Sister act: Kaufman inking ground lease for NoMad office building

Sister act: Kaufman inking ground lease for NoMad office building

236 Fifth Avenue | Kaufman Organization_Page_1

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First phase of Moynihan Train Hall project opens on Eighth Ave.

The first phase of the Moynihan Train Hall quietly opened on Thursday morning, unveiling an Eighth Avenue entrance to tracks below the James A. Farley Post Office. The expansion of the West End Concourse is intended to create additional access to the Long Island Rail Road and Amtrak tracks and will eventually connect Penn Station to the new Moynihan Train Hall along 33rd Street. The new concourses were supposed to open in the fall, but […] Read More >> https://therealdeal.com/2017/06/15/first-phase-of-moynihan-train-hall-project-opens-on-eighth-ave/

The Long View: Cadre and the dilemma of the secondary market

Most Americans know Cadre as Jared Kushner’s startup, the investment he infamously failed to mention on his White House ethics disclosure form. But the political hullabaloo makes it easy to overlook that its actual business model is also a big deal. Last week, the online real estate investment platform raised $65 million in a round led by Andreessen Horowitz, reportedly at a $800 million valuation.  Part of Cadre’s appeal, according to sources familiar with the […] Read More >> https://therealdeal.com/2017/06/15/the-long-view-cadre-and-the-dilemma-of-the-secondary-market/

Chinese banks ordered to stop business deals with Anbang

Chinese authorities have told banks to stop various business dealings with Anbang Insurance Group amid reports its chairman Wu Xiaohui is being investigated for economic crimes. A source told Bloomberg that some lenders are already distancing themselves from the company without notice from government. At least six major banks have stopped selling Anbang policies at their branch networks, the publication reported. According to Bloomberg, Anbang’s life insurance unit distributes nearly 90 percent of its products through […] Read More >> https://therealdeal.com/2017/06/15/chinese-banks-ordered-to-stop-dealing-with-anbang/

Fed says it will shrink its balance sheet, which is good and bad news for real estate

The Federal Reserve on Tuesday announced it would raise short-term interest rates again, but the real news was its decision to start selling off assets. The Fed bought up $4.5 trillion in bonds and other securities in the wake of the 2008 financial crisis in a bid to stabilize financial markets and push down long-term interest rates. But as the economy improves, there is less of a need for the program, dubbed quantitative easing. “The […] Read More >> https://therealdeal.com/2017/06/15/fed-says-it-will-shrink-its-balance-sheet-which-is-good-and-bad-news-for-real-estate/

Port Authority incapable of finding a CEO

The Port Authority failed to find a CEO despite a two-year search. “We have had a two-year search and we haven’t been able to come up with a candidate willing to take the job who is acceptable to the governors,” the bi-state agency’s chair John Degnan said at a panel Wednesday. “That’s regrettable because I think it’s a component of reform for the Port Authority.” In 2014, a panel charged with reforming the troubled bi-state […] Read More >> https://therealdeal.com/2017/06/15/port-authority-incapable-of-finding-a-ceo/

Architect sues SOM for allegedly ripping off 1 WTC design

  A Georgia architect is suing the designers of One World Trade Center for allegedly stealing his work. In a complaint filed in New York State Supreme Court on Wednesday, Jeehoon Park claims architecture firm Skidmore & Owings Merrill shouldn’t take credit for designing One World Trade Center because it ripped of a design he came up with as a graduate student. He seeks unspecified damages, the New York Post reported. Park, who runs Qube […] Read More >> https://therealdeal.com/2017/06/15/architect-sues-som-for-allegedly-ripping-off-1-wtc-design/

Top TRD stories: Rybak buys Chaim Miller’s Brighton Beach site, popular 1031 exchange may be wiped out … & more

Current reader favorites: 1. Rybak buys Chaim Miller’s Brighton Beach site, plans 22-story tower 2. Popular RE tax break 1031 exchange may be wiped out 3. Bridgewater buying 1.5-acre Greenpoint site for $61M 4. Vornado post Roth? 5. Paramount in pole position to take control of 2 Herald Square: sources Read More >> https://therealdeal.com/2017/06/15/top-trdem-stories-rybak-buys-chaim-millers-brighton-beach-site-popular-1031-exchange-may-be-wiped-out-more/

WATCH: Witkoff talks about the problematic Park Lane Hotel

In 2013, Witkoff led a partnership in the purchase of the Park Lane Hotel with the intent of building a condo tower in its place. The project fell into disarray, however, when a major equity provider, Malaysian businessman Jho Low, was accused of being involved a money-laundering scheme. The Real Deal‘s Hiten Samtani sat down with Steve Witkoff to talk about his career, his reputation and to pick his brain on a number of his projects, including […] Read More >> https://therealdeal.com/2017/06/15/watch-witkoff-talks-about-the-problematic-park-lane-hotel/

SHoP’s (expanding) house

From the June issue: In 2009, Forest City Ratner stunned the city and fired starchitect Frank Gehry, whose vision for the Barclays Center in Brooklyn had ballooned to $1 billion. The developer, looking to cut costs at its controversial Atlantic Yards project, tapped Ellerbe Becket, an architecture firm known more for its cookie-cutter venues than its creative vision. But the move blew up in the developer’s face when the new design was widely panned as […] Read More >> https://therealdeal.com/issues_articles/shops-expanding-house/