Tower 49

WeWork takes 159K sf at Kato’s Tower 49 $16B co-working company already operates space at nearby 300 Park

From left: Tower 49 and WeWork s Adam Neumann

UPDATED, Aug. 9, 7:30 a.m.: WeWork signed a lease for 159,300 square feet of office space at Kato International’s Tower 49 in Midtown East, The Real Deal has learned. 

A spokesperson for the co-working company told TRD that it will occupy 10 floors in the 45-story, 750,000-square-foot office building at 12 East 49th Street. The space, which includes 116,000 usable square feet, is expected to be ready by the first quarter of 2017.

WeWork already operates a co-working space a block away from Tower 49, at Tishman Speyer’s 300 Park Avenue. The company currently operates 32 co-working locations in New York City, according to its website, and earlier this year opened its first co-living space at Rudin Management’s 110 Wall Street.

Asking rents in the building range from the mid-$70s to north of $100 per square foot, according to CoStar data.

Last month, TRD took a clo上海千花网 爱上海同城对对碰ser look at the l爱上海 爱上海同城手机版ogic behind the company’s $16 billion valuation.

Kato, 上海千花网论坛 上海千花网a Japanese real estate firm, bought Tower 49 for $301 million in 1986 – at the time the highest price ever paid for a Manhattan office building on a per-square-foot basis. While many other Japanese firms that scooped up Manhattan skyscrapers in the 1980s subsequently sold them, Kato held on to the property.

Other tenants in the building include the Major League Bas上海千花网交友 上海千花网论坛eball Players A[……]

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Bronx Investment Sales

Bronx i-爱上海 爱上海同城手机版sales grew in first half of 2016, multifamily market remained strong Overall pricing and number of sales rose year-over-year

(credit: Ariel Property Advisors)

Buyers aren’t shying away from the Bronx’s investment sales market, even as the rest of the city saw the number of deals shrink上海夜网 阿爱上海同城 in the first six months of the year, according to the mid-year report from Ariel Property Advisors.

Sales from 322 properties and 188 deals in the borough totaled $1.4 billion in the first half of 2016. Dollar volume rose seven percent year-over-year and property volume increased 10 percent.

The borough’s top deals include a 38-building multifamily portfolio that Harbor Group Inter上海贵族宝贝交流区 上海贵族宝贝论坛national and Isaac Kassirer bought for $140 million and a Bronx factory building that sold for $44 million to the Bluestone Group and the Altmark Group.

The Bronx’s multifamily market continued to flourish, with dollar and property volume up from the firs上海夜网论坛 上海夜网t half of 2015. Sales of multifamily buildings totaled $989.3 million, and accounted for 73 percent of all property types. Dollar volume was up 12 percent-year-over-year and sales volume increa上海贵族宝贝 上海千花网龙凤论坛sed from 68 to 200 in the first six months of 2016.

Development sites also saw modest sales growth. Dollar volume for dev site deals totaled $262.7 million, a 12 percent jump over the first half of 2015, while building volume rose 10 percent to 322. Developers Joshua and Jack Guttman shelled out $24 million for a 10.5-acre site in Hunts Point[……]

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Plaza Hotel

The Plaza

Since opening in 1907, the Plaza Hotel has served as the backdrop for movies, books and high-profile parties. In 1964, when a crowd of 4,000 screaming fans greeted the Beatles at John F. Kennedy Inter上海夜网 阿爱上海同城national Airport for the band’s first American tour, the limos whisked them straight to the Plaza. The iconic property has, of course, also been a favorite for real estate investors. In the上海同城对对碰交友社区 上海夜网论坛 1980s, Donald Trump, then a brash young developer and today the U.S. president, plunked down millions to buy the hotel. He ultimately handed over control of the property to his creditors in a complex deal to clear debt. But that was just a precursor to the problems the hotel has faced since. And while a significant chunk of阿爱上海同城 阿拉爱上海同城 the hotel has been converted into condos, the famous Oak Room has been d新爱上海同城对对碰论坛 上海同城对对碰交友社区ark since 2011, and the site is, by many accounts, underperforming. However, in late May, reports surfaced that Ashkenazy Acquisitions had上海龙凤论坛 新上海贵族宝贝论坛 bought a piece of Saudi Prince Al-Waleed bin Talal’s stake in the hotel with plans to buy out the web of stakeholders, including embattled Indian mogul Subrata Roy. Not surprisingly, all eyes will be watching as the duo tries to breathe new life into the 110-year-old institution.


