REBusinessOnline

Cove Property Group Obtains $479M in Construction Financing for 25-Story Office Tower in Manhattan

NEW YORK CITY — Cove Property Group and an institutional partner have received $479 million in construction financing for Hudson Commons, a 701,364-square-foot trophy office building in the Hudson Yards/Penn Plaza submarket of Manhattan. The 25-story building is located at 441 Ninth Ave. between 34th and 35th streets.Hudson Commons will comprise a 17-story structure atop an existing eight-story building. The development will feature 14 private terraces and balconies and onsite basement …

Columbia Property Trust Buys Two Office Properties in Manhattan for $514M

NEW YORK CITY — Columbia Property Trust Inc. (NYSE: CXP) has purchased two office properties in the Chelsea submarket of New York for $514 million. The acquisition includes two adjoining office buildings that total 281,294 square feet at 245-249 W. 17th St., as well as a 165,670-square-foot office building at 218 W. 18th St. The seller was not disclosed.Twitter’s New York headquarters occupies the majority of the boutique buildings on 17th Street. The adjoining buildings include a …

Fortis Property Group Obtains $297M Construction Loan for 325,000 SF Mixed-Use Project in Brooklyn

NEW YORK CITY — Fortis Property Group has received a $297 million construction loan to develop River Park, a three-building mixed-use project in the Cobble Hill neighborhood of Brooklyn. The 325,000-square-foot project will feature 172 luxury condominium units, 66,900 square feet of community space and 328 parking spaces.Fortis acquired 18 buildings on three adjacent sites that formerly housed the Long Island College Hospital (LICH) medical campus. The company purchased LICH in 2015 for …

Pebblebrook Hotel Trust Sells Dumont NYC for $118M

NEW YORK — Pebblebrook Hotel Trust (NYSE: PEB) has sold the 252-room Dumont NYC in New York for $118 million. The transaction marks Pebblebrook’s exit from the New York market.The upper upscale hotel is located at 150 E. 34th St. at Lexington Avenue in Manhattan. It was built in 1986. The buyer was LeFrak Organization, which plans to convert the hotel into apartments, according to The Real Deal.Dumont NYC was previously part of a six-hotel portfolio Pebblebrook held with joint …

GIC, Paramount Group Buy Wall Street Office Tower for $1B

NEW YORK CITY — A joint venture between GIC and Paramount Group has acquired a 1.6 million-square-foot office tower in New York City for $1 billion. The 47-story tower is located at 60 Wall St. in the Financial District of downtown Manhattan.The property is fully leased. It serves as the U.S. headquarters of Deutsche Bank.GIC, a sovereign wealth fund based in Singapore, has a 95 percent stake in the joint venture, while Paramount Group holds the remaining 5 percent. Paramount managed …

New York REIT, JBG to Merge, Creating $8.4B REIT

NEW YORK CITY — New York REIT (NYSE: NYRT) has agreed to acquire all properties of JBG Cos. and some of its private funds, creating an $8.4 billion real estate investment trust (REIT) named JBG Realty Trust.JBG Realty Trust’s portfolio will span more than 14.5 million square feet of office, residential and retail properties across the gateway markets of New York City and Washington, D.C. The properties are concentrated in transportation-served, urban-infill submarkets.The combined …

HBS Global Buys Galeria Retail Portfolio Valued at $3B

LOS ANGELES AND NEW YORK CITY — HBS Global Properties has purchased the 41-property Galeria Kaufhof portfolio that is valued at $3 billion. The portfolio consists of marquee retail locations across the United States and Germany. The seller was Metro Group.The buy contains flagship department stores in Beverly Hills, Calif.; the greater New York area; as well as Berlin, Cologne, Dusseldorf and Frankfurt, Germany. It also contains properties in other metropolitan and suburban centers. …

Stone Street Acquires Two Apartment Properties in Manhattan’s Gramercy Park for $123M

NEW YORK CITY — Stone Street Properties has acquired two apartment properties in the Gramercy Park submarket of New York City for a total of $123 million. The properties are located at 210 and 220 E. 22nd St. They are situated just east of the Flatiron District, near the East River.The buildings sold for a little more than $1,030 per square foot. The acquisition includes 208 rental units, with an average rent of $3,450 per month.The communities are situated near Peter Cooper Village, …

Fairstead, Blackstone Buy Nearly 1,000 Multifamily Units in Manhattan for $690M

NEW YORK — Fairstead Capital and Blackstone Real Estate Partners VIII have purchased a multifamily portfolio containing nearly 1,000 free-market rental units in Manhattan for $690 million.The acquisition includes 24 mid-rise rental properties situated in the Chelsea and Upper East Side neighborhoods. The new owners plan to upgrade the properties’ common areas. The partners will also add new amenities and carry out a capital improvement plan to renovate the units.The Caiola Family …

LOTTE Group Buys New York Palace Hotel for $805M

NEW YORK — The LOTTE Group has purchased the 909-room New York Palace Hotel in Midtown for $805 million. The hotel is located on the corner of 50th Street and Madison Avenue. It is situated across from St Patrick's Cathedral.The New York Palace underwent a $160 million redesign in fall 2013. It included new lobbies and specialty suites, 24,000 square feet of refreshed event space and improvements to the property’s restaurants and lounges.The acquisition also includes Villard …




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‣ Lee & Associates
‣ Lument
‣ NAI Global
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‣ Walker & Dunlop

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