News
Orbach Group Pays $70M for Manhattan Portfolio; Extell Sells Retail Condo at the International Gem Tower
The Orbach Group, a New York-based real estate management and investment company, has expanded its New York City apartment portfolio with three new acquisitions totaling around $70 million. The seller, Dermot Company, was represented in the transaction by Andrew Scandalios of HFF.
NY Life Finances LaSalle Investment Management’s Onterie Center Purchase
LaSalle Investment Management Inc. landed $125 million in financing from New York Life Insurance Co. for the acquisition of the mixed-use Onterie Center in Chicago.
Jamestown Enters Latin America
Jamestown is tapping into Latin America, where it has created a new division headed by a veteran executive with emerging markets experience.
JDS Development Acquires Murray Hill Lot with $172M in Meridian Financing
JDS Development Group has acquired a 730,426-square-foot development site in New York City’s popular Murray Hill neighborhood from Sheldon Solow for a reported $172 million, with plans to build two multi-family towers on the two-acre vacant lot.
AMD Sells and Leases Back Lone Star Campus, Generates $164M in Cash
Advanced Micro Devices Inc. is close to signing a sell and lease-back deal which is expected to generate approximately $164 million in cash for the technology company. AMD recently announced in a news release that an affiliate entity of real estate investment company Spear Street Capital agreed to buy the property at 7171 Southwest Parkway.
SBE, Related Group Join Forces on $300M Condo Hotel
The Wall Street Journal reports that Miami’s ‘condo king’ Jorge Perez and Los Angeles nightclub entrepreneur Sam Nazarian will be working together on a $300 million condo hotel project planned for downtown Miami.
Real Estate Expo Special Report: Knakal Terms NYC Sales Market “Phenomenal”
Robert Knakal, chairman of Massey Knakal Realty, said the New York City commercial property investment sales market is currently red hot, but warned that sustained periods of low interest rates typically lead to real estate bubbles.
Special Report: Commercial Mortgages Returned 4.7% for Life Companies, Pension Funds in 2012
Life companies and pension funds increased their market share of commercial property financing last year despite ongoing industry deleveraging, according to the Giliberto-Levy Commercial Performance Index, and the mortgage loans yielded a total return of 4.7 percent for the institutions in 2012.
Economy Watch: More Positive News for Housing, Jobs
The National Association of Realtors reported an increase in homes for sale, and the FNC found similar positive news in prices. Meanwhile, unemployment claims dropped and the stock market rose again.
K-8 Public School to Replace Mitt Romney’s Former HQs in Boston
In an effort to respond the demand for more schools in Boston’s Downtown area and allow more children to attend schools closer to their homes, city officials unveiled plans to purchase the former national headquarters for the Mitt Romney presidential campaign and transform it into a public elementary school (or a “K-8 Public School”).