Year in Real Estate
Mr. Schonbraun told Mortgage Observer about his tennis career, SL Green’s entry into lending and how New York City has more available debt and equity than perhaps any other time in history.
Mortgage Observer: I know you were an avid tennis player growing up. Did you plan to play professionally?
David Schonbraun: That was the initial plan. I got hurt, tried to come back – it was tough. But it’s probably the best thing that ever happened to me, actually. Tennis got me into Princeton. In retrospect, I probably would have played tennis for a couple years and I would have started at a less opportune time in the market cycle.
The partial sale of the GM Building in May to Sungate Trust for $1.4 billion topped a string of large office building sales this year that reflected increased investor hunger for safe, long-term bets amid a stabilized post-recession environment.
The purchase of the 40 percent stake valued the building at $3.4 billion, ranking it Read More
The owner of two restaurants located in the atrium of the Sony Building claims that longtime friend and new co-owner of the building, Joe Chetrit, tried to strong-arm him out of the building.
Joseph Allaham, owner of Solo and Pizza da Solo, alleges that Mr. Chetrit is behind a push to evict him from the Read More
Gary Barnett, founder of Extell Development, is seeking approximately $1 billion in financing from Export-Import Bank of China for the planned condominium development at 225 West 57th Street, The Wall Street Journal reported earlier today.
If the deal is closed, it would likely be the largest loan for a U.S. real estate construction project since the market downturn, according to the Journal report. The project, as designed, would be the largest residential building in the United States, rising just a block away from Extell’s soon to be completed One57 residential tower. Last year, Nordstrom agreed to anchor the development with its first New York flagship location.
Comcast has closed on its $1.3 billion purchase of 1.3 million square feet of office and studio space at 30 Rockefeller Plaza, city records confirm.
The transaction was part of the media and communications giant’s $16.7 billion purchase of a 49 percent stake in NBCUniversal from General Electric, announced last month.
The location, the centerpiece of Rockefeller Center, is host to the property’s annual Christmas tree lighting and inspiration for the title of NBC’s television series “30 Rock.”
City records confirm Joe Chetrit and David Bistricer’s $1.1 billion closing on the Sony Building, the deal that thrust Mr. Bistricer into the spotlight as his media shy partner continued his buying rampage.
The duo plans to turn the tower into residential condominiums and a hotel, and to retrofit the retail space; and they recently went into contract to purchase the 1.5-acre former Cabrini Medical Center site at Second Avenue and East 19th Street.
The Sony Building purchase pitted Mr. Bistricer and Mr. Chetrit against industry heavyweights like Joseph Sitt and Harry Macklowe, winning a competitive bid by slapping down a jaw-dropping $600 million letter of credit to seal the deal.
In one of the largest real estate deals in recent memory, Comcast will purchase from General Electric the properties used by NBCUniversal at iconic 30 Rockefeller Plaza and CNBC Headquarters as part of its acquisition of GE’s remaining 49 percent equity stake in the media company, it was announced earlier this week.
Though the building is owned by Tishman Speyer, the office and studio space at 30 Rock involved in the deal is owned by GE and is considered a commercial condo. GE will keep space in the building on the 52nd and 53rd floors.
The real estate component of the deal accounts for approximately $1.4 billion of the $16.7 billion transaction and trumps the $1.1 billion sale of the Sony Building to the Chetrit Group last month.
When Aaron Jungreis sought a buyer for the Bossert Hotel at 98 Montague Street in Brooklyn Heights last year, a long list of obstacles stacked up.
The off-market deal meant potential buyers had limited access to the site. Complicated zoning meant the Board of Standards and Appeals would be thrown into the mix. And competition Read More