Starwood Capital Group

• July 2023 New York New Developments
• Major Developments: NYC office struggles no threat to tax revenue: Worst-case 40% value decline would decrease revenue up to 1.4% by 2027 The city would face a revenue shortfall of $323 million in fiscal year 2025 (which starts on July 1, 2024) if the value of office properties declines 40% from 2023 to 2029. By the time fiscal year 2027 rolls around, that shortfall would be projected to jump to $1.1 billion. That figure represents only 3% of the city’s property tax levy and 1.4% of its tax revenues. The city’s tax revenues may be slightly worse condition than suggested. ...
  
  
• March 2023 New York Buildings For Sale
• Buildings for Sale: Related Companies’ fund management arm and BentallGreenOak are ready to walk away from the Point LIC, a small campus of converted warehouses in Long Island City, that sit mostly vacant after six years. BrightSpire Capital is looking to sell the non-performing loans, and the borrowers have agreed to hand the keys to the Point over to whoever buys the debt through a deed-in-lieu of foreclosure. The mortgages on the two buildings total around $150 million. The two properties: a 130,000-square-foot former oil storage warehouse at 2100 49th Avenue, dubbed the Paragon Building, and a 220,000-square-foot building across ...
  
  
• September 2020 New York New Developments
• New York New Developments The Metropolitan Transportation Authority plans to cut service by 40% if Washington does not send $12 billion in federal aid, crippling the city’s chances to come back from the pandemic. The timeline for the overhaul of John F. Kennedy International Airport will likely be pushed back years because of plummeting passenger demand. Passenger volume is down 85%, and officials warn that passenger numbers might not match last year’s level of nearly 62 million passengers until 2023. July was the slowest month of the year for large construction applications. The total size of the 10 biggest projects ...
  
  
• June 2019 New York New Developments
• Major Developments: The City Council approved the new headquarters for JPMorgan, the first project to take advantage of New York’s Midtown East rezoning. JPMorgan will stay and rebuild its global headquarters at 1,400 feet and 70 stories tall, and will allow the company to consolidate employees who now work out of multiple different locations. The Port Authority of New York and New Jersey is moving ahead with plans to replace the bus terminal. The agency is moving forward with the formal environmental review process and released a document for public review. Blumenfeld Development Group has received a $235 million refinancing ...
  
  
• July 2015: New York New Developments
• New York University's campus expansion plans to expand the school by about 2 million square feet in Greenwich Village hasve been approved by Tthe New York State Court of Appeals.s gave an approval to New York University's campus expansion plans to expand the school by about 2 million square feet in Greenwich Village. Neighborhood activists sued to prevent the expansion, claiming it used land that was permanently designated for public park use. The plan will create new high rises on two blocks between West Third and Houston Streets and La Guardia Place and Mercer Street. FAO Schwarz is close to ...
  
  
• July 2015: New York Buildings For Sale
• New York Buildings sold Thor Equities sold a Midtown development site at 520 Fifth Avenue to Ceruzzi Properties and an unidentified Chinese partner for $275 million, after purchasing it for $150 million in 2011. Ceruzzi , a Fairfield, Conn.-based real estate investor, plans to follow through with Sitt's plans to develop for a 71-story residential, hotel and retail tower on the site. The plot has approximately 300,000 buildable square feet, between 43rd and 44th streets and has been vacant since two prewar buildings were demolished there when purchased the site. Real estate investor Arthur Shapolsky is in contract to buy ...
  
  
• March 2015: New York Buildings For Sale
• NYC Buildings For Sale General Growth Properties is putting an 85,000 square feet of fully-leased Noho office space up for sale located a 200 Lafayette Street.Just three years after paying $360 million for an office tower at 575 Lexington Avenue, Normandy Real Estate Partners is looking to sell.The Chetrit Group is seeking a buyer for its Hudson Yards development site, but in the interim, the firm is planning on spending $29 million to more than double the buildable square footage the property allows as-of-right.433 Fifth Avenue is for sale asking $30 million for a six-story Midtown commercial building. The 17,000-square-foot ...
  
  
• May 2014 New York Buildings For Sale
• Buildings For Sale A West Side’s Hudson Yards development site, nearby parcel could sell more than $100 million. A nonprofit organization is selling a landmarked church for $50 million. The Federation of Protestant Welfare Agencies, the owner of the Church Missions House at 281 Park Avenue South, is looking to sell the century-old building to fund its services, including advocacy and management assistance for more than 200 churches and social-service groups. An affiliate of Walter & Samuels is looking to sell an Upper West Side parking garage site, which is being marketed as a potential redevelopment into condominiums. The 7,700-square-foot ...
  
