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Recent Commercial Real Estate Transactions nytimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nytimes.com Daily Mail and Mail on Sunday newspapers.
Brookfield Selling 530 Fifth Avenue to Aurora Capital therealdeal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from therealdeal.com Daily Mail and Mail on Sunday newspapers.
Share 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 rew-online.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rew-online.com Daily Mail and Mail on Sunday newspapers.
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. ....