The Real Deal New York

Posts Tagged ‘goldman sachs’

  • From left: Marc Holliday, Owen Thomas and Steven Roth

    From left: Marc Holliday, Owen Thomas and Steven Roth

    In the face of a “maturing” commercial real estate cycle that’s bracing for an interest rate hike, Goldman Sachs this week downgraded SL Green Realty and Vornado Realty Trust, citing a debt-heavy strategy for SL Green and Vornado’s high exposure to a risky high-end Manhattan retail market. In contrast, Boston Properties’ low-cost-capital, high-cash-flow strategy bodes well in the near future, the investment bank said. [more]

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  • 53 West 53rd Street

    Rendering of 53 West 53rd Street in Midtown (credit: Hayes Davidson)

    Sales at the Jean Nouvel-designed condo tower at 53 West 53rd Street in Midtown are set to commence next week, with prices at the 139-unit building starting at $3 million and its duplex penthouse asking more than $70 million. [more]

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  • Lloyd Blankfein

    Lloyd Blankfein

    Goldman Sachs chairman and CEO Lloyd Blankfein is facing litigation from a contractor who fell from scaffolding while working on his Hamptons home.

    The construction worker, Cesar Correa, said in the suit that the fall caused injuries to his knee, rendering him “sick, sore, lame and disabled,” according to the New York Daily News. He is blaming Blankfein for failing to take appropriate safety precautions to protect workers. [more]

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  • 590 Madison Avenue

    590 Madison Avenue in Midtown

    The pension fund that owns 590 Madison Avenue – the Plaza District office tower that house financial services firms UBS, Morgan Stanley and Bain Capital – is seeking a loan valued at up to $650 million.

    The State Teachers Retirement System of Ohio has retained a Cushman & Wakefield team of Steve Kohn, Alex Hernandez, Chris Moyer and Alex Lapidus to source the funds, which could be one of the largest loans to close this year. The pension fund put a stake in the 42-story tower on the market last October, when the building was valued at $1.5 billion. [more]

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  • 30 Hudson Street in Jersey City

    30 Hudson Street in Jersey City

    New York Life Insurance is considering moving 325 employees to Goldman Sachs’ tower on the Jersey City waterfront. [more]

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  • Times Square forest

    (credit: Kickstarter)

    Debrah Lee Charatan and Bennat Berger’s BCB Property Management doubles space near Union Square. Kickstarter project wants to bring a forest to Times Square. Simon Baron and Quadrum planning 18-story Upper West Side resi building. Read these stories and more after the jump.

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  • goulart-85

    MetLife’s Steven Goulart and 85 Broad Street (Photo: CoStar)

    Insurance giant MetLife is shopping around a stake in its 1.1 million square foot Lower Manhattan office tower at 85 Broad Street, The Real Deal has learned.

    Based on current comps, the entire tower is valued between $350 and $550 million. The offering comes as values have risen in the area and sales have been brisk, yet the 30-story building is one of the few in the neighborhood which has had a large vacancy for years, following the exit of the investment bank Goldman Sachs. [more]

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  • affordable

    BRP’s Meredith Marshall and a Williams Avenue building in East New York in Brooklyn

    Midtown-based development firm BRP Companies has begun renovating 63 apartment buildings in East New York as part of a sweeping overhaul of the neighborhood’s affordable housing.

    Goldman Sachs and city and state housing agencies partnered to finance the project. BRP acquired the buildings from local nonprofit East New York Urban Youth Services for a total of $100 million in December. Earlier this month, the Goldman Sachs Urban Investment Group invested $75 million into a new fund to develop housing in New York and New Jersey. [more]

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  • A rendering of Hines' MoMa tower

    Rendering of Hines’ MoMa tower

    With the purchase of some $85 million worth of air rights from its neighbors and a large construction loan in place, the developer of the long-stalled MoMa supertall tower said it is finally ready to put shovels in the ground.

    Houston-based Hines recently closed on two deals to buy more than 240,000 square feet of development rights from MoMa and the St. Thomas Episcopal Church for its Jean Nouvel-designed, 1,050-foot condo tower 53W53, property records show. The total purchase price worked out to $85.3 million. The 31,389 square feet of development rights from MoMa worked out to about $453 per foot, while St. Thomas’ 210,000 square feet of excess rights came in shy of $340 per foot. The developer declined to comment on the specifics of the transactions. An air-rights expert not affiliated with the deals said they were probably negotiated some time ago at different intervals. [more]

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  • From left: Seth Weissman and 426 Bainbridge Street, one of his properties in Brooklyn

    From left: Seth Weissman and 426 Bainbridge Street, one of his fund’s properties in Brooklyn

    Brooklyn investor Seth Weissman is targeting a new neighborhood with his venture CityShares, a fund that enables its participants to reap the benefits of increasing apartment demand in gentrifying areas. [more]

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  • seth-weissman

    Seth Weissman

    Real estate investor Seth Weissman has launched a $5 million fund to acquire Bedford-Stuyvesant buildings as the first stage of the venture CityShares.

