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Real Estate Roundup 11.11.20

CBRE’s Stephen Siegel (Credit: Sasha Maslov / CO)


Real Estate Roundup:

Luxury market update

  • Seventeen contracts were signed last week at $4 million and above, the same total as the previous week. However, dollar volume went down to $97 million. The priciest deal was for a 3,619-square-foot condo at 170 East End Avenue in Yorkville, which was last asking $10 million. The 17 sales included 14 condos, two townhouses, and one co-op. (Olshan+TRD)

Office leasing 

  • Investors Bank has signed a 14,116-square-foot office lease on the 15th floor of Capital Properties’ 111-115 Broadway in FiDi. Asking rent was $59 per SF. (NYPost)

Foreclosures 

  • Monroe Capital has moved to foreclose on a roughly $126 million loan HFZ Capital owes on the 13-property portfolio. The properties in question are a group of warehouses and distribution centers in Upstate New York, Illinois, Florida, Wisconsin, Ohio, Oregon, Tennessee, Oklahoma, and Arizona that HFZ owns in a partnership with the Reich Brothers. Only HFZ’s equity interests — not Reich’s ownership stake — are up for sale in the auction. (TRD)

Retail

  • A U.S. judge approved a deal to rescue J.C. Penney from bankruptcy proceedings, averting a liquidation that would have put the beleaguered department store chain out of business. Mall operators Simon Property Group and Brookfield Property Partners will acquire the company’s slimmed-down retail operations for $1.75 billion in cash and debt. [Reuters+YahooFinance]

Tech 

  • CBRE has launched a $400 million Blank Check Company for future growth acquisitions… The new special-purpose acquisition company intends to “identify and acquire a privately held company with significant growth potential.” CBRE will receive a promote of 5%. (RenaissanceCapital)

Other news

  • Bahraini investment firm Investcorp announced that it has recently sold eight multifamily properties across the US for more than $900 million. The properties were garden and townhome-style apartment buildings located in major metropolitan areas in Arizona, California, Florida, and New York. (GulfBusiness)

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