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DEAL MANAGEMENT PLATFORM DEALPATH RAISES $43M SERIES C – ROBERT KHODADADIAN
It may be tough times for proptech startups, but big-name real estate investors are lining up for a stake in this data management platform. Dealpath, a Blackstone-backed provider of deal-flow management and analytics software, raised $43 million in a Series C funding round led by Morgan Stanley, the startup announced Thursday. Existing investors in Dealpath who participated in the Series C include Blackstone, Nasdaq Ventures, JLL, GreenSoil PropTech Ventures and 8VC. The company did not Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
READ more“Deal management platform Dealpath raises $43M Series C – Robert Khodadadian”
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ADAMS THROWS SUPPORT BEHIND CONTROVERSIAL BRONX REZONING – ROBERT KHODADADIAN
On a drizzly morning outside City Hall, Mayor Eric Adams gave a team of aspiring developers in Throggs Neck some sunny news. The mayor on Wednesday threw his support behind the Bruckner Boulevard rezoning, a proposal which would bring four developments with 349 apartments to the quiet corner of the Bronx. “This project is just right,” Adams said at a rally organized by the laborers union. “This is the right project for the right time.” Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
READ more“Adams throws support behind controversial Bronx rezoning – Robert Khodadadian”
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REAL ESTATE LAWYERS: PROPOSED RENT REGS LACK LEGAL BASIS – ROBERT KHODADADIAN
Last week, the Hochul administration dropped a bomb on owners of rent-stabilized apartments, proposing four tenant-friendly regulations fill gaps in a three-year-old law. The headline change would cinch aloophole that allowed landlords to set new first rents on combined apartments. Merging units, coined “Frankenstein-ing” by The Real Deal, was — short of tearing down their buildings — the last route for owners to jack up stabilized rents since passage of the Housing Stability and Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
READ more“real estatelawyers: Proposed rent regs lack legal basis – Robert Khodadadian”
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TWO LANDLORDS SAY THEY OVERCAME PANDEMIC, BUT LENDER BEGS TO DIFFER – ROBERT KHODADADIAN
Two and a half years later, Covid is still spitting out real estate casualties. The latest are Brooklyn-based investor Allen Stein and his lender, Customers Bank. Late last week, Customers sued Stein and his co-guarantor Leopold Schwimmer to foreclose on two Upper Manhattan rental buildings, claiming their nearly $12 million mortgage was in default. The borrowers on the mortgages at 517 West 180th Street and 570 West 182nd Street had tried to beat the Pennsylvania-based Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Propertiesspecializes in off-market or …
READ more“Two landlords say they overcame pandemic, but lender begs to differ – Robert Khodadadian”
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HOW HAMID MOGHADAM MADE PROLOGIS THE WORLD’S LARGEST INDUSTRIAL LANDLORD – ROBERT KHODADADIAN
UPDATED Sept. 1, 2022, 6:45 p.m.: Fresh off a trip to Stanford, Hamid Moghadam was pulling up to his house in San Francisco’s tony Pacific Heights neighborhood when a car stopped right behind him. Out jumped two men, armed with guns. They moved in on Moghadam, grabbed his Patek Philippe watch and fled. “They were attacking me,” Moghadam told the San Francisco Business Times. “It happened so fast that I didn’t have time to get Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
READ more“How Hamid Moghadam made Prologis the world’slargest industriallandlord – Robert Khodadadian”
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SENIOR CUSHMAN EXECUTIVE TO DEPART – ROBERT KHODADADIAN
Cushman & Wakefield’s chief accounting officer is leaving the company, the latest C-suite shakeup at the world’s third-largest commercial brokerage. Len Texter will exit at the end of the month “in order to pursue a new opportunity,” according to a Thursday filing with the Securities and Exchange Commission. A representative for Cushman did not immediately respond to a request for comment. Texter, who also serves as Cushman’s head of investor relations and global controller, has Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
