Barneys is bankrupt, WeWork closes in on IPO bankers: Daily digest

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Opendoor expands to three new markets. The instant-buying startup started announced Tuesday that it will be launching in Salt Lake City and Boise later this year, and St. Louis in early 2020, bringing its services to a total of 23 markets in the U.S. The firm also says that is has now helped more than 50,000 customers buy or sell their homes. [Opendoor]

L&L has a new landlord at 425 Park. Safehold Inc., a REIT managed by iStar, has signed a contract to buy the property’s ground lease from Nuveen (formerly TIAA) for $620 million. [TRD]

Trump pal Tom Barrack has billions of dollars in Middle East real estate ties. The Colony Capital boss, an Arabic speaker of Lebanese descent, first established links with Saudi royalty as a lawyers in the 1970s. His firm has raised more than $7 billion in investments from the Gulf since Trump’s nomination, but his political ties and the Saudi-Qatari spat have sometimes put him in a difficult position. [TRD]

The trade war’s impact on real estate, by the numbers. From rising construction costs to the sharp decline in Chinese investment, the escalating multibillion-dollar trade war between the United States and China has impacted real estate in many ways. And that’s not counting the impact of an overall economic slowdown. [TRD]

Airbnb acquires corporate extended-stay platform Urbandoor. In addition to boosting Airbnb’s supply of corporate-friendly properties, the acquisition will also allow Airbnb to take advantage of Urbandoor’s established relationships with multifamily owners. The terms of the transaction were not disclosed. [Techcrunch]

Marriott took a $126M hit from last year’s data breach. The hotel company announced Monday that it had booked a $126 million charge in its second quarter earnings, in connection with a database security breach that exposed 383 million guest records for years. Marriott acquired the compromised database along with Starwood Hotels & Resorts Worldwide in 2016, and has since phased it out. The company is also facing a possible $120.5 million fine in the UK because of the breach. [WSJ]

ABS inked a ground lease for a Midtown East building and has plans for a renovation. A partnership controlled by Richard Halpern of Silk & Halpern Realty Associates has owned and managed the 20-story building since the 1980s. [TRD]

Barney’s signage at its 660 Madison Avenue flagship location (Credit: Getty Images)

Barneys files for bankruptcy. Less than a day after reports that the department store chain was in talks for a bankruptcy loan, Barneys has secured $75 million in financing from Gordon Brothers and Hilco Global and filed for Chapter 11 bankruptcy as it plans for a formal sales process. The chain plans to close 15 of its 22 locations, but the Madison Avenue flagship — which accounts for one-third of the company’s revenue and has recently seen its annual rent nearly double — will remain open. [NYT]

Plans filed for Disney’s Hudson Square HQ. The media giant is planning a 19-story, nearly 1.3 million-square-foot building at 4 Hudson Square with East and West towers, according to plans pre-filed on Monday. The building is expected to house New York operations, including production space for “The View” and ABC News. Disney acquired the five-parcel development site from Trinity Church for $650 million last year. [TRD]

President Donald Trump (Credit: Getty Images)

Donald Trump is coming to the Hamptons this Friday. The president will take part in two gatherings hosted by real estate figures — first, a “cozy morning huddle” with the Related Companies’ Stephen Ross in Southampton, and then a 500-person event at local developer Joe Farrell’s Bridgehampton estate. [NYP]

Investment bankers angle for lead role in WeWork IPO. With a relationship cultivated over many years and many deals, JPMorgan is expected to take first position in The We Company’s IPO syndicate, but rivals Goldman Sachs and Morgan Stanley are close behind. JPMorgan has been the company’s — and CEO Adam Neumann’s — biggest lender, and is helping arrange an unconventional a $6 billion debt package that depends on the IPO raising at least $3 billion. [Bloomberg]

Inwood’s La Marina site to reopen as kid-friendly Southern restaurant. The famous uptown venue is set to reopen under new management by the end of the summer, following a bankruptcy that resulted from a drug bust that led to the suspension of the property’s liquor license. New owner Jimmy Goldman has agreed not to host “ticketed music events” at the site, and will not serve alcohol for the time being. [The City]

Puerto Rico’s hotels and condos hit by political turmoil. The island’s lodging and luxury housing markets, still recovering from the fallout of Hurricane Maria, the Zika virus and a debt crisis, took another blow last week when Gov. Ricardo Rosselló resigned amid protests and scandal. Blackstone, which bet bit on the island’s promise in 2005, recently sold one hotel to a local builder and is looking to sell another. [WSJ]

Brookland Capital sells another Brooklyn site. The troubled multifamily developer, which owes Israeli bondholders about $42 million over the next three years, sold 257 Washington Avenue to local developer Serabjit Singh. Brookland had planned a 21-unit residential development on the site, currently home to a shuttered church. [TRD]

Blackstone president Jonathan Gray

Blackstone is in talks to buy 11 warehouses near JFK. On the heels of an $18 billion industrial portfolio deal earlier this year, Blackstone is now looking to acquire 11 warehouse properties near JFK as part of a nationwide deal with Boston-based TA Realty. [Crain’s]

Delshah is suing to foreclose on JTRE’s NoMad retail condo. Again. Just months after a court dismissed Delshah Capital’s previous attempt to foreclose on a distressed note for the vacant retail condo at 31 East 28th Street, Michael Shah’s firm is back with a new lawsuit alleging that Jack Terzi’s firm has failed to pay off the matured loan, or property taxes, or common charges. [TRD]

Compiled by Kevin Sun

FROM THE CITY’S RECORDS:

New permit filings:
A developer filed an application to construction a roughly 248,000-square-foot project at 98-10 63rd Road in Rego Park, Queens. [DOB]

Commercial sales:
A hotel at 129 West 46th Street near Times Square sold for $24 million. [ACRIS]