Quantcast

The Real Deal New York

Posts Tagged ‘starwood capital’

  • 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]

    2 Comments
  • 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]

    Comments
  • 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]

    Comments
  • 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]

    Comments
  • 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]

    14 Comments
  • 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]

    3 Comments
  • 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]

    5 Comments
  • 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]

    Comments
  • 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]

    Comments
  • 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]

    1 Comment
  • 470 Vanderbilt Avenue

    470 Vanderbilt Avenue

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

    Comments
  • 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]

    Comments
  • 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]

    Comments
  • 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]

    Comments
  • 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]

    Comments
  • 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]

    1 Comment
  • 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]

    Comments
  • 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]

    Comments
  • 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]

    Comments
  • 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.

    Comments
MENU

Subscribe to our email newsletters

New York Real Estate News
South Florida Real Estate News