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AMERICAN DREAM OWNER TRIPLE FIVE GROUP HIT WITH SEXUAL HARASSMENT SUIT – ROBERT KHODADADIAN
The American Dream mall has been sued by a former employee who claims she was sexually harrassed by executives and let go after reporting the incidents. In a lawsuit filed in New Jersey state court last week, former marketing staffer Kristen Kruczowy claims she was subjected to harassment by multiple male colleagues as well as a member of the Ghermezian family, the Canadian retail magnates who own the mall, NorthJersey.com reported. Kruczowy alleges she was Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
READ more“American Dream owner Triple Five Group hit with sexual harassment suit – Robert Khodadadian”
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INDIANA DEVELOPER PLANS 420 APARTMENTS IN BRIDGEPORT – ROBERT KHODADADIAN
An Indianapolis-based multifamily developer is marking its entry into the Connecticut market with a $200 million apartment complex on the Bridgeport waterfront. Flaherty & Collins Properties said Tuesday that it will build a 420-unit mixed-use project with 10,000 square feet of commercial space in the city’s Steelpointe Harbor area. It’s developing the complex in partnership with RCI Group, a Bridgeport-based developerthat specializes in waterfront properties, and has a construction lender in place. Units will Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
READ more“Indiana developerplans 420 apartments in Bridgeport – Robert Khodadadian”
FRENCH RETAILER PRINTEMPS TO OPEN FIRST U.S. STORE AT MACKLOWE’S 1 WALL STREET – ROBERT KHODADADIAN
Harry Macklowe’s One Wall Street is getting a touch of class — and a whiff of Paris. French luxury department store chain Printemps said Wednesday that it will open a 54,000-square-foot location at the landmarked Financial District building, its first in the U.S. Terms of the lease were not disclosed. Parisian architect and interior designer Laura Gonzalez will fashion the space, which will incorporate One Wall Street’s ground-floor Red Room, one of a handful of Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
READ more“French retailer Printemps to open first U.S. store at Macklowe’s1 Wall Street – Robert Khodadadian”
SUNLIGHT BUYS ASTORIA DEVELOPMENT SITE FOR $25M, LEADING MIDSIZE I-SALES – ROBERT KHODADADIAN
New York City dealmakers went into the Labor Day weekend on a quieter note when it came to mid-market investment sales. Only six transactions involving commercial properties valued between $10 million and $40 million hit city records last week. Manhattan and the Bronx each had two deals, while Brooklyn and Queens had one apiece. Below is more information on each deal, ranked by dollar amount. 1. An entity connected to Sunlight Development bought a warehouse Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
READ MORE“SUNLIGHT BUYS ASTORIA DEVELOPMENT SITE FOR $25M, LEADING MIDSIZE i-sales – Robert Khodadadian”
BEDFORD ESTATE OWNERS JOCKEY FOR $65M – ROBERT KHODADADIAN
Have a horse and $65 million sitting around? A Westchester County property could take care of that. Sunnyfield Farm in Bedford is asking roughly $304,000 per acre, of which there are 214 in all. The figure makes it the most expensive listing in the celebrity-adorned town, according to the Wall Street Journal. The property is best suited for a horse and pony show — literally. There are equestrian facilities throughout the property and multiple barns Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
READ more“Bedford estate owners jockey for $65M – Robert Khodadadian”
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ROBERT KHODADADIAN – COMMERCIAL OBSERVER
Robert Khodadadian – Commercial Observer National security firm Peraton will move its global health and financial solutions headquarters from Northern Virginia to Bowie, Md., this fall., the company announced. The company has inked an 18,102-square-foot-lease at the Melford Town Center, a 466-acre mixed-use business community, with landlord St. John Properties. Peraton will occupy 16901 Melford Boulevard, afour-story, 150,000-square-foot office
National security firm Peraton will move its global health and financial solutions headquarters from Northern Virginia to Bowie, Md., this fall., the company announced.
