WeWork faces deep cuts, Facebook eyeing Midtown lease: Daily Digest

A daily roundup of real estate news, deals and more for September 25, 2019

TRD New York /
Sep.September 25, 2019 01:09 PM

Every day, The Real Deal rounds up New York’s biggest real estate news. We update this page in real time, starting at 9 a.m. Please send any tips or deals to [email protected]

This page was last updated at 9:15 a.m.


Video produced by Sabrina He

 

Adam Neumann is out. Now what? WeWork is in talks with JPMorgan Chase and Goldman Sachs for a new $3 billion loan, contingent on raising significant equity. The office-space company is also looking at closing side businesses, such as WeGrow, and laying off thousands of employees. [Bloomberg]

 

Robert De Niro taps Bjarke Ingels to design Queens studio. The actor is among a group of investors, including his son Douglas Elliman agent Rafael De Niro, planning a 650,000-square-foot film and television studio complex near Steinway Creek. The project, dubbed Wildflower Studios, is expected to cost $400 million. [NYP]

 

Facebook is in talks for a massive Manhattan lease. The social media giant could take the entire James A. Farley Post Office, or 740,000 square feet. The 107-year-old building, which stands opposite Madison Square Garden, is under development by Vornado Realty Trust. [NYP]

 

Activist investor is taking aim at embattled mall owner. Michael Ashner, who has a track record of restructuring debt and forcing property companies to sell assets, purchased 5.97 percent of CBL Properties last month, taking 10.35 million shares at prices ranging from $.80 to $1.16. CBL’s stock has plummeted 70 percent in the past year. [WSJ]

 

An impeachment inquiry against President Trump begins. While the House will focus on his discussions with the Ukrainian president, Trump and his associates have a history of dealings in the country, TRD found. [TRD]

 

Billionaires’ Row could have a new type of neighbor: a drug rehab center. A proposal submitted to Community Board 5 Monday detailed a plan for Sackato Society to open a facility in the vacant 140 West 57th Street, owned by the Feil Organization. The center would treat clients aged 13 to 26. [Bloomberg]

 

A 12-story Chelsea office building is in contract for $99.35 million. The 120,000-square-foot building at 156 West 27th Street is being sold by ASB Capital Management and George Comfort & Sons. Switzerland-based Afiaa Foundation for International Real Estate Investments is the purported buyer. [NYP]

 

Affordable housing advocates have kicked off a voter campaign Tuesday. The New York State Association for Affordable Housing is pushing for voters to elect candidates who prioritize affordable housing, and to break the pattern of poor turnout among low-income individuals. [Timesunion]

 

Preservationists are seeking more landmarking in Gowanus. Activists pressured the city’s Landmarks Preservation Commission at a hearing Thursday to protect more buildings in Gowanus than the five on the agency’s agenda. They called additional historic designations essential to maintaining the character of the neighborhood, which is being rezoned and largely redeveloped. [Curbed]

 

FROM THE CITY’S RECORDS:

 

Residential sales: A 58th-floor unit at Vornado’s 220 Central Park South in Midtown sold for $18.5 million.

 

Compiled by David Jeans


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