The Real Deal - New York Real Estate News

Three years after closing its first real estate fund, Centerbridge Partners has found even more interest the second time around. The private investment firm on Tuesday announced the closing of its second real estate fund, aptly named Centerbridge Partners Real Estate Fund II. The fund received $2.3 billion in capital commitments, easily exceeding its target of $1.5 billion. The first fund closed in Dec. 2018. The second fund represented a 150 percent increase in committed

The head of the firm running New York’s Emergency Rental Assistance Program touted the company’s earnings as the program struggled to distribute aid to vulnerable renters and ran out of funds. Video obtained by The Washington Post of a November presentation by Guidehouse CEO Scott McIntyre shows him celebrating the consulting firm earning $115 million in fees from its contract with the state. He congratulated employees, saying the company made “38 percent margins” on the

If you can’t be bigger than your competition, be smarter and quicker. That could be the mission statement of Faropoint, a New Jersey- and Israel-based firm that in just a few quarters has quietly amassed a formidable array of last-mile warehouses — possibly the hottest segment of the market today. In 2021 alone, the firm bought 144 warehouses in roughly 80 deals valued collectively at around $750 million, more than tripling its 2020 spending, Adir

The middle of the city’s investment sales market rebounded with a spate of deals in Manhattan to total $307 million after a quiet week to begin 2022. Notable sales include an Upper East Side condo conversion already on its third owner, the liquidation of an all-girls residence in Hell’s Kitchen and a family bakery that got some dough in the Bronx. Also, Joe Sitt’s Thor Equities sold in Soho and a former beaux-arts mansion changed

Nearly two years after Brookfield Properties and WatermanClark took control of the Lever House at 390 Park Avenue, the developers are ready to put their stamp on the building. The developers announced on Tuesday the start of a $100 million redevelopment for the landmark office tower. The project is aimed at improving the ground-level public plaza, lobby and third-floor roof terraces. The third floor will include a tenant-only club, which will have a lounge, restaurant

Blumenfeld Development Group has 125 million new reasons to smile after refinancing its multifamily mixed-use building in East Harlem. BDG scored a $125 million loan at The Smile, a 233-unit building at 158 East 126th Street. The loan was provided by Invesco Real Estate, retiring a construction loan from AIG in the process. The refinancing was announced on Tuesday by Greystone, which arranged the financing on behalf of BDG. Drew Fletcher and Matthew Klauer led

Gregg Singer, who bought a prime East Village property in the late 1990s for a song only to watch it languish for 23 years as the real estate market boomed, just lost a key battle in his fight to salvage his investment. A state judge last week ruled that Singer’s lender on the former Public School 64 near Tompkins Square Park, Madison Realty Capital, can move forward with foreclosure after years of legal delay. “This

WeWork is looking to Texas and North Carolina for some southern hospitality in its first acquisition since going public. WeWork said Tuesday it bought Dallas-based coworking space Common Desk. Founded in 2012, Common Desk’s network reaches 4,000 customers at a total of 23 locations across 13 cities in Texas and North Carolina. The Common Desk brands also include Dallas café and Fiction Coffee. The company’s assets will add to WeWork’s 700+ locations in about 150

Billionaire investor Sam Zell has a sharp prediction for those cheering on the retail market’s recovery. Appearing Tuesday in an interview for CNBC’s Squawk Box, the Equity Group Investments founder and chairman said he believes demand for office space will recover from the pandemic before retail spaces. “Everything between the top mall and the corner grocery anchor mall … [there’s] a serious question as to its viability,” Zell said. “I think retail is much more

BFC Partners is forging ahead on an affordable housing project that will bring more than 1,000 units to Coney Island. The developer announced this week it has broken ground on the second phase of the project at 1607 Surf Avenue. This phase includes the construction of a 10-story mixed-use building with 376 affordable housing units. The building will also include 20,000 square feet for commercial and community use, as well as a primary care facility

John Arrillaga, who parlayed holdings of Northern California farmland into an empire of office parks for the emerging tech industry now known as Silicon Valley, reaping billions in the process and establishing himself as one of the state’s foremost developers, died Monday. He was 84. Laura Arrillaga-Andreessen, Arrillaga’s daughter, confirmed his death in a Medium post. Richard Peery, Arrillaga’s business partner of 55 years, described him in a statement to The Real Deal as “a

The commercial real estate market didn’t simply bounce back from a rough 2020 — it soared to record sales in 2021. Commercial property sales totaled $809 billion in 2021, a record for the industry, according to Real Capital Analytics data reported by the Wall Street Journal. The sales volume was almost double that of 2020 and easily outpaced 2019’s record of approximately $600 billion. Apartment buildings and industrial real estate were the market’s hottest sectors.

SJP Properties is back in control of Hoboken’s Waterfront Corporate Center — nearly two decades after it built the 1.5 million-square-foot complex. The developer, along with partner David Werner Real Estate Investments, purchased Waterfront Corporate Center I at 111 River Street, according to the Commercial Observer. Sources close to the deal told the outlet the building sold for about $210 million. Veris Residential, which was known until recently as Mack-Cali Realty, was the seller of