The company has inked an 18,102-square-foot-lease at the Melford Town Center, a 466-acre mixed-use business community, with landlord St. John Properties. Peraton will occupy 16901 Melford Boulevard, afour-story, 150,000-square-foot office building that was delivered in 2019.
“The addition of Peraton is further validation that suburban office demand is still strong and that Melford continues to be the preferred centralized location for companies who want easy access to D.C., Baltimore and Annapolis,” Matt Lenihan, senior vice president, leasing for St. John Properties, told Commercial Observer.
Approximately 70 employees are slated to transfer to Bowie from the segment’s current home at 7575 Colshire Drive in Mclean, Va.
Located approximately 18 miles from BWI Airport and 25 miles from Baltimore and Washington, D.C., the new office provides convenient access to important customers such as the Internal Revenue Service, the Department of Health and Human Services, the Food and Drug Administration and the Department of Treasury, according to Peraton.
“The site is also complementary to our team in the Windsor Mill area of Baltimore County, which supports the Centers for Medicare & Medicaid Services and the Social Security Administration,” Tarik Reyes, president of Peraton’s global health and financial solutions sector, said in a prepared statement.
St. John Properties has developed more than 1 million square feet at Melford Town Center, and it continues to grow. In addition to the 388-unit Aspen at Melford Town Center luxury apartment complex, which is scheduled to deliver next year, nearly 50,000 square feet of supporting retail and 90,000 square feet of commercial flex/R&D will be coming soon to the mixed-use community, according to St. John Properties.
Bill Jautze of St. John Properties represented the landlord while Daniel Rasmussen of Cushman & Wakefield represented the client in the deal.
Keith Loria can be reached at Kloria@commercialobserver.com.
National security firm Peraton will move its global health and financial solutions headquarters from Northern Virginia to Bowie, Md., this fall., the company announced. The company has inked an 18,102-square-foot-lease at the Melford Town Center, a 466-acre mixed-use business community, with landlord St. John Properties. Peraton will occupy 16901 Melford Boulevard, a four-story, 150,000-square-foot officeRead MoreChannel, Leases, office, 16901 Melford Boulevard, Bill Jautze, Cushman & Wakefield, Daniel Rasmussen, Matt Lenihan, Melford Town Center, Peraton, St. John Properties
Robert Khodadadian, skyline properties, ground leases
For more information please visit http://www.skylineprp.com
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Tampa Apartments Sell for $70M to Dasmen Residential
BY MARK HALLUM
EverWest Purchases New Jersey Industrial Asset for $62M
BY ANDREW COEN
Innovo’s Deal to Purchase HSBC Tower for $855M at Risk
BY CHAVA GOURARIE
Chetrit Buying Out Hollywood Oceanfront Condo
BY JULIA ECHIKSON
Red Mountain Adds SoCal Shopping Center
BY GREG CORNFIELD
Silverstein to Develop Resi Tower in Tampa
BY JULIA ECHIKSON
Rexford Spends $153M on Six More SoCal Warehouses
BY GREG CORNFIELD
Brookfield to Buy Watermark Lodging Trust for $3.8B
BY GREG CORNFIELD
Former Bayside Fuel Oil Site Hits the Market in South Brooklyn
BY REBECCA BAIRD-REMBA
Prologis Offers $24B for Duke Realty
BY GREG CORNFIELD
Prices Rise for Newly Built Apartments, But Volume of Sales Drop in April: Report
BY MARK HALLUM
Ripley-Grier Studios Renews for 15 Years at 520 Eighth Avenue
BY MARK HALLUM
Brickman Sells Downtown Miami Office Portfolio for Loss
BY JULIA ECHIKSON
Nonprofit Sells Midtown East Residential Buildings for $41.5M
BY MARK HALLUM
Former Neiman Marcus on Palm Beach’s Swanky Worth Avenue Sells for $78M
BY JULIA ECHIKSON
Versace Mansion Owner Buys Orchid House Hotel in South Beach
