The Real Deal New York

Posts Tagged ‘blackrock’

  • Stuytown 2006 memo

    From left: Larry Fink of BlackRock Realty and Jerry Speyer of Tishman Speyer

    Years before famously defaulting on $4.4 billion in loans, Tishman Speyer and BlackRock Realty had lofty ambitions for America’s most famous housing complex — Stuyvesant Town and Peter Cooper Village.

    In the months leading up to the $5.4 billion purchase in 2006, the joint venture partnership received an intriguing offering memo from sellers MetLife.

    That document, now available for download on TRData, detailed how a buyer could collect gargantuan revenue from the 110-building complex, mostly by converting stabilized units and tossing them onto the market. How much, you ask? Read on to find out. [more]

  • Stuyvesant Town (inset: Larry Fink)

    Stuyvesant Town (inset: Larry Fink)

    BlackRock’s Larry Fink has no regrets about about one of his firm’s most public failures, the purchase of Stuyvesant Town in 2006, along with partner Tishman Speyer. [more]

  • 234 East 46th Street

    Renderings of 234 East 46th Street in Midtown (credit: Prodigy Network)

    Apartments in the city’s first crowd-funded condo project are hitting the market, with prices starting at $1.2 million. [more]

  • Laurence Fink

    BlackRock chair Laurence Fink and gold bullion (credit: Wikimedia)

    New York City real estate has surpassed gold as an “instrument” for the store of wealth, according to head of one of the world’s biggest asset managers.

    Apartments in Manhattan and other cities like London and Vancouver, as well as contemporary art, have usurped gold’s traditional role as an “instrument for the storing of wealth,” BlackRock chair Laurence Fink told the 2015 Credit Suisse Megatrends conference in Singapore on Tuesday. [more]

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  • BlackRock expands at Park Avenue Plaza

    February 24, 2015 01:22PM
    Laurence Fink and Park Avenue Plaza at 55 East 52nd Street (Credit: CoStar)

    Laurence Fink and Park Avenue Plaza at 55 East 52nd Street (Credit: CoStar)

    The world’s largest asset manager is once again expanding its footprint at Park Avenue Plaza. BlackRock, which took over the full 26th floor at the 44-story tower last year, is now adding the full 27th floor, The Real Deal has learned. [more]

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  • aka-un

    234 East 46th Street and BlackRock CEO Larry Fink

    UPDATED, 5:53 p.m., Sept. 16: Crowdfunding real estate firm the Prodigy Network received a mezzanine loan from New York-based investment firm the Emmes Group of Companies in order to acquire a large stake at the AKA United Nations extended-stay hotel in Midtown East.

    Investment-management giant BlackRock currently holds the majority stake at the 20-story property at 234 East 46th Street, between Second and Third avenues. Korman Communities, which owns the remaining 10 percent of the hotel, would continue to operate the site as an AKA. [more]

  • From left: Blackstone's Jon Gray, O'Connor's Glenn Rufrano and 200 East 62nd Street

    From left: Blackstone’s Jon Gray, whose company is financing the purchase, O’Connor’s Glenn Rufrano and 200 East 62nd Street

    A partnership between the California Public Employees’ Retirement System, the largest private pension fund in the U.S., and investment management company GID is in contract to sell an Upper East Side rental complex for approximately $240 million, The Real Deal has learned. [more]

  • From left: Ocwen president Faris and

    From left: Ocwen president Ronald Faris andChris Katopis

    Mortgage investors are planning to relay their distaste for embattled servicer Ocwen Financial in a letter to trustees and master servicers.

    Investors sent out a Twitter message this week about a forthcoming letter in regards to Ocwen’s “servicing abuses.” Ocwen, one of the largest subprime loan servicers in the U.S., was accused last month by funding giants BlackRock and Pimco of handing residential mortgage improperly. [more]

  • ronald-faris

    Ocwen’s Ronald Faris

    Atlanta-based mortgage service Ocwen Financial Corp. did not fare as well as underwriters had hoped in a new debt offering. Nearly $124 million was raised from the sale of bonds affiliated with fees from managing government-backed mortgages. Underwriters projected funds would be closer to $136 million. Mortgage-servicing rights secure the notes.

