Major Developments:
Central Queens Academy rents 48,000 square feet at 85-65 Queens Boulevard for its second elementary school.Related Companies proposed a casino development at the Western Rail Yards of Hudson Yards. The project, estimated to cost $12 billion, includes three skyscrapers, each around 1,200 feet tall. The gaming and resort building would span 2.7 million square feet and include a 1,750-room hotel, conference facilities, retail outlets, and restaurants. The project is contingent on receiving one of the state’s three downstate casino licenses and obtaining a zoning change of the Hudson Yards.
Starwood Property Trust reported higher loss reserves of the $307 million loss reserves 74% of the loss attributed to the deteriorating office market.
McSam Hotel Group sold a hotel condo at 150 West 48th Street home to the Hampton Inn and Home2Suites by Hilton Times Square hotels private equity firm Dauntless Capital Partners for $290 million.
Boston Properties (BXP) acquired a 29% interest in 360 Park Avenue South from the Canadian Pension Plan Investment Board (CPP).
Local Law 18 went into effect 6 months ago. New York City’s crackdown on short-term rentals has been a shot in the arm for the hospitality industry. Hotels saw a surge in demand and profitability to end the year, including an increase in average daily rates of 10% year over year.
Brookfield has raised half of a $15 billion real estate fund. Brookfield is looking to cut its real estate holdings by roughly $9 billion by 2028.