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Real Estate Roundup 6.22.20

Real Estate Roundup:

  • Rents in San Francisco, the most expensive apartment market in the U.S., are tumbling as the city’s vaunted tech sector sheds jobs and more tenants leave the city. The apartment vacancy rate in San Francisco rose to 6.2% in May. That’s up from 3.9% only three months ago, after stay-at-home orders went into effect. San Francisco’s median rent in May for a one-bedroom apartment was also down 9.2% compared with a year ago at $3,360 a month. (WSJ)


  • Taubman Centers says rival mall landlord Simon Property Group has a “classic case of buyer’s remorse.” Taubman argued in a new legal filing that Simon wrongfully terminated the company’s $3.6 billion merger agreement and that it would suffer “irreparable harm” if the deal isn’t closed. (Bloomberg)
  • American restaurant Aureole will not reopen, chef/owner Charlie Palmer told CO. The luxurious venue at the Durst Organization’s One Bryant Park at 135 W. 42nd Street will re-emerge as Charlie Palmer Steak NY, perhaps as early as Aug. 1. Palmer next week will launch Aureole-at-Home, a high-end, “white-glove” delivery service to feature signature Aureole dishes. (CO)


  • Goldman Sachs has officially closed on its acquisitions of 1 Flatbush Avenue‘s residential component from Meadow Partners and Slate Property Group for roughly $100 million. USAA Real Estate provided $57 million in acquisition financing in the deal. (CO)


  • MSD Partners has raised about $1.1 billion for a fund dedicated to bets on structured credit secured by real estate, beating an initial target of $750 million. The MSD Real Estate Credit Opportunity Fund gathered about $300 million from Michael Dell and his family, as well as MSD employees. The vehicle will make and purchase commercial real estate loans and securities, in addition to structured investments.“ (Bloomberg)


  • Goodwill has renewed a lease for its job training center at 25 Elm Place in Downtown Brooklyn. The nonprofit inked a 20-year, 30,800-square-foot lease for the entire third floor of the building between Livingston and Fulton Streets. (CO)


  • A dispute between New York City’s most popular listing portal and a top-producing brokerage has been settled — but not without a major concession. StreetEasy is halting manual entry for Douglas Elliman agents and accepting the brokerage’s sales and rentals feed, according to an internal memo sent to Elliman agents on Friday. The deal marks a departure from the listings portal’s move toward manual entry, which it has argued reduces data errors. (TRD)

Other news

  • After months of legal wrangling and allegations of collusion and predatory lending, Heritage Equity Partners will lose control of its office development at 215 Moore Street in Bushwick. Judge Leon Ruchelsman has granted lender Fortress Investment Group’s motion to appoint a receiver for the property, which is subject to a defaulted $32.6 million mortgage. (TRD)

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