The Real Deal New York

Posts Tagged ‘starwood capital’

  • Too much money creates its own problems

    August 11, 2015 10:13AM

    REIT-TRDFrom the August Issue: In the years following the 2008 crash, Barry Sternlicht was dubbed “the real estate bargain hunter” by the New York Times for buying up loan portfolios and properties at depressed prices and turning them into cash cows.

    And the returns racked up by private funds managed by his company, Starwood Capital Group, were indeed impressive. Between March 2013 and June 2014, for example, Starwood Distressed Opportunity Fund IX racked up an annualized yield of 36.9 percent.

    But recently, Sternlicht has had difficulty living up to that moniker, at least in New York City. [more]

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  • 144-150 West 34th Street in Herald Square (inset: Steven Roth)

    144-150 West 34th Street in Herald Square (inset: Steven Roth)

    Vornado Realty Trust received a $205 million acquisition loan from Morgan Stanley to help finance its purchase of the Old Navy building in Herald Square. [more]

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  • From left: Doug Harmon, Adam Spies, the Old Navy building at and Steve Roth

    From left: Doug Harmon, Adam Spies, the Old Navy building at 144-150 West 34th Street and Steve Roth

    Vornado Realty Trust just closed on the $355 million acquisition of the Old Navy building in Herald Square, The Real Deal has learned, just over a year after a partnership between Starwood Capital Group and Crown Acquisitions bought it for $252 million. [more]

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  • From left: Blackstone's Jonathan Gray and Starwood's Barry Sternlicht

    From left: Blackstone’s Jonathan Gray and Starwood’s Barry Sternlicht

    Real estate funds are receiving more investment from pension funds, endowments and institutional investors than at any point since the property bust, with a few large firms collecting most of the spoils.

    Investors have poured money into real estate in search of better returns than they would see from bonds, according to David Hodes of consultancy Hodes Weill & Associates. [more]

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

    From left: Baccarat Hotel & Residences rendering and lobby design

    UPDATED, 5:20 p.m., April 10: A 4,500-square-foot full-floor unit at Tribeca Associates and Starwood Capital Group’s Baccarat Hotel & Residences New York closed for $19.8 million. [more]

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  • 1 Hotel and developer Richard LeFrak

    1 Hotel in Miami Beach and Richard LeFrak

    From the South Florida website: 1 Hotel, the 426-room joint venture between Starwood Capital Group’s Barry Sternlicht and developer Richard LeFrak, opens Wednesday. [more]

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  • From left: Andrew Singer, Kathleen McSharry and Scott Singer

    From left: Andrew Singer, Kathleen McSharry and Scott Singer

    By doubling down on what at first blush appeared to be a prohibitively expensive construction loan, a team of brokers from The Singer & Bassuk Organization was able to secure financing for a Billionaires’ Row tower and close an award-worthy deal nearly a decade in the making.  [more]

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  • sternlicht-stolly

    From left: Barry Sternlicht (credit: 1Hotels) and Dustin Stolly

    Barry Sternlicht’s Starwood Capital Group landed a $500 million loan to refinance 85 of its extended-stay hotels across 18 states, The Real Deal has learned.

    Credit Suisse provided the five-year, floating-rate loan for the InTown Suites portfolio, which includes nearly 10,800 hotel rooms. JLL’s Dustin Stolly, Bill Grice and Brett Rosenberg represented Starwood in the refinancing. [more]

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  • starwood-moinian

    From left: Barry Sternlicht, 237 West 54th Street in Midtown, Morad Ghadamian, Joseph Moinian (credit: New York Social Diary) and Dustin Stolly

    UPDATED, 12:12 p.m., Feb. 17: Barry Sternlicht’s Starwood Capital Group sold its remaining 49.9 percent stake in Central Park South’s Hilton Garden Inn to Morad Ghadamian, a Lenox Hill-based investor and carpet importer, The Real Deal has learned. The deal was struck just over a year after the 401-key hotel opened its doors, and values the property at $240 million. [more]

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  • baccarat-sunshine

    From left: Sunshine’s Zhang Weigong,  a rendering of the Baccarat at 20 West 53rd Street and Barry Sternlicht

    Chinese insurer Sunshine Insurance Group agreed to buy the Baccarat Hotel from Barry Sternlicht’s Starwood Hotels & Resorts Worldwide for more than $230 million, setting a price record on a per-room basis. [more]

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  • Rendering of Brooklyn Bridge Park (From left: 90 Furman Street and 130 Furman Street)

    Rendering of Brooklyn Bridge Park (From left: 90 Furman Street and 130 Furman Street)

    Over cries from Brooklyn Bridge Park officials that height restrictions are potentially being violated, the Department of Buildings issued a partial stop work order on Toll Brothers City Living and Starwood Capital’s Pierhouse apartment building. [more]

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  • 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]

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  • 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]

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  • 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]

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  • 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]

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  • 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]

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  • 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]

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  • 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]

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  • 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]

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