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Recent Commercial Real Estate Transactions
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Brookfield Selling 530 Fifth Avenue to Aurora Capital
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Josh Gotlib’s Black Spruce Management has struck a deal with
Isaac Chetrit’s AB & Sons to recap half of his firm’s Manhattan multifamily
portfolio.
AB & Sons has paid $200 million for a 50 percent stake
in the 1,800-unit portfolio of workforce-housing buildings that Black Spruce
has accumulated over the past 12 years.
The deal includes 950 units in buildings situated primarily
in Hell’s Kitchen and Morningside Heights.
Gotlib tapped Cushman & Wakefield rainmakers Adam Spies,
Doug Harmon, Adam Doneger, Josh King, Marcella Fasulo, Avery Silverstein and
Michael Collins earlier this year to shop the entire portfolio and offer a 49
to 90 percent stake at a valuation north of $700 million.
SL Green sells share of News Building for $790M
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The biggest investment sales deal of the year didn’t even involve brokerages.
In March, Amazon bought the landmarked Lord & Taylor building at 424 Fifth Avenue for $978 million.
The e-commerce giant did a direct deal with the seller, a joint venture of Rhone Capital, Hudson’s Bay Company and WeWork, which originally planned to renovate the 660,000-square-foot building to use as its corporate headquarters.
The deal, which worked out to about $1,480 per square foot, closed on March 12, just one week before Gov. Andrew Cuomo ordered all nonessential businesses, including real estate firms, to pause in-person activities as Covid-19 spread throughout the city. New York City’s investment sales market, already navigating a slow few years, took a big hit, with big deals stalled or falling apart altogether.