BY MARK HALLUM
NH Investment & Securities Under Contract to Buy The Dime for $158M: Sources
BY CATHY CUNNINGHAM
Harkham Family Buys Office in Westlake Village
BY GREG CORNFIELD
Site of Collapsed Surfside Condo Goes to Auction, Starting at $120M
BY CHAVA GOURARIE
Related Scores $140M to Build West Palm Beach Resi Building
BY JULIA ECHIKSON
Inland Empire Apartments Sell for $435K Per Unit
BY GREG CORNFIELD
Universal Ballet Puts Historic Kirov Academy Building on the DC Market
BY KEITH LORIA
Banyan Street Acquires Remaining Office Property in Rockville Complex
BY KEITH LORIA
Limestone Buys PLANTA Flagship in South Beach for $12M
BY CHAVA GOURARIE
CenterPoint Buys Amazon-Leased Warehouse in Miramar for $170M
BY JULIA ECHIKSON
JLL Facilitates $85M Financing for 12-Building Industrial Acquisition by MDH
BY KEITH LORIA
Retail and Hospitality Forum Tackles Strategies for Brick-and-Mortar
BY ANNA STAROPOLI
Ocean Land Doubles Investment in Just Six Months in Downtown Fort Lauderdale Flip
BY MARK HALLUM
Aby Rosen’s RFR Buys Third Biscayne Boulevard Building
BY JULIA ECHIKSON
Douglas Development Buys Old Town Alexandria Office From Brookfield for $12M
BY KEITH LORIA
Shoma To Build Multifamily Property Over Coconut Grove Car Dealership
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Rental Management Company Pays $30M For Little Havana Building
BY JULIA ECHIKSON
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ROBERT KHODADADIAN – SKYLINE PROPERTIES
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BROOKFIELD SUES MIDTOWN TENANTS OVER ILLEGAL AIRBNB SCHEME – ROBERT KHODADADIAN
Brookfield Properties is trying to clean house in a Midtown West apartment building after tracking down what it describes as an illegal Airbnb operation. The landlord sued five tenants at The Olivia, the Commercial Observer reported, claiming they rented out nine apartments on the short-term stay platform. While Brookfield has tried to evict those tenants from the 333-unit building at 315 West 33rd Street, the lawsuit aims to remove the ones who have refused to Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
READ more“Brookfield sues Midtown tenants over illegal Airbnb scheme – Robert Khodadadian”
SKYLINE PROPERTIES – KAUFMAN ORGANIZATION CLOSES ON $35M HAYMARKET BUILDING GROUND LEASE
The Kaufman Organization closed on a newly formed ground lease at The Haymarket Building in Manhattan’s NoMad, valued at $34.5 million.
DORONIN’S AMAN GROUP EYEING SALE OF CROWN BUILDING – ROBERT KHODADADIAN
The Aman Group is exploring a sale of the Crown Building, which could result in one of the most expensive hotel sales in recent New York City memory. A deal for the Fifth Avenue property is among the strategic options being eyed by the luxury hospitality company led by billionaire developer Vlad Doronin, Bloomberg reported. One person familiar with the matter told the outlet the building could fetch $600 million. The deal would be structured Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
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ROBERT KHODADADIAN – COMMERCIAL OBSERVER
Robert Khodadadian – Commercial Observer Open Impact real estate might be just over a year old, but when it comes to its commission, it’s not getting pushed around. The brokerage sued landlord Joyland Group for failing to pay at least $684,000 in brokerage fees related to Zeta Charter Schools’ deal to open its third location in Joyland’s 1910 Arthur Avenue
Open Impact Real Estate might be just over a year old, but when it comes to its commission, it’s not getting pushed around.
The brokerage sued landlord Joyland Group for failing to pay at least $684,000 in brokerage fees related to Zeta Charter Schools’ deal to open its third location in Joyland’s 1910 Arthur Avenue in the Bronx, according to a lawsuit filed Friday in New York County Supreme Court.
