Blackstone buying Hilton Hotels for $26B
The Blackstone Group announced last month that it would buy Hilton Hotels for $26 billion. The purchase, which is Blackstone’s largest since the firm went public in late June, comes hot on the heels of Blackstone’s acquisition of Equity Office Properties for $39 billion earlier this year.
New, $900M offer for Barneys
Jones Apparel Group said last month that it received an offer for the Barneys New York retail chain that is significantly higher than the $825 million buyout offer from Istithmar that Jones agreed to the previous month. Jones said Japan’s Fast Retailing Co. has offered $900 million for Barneys. If Jones decides to terminate its agreement with Istithmar, it will have to pay the Dubai-based investment firm, which has been a big buyer of all kinds of Manhattan real estate in recent years, around $21 million, the Associated Press reported.
iStar buys Fremont’s commercial lending arm
New York-based REIT iStar Financial last month announced that it closed on its $1.9 billion purchase of Fremont General Corp.’s commercial real estate lending business and part of its commercial loan portfolio. The deal, which was first announced in the spring, nearly doubles the number of iStar’s employees.
GE selling subprime unit
General Electric announced last month that it will sell its subprime unit, a move that will take the company out of the U.S. mortgage business, the Wall Street Journal reported. GE took a $500 million pretax charge in the first quarter because of losses on subprime loans, and it sold off around $3 billion in subprime loans in the second quarter.
NJ developer announces Web site for brokers
Metro Homes has launched Metro Pro, a new brokers-only Web site that features exclusive information on the developer’s properties. The site also provides access to listings, floor plans, special promotions and commission incentives. Metro Homes is currently building four residential developments in New Jersey: Trump Plaza Jersey City, the Esperanza, Metrostop and Gull’s Cove.
Millennium Homes targets NJ cities
A firm known for building homes in suburban New Jersey is moving into the state’s urban areas, including development-rich Hudson County. Millennium Homes, which has focused primarily on suburban Essex, Morris and Union counties, has launched several projects in the state’s cities and is planning to construct condos in booming downtown Jersey City. The company’s projects include the River Park condo project in Harrison; a 614-unit project across from Giants Stadium; and a 101-unit project in Fort Lee.
CBRE adopts energy-saving program
CB Richard Ellis recently adopted the Building Owners and Managers Association’s BOMA Energy Efficiency Program, or BEEP. Through a series of seminars, BEEP will offer energy savings solutions to commercial real estate professionals. CBRE intends to train more than 500 employees nationwide over the next three years.
HPD launches new Web site tool
New Yorkers can now go online to check housing litigation cases in which the Department of Housing Preservation and Development is a party for any registered residential building. The new feature tracks open housing code violations, registration information, emergency repairs in progress, status of complaints to 311 and other information.