The Real Deal - New York Real Estate News

South Korean firm snaps up two Midtown hotels for $137M

Posted: 30 Sep 2019 03:24 PM PDT

Aju Hotels & Resorts is the buyer in the recent sale of two Midtown hotels of the former Chesapeake Lodging Trust, property records show. The buyer, a subsidiary of South Korean-based conglomerate Aju, picked up 52 West 36th Street for $85.5 million and 30 West 31st Street for $51.2 million. Combined, the properties have 307 rooms. Park Hotels & Resorts announced in May that it was buying Chesapeake, a deal that included the sale of

Here’s what the $10M-$30M NYC investment sales market looked like last week

Posted: 30 Sep 2019 02:01 PM PDT

1. David Ciampietro purchased a one-story warehouse at 175 Canal Street West in Mott Haven for about $11.6 million, according to property records. He purchased the property from Victor Weingarten. Both the buyer and seller operated through LLCs. 2. A group of four LLCs purchased an office building at 2-34 Beach 102nd Street in Far Rockaway for $11.25 million from the Cantanese family. The building contains three units and encompasses about 47,000 square feet. 3.

SoftBank taps former Sprint CEO to fix WeWork, this borough could house Trump’s presidential library: Daily Digest

Posted: 30 Sep 2019 01:25 PM PDT

Every day, The Real Deal rounds up New York’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com This page was last updated at 4:25 p.m. A data-engineering company is moving to 10 Grand Central. Crux Informatics is moving into the Marx Realty building and out of the Seagram Building at 375 Park

Can Paul Massey repeat his past brokerage success with B6?

Posted: 30 Sep 2019 12:45 PM PDT

“Rain Man” and “Beaches” were playing on the big screen and the Berlin Wall was still standing. The year was 1988 — the same year that Paul Massey and Bob Knakal launched their eponymous New York City investment sales firm. And now, more than 30 years later, Massey’s career has come full circle. After the duo famously sold Massey Knakal Realty Services for $100 million to Cushman & Wakefield in 2014, Massey did a stint

WeWork pulls its public offering

Posted: 30 Sep 2019 07:48 AM PDT

WeWork is officially pulling its public offering. The firm’s co-CEOs, Artie Minson and Sebastian Gunningham, said in a statement that WeWork “decided to postpone our IPO to focus on our core business.” “We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future,” the statement said. Last month, the firm’s S-1 filing to the U.S. Securities and Exchange Commission set off a firestorm

How mobile homes became a billion-dollar, recession-proof industry

Posted: 30 Sep 2019 07:45 AM PDT

Mobile homes are no longer just a necessity for the poor. They’ve increasingly become a must-have for some of the world’s richest private equity players. A 2016 investor pitch from manufactured housing owner and operator RHP Properties boasted that its portfolio of 33,000 lots — stretching across seven states — had “low cash flow volatility and steady year-over-year rent increases” as well as minimal capital expenditures. The pitch apparently worked on Brookfield Asset Management, which

Blackstone buys Colony Capital’s warehouse portfolio for $6B

Posted: 30 Sep 2019 06:45 AM PDT

Blackstone is doubling down on its e-commerce bet with another multibillion dollar industrial portfolio deal. The company is buying Colony Capital’s national warehouse portfolio for $5.9 billion, according to the Wall Street Journal. Blackstone also struck a deal in June to buy a similar portfolio from GLP for $18.7 billion, although it has already started to sell portions of that portfolio. The portfolio Colony sold to Blackstone spans 60 million square feet across 465 warehouses

Playing the real estate game: College athlete bill could mint young millionaires and homebuyers

Posted: 30 Sep 2019 05:15 AM PDT

In the not too distant future, college athletes playing at top-tier schools may be hitting the open houses as hard as they hit the gym. Earlier this month, the State Legislature unanimously passed a bill — over the NCAA’s objection — to allow college athletes to earn money from their names, likenesses and images. If Gov. Gavin Newsom signs the “Fair Pay to Play Act” — which would take effect in 2023 — California would

It’s not just Chinese buyers retreating from NYC’s condo market

Posted: 30 Sep 2019 04:30 AM PDT

On Friday, Aug. 23, President Trump escalated his trade war with China in a series of tweets that labeled Chinese leader Xi Jinping an “enemy.” That same day, in Hong Kong, demonstrators formed a human chain across the territory in a show of solidarity with anti-government protests that had been raging for months. In Brazil, meanwhile, wildfires spread across the Amazon, wiping out millions of acres of forestland. And in the U.S., economists sounded alarms