  
• March 2013 New York Buildings For Sale
• NYC Buildings For Sale The nearly 41,600-square-foot Colonial Revival U.S. Post Office location at 217 West 18th Street between Seventh and Eighth avenues is for sale.The SUNY board of trustees voted to close the Cobble Hill-based Long Island College Hospital. The sale of the 200,000-square-foot building, which could be converted into a residential development, may bring up to $500 million.Lehman Brothers is looking to sell its 90 percent stake in 425 Park Avenue. The 31-story, 567,340-square-foot building, located in Midtown East, is to be demolished and replaced with a 650,000-square-foot Norman Foster-designed office tower being developed by L&L Holdings, which ...
  
  
• October 2012 New York Buildings For Sale
• NYC Buildings For Sale SL Green Realty is looking to sell its 575,000-square-foot building at 120 West 45th Street, known as Tower 45, for a price of $270 million or more.Morgan Stanley’s Prime Property Fund has put its New York Marriott East Side on the block for $350 million. The hotel has 646 rooms and is located at 525 Lexington Avenue and 49th Street. The 2.3 million-square-foot office tower at 11 Madison Park is hitting the market with a sales price of $1.5 billion. Sapir bought the building in 2003 for $675 million; in 2010 CIM Group purchased a 49 ...
  
  
• July 2012 New York New Developments
• Major Developments While details are sparse, Bowery Boogie is well underway on the 65,000-square-foot building, which has been covered in scaffolding for weeks. The renovation is being carried out by Lower East Side architecture firm Studio Castellano. The city’s Economic Development Corporation wants proposals from developers who would like to build and maintain underutilized industrial plots in three New York City boroughs. These include 95,000 square feet at 2399 Watson Avenue in the Bronx’s Zerega section, 80,000 square feet in East New York, Brooklyn, 53,000 square feet in Sunset Park, Brooklyn and 40,000 square feet in Queens’ College Point Corporate ...
  
  
• March 2012 New York Buildings For Sale
• New York Buildings sold SL Green has closed on its acquisition of a 37-story, 390,000-square-foot Midtown office building at 10 East 53rd Street for $252.5 million, or about $647 per square foot, and has sold a 45 percent interest in the building to Canada Pension Plan Investment Board. Canada Pension Plan paid an equity investment of $57.4 million before closing costs.Silverstone Property Group, along with equity partner RWN Real Estate Partners, plan a $12 million repositioning of the Murray Hill apartment building they acquired for $53 million The 17-story, 128-unit building at 247 East 28th Street, was purchased from Samson ...
  
  
• June 2010 New York New Developments
• New Developments New York University may enter the public approval process for its new Silver Towers site, the crown jewel of its wildly controversial 2031 expansion plan. The biggest hurdle for the school will be gaining approval from the Landmarks Preservation Commission, which will have final say on whether NYU can build on the landmark Bleecker Street site. The proposed building will be a "slender pinwheel tower," and is rumored to be planned for a 40-story structure. New York University dropped in on Community Board 3's zoning committee meeting and had little to say about how its 6 million-square-foot expansion ...
  
  
• May 2010 New York Buildings For Sale
• New York City Buildings sold The retail space at 40 Mercer, the Jean Nouvel-designed condo, has sold for $41.9 million. The space at 465 Broadway contains 9,400 square feet of space at the ground level. SL Green is buying Hines Interests' 600 Lexington Avenue for almost $180 million, or $700 a square foot. The 282,000-square-foot office tower is one of three major city properties of its kind that had been attracting attention from investors while on the market despite the sector's slump. The others are 340 Madison Avenue and 125 Park Avenue. The acquisition for the city's largest landlord follows ...
  
  
• May 2010 New York New Developments
• New Developments Of the many players featured in the high-stakes drama unfolding at Stuyvesant Town and Peter Cooper Village, David Tepper, who has bought more than $800 million worth of controlling bonds at the property over the last 18 months, is proving to be one of the most volatile and polarizing. Tepper took legal action to guide the distressed property to his liking. But his attitude toward Stuyvesant Town, one of the biggest commercial-deals-gone-sour, is one of optimism. Tepper sees an opportunity for bankruptcy and restructuring, a move he believes would save millions. The city's Economic Development Corp. issued two ...
  
  
• April 2010 New York New Developments
• New Developments The number of small- to mid-size medical and bio-pharmacy companies in the city has quadrupled to 120 from 2002, due to the city's recruitment and the accessibility of academic centers in the area. The Upper East Side girls' prep school has cancelled its expansion into the nearby apartment building. The Brearley School, at 610 East 83rd Street, had been angling to buy half the building at 85 East End Avenue, for use as additional teaching space but has fallen through. Extended Stay Hotels may accept a $905 million investment offer from Starwood Capital Group and associated investors in ...