The Real Deal - New York Real Estate News

The Feil Organization managed a move in Westport’s tight office market, snapping up two properties in the area for a combined $43 million. Feil purchased the properties at 285 and 355 Riverside Avenue in the Connecticut town from 285 & 355 Riverside LLC, the Westchester & Fairfield County Business Journals reported. The LLC is composed of several partners, including Baywater Properties and an investment fund advised by True North Management Group. The properties, which are

Miami is the most expensive housing market in the country, surpassing New York, according to a RealtyHop report. Home prices in Miami have soared during the pandemic, propelled by the migration of out-of-state buyers and renters, many of whom have moved from the Northeast. Wages, meanwhile, have not risen at the same pace. A household in the city of Miami would have to contribute 78.7 percent of its income toward homeownership costs, according to RealtyHop’s

The Blackstone Group again advanced its push into the multifamily market with a sizable acquisition spanning in-demand Sun Belt sectors. Multifamily REIT Preferred Apartment Communities announced Wednesday it has agreed to be acquired by Blackstone Real Estate Income Trust. The all-cash deal at $25 per share values the acquisition at $5.8 billion. Under the deal, Blackstone would receive several dozen multifamily properties, as well as a plethora of retail properties. Preferred Apartment owns 44 multifamily

Houston-based real estate investment firm Hines has locked in another $600 million in fundraising for the company’s commercial real estate investment vehicle. Hines announced on Tuesday the additional equity for Hines U.S. Property Partners. The fundraising brings the fund’s aggregate equity commitments to $1.4 billion, while the combined equity of the fund has $2.3 billion in total investment capacity. The firm has so far closed on six investments totaling about $600 million through the fund,

Ground lease powerhouse Safehold scored a $24 million investment from a group that includes NBA superstar Kevin Durant and Fanatics founder Michael Rubin’s family office. The deal marks the first outside investment in Safehold’s subsidiary Caret Ventures, which allows investors to tap into the capital appreciation of current and future Safehold ground leases. It provides investors a new way to make money on ground leases outside of rental streams. The investment group, including Ribbit Capital,

A developer could bring a bit of art to Astoria with a 136,000-square-foot development on 26th Avenue. Yitzchok Katz’s Developing NY State recently filed plans for the development at 2-24 26th Avenue in Queens, Crain’s reported. The development will stand six stories tall, reaching a height of 65 feet. NY Building Associates is reportedly listed as the architect. The mixed-use project is slated to include 137 residential units, as well as 69 car parking spots

Long Island’s largest rental owner and manager has again expanded its reach into the area’s multifamily market. Fairfield Properties recently purchased complexes in Suffolk County’s Holbrook and Bohemia hamlets, Long Island Business News reported. Individual prices for the two complexes weren’t disclosed, but the combined price was a reported $160.7 million. Norman Schefer, who developed both complexes, was the seller in both of the deals. Blaise Baumgarth of Global Real Estate & Development, along with

The market for commercial mortgage backed securities is back and bigger than ever. Private-label CMBS issuance surged to $109.1 billion in the U.S. last year, a 95 percent increase from 2020, according to a report from Trepp, a data provider that tracks securitized mortgages. It was the highest level recorded since 2007, when CMBS issuance peaked at $230 billion before a global financial collapse essentially halted the market. Interest in CMBS is exploding again after