The Real Deal New York

Posts Tagged ‘starwood capital’

  • From left: Barry Sternlicht and 277 West 10th Street

    From left: Barry Sternlicht and 277 West 10th Street

    Following the $68.2 million purchase of the West Village’s Shepherd House last month, it appears further change is now afoot for the nearly 137,000-square-foot landmark building.

    An application processed today by the city Department of Buildings shows an estimated $20 million renovation to bring the existing 145 residential units down to a total of 42. [more]

  • From left: Stella Tower and Walker Tower

    From left: Stella Tower and Walker Tower

    The partnership that renovated the pre-war Walker Tower in Chelsea is getting more bang for its buck, as a number of residents are now buying units at another of its projects in Hell’s Kitchen.

    Six owners at Walker Tower have scooped up condos at the 51-unit Stella Tower at 425 West 50th Street. Like Walker, that tower was designed by Ralph Walker as a commercial building and refurbished by JDS Developments Group, Property Markets Groups and Starwood Capital Group. [more]

  • From left: Baccarat Hotel  & Residences rendering and lobby design

    From left: Baccarat Hotel & Residences rendering and lobby design

    Starwood Capital made headlines last year by asking $60 million for the penthouse at the Baccarat Hotel & Residences in New York. Now, it’s looking to sell the hotel portion of the development at a cost that works out to a record-breaking $2 million per room. [more]

  • old-navy

    From left: Stanley Chera, 144-150 West 34th Street and Barry Sternlicht

    Crown Acquisition Group and Starwood Capital Group officially closed on the purchase of a retail property at 150 West 34th Street for $255 million.

    Air rights would allow for the site, between Broadway and Seventh Avenue, to be redeveloped into a 300,000-square-foot hotel and retail tower, as The Real Deal previously reported. The buyers entered contract for the four-story, 80,000-square-foot property last month. The deal closed last week for roughly $850 per buildable square foot, the New York Post reported. [more]

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  • 470 Vanderbilt Avenue

    470 Vanderbilt Avenue

    From the April issue: The second-priciest office building transaction in Brooklyn’s history closed last month. [more]

  • From left: exterior and interior of penthouse at

    From left: exterior and interior of penthouse at 20 West 53rd Street

    Development firm Starwood Capital has unveiled the design for its $60 million penthouse atop the Baccarat Hotel and Residences in Midtown that hit the market more than a year ago. [more]

  • From left: Renderings of Intercontinental's hotel at 300 Schermerhorn Street in Brooklyn and Toll Brothers and Starwood's hotel at Pier 1 in Brooklyn

    From left: Renderings of Intercontinental’s hotel at 300 Schermerhorn Street and Toll Brothers and Starwood’s hotel at Pier 1 in Brooklyn

    Builders are pursuing more hotel projects in Brooklyn this year than in 2012, in spite of a lackluster hotel market in the borough, according to figures by hotel data-crunching firm Smith Travel Research. [more]

  • Starwood Capital's Barry Sternlicht

    Barry Sternlicht

    Starwood Capital Group chair Barry Sternlicht is looking to sell off shares of the company in an initial public offering, Bloomberg News reported, citing unnamed sources.

    The Connecticut-based property investment outfit will likely sell a minority stake in the company in the IPO. Sterlicht has been mulling such a sale to raise funds and finance new businesses. The CEO is also a player on the financing side of large New York City real estate deals such as Hudson Yards.  [more]

  • 20-E-40-Feldman

    From left: Rendering of 20 West 40th Street, parking lot at site (Photo credit: Google) and Ziel Feldman

    Ziel Feldman’s HFZ Capital Group filed plans last week for a Bryant Park mixed-use project where another developer once planned to build the city’s largest green hotel. [more]

  • A rendering of Pierhouse at Brooklyn Bridge Park

    A rendering of Pierhouse at Brooklyn Bridge Park

    WEEKENDEDITION Pierhouse, Toll Brothers’ $280 million development at Brooklyn Bridge Park’s Pier 1, is expected to contribute $16 million to the park’s annual budget for operations and maintenance. [more]

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  • Barry Sternlicht

    Barry Sternlicht

    Starwood Capital Group CEO Barry Sternlicht dismissed a comment made by former U.S Treasury Secretary Lawrence Summers urging banks to become more aggressive lenders today, saying the lending environment for commercial real estate is healthy and appropriate.

