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Real Estate Roundup 7.1.20

Retail Leasing

  • German-based sneaker retailer Snipes has inked a 10-year, 6,000-square-foot lease for the entire ground floor of the former Modell’s location at 1117 Eastern Parkway, on the corner of Utica Avenue. (CO)
  • Ross + Kramer Gallery, a fine art gallery focused on blue-chip artwork, will take over the former home of the celebrity hotspot Bungalow 8 in Chelsea. The gallery signed a 10-year lease for 2,500 square feet on the ground floor of 515 West 27th Street between Tenth and Eleventh Avenues. Asking rent was $160 per SF. (CO)

Financing 

  • Madison Realty Capital (MRC) has filed to foreclose on the following development: B+B Capital (Ilan Bracha and Haim Binstock) and Daniel Minkowitz’s residential condo project at 39 East 72nd Street. The duo paid $19 million for the landmarked townhouse in 2014, and subsequently secured a nearly $17 million construction loan from MRC to convert the home into three luxury condos, with a projected sellout of $50 million. (TRD)

Tech

  • Construction startup Katerra, which has raised more than $1 billion from SoftBank’s Vision Fund, laid off more than 400 people on Monday. The cuts amount to 7 percent of the company’s total headcount. The staff affected worked in departments including human resources, civil engineering, and mechanical engineering. It’s the latest of at least four rounds of cuts at the startup since last fall. (TheInformation)

Other news

  • Regal parent company joins AMC in delaying reopening as big films postponed. The chain said it’s pushing the reopening of its US Regal theaters from July 10 to July 31. … New York Gov. Andrew Cuomo said last week that movie theaters would not be permitted to open until after Phase 4. (NYPost)
  • After two weeks of stronger numbers, luxury contracts fell last week to just seven… The most expensive deal last week was for a sponsor unit at Extell Development’s 157 West 57th Street, which went into contract asking $27 million. The 4,193 square-foot, three-bedroom unit features 11-foot ceilings and views of Central Park. The second-priciest deal was for a penthouse apartment at 25 Park Row, which was last asking $12.95 million. (TRD)
  • Mayor de Blasio is refusing to let the city’s land use review process restart, leaving in limbo for-profit development, affordable housing projects, and even neighborhood re-zonings backed by his administration. A City Hall spokesman said the multi-step public review process, formally called Uniform Land Use Review Procedure or ULURP, “remains on pause due to the COVID crisis” and pledged more information about a restart in the late summer. (NYPost)

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