    “Servicing is an expensive business where companies that try to cut costs may find themselves in regulatory hot water,” policy analyst Jaret Seiberg of Guggenheim Securities LLC’s Washington Research Group said, as Bloomberg News reported. [more]

  • From left: Ocwen's

    From left: Ocwen’s Ronald Faris, BlackRock’s Laurence Fink and Pimco’s Mohamed El-Erian

    In an abrupt change, BlackRock and Pimco are contemplating filing suit against Ocwen Financial for improperly handling residential mortgages. [more]

  • shake-shack

    From left: Shake Shack at Madison Square Park, 600 Third Avenue and Danny Meyer

    Celerity chef Danny Meyer’s Union Square Hospitality Group signed a 15-year lease for the tenth outpost in the city of his fast-expanding burger chain, Shake Shack. The latest location is in an office tower in Midtown East. [more]

  • 36694615

    Sonny Bazbaz and 101 West 87th Street

    WEEKENDEDITION Not every developer is aiming for a record setting price per square foot or the tallest residential buildings. Some trend-bucking developers are focusing on building moderately priced Manhattan apartments, without skimping on the amenities. [more]

  • Bruce Menin and 165 East 66th Street

    Bruce Menin and 165 East 66th Street

    A partnership between the California Public Employees’ Retirement System, the largest private pension fund in the U.S., and investment management company GID has sold an Upper East Side rental complex it acquired in 2006, The Real Deal has learned exclusively. [more]

  • Credit: Crain’s

    Companies such as BlackRock, Angelo Gordon & Co and Starwood Capital are beginning to sell off shovel-ready development sites they bought on the cheap when the economic downturn hit, Reuters reported.

    These money managers, who purchased cheap plots of residentially zoned land in bankruptcy proceedings from troubled developers, are seeing returns in excess of 20 percent on their investments, thanks to the ever-increasing value of land. [more]

  • Sherry Rexroad

    From the July issue: Investment management giant BlackRock last month hired Aviva Investors’ Sherry Rexroad as Chief Investment Officer for its new BlackRock Global Real Estate Securities platform. Rexroad previously served as Aviva’s senior portfolio manager of real estate investment trusts for the Americas (note: correction appended).

    The Manhattan-based group will invest in real estate investment trusts and real estate operators across the globe, Rexroad told TRD, adding that it will be “a marriage of a fundamental equity team and a real estate team.” [more]

  • Sherry Rexroad

    Multi-national investment management giant BlackRock has tapped Sherry Rexroad, the former senior portfolio manager of real estate investment trusts for the Americas at Aviva Investors, to oversee a new real estate investment platform, according to Bloomberg News.

    Rexroad, who will report to Mark Howard-Johnson, the head of BlackRock’s real estate securities group, has taken the title of chief investment officer at the firm. She will focus on seeking out for trends and investment opportunities in real estate securities, a BlackRock statement said. [more]

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  • Tenants of Stuyvesant Town and Peter Cooper Village have received an alternative partnership offer just days after it was revealed they had partnered with Brookfield Asset Management to explore buying the properties, Crain’s reported.

    A partnership between developer Gerald Guterman and Westwood Capital issued letters to tenants today, reminding them of a proposal Guterman and Westwood sent them in 2010. The duo’s plan involves converting all units in the complex to co-ops, which the tenants would then buy for close to $175 per square foot. … [more]


  • Stuyvesand Town and City Council member Daniel Garodnick

    The tenant association for Stuyvesant Town and Peter Cooper Village voted yesterday to partner with Brookfield Asset Management to explore buying the properties, the New York Times reported. The association is aiming to convert the complexes, with 11,232 apartments in total, into an affordable condominium or cooperative in a plan that could see residents choose to buy their apartments or remain as rent-regulated tenants.

    The tenants are hoping that the lenders who control the property, who are represented by CW Capital, will sell it to them rather than someone who may wish to displace the properties’ long-term residents, the Times said. … [more]

  • alternatetext
    Stuyvesand Town and City Council member Daniel Garodnick
    The New York state appeals court ruled today that tenants in the blockbuster lawsuit at Stuyvesant Town and Peter Cooper Village will be able to pursue millions in rent overcharges, tossing a move to dismiss the case by MetLife, the original landlord of the Manhattan complex (note: correction appended).

    In 2007, Stuy Town residents, led by tenant Amy Roberts, filed a class action suit against Tishman and the previous landlord, Metropolitan Life, alleging they illegally deregulated apartments while receiving J-51 tax benefits, which are designed to help landlords renovate apartment buildings in return for keeping rents affordable.

    The decision means that thousands of current and former tenants will be able to pursue more than $215 million in excess rent that was paid to previous landlord Tishman Speyer or MetLife, which had sold the complex to Tishman.

  • [Updated at 2:30 p.m.] When Boston-based real estate investment firm the Rockpoint Group announced that it had sold its stake of Park Avenue Plaza at 55 East 42nd Street earlier this month, the company declined to reveal how much it had received for the sale — but in New York City, secrets don’t stay secret for long.

    According to public records filed with the city yesterday, Rockpoint received a massive $569.1 million for its 49 percent share of the 1.2 million-square-foot plaza plus another building at 49 East 52nd Street. The company was represented by CBRE, according to data from Real Capital Analytics. The buyer, Soho China, provided a residential address at 1185 Park Avenue, the same building where JPMorgan CEO Jamie Dimon resides.

    Tenants at Park Avenue Plaza currently include BlackRock, McKinsey & Co. and Swiss Re., it was previously reported. Rockpoint bought into the building last year for around $330 million or $570 per square foot. — Katherine Clarke[more]