    “I am delighted that banks are not stepping up and doing a lot of construction loans on buildings that do not need to be built,” Sternlicht said, contradicting Summers’ claims yesterday that the country needed to prioritize making capital freely available. [more]

  • From left: Rubin Schron and Robert Verrone

    From left: Rubin Schron and Robert Verrone

    Robert “Large Loan” Verrone’s Iron Hound Management, a leading mortgage broker, has secured $406 million in loans for three different projects — 2 West 46th Street, 369 Lexington Avenue and Bush Terminal, at 241 37th Street, in Brooklyn.

    Iron Hound structured the payoff of a $106 million defaulted loan and the placement of new debt, through Starwood Capital, for 2 West 46th Street and 369 Lexington Avenue on behalf of Joe Stavrach and Faraj Srour, who is also known as Freddy Srour. Iron Hound also restructured a $300 million loan with LNR Property for the 6.1-million-square-foot industrial complex Bush Terminal in Greenwood Heights for Rubin Schron, who famously bid $2 billion on the Empire State Building in June. [more]

  • starwood-blackstone

    From left: Blackstone’s Stephen Schwarzman and Starwood’s Barry Sternlicht

    Blackstone Group, Starwood Capital and Apollo Global Management are just a few of the private equity firms reigning over the hotel market in the U.S., due in part to their buying power and risk tolerance.

    Private equity firms surpassed real estate investment trusts as the top hotel acquirer in the past decade. REITs went from owning 67 percent of hotel rooms in 2003, to now owning 33 percent. In contrast, private equity firms owned 12 percent in 2003, but now own 59 percent – at a time when supply is at a historic low. Annual hotel room supply dropped from 0.5 percent in 2011 to 0.2 percent last year. The long-term average supply is 2 percent. [more]

  • A penthouse at the Baccarat

    A penthouse at the Baccarat

    Starwood Capital Group’s ultraluxury Baccarat Hotel & Residences New York topped out yesterday. The 50-story glass tower — designed by Skidmore, Owings & Merrill and developed by Starwood along with Tribeca Associates and Tishman Construction — is located on 53rd Street off Fifth Avenue and will feature 114 guest rooms as well as 61 private residences. See exclusive photos after the jump.

  • From left: Barry Sternlicht, the Highgrove Stamford, 44 Monroe in Phoenix and the Mosaic II in Houston

    From left: Barry Sternlicht, the Highgrove Stamford, 44 Monroe in Phoenix and the Mosaic II in Houston

    Barry Sternlicht’s recent $246 million sale of four high-end apartment buildings to Boston-based real estate investment trust Winthrop Realty Trust signals the start of a lucrative unloading of assets the Starwood Capital head purchased from Corus Bank back in 2009. [more]

  • Barry Stenlicht and Saks Fifth Avenue

    Barry Sternlicht and Saks Fifth Avenue

    After submitting a bid for the company that owns Saks Fifth Avenue last week, it appears that real estate mogul Barry Sternlicht may withdraw his offer, according to the New York Post. [more]

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  • pierhouse-brooklyn-bridge-park

    A rendering of Pierhouse at Brooklyn Bridge Park

    Toll Brothers and Starwood Capital Group have revealed exterior renderings for the condominium component of Pier 1, their mixed-use development at Brooklyn Bridge Park, Curbed reported. [more]

  • Fort Tilden in Queens (Credit: Urban Ghosts Media)

    Madison Square Garden gets 15-year permit. Townhouse at 294 West 4th Street asks $10.8 million. Starwood Capital Group in talks to buy seven malls from Westfield Group for $1 billion. The Muppets take Queens to star in museum exhibit. Cleanup workers try to restore Fort Tilden beach in Queens by the summer. Read these stories and more after the jump.

  • Barry Sternlicht of Starwood Capital

    Opportunity real estate funds are increasingly testing out a new profit-making strategy, investing in riskier real estate — such as distressed properties or those with large vacancies — in the hopes of yielding larger returns, the Wall Street Journal reported.

    During the downturn, private equity and pension funds generally invested in safe properties in healthy markets. But the increased demand for these assets has driven up prices, according to the Journal. [more]

  • Starwood Capital CEO Barry Sternlicht and a rendering of the Baccarat

    The new incarnation of the Donnell Library on West 53rd Street will be housed at the base of Tribeca Associates and Starwood Capital’s Baccarat Hotel & Residences New York and will be a multi-functional but significantly smaller space, the Wall Street Journal reported.

    Designed by TEN Arquitectos, the new $20 million space includes 144 amphitheater-style seats, a technology space and a children’s reading room and a 141-seat auditorium. The space reflects the shifting role of libraries and will be highly versatile, Anthony Marx, the library’s president and chief executive, told the Journal.  [more]


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