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Real Estate Roundup 9.14.20

Real Estate Roundup:

Acquisitions

  • As part of Traub Capital’s recent acquisition of cosmetics maker Mana Products, the private equity firm paid $75 million for a manufacturing plant in Long Island City. The three-story, 215,000-square-foot facility is located at 27-11 49th Avenue in the Hunters Point section. Mana, which manufactures beauty products for a variety of brands, has owned the building for over 20 years. The deal was first reported last month. (GCI+TRD)

Leasing

  • Zeta Charter Schools took 95,000 square feet across two Bronx developments to open another location in the borough. The school signed a more than 30-year leasehold condo for space at Bolivar Development’s adjacent projects at 1325 Jerome Avenue and 1475 Macombs Road in the Mount Eden neighborhood of the Bronx. (CO)

Retail

  • French bakery chain Maison Kayser’s U.S. locations filed for bankruptcy with plans to be taken over by Aurify Brands. The New York food franchiser will pay $3 million in cash and agree to cancel debt it’s holding. Among the best-known brands in Aurify’s stable are New York outlets of the Five Guys burger chain and the U.S. operation of Le Pain Quotidien, which Aurify saved from liquidation by buying it out of bankruptcy earlier this year. (Bloomberg)
  • France’s Finance Minister backed LVMH’s plans to back out of a takeover of U.S. jeweler Tiffany. Last week, the French luxury goods giant said its board had received a letter from the French foreign ministry asking it to delay the acquisition of Tiffany to beyond Jan. 6, 2021, given the threat of additional U.S. tariffs against French products. (Reuters+Bloomberg)
  • Annaly Commercial Real Estate Group cast the winning $38 million bid at auction to become new owners of Washington, D.C.’s Mazza Gallerie Mall, after its original owners, Ashkenazy Acquisition Corp., lost the property to foreclosure. Ashkenazy originally acquired the property in 2017 for $78 million, securing approximately $67 million in loans from Annaly CRE Holdings to complete the deal. The loans matured in January, and the debt was not repaid, forcing the foreclosure. (CO)

Co-Working

  • Knotel is offering nearly 375,000 square feet of space up for sublease. Most of the leases commenced within the last 18 months and carry a term of about 10 years. The annual base rent on the combined spaces totals about $21 million. Some of the spaces appear to be up and running, while others are listed as built out yet unfurnished. (TRD)

Covid-19

  • Americans Stayed Inside Even as Cities and States Reopened: Well after U.S. economies began reopening this year, Americans continued to stay home. By the latter half of August, 130 million Americans said they avoided eating at restaurants, a new U.S. Census Bureau shows. Only about 21 million of the nearly 250 million people had resumed dining out. Asked if they were still making fewer trips to stores in late August than before the pandemic, 70% said “yes.” Even among the youngest adults aged 18 to 24, 68% said they were shopping less. (Bloomberg)
  • In Worst-Hit Covid State, New York’s Governor Cuomo Called All the Shots: Cuomo and his small team took command of the state Health Department and overrode local governments that wanted to go beyond the state’s social distancing restrictions. That delayed the shutdown of the nation’s biggest city and slowed the reaction time as the virus spread in nursing homes, contributing to the nation’s highest death toll. Some health-policy experts who have analyzed federal death data said the true number of virus-related fatalities at New York nursing homes likely exceeds 10,000… New York City Public Advocate Jumaane Williams said: “I’m glad New York is where we are now. But I think in the governor’s retelling, we’ve missed a lot of mistakes that were made, and it’s frustrating.” (WSJ)

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