Nightingale and Wafra strike $570M deal, Barneys finds potential buyer: Daily digest

A daily round up of New York real estate news, deals and more for September October 4, 2019

TRD New York /
Oct.October 04, 2019 04:35 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 4:35 p.m.


Video produced by Sabrina He

 

The results of an $864,000 study to determine if an abandoned MTA rail spur could be repurposed have been delayed. The Systra Engineering study is part of an MTA and Port Authority effort to examine the old Rockaway Beach Branch, which ended its service 57 years ago. A neighborhood group, Friends of QueensWay, hopes instead to see the elevated line turned into a park. [The City]

 

As available parcels dwindle, developers are setting their sights on churches. Some decry “predatory” developers while others blame churches for selling out. More than three dozen churches from 2013 to 2018 were redeveloped, according to Manhattan tax classification changes. [NYT]

 

Fresh off the Coca-Cola building sale, Nightingale and Wafra make a FiDi play. The partners are paying $570 million for the leasehold interest of Zurich Insurance Group’s 111 Wall Street. The two are seeking $445 million in financing for the 24-story 1.1 million building, and plan to conduct a “Class A renovation” when Citigroup vacates the building in December. [CO]

 

Embattled New York City retailer Barneys may have found a lifeline. A group of fashion executives led by Sam Ben-Avraham plan to make a $220 million offer. While Barneys tries to stave off liquidation during bankruptcy, the judge extended the deadline for offers until October 11. [WSJ]

 
WeWork CEO Adam Neumann (Credit: Getty Images)

WeWork CEO Adam Neumann (Credit: Getty Images)

It’s tough to get an apartment in New York City — and even tougher if you’re Adam Neumann? The WeWork founder, whose firm’s attempt at an IPO imploded, was reportedly rejected by at least three different co-op boards, despite the entreaties of Mark Lapidus, his former head of real estate. Neumann and Lapidus deny the account. [NYP]

 

A Long Island City community board has changed its tune on 5Pointz. Thanks to the addition of a 5,000-square-foot library, Jerry Wolkoff’s controversial luxury development got the green light. The board initially opposed the development, which will have 220 units under 421-A and will also pay prevailing wage to the building workers. [The City]

 
A rendering of Tower Fifth with Harry Macklowe (Credit: Getty Images)

A rendering of Tower Fifth with Harry Macklowe (Credit: Getty Images)

Harry Macklowe’s getting closer to making “Tower Fifth” happen. The developer got $192 million in financing from Fortress Investment Group for an assemblage he has been putting together in Midtown. The project would stand 1,500 feet tall and likely cost more than $1 billion. [TRD]

 

The stock market sell-off is a boon for homebuyers. Fixed rates on 30-year fixed mortgages are down to 3.62 percent, a 1.25-point year-over-year change. That means a savings of $225 a month on a $300,000 mortgage. [CNBC]

 
7 Hanover Square (Credit: Google Maps, iStock)

7 Hanover Square (Credit: Google Maps, iStock)

GFP Real Estate snagged $430 million to get a huge FiDi project off the ground. Square Mile provided the developer, and partners Northwind Group and TPG Real Estate Partners, with construction financing for the redevelopment of the 1980s-era Guardian Life building. [TRD]

 

Forever 21’s bankruptcy was bad news for mall stocks. Macerich, Simon Property Group, Brookfield Property Partners, Taubman Centers and Vornado Realty Trust all saw their stocks take a hit after the news. The fast-fashion retailer said it would close 178 stores this year. [TRD]

 

It’s worse than initially thought for Bed Bath and Beyond. The houseware retailer will shutter 20 more stores than previously expected, bringing the total to 60. A full list of closures has not been released. [NYDN]


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