Open Impact co-founder Lindsay Ornstein spent a year looking for a new location for Zeta, while working for Transwestern, until landing on the 65,000-square-foot Arthur Avenue site. In 2020, Ornstein arranged a $4.8 million, 49-year leasehold agreement for Zeta to take over the entire building, with Joyland initially agreeing to pay $1.2 million in brokerage fees, according to the suit.
Joyland later negotiated the fee down to $1 million but paid out only $304,789 to Transwestern and nothing to Open Impact, which Ornstein founded in 2021, the suit claimed.
Joyland did not immediately respond to a request for comment. Ornstein and Open Impact’s lawyers declined to comment.
Celia Young can be reached at cyoung@commercialobserver.com.
Open Impact real estate might be just over a year old, but when it comes to its commission, it’s not getting pushed around. The brokerage sued landlord Joyland Group for failing to pay at least $684,000 in brokerage fees related to Zeta Charter Schools’ deal to open its third location in Joyland’s 1910 Arthur AvenueRead MoreChannel, Legal, more, 1910 Arthur Avenue, Joyland Group, OPEN Impact real estate, Transwestern, Zeta Charter Schools
Robert Khodadadian, skyline properties, ground leases
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MACK REAL ESTATE SUES FOR $566M OVER FORTIS PROJECT LOANS – ROBERT KHODADADIAN
Fortis Property Group’s beleaguered One Seaport condominium project in Lower Manhattan is facing more legal trouble, this time over a mezzanine loan that the lender claims is fraudulent. Mack real estate is accusing Fortis and the 161 Maiden Lane project’s senior lender, Bank Leumi USA, of fraud in connection with the $66 million loan, according to a lawsuit filed Thursday. The suit also names Harel Insurance Company and Valley National Bank, which acquired Bank Leumi Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Propertiesspecializes in off-market or …
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CLIPPER EQUITY LISTS 21-ACRE FLATBUSH GARDENS APARTMENT COMPLEX – ROBERT KHODADADIAN
Clipper Equity’s sprawling Flatbush apartment complex is hitting the market and could fetch up to $425 million, sources said. The Brooklyn developer is putting its 2,494-unit, 21-acre Flatbush Gardens development up for sale after owning it for over 15 years. The apartments are rent-stabilized and 38 percent are rented at preferential rents, averaging 25 percent below the legal rents, according to marketing materials. The sale could be among the largest multifamily deals in Brooklyn in Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
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REZONING FOR MORE HOUSING COSTS DEVELOPERS A FORTUNE: REPORT – ROBERT KHODADADIAN
Rezoning in New York City will cost you — adding as much as $45 million to a high-rise apartment project. That is according to a new report by the Citizens Budget Commission, which recommends changing the city’s review process to cut down on time and money spent by developers and reduce the cost of housing. The report, which examined 171 private zoning applications filed between 2014 and 2017, found that the median time for a Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
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LANDLORD ATTACK DOG JAY MARTIN TRIES PLAYING NICE – ROBERT KHODADADIAN
There’s Jay Martin the Twitter personality, and then there’s Jay Martin the lobbyist. The former is a bit of a heel. Over a few days in August, weeks before New York’s second primary, @jaymart222 was going scorched earth on the far left. After Politico published a story detailing how state Sen. Alessandra Biaggi could be a temperamental boss, Martin dubbed her a “hypocritical narcissist.” He called out Democratic socialist Kristen Gonzalez for working for “a Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
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MEMORIAL SLOAN KETTERING TAKES 430K SF AT LIPSTICK BUILDING – ROBERT KHODADADIAN
Memorial Sloan Kettering Cancer Center is taking over the majority of Midtown East’s Lipstick Building in one of the largest office deals of the year. The hospital is buying about 430,000 square feet, or roughly two thirds of the 34-story tower at 885 Third Avenue from SL Green Realty, property records show. A spokesperson for Memorial Sloan Kettering said the investment is part of the “long-term financial planning and cost-efficiency strategy” and that the hospital Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
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ROBERT KHODADADIAN – COMMERCIAL OBSERVER
Robert Khodadadian – Commercial Observer RXR has sealed a $1.3 billion debt package to refinance 5 Times Square as it gears up to gain new high-profile tenants in the revamped 1.1 million-square-foot officeskyscraper. The loan, which matures in May 2026, was backed by multiple financial institutions including Morgan Stanley, Apollo Global Management and American International Group (AIG). Bloomberg first reported the
RXR has sealed a $1.3 billion debt package to refinance 5 Times Square as it gears up to gain new high-profile tenants in the revamped 1.1 million-square-foot office skyscraper.
