Extell further delays closing $463M in RXR financing

Extell Development has once again delayed its closing of $463 million in mezzanine financing from RXR Realty for One Manhattan Square and two other New York City projects. After the developer reported Sunday to the Tel Aviv Stock Exchange that it will fail to meet its already extended deadline of June 30, Israeli bonds backed by Extell’s U.S. […]

Ashner, Witkoff propose new board members for New York REIT

Michael Ashner and Steve Witkoff want to replace several of New York REIT’s board members — the latest attempt by the dissident investors to scuttle the real estate investment trust’s merger with JBG Cos. Ashner, chairman and CEO of Boston-based Winthrop Realty Trust, and Witkoff proposed a new five-person slate of candidates Monday, Bloomberg reported. The […]

Spanish billionaire Amancio Ortega picks up Murray Hill hotel for $68M

Spanish fast-fashion mogul Amancio Ortega’s Ponte Gadea purchased a 205-key hotel at 70 Park Avenue for $67.6 million, according to city property records. The seller was hotel investment firm KHP Capital Partners. The neoclassical-style Murray Hill hotel was built in 1928 and will now be operated by Spanish hotel company Grupo Iberostar. Seller KHP bought the […]

LA housing market bucks the national trend with even price growth on high and low end

From the Los Angeles website: Los Angeles’ most well-heeled homebuyers just can’t catch a break. While the average price of luxury homes is beginning to stabilize nationwide in comparison with entry-level homes, prices are sky-rocketing by almost identical margins in every segment of the L.A. market, from starter homes to sprawling mansions, according to a new […]

Scorecard: A rise in vacancy rates also allows for a “vacancy bonus”

From the June issue: In a potentially troubling new reality for landlords, the vacancy rate at Manhattan rental apartments has been trending up. According to data from market analyst Jonathan Miller, April’s 2.3 percent rate was the highest for that month since he began tracking the metric in 2007. But some say the increase won’t necessarily […]

CBRE, JLL stocks take a beating after Brexit vote

CBRE and Jones Lang LaSalle’s stock prices plummeted Friday, amid investor fears that Britain’s vote to leave the European could cripple the companies’ European business. As of 2:20 p.m., CBRE’s stock was down 8 percent for the day, while Jones Lang LaSalle’s stock had fallen by 11.9 percent. Green Street Advisors had estimated that property values in […]