The amount Roy reportedly wanted for his roughly 50 percent stake in the Plaza’s hotel portion, 100 of its hotel-condo rooms, and the retail last year when Al-Waleed and the Quatari government offered to buy him out. The duo, however, r[……]

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The Real Deal Shanghai

Real estate s top players to join TRD in Shanghai this November Developers, architects, brokers and more industry pros to speak on panels

Top row, from left: Nick Mastroianni, Charles Bendit, Shahab Karmely, Bruce Mosler and Nikki Field; bottom row, from left: Kobi Karp, Wendy Cai-lee, Chris Wein, JD Parker and Bentley Zhao

The Real Deal is gearing up for our most exciting U.S. Real Estate Showcase and Forum yet and some of the industry s biggest names are joining us for the ride in China.

Bruce Mosler, Nick Mastroianni (U.S. Immigration Fund), Charles Bendit (Taconic Investment Parnters), Bentley Zhao (New Empire Real Estate), Kobi Karp (Kobi Karp Architecture), Wendy Cai-Lee (Oenus Capital), Chris上海龙凤论坛sh1f 上海龙凤论坛 Wein (Great Gulf), JD Parker (Marcus Millichap), Nikki Field (Sotheby s International) and Shahab Karmely (Kar Properies) are among the panelists who will share their expertise during the TRD s third annual real estate event in Shanghai.

Every year more than 3,000 Chinese institutional and direct investors in U.S. real estate join TRD for three days of networking, break-out sessions and panels. It s the biggest event of its kind and draws U.S. re上海千花社区 上海千花网交友al estate players and their counterparts in China See some of the coverage of our event last November here.

The showcase takes place at the five-star Jing-An Shangri La in Shanghai. We ll kick off with a networking cocktail party on Thursday, Nov. 2, then Nov. 3 and Nov. 4 will feature four panels each, as well as workshops a[……]

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Inwood Real Estate Market

Nonprofit org plans 123-unit affordable project in Inwood Building at 1769 Fort George Hill would also include a church

Rendering of 1769 Fort George Hill (Credit: Body Lawson Associates)

South Bronx affordable housing developer SoBRO has filed plans for a 12-story residential building in Inwood, records filed with the city Wednesday show.

Plans call for a 135,000-square-foot residential building at 1769 Fort George Hill, at the corner of Dyckman Street and Nagle Avenue. The building would have 123 residential units spread across 119,000 square feet, as well as a 16,000-square-foot community facility, according to paperwork filed with 爱上海 爱上海同城手机版the city s department of buildings. That新爱上海同城对对碰论坛 上海同城对对碰交友社区 “community facility” is, in fact, a church, complete with a daycare, the sanctuary, a community room and offices. The residential portion of the building will have a lobby, gym, and bicycle room.

SoBRO s CEO Steven Brown was not available for comment.

Property records show SoBro acquired the property for $275,000 in 2007.

A spokesperson for SoBRO said that the nonprof爱上海同城手机版 新爱上海同城对对碰论坛it organization occasionally develops上海龙凤论坛sh1f 上海龙凤论坛 housing for low-income tenants.

Tags: affordable housing, Bronx, Development
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Heather Sargent

Corcoran s Heather Sargent hops to
Brown Harris Stevens BHS is on a recruiting spree

From left: Bess Freedman, Hall Willkie and Heather Sargent

Heat上海千花社区 上海千花网交友her Sargent, a longtime Corcoran Group agent specializing in the Uptown co-op mar上海同城对对碰交友社区 上海夜网论坛ket, has jumped to Brown Harris Stevens.

Along with Sargent, her team members Caitlin Williams and Wendy McCarthy also joined BHS, the firm said. We are thrilled to have them on our team, H阿拉爱上海同城 爱上海龙凤419桑拿all Willkie and Bess freedman, BHS co-presidents, wrote in an email to agents.

Corcoran did not immediately comment.

Sargent got into real estate in 1997, when she joined Corcoran and was mentored by Sharon Baum. Last month, Sargent briefly listed an Upper East Side mansion belong上海贵族宝贝 上海千花网龙凤论坛ing to the daughter of former Bears Sterns CEO James Cayne for $30 million. The house at 10 East 75th Street was previously on the market for $38.5 million. Sargent was the listing broker at 30 East 72nd Street when George Stephanopoulos bought a $6.5 million apartment in 2010.

Like the city s other residential 上海夜网论坛 上海夜网firms, BHS has been on a recruiting spree. It s hired around 20 agents over the past few months, including Antonio del Rosario, who was previously at Town Residential.

