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Rainbow Realty Group IV, LLC has completed an $8.5 million loan to a cannabis company based in New York. The loan is secured by a cannabis cultivation property in Hudson Valley, New York. The property is 70 acres and has already been operated by the borrower for over a year. The loan proceeds will be used to continue modernizing the facility, which includes greenhouse and warehouse structures. Rainbow Realty Group is strategically investing in the cultivation side of the marijuana industry in New York. [Extracted from the article]

According to a recent report from Empire State Realty Trust, leased office space in Manhattan has seen a gradual increase, despite a slight decrease in occupancy. The trust, which owns the Empire State Building, leased approximately 164,000 square feet of commercial space across 19 sites in the fourth quarter of 2023, ending the year with over 950,000 square feet leased. While occupancy dipped slightly, the overall occupancy rate for the trust's Manhattan offices and commercial spaces remains higher compared to the previous year. The company also reported strong demand for its Manhattan office portfolio, with a healthy leasing pipeline for 2024. [Extracted from the article]

Trump is scrambling to pay his $454 million fraud judgment—and court filings suggest the former president may have to part ways with some of his real estate holdings as a result. [ABSTRACT FROM AUTHOR]

New York City's real estate industry is largely dominated by influential families, such as the Dursts, Kushners, Silversteins, and Goldmans. These families have a significant impact on the city's streetscape and overall functioning. Crain's New York Business has compiled a catalog of these families, taking into account their notable portfolios and longevity in the business. The article provides origin stories, key players, and notable news events associated with each family. For more in-depth profiles, readers can visit CrainsNewYork.com/RealEstateFamilies. [Extracted from the article]

The Federal Reserve's decision to keep interest rates steady and project lower rates in 2024 has brought hope to New York's struggling office sector. The office market has been impacted by a series of interest rate hikes, making it difficult for landlords and tenants to secure financing and causing institutional capital to move out of the sector. However, the prospect of lower borrowing rates due to declining interest rates and inflation may benefit office landlords. Commercial real estate firm CBRE predicts that underperforming office buildings may be repurposed or converted as inflation eases and interest rates decrease. Despite this glimmer of hope, commercial sales, leasing, and new construction in the city have slowed, and office availability in Manhattan remains high. The slowdown in leasing is attributed to the adoption of hybrid work, and the trend is expected to continue this year. Overall, the office sector faces uncertainty and declining market values, but there have been some positive developments, such as large office leases and property sales in the second half of the year. The outlook for office sales and new construction may improve if interest rates decrease and institutional investors invest in real estate. However, initiatives to repurpose office buildings for other uses are unlikely to be viable for many commercial space owners in the city. [Extracted from the article]

Prada is expanding its presence in New York City with the acquisition of two buildings on Fifth Avenue. The Prada family purchased 720 Fifth Ave. for approximately $410 million, and earlier in the week, the fashion brand announced the $425 million purchase of the adjacent building, 724 Fifth Ave., which currently houses its flagship store. The combined value of the two acquisitions is $835 million, making it one of the largest real estate purchases in New York this year. Prada plans to continue using the space for its store, offices, and storage. [Extracted from the article]

Prada is expanding its presence in New York City by acquiring two buildings on Fifth Avenue. The first building, 720 Fifth Ave., was purchased for approximately $410 million, while the adjacent building, 724 Fifth Ave., was bought for $425 million. The acquisition of these properties reflects Prada's commitment to the New York market and the strategic value of the location. Despite a decline in property values and increased borrowing costs, some companies, like Prada, are still investing in real estate in New York. The retail sales in the US remain strong, even amidst a global slowdown in luxury goods demand. [Extracted from the article]

BUSINESSMacy's shares rose this week after the famed department store chain received a $5.8 billion buyout offer, said Suzanne Kapner in The Wall Street Journal. An investor group comprised of a global asset manager and a firm that "typically focuses on real estate investments" submitted a proposal to acquire the chain. One research firm estimates that Macy's owns about $6 billion worth of real estate, more than its total market capitalization. Its flagship Herald Square location in New York may "account for about a fifth of the value" of the real estate portfolio. [Extracted from the article]

