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

A daily round up of New York real estate news, deals and more for October 10, 2019

TRD New York /
Oct.October 10, 2019 05:00 PM
Daily Digest Thursday

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 5 p.m.

 

WeWork exec tells lenders co-working isn’t a fad. At a conference in New York, WeWork executive Candice King said lenders shouldn’t create discriminatory loan policies against landlords with co-working companies as tenants. The company recently delayed its IPO and made major changes in its C-suite after facing criticism over revelations in its S-1 filing. [WSJ]

 

Global Holdings Management Group drops “close to $400 million” on Instrata Nomad tower. The 50-story, 408,000-square-feet property has reportedly been sold by the Los Angeles County Employees’ Retirement Association, a pension fund. [CO]

 

Nooklyn CEO Harley Courts steps down. Staff at the Brooklyn-based brokerage were notified by email Thursday that Courts would step down following pushback from agents about cuts to commissions and payment scheduling. [TRD]

 

Luxury Tribeca hotel project secures construction loan. The project at 456 Greenwich Street, which faced delays and went bankrupt, “can see the light again,” after finally securing a construction loan, the developer said. [TRD]

 
A contractor

(Credit: Pixabay)

Overcharged rent? A contractor can help. Tenants are hiring independent contractors to assess landlord claims and check for potential rent overcharges as a way to put pressure on the state as it considers a backlog of claims after changes to the rent law. [The City]

 

Mortgage costs and interest rates are out of step. While interest rates have fallen, mortgage costs haven’t followed at the same speed. According to an analysis by Dow Jones Market Data, the gap between the two rates is close to its highest point in more than seven years. [WSJ]

 
The Coca-Cola building at 711 5th Avenue (Credit: Google Maps and iStock)

The Coca-Cola building at 711 5th Avenue (Credit: Google Maps and iStock)

Inside Coca-Cola’s botched building sale. The soft-drink giant sold its 711 Fifth Avenue property in August to Nightingale Properties and Wafra for $909 million. But last month, Wafra sold its stake in a deal valuing the property at $937 million, and the new buyer was an investment group led by Michael Shvo, whose $955 million offer had previously been dismissed by Coke. [TRD]

 
George Washington Bridge Bus Station

George Washington Bridge Bus Station (Credit: Wikipedia)

Retail space up for grabs as GW Bridge development consortium goes bankrupt. Developers have pledged to sell the leasehold for 120,000 square feet of retail space inside the George Washington Bridge Bus Station at auction within the next five months. Renovations at the station were supposed to cost $183 million over the course of a year, but ended up taking 3 years and $200 million. [WSJ]

 

Newly drafted waste bill to be released Thursday. After six years of friction, a compromised bill will be released Thursday that could overhaul commercial waste collection in New York City. The latest version follows an apparent deal between the city, labor groups and other industry players. [Politico]

 

Proposed library at 5Pointz resi complex gets thumbs down from developer. “Financially, it doesn’t make sense,” said developer Jerry Wolkoff of plans to include a 5,000-square-foot library inside the 5Pointz residential development in Queens. The recent addition is what had gotten the project through the community board. [The City]

 

Workable City and Rabina Properties pick up Greenpoint loft complex. The partners paid $33 million for the four-story, 69-unit rental complex, which had been a factory before it was illegally converted into apartments. The seller is listed in property records as an entity managed by Bruman Realty’s Joseph Brunner. [TRD]

 

FROM THE CITY’S RECORDS:

New permit filing: Meshulem Twersky pre-filed plans for a 14-story mixed-use building at 531 Concord Avenue in the Bronx. The building will measure 63,347 square feet with 72 residential units. [DOB]

Financing: BNP Paribas provided a $252 million refinancing for 1334 York Avenue in Manhattan.
[ACRIS]

Compiled by Mary Diduch


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