WeWork’s thinning exec herd, gentrifiers target Inwood: Daily digest

A daily round up of New York real estate news, deals and more for September 27, 2019

TRD New York /
Sep.September 27, 2019 04:00 PM

Every day, The Real Deal rounds up New York’s biggest real estate news, from breaking news and scoops to announcements and deals. 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 4:00 p.m.

 

Forever 21 still doesn’t have a reorganization plan ahead of its bankruptcy proceedings. Its two largest landlords, Brookfield Property Partners LP and Simon Property Group Inc., could be left with vacant space heading into the busiest retail time of the year. [Bloomberg]

 

Five investors are said to be circling Barneys New York Inc., the bankrupt luxury retailer. After filing for Chapter 11 earlier this month, Barneys bankruptcy auction is scheduled for no later than October 29. [Bloomberg]

 

Inwood has the lowest average rents in Manhattan, but real estate investors have sunk more than $600 million in properties since a rezoning in 2013. Many believe gentrification is just around the corner, if not there already. [NY Times]

 

WeWork executives are dropping like flies: head of real estate Granit Gjonbalaj is the latest to leave. Thursday, TRD reported that vice chairman Michael Gross, VP of operations and special projects Zvika Shachar and director of development Roni Bahar were out. [TRD]

 

Despite turmoil in the Whitehouse, real estate stocks are up. A TRD analysis of a mix of 28 real estate investment trusts, research firms and brokerages showed the stocks were up 1 percent since Monday, and ReMax was up 8 percent. [TRD]

 

Charles Blaichman’s CB Developers scored a $59 million interest in a NoHo building at 358 Bowery. The building, which is currently a one-story bar and restaurant, is owned by boutique hotelier Eric Goode. [PincusCo]

 
WeWork co-CEO Artie Minson (Credit: Getty Images)

WeWork co-CEO Artie Minson (Credit: Getty Images)

WeWork is putting the brakes on all new lease agreements. Sources familiar with the matter say the SoftBank-backed office space-leasing company — among the largest tenants in New York City and London — appears to be bleeding out ahead of its IPO. [FT]

 

WeWork’s parent company bought 14 venture-backed startups since 2014. That far outpaces Twitter, who bought just 9 in the same period. According to sources familiar with the matter, the We Company is now trying to shed some of those acquisitions, many of which were purchased with stocks — leaving some investors feeling stuck holding the bag. [WSJ]

 

Mortgage lenders are using new tactics to retain borrowers. Some major banks are rolling out “loan mods,” allowing borrowers to modify mortgages at better terms. Unlike federal programs during the recession offering assistance to homeowners in foreclosure, these programs are intended for buyers who have no trouble paying back the loan. [WSJ]

 

WeWork co-CEOs Artie Minson and Sebastian Gunningham (Credit: Getty Images and Twitter)

Meet the new heads of WeWork. After WeWork CEO Adam Neumann stepped down earlier this week, the company’s CFO Artie Minson and vice chairman Sebastian Gunningham stepped in as co-CEO’s to right the ship. [TRD]

 

After a decade, Tommy Hilfiger’s Plaza penthouse found a buyer. The designer paid $25 million in 2008 for the abode, and unsuccessfully tried to flip it for $50 three months later. Although it has been on the market for as much as $80 million, it is now in contract for $33.25. One broker even called it “a steal.” [NYP]

 

The comptroller’s office says the city failed to test thousands of buildings for lead. The new report shows the city didn’t check for lead paint in private residential buildings where children tested positive for lead exposure. The agency responsible for overseeing lead paint remediation was never notified of the 9,000 buildings where more than 11,000 children tested positive for lead exposure. [NYT]

 

Ruby Schron scored a $500 million refinancing for an enormous apartment portfolio. The landlord, Cammeby’s International, refinanced for the 3,300-unit portfolio, which includes a plot of vacant land and six tax lots, with financing from Capital One. It replaces $325 million of debt from 2006. [TRD]

 

Harlem residents are protesting a new Mount Sinai health clinic. The locals say the city is packing their neighborhood with clinics. Residents on one Harlem block say they are already doing their “fair share,” but may have little room to impact the project, which is as-of-right.
[The City]

FROM THE CITY’S RECORDS:

Financing: CL Investment Group landed $105 million from Bank of China to refinance the office building at 287 Park Avenue South. Dustin Stolly and Jordan Roeschlaub at Newmark Knight Frank arranged the financing. [ACRIS]


Related Articles

arrow_forward_ios

Another WeWork exec is out, Bank OZK’s construction lending is up: Daily digest

Daily Digest Thursday

Legislation introduced to protect tenants in ‘keyless’ buildings, Compass pushes back against WeWork comparison: Daily digest

WeWork abandons Seattle co-living plan, Barneys bidding begins: Daily digest

The Daily Digest - Tuesday

WeWork bonds hit low, new LLC legislation went farther than intended: Daily digest

SoftBank looks to take over WeWork, NYC investigates WeLive: Daily digest

NYCHA strikes air rights deal with developer, WeWork shuttering its pricey private school: Daily digest

Daily Digest Thursday

WeWork exec insists co-working isn’t a fad, Global Holdings drops $400M on NoMad tower: Daily digest

993 Fifth Avenue and Gilbert Harrison (Credit: Google Maps and GLC)

Retail exec sells Fifth Avenue co-op to Chanel heir for $19M

arrow_forward_ios