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Roundup

Real Estate Roundup 10.26.20

20 West 33rd Street (Credit: Rudder Property Group)

Real Estate Roundup:

Acquisitions

  • JLA Home has acquired four condos at 60 Guilders + Carlyle Group’s office conversion at 20 West 33rd Street for $35 million. The full-floor condo units on the third, fourth, fifth, and 12th floors span a total of 55,000 SF. The home furnishing and bedding company will use the units as showrooms. (TRD)

Retail 

  • Arc’teryx, a Canadian outdoor fashion retailer, has signed a retail lease at Thor Equities’ 139 Fifth Avenue in Flatiron. The lease includes the complete ground level, comprising 3,700 SF and 3,100 SF on the lower level. The store is slated to open in December 2020, and will replace Mirror, the startup that offers a workout platform through a smart mirror. (PR+CO)
  • An appraisal of Kushner’s 248,457-square-foot retail condo at 229 West 43rd Street shows a decrease in value by 80 percent, to $92.5 million, from $470 million in 2017, according to Trepp. The property is now valued well below the $225 million CMBS loan backing the property. In September, the loan was more than 90 days delinquent, but Trepp now shows the loan is no longer delinquent, but rather is in a “grace period.” (TRD)

Other news

  • In the third quarter, 56 multifamily sales totaled $738 million in the five boroughs, up from 47 sales for a total of $653 million in Q2. The most recent numbers compare to Q3 2019, when there were 54 sales that totaled $877 million. (ArielProperty+TRD)
  • On its earnings call Friday, Arkansas-based Bank OZK reported that its net charge-off rate, or ratio of loans written-down to total loans originated, was 0.09 percent. That is well below the industry average of 0.52 percent, the bank said. (MotleyFool+TRD)
  • Deutsche Bank’s global head of commercial real estate, Matt Borstein, has left his role at the bank to join Oak Hill Advisors… Deutsche’s Riddhi Barman will assume control of Borstein’s previous role as the head of global financing and credit trading for the Americas. (CO)

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