The Real Deal - New York Real Estate News

John Catsimatidis is beginning to redevelop some of his own properties, including a one-story commercial building in Chelsea. Catsimatidis’ Red Apple Group filed plans for a 76,000-square-foot mixed-use project at 280 Eighth Avenue in the Manhattan neighborhood, Crain’s reported. The 10-story, 113-foot-tall building will include 64 residential units, community space and ground-floor retail. Catsimatidis has owned the property for 40 years, but only recently started looking to redevelop some of his own properties after his

The Chinese parent company of Pacific Park co-developer Greenland USA is at risk of defaulting on its debt payments. Greenland Holdings, among the largest developers in China, has asked for an extension to repay its $488 million debt held by bondholders coming due at the end of June. On Monday, S&P Global Ratings downgraded Greenland to CCC, two levels below the junk status threshold. “We believe the company is vulnerable to nonpayment,” S&P said in

Perhaps the city’s dealmakers were getting ready for the Memorial Day weekend: Only three investment sales between $10 million and $40 million, all for Manhattan properties, hit property records last week. In one, an entity connected to the Harkham family bought a mixed-use commercial and residential building at 133 Grand Street in SoHo for $11 million. Aron Harkham, the managing director for the Los Angeles–based Harkham Ventures, signed for the buyer. An LLC with ties

A condo in Fortis’ new Olympia Dumbo development and a brownstone in Fort Greene once owned by Ernest Crichlow were the priciest Brooklyn listings to go into contract last week. The most expensive was Unit 19E at 30 Front Street, which was asking $5.5 million, according to Compass’ weekly report of Brooklyn homes listed for $2 million or more. The 2,300-square-foot apartment has three bedrooms, two bathrooms and a private terrace facing the East River.

Second shot Joseph Beck and Thomas Hennessy, the investor pair behind Porch’s 2020 SPAC merger, promised a “category winner” when they launched their second SPAC back in 2020, raising $200 million. They say they have found it in Appreciate, the parent company of single-family rental marketplace and management platform Renters Warehouse. The company will merge with Beck and Hennessy’s PropTech Investment Corporation II in a deal expected to close in the back half of the