Keywords: POWER BREAKFASTJames Whelan, president of the Real Estate Board of New York, offered his outlook for next year and dished on the state's elected leaders in a wide-ranging interview with Crain's New York Business in early December. He expects a soft landing for the economy, the Fed to start cutting interest rates and a gradual improvement for the office market. On the other hand, he's less optimistic about a much-needed boost for housing development, blaming legislators in Albany who he says don't grasp the urgency or mechanics of the issue. [Extracted from the article]

COMPANY SPOTLIGHTTrump Organization #50Each year, Crain's estimates the revenue of the Trump Organization, and our figures are based on publicly available information about its real estate holdings, casinos, golf courses and entertainment venues. This year's estimate comes as New York Attorney General Letitia James investigates the former president's businesses, though the AG's office did not respond to an inquiry about 2022 revenue specifically. However, the sale of the Trump International Hotel in Washington, D.C., which closed in May of 2022, bolstered revenue by at least $375 million.By Amanda GlodowskiReported by Author [Extracted from the article]

Japanese investors are currently spending the most in two decades to purchase properties overseas, despite the global real estate slump and the decline of the yen. Japanese companies and pension funds have acquired assets such as a Manhattan skyscraper, data centers in Toronto, and office buildings in London. This surge in investment is providing some relief to the market, as other buyers are deterred by rising office vacancies and interest rates. Japanese investors are attracted to the attractive prices resulting from the real estate downturn and are taking a long-term view to diversify their income. [Extracted from the article]

DEC. 5POWER BREAKFASTJoin us for a live interview with James Whelan, president of the Real Estate Board of New York. We'll discuss the outlook for real estate in 2024, how to jumpstart more affordable housing, the impact of regulations including Local Law 97 and the implications of the city's slow but steady return-to-office.DETAILSLocation: 180 Central Park South, NYCCrainsNewYork.com/pb_whelan [Extracted from the article]

The Reuben Brothers, billionaire businessmen, have filed to seize the Chatwal luxury hotel in Midtown Manhattan after the property's debt went into default. The hotel's mezzanine debt, loaned by the Reuben Brothers' Motcomb Estates, is set to be auctioned on January 17th. The winning bidder will gain control of the 76-room hotel, which is part of Hyatt Hotels Corp.'s global system. The Chatwal is not the only New York hotel facing financial difficulties, as sluggish tourism and higher interest rates have impacted the industry. The Reuben Brothers, known for their real estate empire, have become major lenders and have positioned themselves to take over troubled projects. [Extracted from the article]

The article discusses the gardening skills of Frederic C. Rich, who man who oversees multibillion-dollar pipeline ventures in Azerbaijan and Papua, New Guinea for the project finance group at New York law firm Sullivan & Cromwell. To anyone strolling from Rich's woodland garden in Garrison, New York, chock-full of native American plants like trillium and lungwort, into his fern glen lush with nonnative varieties like exotic ladyferns, the vegetation seems utterly natural, as though Rich had only to yank a few weeds. In reality the garden is the result of 15 years of hard physical labor--almost all of it Rich's own--and an estimated $150,000 in expenditures on plants (1,200 species) and materials. Rich calls in workmen only occasionally, for projects like moving boulders or installing an 8-foot-high fence to keep out deer. Otherwise he prefers to do the work himself, calling it a salve for the many hours he must spend at his Wall Street desk. When he needed an exceptionally sturdy boxwood hedge, he spent hours combing through books and catalogs to find Siberian boxwood, a variety not well known in the Northeast when he planted it. The garden's least-expected feature is easily its outdoor conference room, designed to accommodate a 10-foot-diameter table hewn from New York State bluestone. Around it sit 12 ergonomic chairs made of cedar. Here Rich occasionally invites colleagues from Sullivan & Cromwell or members of the boards of the several civic and cultural institutions with which he is involved. Those who have spent time in the outdoor room attest to its power to inspire. At a 1997 meeting of the Scenic Hudson Land Trust, a conservation organization of which Rich is chairman, members were considering various proposals for developing a 23-acre waterfront site in nearby Beacon that the trust had purchased, and chose an ambitious plan that included an environmentally friendly hotel and expansive public area over a conventional retail and residential plan. INSET: Planting the First Seed.

