fifth Avenue in New York City, was required to close because of the pandemic. “Under those circumstances, we don’t believe these claims have any merit,” said league spokesman Mike Bass. (WSJ)
  • The International Council of Shopping Centers (ICSC) has laid off more than 50 employees. (ChainStoreage)

Other news 

  • Related Companies, one of the EB-5 program’s biggest proponents, is halting payments to such investors in Hudson Yards because of volatility caused by the pandemic. (TRD)
  • Sharif El-Gamal claims lender violated sharia terms on his Tribeca tower loan for 45 Park Place... As the developer battles with his lender for control of the stalled project, El-Gamal is claiming that Malaysian lender Maybank that made the loan has violated the sharia terms, which require both sides to be more accommodating than is typical in New York real estate. (TRD)
  • For Luxury Homeowners Short on Space, the Next Frontier Is the Backyard… Homeowners sticking close to home amid the pandemic may get a similar itch to enlarge their living space. And building in the backyard offers an alternative to adding on—with the extra benefit of being able to push architectural boundaries. (WSJ)
  • How New York’s Coronavirus Response Made the Pandemic Worse: The hasty expansion of medical facilities by state, city and hospital leaders led to grave mistakes, a Wall Street Journal investigation found; ‘wartime conditions’. (WSJ)
  • Howard Klaus of Brooklyn’s HK Organization Passes Away. (CO)

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