The loan, which matures in May 2026, was backed by multiple financial institutions including Morgan Stanley, Apollo Global Management and American International Group (AIG). Bloomberg first reported the transaction.
The exact breakdown of the capital stack couldn’t immediately be ascertained.
The financing is part of an overall $1.7 billion recapitalization of the 39-story office tower announced by RXR and SL Green Tuesday, with the two landlord giants teaming up on a repositioning plan to attract new tenants. SL Green previously provided a $139 million mezzanine loan that will be converted into equity in the deal, while RXR will contribute an additional $300 million for property improvements.
The transformation of 5 Times Square comes on the heels of RXR inking Roku, a publicly traded manufacturer of set-top streaming boxes, to a 240,000 square-foot lease for the building’s top eight floors in January. Planned improvements include a new lobby and elevators along with adding multiple food vendors, a health facility, and meeting and event spaces.
“What you’re seeing is that capital is being much more selective and the debt markets in particular are focusing on the best borrowers and the best buildings,” Scott Rechler, CEO of RXR, told Bloomberg. “Tenants are pursuing buildings that are the highest-quality buildings — that’s where equity investors are interested in investing.”
Officials at Morgan Stanley, Apollo and AIG declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
RXR has sealed a $1.3 billion debt package to refinance 5 Times Square as it gears up to gain new high-profile tenants in the revamped 1.1 million-square-foot office skyscraper. The loan, which matures in May 2026, was backed by multiple financial institutions including Morgan Stanley, Apollo Global Management and American International Group (AIG). Bloomberg first reported theRead MoreChannel, Finance, Refinance, AIG, American International Group, Apollo Global Management, Morgan Stanley, Roku, RXR, Scott Rechler
Robert Khodadadian, skyline properties, ground leases
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ROBERT KHODADADIAN – COMMERCIAL OBSERVER
Robert Khodadadian – Commercial Observer Several weeks after buying out the owners of a 40-unit condominium along Florida’s coast, Jeffrey Soffer’s Fontainebleau Development filed plans to replace it. Fontainebleau paid $102.3 million for the Regency Condominium in Tequesta, Fla., at the northern tip of Palm Beach County. The company plans to demolish the existing building, built in 1969, and replace
Several weeks after buying out the owners of a 40-unit condominium along Florida’s coast, Jeffrey Soffer’s Fontainebleau Development filed plans to replace it.
Fontainebleau paid $102.3 million for the Regency Condominium in Tequesta, Fla., at the northern tip of Palm Beach County. The company plans to demolish the existing building, built in 1969, and replace it with 34 units in a 10-story condominium, according to documents filed with the Village of Tequesta.
The building, at 250 South Beach Road on Jupiter Island,
will be designed by Arquitectonica and cost $62 million to build, according to the application, first reported by the South Florida Business Journal.
So, given some very rough math, units will have to start at about $5 million for Soffer to recoup the cost. As befits a luxury oceanfront condominium boasting of 326 feet of ocean frontage, the building will include two private rooftop pools, in addition to an oceanfront pool and a raft of other amenities.
Soffer is also developing a condominium next door at 300 South Beach Road called the Savoy. The 26-unit building will replace another condo that Soffer terminated last year.