In 2017, BHS increased its Manhattan headcount by 27 percent for a total of 627 agents, according to The Real Deal s 2018 ranking of top residential firms. BHS said it closed $1.7 billion in sell-side deals in Manhattan in 2017.

Tags: brown harris stevens, Residential Real Estate
We a[……]

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Related Companies

Related takes over nearly 8K affordable units across US from Aimco The deal involves 51 properties in 16 states

Van Nuys Section 8 senior apartment building in Downtown LA and Matthew爱上海同城对对碰 爱上海同城论坛 Finkle, President of Related Affordable

Aimco has left the building —爱上海 爱上海同城手机版 affordable building.

Related Companies has agreed to purchase all of the real estate investment trust s affordable portfolio. That consists of 8,000 affordable units across 51 properties in 16 states, the companies announced Thursday.

The deal is worth $590 million.

The bulk of the portfolio is in California. It includes 17 properties across the state including four in Los Angeles. They are: Van Nuys Apartments in Downtown, South Bay Vil新爱上海同城对对碰论坛 上海同城对对碰交友社区las in Compton, Terry Manor in University Park, and Casa De Las Hermanitas in Boyle Heights, according to sources involved in the transaction.

It also includes five properties in Illinois including the Northpoint Apartments in Chicago’s Roger Park neighborhood and the Parkways Apartments in the Jackson Park Highlands neighborhood.

New York-based Related’s affordable division — Related Affordable — plans to keep those units affordable. It will rehab and implement “preservation plans” for each property once the sale closes sometime this fall, the comp上海同城对对碰交友社区 上海夜网论坛any said.

The sale does not include any p上海千花网论坛 上海千花网roperties in New York City, where Related Affordable is active, but does include one in Beacon, New York.

Aimco will use the proceeds from the sale to pay back a debt on a[……]

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SoftBank Vision Fund

SoftBank just lined up $45B for another Vision Fund Saudi Arabia’s sovereign fund is making its second investment

Masayoshi Son and Mohammed bin Salman (Credit: Getty Images)

SoftBank’s second Vision Fund already has one major investor.

Saudi Arabia’s Public Investment Fund plans to put $45 billion into the new fund, two ye爱上海同城手机版 新爱上海同城对对碰论坛ars after making an investment of the same amount, Bloomberg reported. The PIF, which is looking to deploy a $170 billion windfall, has seen a “huge benefit” from the first Vision Fund, according to Crown Prince Mohammed 上海夜网论坛 上海夜网bin Salman.

Masayoshi Son’s Vision Fund has poured billions into several real estate tech ventures in recent years. Last month, the Japanese conglomerate 新上海贵族宝贝论坛 上海贵族宝贝交流区announced a $400 million investment in Opendoor, a home-flipping startup. At the same time, brokerage Compass raised a $400 million Series F led by SoftBank’s Vision Fund and Qatar Investment Authority. The deal, which is SoftBank’s secon上海千花网交友 上海千花网论坛d investment in the firm, values Compass at $4.4 billion.

The Vision Fund is also reportedly in talks to invest more in WeWork, in a deal that would value the co-working giant between $35 billion and $40 billion.

Last month, Son told Bloomberg he planned to raise a new $100 billion fund every two to three years. [Bloomberg] — Meenal Vamburkar


Tags: Real Estate Finance, softbank, vision fu爱上海同城 爱上海nd
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Sam Zell

Sam Zell is reducing his exposure to
real estate He has sold stakes in four companies over the past year

Sam Zell (Credit: Getty Images and Pixabay)

He s bearish on the real estate market, and lookin新爱上海同城对对碰论坛 上海同城对对碰交友社区g to sell.

Sam Zell s firm Equity Group Investments has either sold or intends to sell stakes in at lea爱上海 爱上海同城手机版st four companies datin上海夜网论坛 上海夜网g back to last October, according to Bloomberg. It has announced one new investment over the same time period.

The firm may look to sell Ardent Health Partners as well. The company, which EGI bought in 2015, is getting ready for a public offering.

The 77-year-old sell has called himself a net real estate seller since 2015 at least. Equity Residential has sold $8.5 billion worth of properties since that year.

“At the moment, we don’t see enormous opportunity,” Zell said to上海千花社区 上海千花网交友 Bloomberg TV in March. “Pricing today, primarily because of the supply-demand scenario in terms of capital, is distorting all markets, and there’s too much capital chasing too little opportunity.” [Bloomberg]  – Eddie Small

Tags: Commercial Real Estate, Equity Group, sam zell
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