Investigates the con game being played upon New York City's working public by the city's unions and its bureaucracy. Street shell games as a metaphor for the speculative real estate gambles and other excesses that have deepened New York's recession; Ominous signs of vacancy are everywhere; Tax money not going to the needy, but instead to unionized bureaucrats; Dealing with debt service costs; More.

Criticizes the board of trustees of Columbia University for initiating real estate acquisitions and development projects in consortia with private developers. Claim that the acquisitions and projects are detrimental to the neighborhood and residents within the university's land properties; Land area occupied by Columbia University and other educational and medical institutions; Land speculation initiated by the trustees; Approach used in reconciling property interests of the institutions; Role of Ronald Golden in evicting residents from buildings owned by Columbia; Business transactions and relationships of Columbia trustees with Uris Buildings Corp. and its chairman Percy Uris.

Real estate agents in New York City are facing challenges as lawsuits arise questioning commission structures. A recent case in Missouri found a major Realtor group liable for colluding to keep commissions high, and now a case in New York is targeting commission structures as well. The Real Estate Board of New York has adjusted its policy, requiring that buyer's agents be compensated directly by sellers or negotiate their pay with buyers. The market is already struggling with low inventory and high mortgage rates, making agents uncertain about the future. [Extracted from the article]

DEC. 5POWER BREAKFASTJoin us for a live interview with James Whelan, president of the Real Estate Board of New York. We'll discuss the outlook for real estate in 2024, how to jumpstart more affordable housing, the impact of regulations including Local Law 97 and the implications of the city's slow but steady return-to-office.DETAILSLocation: 180 Central Park South, NYCCrainsNewYork.com/pb_whelan [Extracted from the article]

COMPANY SPOTLIGHTTrump Organization#50Each year, Crain's estimates the revenue of the Trump Organization, and our figures are based on publicly available information about its real estate holdings, casinos, golf courses and entertainment venues. This year's estimate comes as New York Attorney General Letitia James investigates the former president's businesses, though the AG's office did not respond to an inquiry about 2022 revenue specifically. However, the sale of the Trump International Hotel in Washington, D.C., which closed in May of 2022, bolstered revenue by at least $375 million.By Amanda GlodowskiReported by Author [Extracted from the article]

The Gindi family, a prominent real estate family, has secured a $20 million loan from Peapack-Gladstone Bank to redevelop the former site of their Bay Ridge Century 21 store in New York. The family purchased the lot in April 2022 and plans to build a retail complex spanning about 150,000 square feet. Potential tenants for the complex include grocery stores, dry goods stores, fitness centers, and office space. The Gindi family also purchased the intellectual property of the Century 21 brand at auction for $9 million. [Extracted from the article]

DEC. 5POWER BREAKFASTJoin us for a live interview with James Whelan, president of the Real Estate Board of New York. We'll discuss the outlook for real estate in 2024, how to jumpstart more affordable housing, the impact of regulations including Local Law 97 and the implications of the city's slow but steady return-to-office.DETAILSLocation: 180 Central Park South, NYCCrainsNewYork.com/pb_whelan [Extracted from the article]

Swedish real estate firm SBB is facing a demand for bond repayment from Fir Tree Partners, a New York-based hedge fund. The demand comes after Fir Tree Partners claimed that SBB breached a key debt term. The holdings in question amount to €46 million ($49.2 million) in euro-denominated social bonds, which make up about 1% of SBB's total bond stock. SBB denies the claim and insists that the acceleration notice from Fir Tree Partners is ineffective. This development adds to the challenges faced by SBB, which has been struggling to refinance its bond debt amidst Sweden's property crisis. [Extracted from the article]