The Tequesta Village Council is scheduled to meet Sept. 8 to review both the initial application for 250 South Beach and an architectural update for 300 South Beach regarding the elevation of the building.
Fontainebleau did not immediately respond to request for comment.
Chava Gourarie can be reached at cgourarie@commercialobserver.com.
Several weeks after buying out the owners of a 40-unit condominium along Florida’s coast, Jeffrey Soffer’s Fontainebleau Development filed plans to replace it. Fontainebleau paid $102.3 million for the Regency Condominium in Tequesta, Fla., at the northern tip of Palm Beach County. The company plans to demolish the existing building, built in 1969, and replaceRead MoreDevelopment, 300 S Beach Street, Fontainebleau Development, Jeffrey Soffer, Regency Condominium, Savoy 250 S Beach Street
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DEVELOPER SUED OVER DEBTS AT DOWNTOWN PENTHOUSE, HAMPTONS MANSION – ROBERT KHODADADIAN
A decade ago, developer Lela Goren helped lead the conversion of a handsome pre-war apartment building in Greenwich Village to 17 luxury condominiums. Now, the building’s board wants to kick her out. Goren, a former executive at WeWork and longtime associate of Gary Barnett’s Extell Development, has racked up $45,000 in unpaid common charges at 31 West 11th Street, where she owns a penthouse as well as multiple ground-floor units, according to three lawsuits filed Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Propertiesspecializes in off-market or …
READ more“developersued over debts at Downtown penthouse, Hamptonsmansion – Robert Khodadadian”
BROOKLYN’S LUXURY MARKET KICKS BACK FOR LABOR DAY WITH 2022 LOW – ROBERT KHODADADIAN
Brooklyn’s luxury market took the week off ahead of Labor Day weekend. The week leading up to the holiday saw just 11 properties enter contract — six condos and five townhouses — the lowest single week total this year, according to Compass’ weekly report of homes in the borough asking $2 million or more. The properties’ combined asking hit $35.2 million, the lowest since the week of January 3. The average home spent 210 days Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
READ more“Brooklyn’sluxury market kicks back for Labor Day with 2022 low – Robert Khodadadian”
VORNADO SELLING FIDI OFFICE BUILDING FOR DISCOUNT AS INTEREST RATES RISE – ROBERT KHODADADIAN
Steven Roth’s Vornado Realty Trust is selling a Financial District office building for about 20 percent less than what it was asking in the spring — a haircut that reflects how the rising cost of debt is hindering commercial property sales. The Steven Roth-led REIT is in contract to sell its 29-story office building at 40 Fulton Street to investor David Werner for between $105 million and $110 million, sources told The Real Deal. That’s Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
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ROBERT KHODADADIAN – COMMERCIAL OBSERVER
Robert Khodadadian – Commercial Observer A softening economy isn’t about to slow industrial sales in the outer boroughs (sans Staten Island), according to a recent report. industrial real estate brokerageAEBOV found that Brooklyn, Queens and the Bronx saw a 40 percent increase in the number of industrial transactions from the first half of 2021 to the first half of
A softening economy isn’t about to slow industrial sales in the outer boroughs (sans Staten Island), according to a recent report.
industrial real estate brokerage AEBOV found that Brooklyn, Queens and the Bronx saw a 40 percent increase in the number of industrial transactions from the first half of 2021 to the first half of 2022, amounting to about 52 in total.
Those deals equaled $1.4 billion and 2.7 million square feet sold, an increase of 132 percent and 137 percent, respectively, over the same period last year. Average sale price per square foot actually went down by 7 percent to $423 from the first half of 2021 to the first half of 2022, according to the report.
Assets within a mile of major highways sold for 27 percent more than their far-flung counterparts, perhaps in response to inflation and rising gas prices for tenants, according to AEBOV president Daniel Tropp.
