The first day of July is a big one for Kushner Companies. Not only is it opening The Journal to residents, but it has also locked in a loan of more than half a billion dollars. Blackstone Real Estate Debt Strategies provided a $515 million loan for Kushner Companies’ One Journal Square in Jersey City, […]
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New Yorkers may soon decide whether a local Council member should be able to kill a rezoning. The city’s Charter Revision Commission on Tuesday released draft questions to pose to New York voters in November, asking whether the city charter should be changed to speed up housing development and weaken the City Council’s leverage over […]
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Blue Flag Capital has landed a construction loan for the renovation of an iconic Sag Harbor hotel. Blue Owl Capital provided $54 million for the 67-room Baron’s Cove luxury hotel, according to a press release from JLL, which brokered the deal for the owner, a partnership between Blue Flag Capital and Bain Capital Real Estate. […]
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Rentar Development refinanced its mixed-use plaza in Middle Village, which is in the midst of a retail overhaul. Deutsche Bank and UBS originated a $160 million commercial mortgage-backed securities loan for Rentar Plaza at 66-26 Metropolitan Avenue in the Queens neighborhood, the Commercial Observer reported. BayBridge Real Estate Capital arranged the deal. There was previously […]
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The federal government’s proposed cuts to rental assistance could have an outsized effect on Long Island. The budget announced by President Donald Trump’s administration includes capping housing vouchers at two years for working-age, able-bodied adults, which could affect approximately 5,700 Long Island households receiving Section 8 assistance, Newsday reported. The area’s federally subsidized housing relies […]
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After a gangbusters start to the year, Manhattan’s office market snapped back to reality in the second quarter. Office leasing volume reached 9.2 million square feet, an 18.9 percent drop from the previous quarter, according to a new report from Colliers. But thanks to a banner first quarter — during which six tenants inked deals […]
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The ranked choice tabulations are in and further underscore the real estate industry’s losses in the June primary. The latest results show Assembly member Zohran Mamdani with 56 percent, making him the Democratic nominee for mayor. Mamdani had a more than seven-point lead over former Gov. Andrew Cuomo as of primary night last Tuesday, a […]
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Cash is becoming a concern for Pinnacle Group’s contested portfolio of thousands of rental units. A federal judge denied a request to tap rental income for more than 5,000 rent-stabilized apartments owned by Joel Wiener’s Pinnacle Group, leaving the massive portfolio without funding for basic operations as it navigates Chapter 11 bankruptcy, Bloomberg reported. Judge […]
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Jacob Kohn has completed another piece of the puzzle for his massive multifamily development in Downtown Brooklyn. Kohn’s Jay Group landed a $53 million construction loan for a 99-unit building at 165 Willoughby Street, PincusCo first reported. Ponce Bank provided the financing, marking another major step forward for the five-building project. The developer landed a […]
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Joel Braver is no longer willing to brave the Bronx. Brooklyn-based development company, Soundview Empire, acquired a sprawling vacant lot in the neighborhood of the same name for $60 million, Crain’s reported. The company closed on the purchase of the 407,000-square-foot development site at 1580 Story Avenue last week, according to property records. The buyer […]
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