Vici Properties, a real estate investment trust based in Midtown, New York, has purchased 38 bowling alleys from Bowlero Corp. for $433 million. The alleys will be leased back to Bowlero at an initial rent of $31.6 million per year. Vici Properties, which owns the real estate of major Las Vegas casinos, is expanding its portfolio and looking for additional acquisitions in sectors such as family entertainment, sports, and wellness. The CEO of Vici Properties, Ed Pitoniak, sees potential in the bowling industry due to its unconsolidated nature and the opportunity for increased customer spending through improved offerings. [Extracted from the article]

DEC. 5POWER BREAKFASTJoin us for a live interview with James Whelan, president of the Real Estate Board of New York. We'll discuss the outlook for real estate in 2024, how to jumpstart more affordable housing, the impact of regulations including Local Law 97 and the implications of the city's slow but steady return-to-office.DETAILSLocation: 180 Central Park South, NYCCrainsNewYork.com/ pb whelan [Extracted from the article]

Waterworks: Blatstein's Showboat hotel, which was built in 1987, has a water park that's not just for fun. Two ideas at the center of New York real estate these days are office-to-residential conversions and adding new types of entertainment options to the city's hotels. [Extracted from the article]

Current tenants are cosmetics company Estée Lauder, law firm Weil, Gotshal and Manges and Apple, which since 2006 has been in a subterranean retail berth topped by a glass cube. The fashion company Ralph Lauren, which rents more than 40% of the building, could downsize or vacate when its lease expires in December 2024, the ratings agency said. [Extracted from the article]

The BLS figures underscore how renters in the area are getting squeezed even as overall inflation figures showed signs of moderating in April. (Bloomberg) -- Financial pain is ratcheting up for New York-area renters. The surge in the BLS measure over the last year largely reflects past increases in new-lease rents, which take time to hit existing tenants as leases turn over and adjust higher. [Extracted from the article]

Focuses on the regulation of rent in New York City. Application of rent stabilization to all apartments; Middle-class people's use of rent control as a springboard to a more affluent lifestyle; Institution of the major capital improvements program which allows landlords to raise rents in order to recover the costs of repairs; Strategies used by tenants to delay rent increases.

The article presents information on the financial crisis of New York City, caused by the increased nonpayment of property taxes. The rise in the percentage of uncollectible real estate taxes may result in the downfall of the housing inventory of New York City. It can also deteriorate its property tax base.

The article presents information about the real estate business in New York. A couple of savvy New York real estate men Bernard Mendik and Martin Raynes will ante up about $50 million of their own money, leverage it with $425 million borrowed from the Equitable Life Assurance Society and several banks, and then, over the next five years or so, could make a profit of $400 million on that equity investment of just $50 million. The principals are veterans in their prime. Mendik is an office-building owner and Raynes, his partner is a converter of thousands of New York apartments. To finance the deal they borrowed $425 million and put in $50 million in equity capital. Mendik's negotiating skills and Raynes' extensive experience in mass New York cooperative conversions persuaded the Equitable and a group of commercial banks to put up the $425 million in loans.

The article discusses the net worth of U.S. President Donald Trump in relation to several properties partly or wholly owned by Trump. Topics include the value of Trump Tower in New York City, the New York City skyscraper 1290 Avenue of the Americas, and the Trump International Hotel & Tower in Chicago, Illinois. Losses and gains in the value of several properties are noted.

Focuses on the architectural design of the building of Pan Am Corp. in New York City. Information about the actual working population at the building; Reasons for the criticism of the building by several planners and architects; Description of structure of the building; Information about surrounding areas of the building; Information about consultants and architects of the building; Comment on the people who make investments in real estate.

This article highlights the complex deal structure devised by New York lawyer and real estate dealer Lawrence A. Wien to sell and leaseback the Empire State Building, said to be the world's tallest building. The deal was worth 65 million dollars, which is the biggest yet for the real estate industry. Wien bought the building from Colonel Henry Crown and then sold it to Prudential Insurance Co. of America, which then leased back the building to Wien.