    He plans to pool funds from investors and buy apartment complexes in several Brooklyn neighborhoods, including Bushwick, Crown Heights and Bed-Stuy, as well as Harlem. His goal is to raise $50 million total. Weissman, who formerly worked at Perry Capital and Goldman Sachs, owns 10 apartment buildings in the city at the moment. [more]

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  • 150-east-42

    150 East 42nd Street

    Hiro Real Estate and Goldman Sachs’ landmarked tower at 150 East 42nd Street, also known as the Socony-Mobil Building, is asking $900 million for the long-term leasehold.

    Mount Sinai Medical Center also recently signed a lease for 450,000 square feet at the base of the building. The hospital is slated to occupy the bottom five floors as well as floors nine through 11, as it combines its various departments as a result of merging last year with Continuum Health Partners. Asking rents for office space in Midtown East is in the $40s and $50s per square foot, Crain’s reported. Mobil Oil was a long-time flagship tenant at the 1.8 million-square-foot tower, located between East 41st and East 42nd streets. [more]

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  • From left: Simon Baron and 12 East 88th Street

    From left: Matthew Baron and 12 East 88th Street

    Simon Baron Development has landed a $120 million loan from Goldman Sachs to convert a Carnegie Hill rental building into luxury condominiums.

    Ayush Kapahi of brokerage HKS Capital Partners arranged the loan for the 13-story structure at 12 East 88th Street, between Fifth and Madison avenues, according to a press release. [more]

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  • The Department of Small Businesses will soon open applications for  a new $3.5 million loan fund that will help small contractors find short-term financing for big construction jobs. [more]

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  • American Homes 4 Rent CEO David Singelyn and members of the company's leadership team at the company's IPO

    American Homes 4 Rent CEO David Singelyn and his leadership team at the company’s IPO

    Three months after Blackstone Group completed its first sale of bonds backed by rental home payments, single-family landlord American Homes 4 Rent has tapped Goldman Sachs to arrange the sale of its own similarly-styled securities. [more]

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  • Bank of America and Morgan Stanley

    Bank of America and Morgan Stanley

    The fourth quarter of 2013 was a rough one for many of the country’s biggest banks, thanks to lingering litigation, the payouts for which took a bite out of the bottom line. [more]

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  • From left: Lucas von Praag, 131 West 95th Street interior, exterior

    From left: Lucas von Praag, 131 West 95th Street interior, exterior

    The former head of investment bank Goldman Sachs’ public relations department has put his Upper West Side townhouse on the market asking $8.9 million, according to StreetEasy. [more]

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  • Alicia Glen

    Alicia Glen

    UPDATED, 4:55 p.m., Dec. 23: Mayor-elect Bill de Blasio has selected Alicia Glen, head of urban investment for Goldman Sachs, to serve as his deputy mayor for housing and economic development.

    Glen, who is also an adjunct faculty member at Columbia University’s business school, has been at the head of the bank’s urban investment group since 2002. More than $5 billion in development of residential, mixed-use and commercial projects across the country have been created during her time in the post, including $41 million in financing for New York’s Citi Bike program. [more]

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  • edward-forst

    Edward Forst

    Cushman & Wakefield has found a more permanent replacement for Glenn Rufrano, who abruptly exited the commercial brokerage this summer. Edward Forst, formerly global co-head of Goldman Sachs’ investment management division, was named president and CEO today, according to a statement from Cushman.

    Last month, the firm was weighing keeping executive chairman-turned-interim CEO Carlo Barel di Sant’Albano in the job in a long-term capacity, as previously reported. But Sant’Albano was supportive of the choice, according to the statement. “We are delighted to welcome Ed to Cushman & Wakefield and look forward to working closely with him,” he said in the release. [more]

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  • Robert-Shiller

    Robert Shiller

    Nobel Prize-winning Yale economist Robert Shiller, namesake of the S&P/Case Shiller housing market index, just tweeted plans to offer his introductory “Financial Markets” course free on the web next semester via Coursera, the massive open online course platform. [more]

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