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Real Estate Roundup 10.14.20

Real Estate Roundup:

Financing 

  • The Goldman family’s BLDG Management Company has secured a $289 million in Freddie Mac-backed debt from Greystone to refinance its residential tower at 222 East 44th Street. The 10-year, fixed-rate permanent loan retired about $251 million in construction debt provided by Bank of China in 2015. The 429-unit property spans 441,000 SF, and features 320 market-rate apartments, plus 109 affordable units. (PressRelease)

Office leasing 

  • Hodges Ward Elliott has signed a 12,692-square-foot lease at SL Green’s One Vanderbilt. The 10-year lease is on part of the 50th floor of the 77-story Midtown East tower. Asking rents have ranged from $150 per SF to more than $200. (CO)

Retail

  • Slow business caused by the pandemic is forcing the historic Grand Central Oyster Bar to temporarily close again less than two weeks after it reopened for the first time in months. The 107-year-old seafood eatery inside Grand Central Terminal opened back up for business on Sept. 30 — after nearly seven months in shutdown — for takeout, delivery and indoor dining at 25% capacity. The owners did not say when they planned to open again. (NYDN)

Hospitality 

  • The landmark Roosevelt Hotel in Midtown Manhattan is shutting down. Pakistan International Airlines, the hotel’s owner, announced plans to shutter the 19-story, 1,015-key hotel at 45 East 45th Street before the end of 2020 due to a steep drop in demand because of the pandemic. (CO)
  • Ashkenazy Acquisition, the owner of 525 Lexington Avenue, has filed a lawsuit against Marriott Hotels alleging misappropriation of $12 million at its now-defunct Marriott East Side hotel. The landlord also seeks $42 million for breach of contract. The hotel closed permanently in March. (Crain’s)

Legal

  • Related Companies has sued six of its retail tenants at the Shops at Columbus Circle in the Time Warner Center for nonpayment of rent. The lawsuits, filed in New York State Supreme Court, seek to recover a total of $7.5 million in unpaid rent and other charges that have accumulated since the start of the pandemic. Individual suits were filed against Hugo Boss for $4.2 million, the Running Specialty Group for $1.05 million, Cole Haan for $920,813, Michael Kors for $774,880, Tumi Stores for $241,003 and Fairway LLC for $291,438. (TRD+PincusCo)
  • Since purchasing 37 condo units from bankruptcy nearly a decade ago, Fortis Property Group has denied that it also acquired responsibility for fixing defects in the building. A panel of Appellate Division judges agreed and found that the developer isn’t liable for damages or defects that existed at Bayard Views Condominium in Williamsburg before the previous sponsor – Isaac Hager – declared bankruptcy and sold the units. (TRD)

Politics

  • A pair of City Council bills would ramp up reporting of deed fraud while also calling on the state to increase protections for homeowners… There are two main types of deed fraud, the report noted. One involves someone filing a fake deed, pretending to have purchased the property in order to borrow against it, sell it or occupy it. The second occurs when an owner is tricked into signing over the title to a property — a crime that can begin with an unexpected knock on the door. (TRD)

Tech 

  • SoftBank Group’s Vision Fund will outline plans for a blank-check company in the next two weeks, seeking to capitalize on the investor frenzy surrounding the unusual fundraising vehicle. Boggles the mind. (Bloomberg)

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