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Real Estate Roundup 11.20.20

Sanctuary Hotel (Credit: Booking Holdings)

Real Estate Roundup:

Politics:

  • New York City hotel owners have to pay more than $500 million to employees displaced by Covid-19, a fresh setback for cash-strapped property owners. NYC has more than 200 union-operated hotels, and more than 75 property owners are on the hook for payments after the ruling by an arbitrator. Severance payouts would stop if an employee is rehired by the hotel… NYC hotel-occupancy levels in October fell by to less than 40%, and revenue per available room plummeted by about 80% to around $53. Richard Born said that after excluding dozens of hotels rented by the city to house the homeless, the actual occupancy rate is closer to 10% and year-over-year revenue declines are approaching 90%. (WSJ)
  • With opposition to a proposal to transform Flushing’s waterfront growing among City Council members, a vote was called off Wednesday. The Council subcommittee on zoning and franchises was to weigh in on the $1 billion private development plan, but tabled the matter until Dec. 7. The delay follows a statement issued by a dozen members, including subcommittee chairman Francisco Moya, opposing the Special Flushing Waterfront District project… But the dozen opponents would need 13 more votes to defeat the measure when it reaches the chamber floor. (TRD)
  • Absentee ballots have pushed Democratic state senators back into officeas they inch toward a supermajority. (NYPost)

Luxury 

  • Extell Development has tapped Ryan Serhant to handle marketing and sales at its 458-unit Brooklyn Point tower. The development has a projected sellout of nearly $900 million. Units range from studios to three bedrooms with asking prices between $860,000 and $3.7 million. (DailyBeatNY)

Legal Corner 

  • Unit owners at Tribeca condo 87 Leonard have filed a lawsuit against Ben Shaoul’s Magnum Real Estate, alleging the developer was required to put another $1.89 million in sales proceeds into the building’s reserve fund. The board of managers seeks that money plus fines and penalties for a total of about $7.6 million. (TRD)

Fundraising

  • Jarret Cohen’s Jadian Capital has closed a $650 million fund that will target emerging real estate sectors, such as life sciences, data centers, and cell towers. (DailyBeatNY)
  • Bain Capital Real Estate and Magnolia Capital have formed a $900 million joint venture. The partnership plans to acquire multifamily properties in both primary and secondary markets throughout the US via a value-add strategy. (GlobeSt)

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