“This resulted in investors honing in on quality assets, coughing up for properties that are closer to major highways, offer outdoor parking and have credit tenants,” Tropp said in a statement. “Looking ahead, rising rates will continue to be monitored but the supply-demand imbalance of industrial properties in NYC will not be fundamentally impacted anytime soon, and we suspect that will keep the leasing and investment sales markets buoyed.”
While Brooklyn may have seen more individual transactions with 23 sales and 1.1 million square feet, Queens — the largest borough by landmass — pulled ahead square footage-wise with only 16 transactions spanning 1,286,711 square feet.
Brooklyn sellers got more bang for their buck, however, with $785 million being spent on industrial space in the borough compared with $461 million in deals being made in Queens.
Asking prices were also higher in Brooklyn: $478 per square foot compared to Queens’ $382 per square foot.
The Bronx was really lagging. There were only 13 transactions totalling $153 million for 312,640 square feet, with average asking prices at $363 in the first half of 2022. AEBOV’s survey did not track sales in Staten Island.
Compared to the rest of the country, investors were paying more in New York City’s outer boroughs.
Average price per square foot totalled $130 nationwide year-to-date, compared to the $423 per square foot the outer boroughs commanded, according to an August report from CommercialEdge.
The national vacancy rate also hit 4.4 percent despite 200 million square feet of new industrial space being brought online in the first seven months of 2022.
Mark Hallum can be reached at mhallum@commercialobserver.com.
A softening economy isn’t about to slow industrial sales in the outer boroughs (sans Staten Island), according to a recent report. industrial real estate brokerage AEBOV found that Brooklyn, Queens and the Bronx saw a 40 percent increase in the number of industrial transactions from the first half of 2021 to the first half ofRead MoreAnalysis, Channel, more, aebov, CommercialEdge, Daniel Tropp
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ROBERT KHODADADIAN – COMMERCIAL OBSERVER
Robert Khodadadian – Commercial Observer Some tenants ran an allegedly illegal Airbnb operation out of the luxury 315 West 33rd Street rental building, and landlord Brookfield Properties wants them out. Brookfield sued tenants Mei Wu, Rui Wang, Wei Zheng Peng, Aaron Chan and Hongrui Zheng on Friday after the group allegedly rented nine apartments through Airbnb in the 333-unit Midtown
Some tenants ran an allegedly illegal Airbnb operation out of the luxury 315 West 33rd Street rental building, and landlord Brookfield Properties wants them out.
Brookfield sued tenants Mei Wu, Rui Wang, Wei Zheng Peng, Aaron Chan and Hongrui Zheng on Friday after the group allegedly rented nine apartments through Airbnb in the 333-unit Midtown West building, dubbed The Olivia, and refused to stop even after Brookfield found out, according to court records.
The scheme started in 2020 when Wu and Wang first rented a unit in the building and then began posting it on Airbnb, according to the suit filed in New York County Supreme Court. Brookfield learned the duo was running the operation in 2021 thanks to the smart-lock company Latch, which showed strangers entering the unit for short-term stays.
“The front desk staff at the building have observed a continuous endless parade of unknown individuals arriving with luggage and advising front desk staff they were there to check into an Airbnb at the building,” the complaint read. “Tenants of the building have repeatedly complained of noise and smoke coming from the apartments, as well as strangers roaming the halls of the building and getting locked out of the apartments.”
Brookfield hit Wu and Wang with an eviction notice in August 2021, and the pair left only after the landlord took them to court, records show. Wu and Wang then allegedly roped in the other three residents to join the scheme, with several remaining in their apartments despite evictions and at least one Airbnb guest refusing to leave, court records show.
It’s unclear how much money the group brought in, but an apartment in the building posted on Airbnb fetches a whopping $528 a night, according to the listing. Rental units in the property range from $4,100 per month for a studio to $8,000 per month for a two-bedroom, according to StreetEasy.
Brookfield asked a judge to bar the group from continuing to rent apartments in the building and pony up more than $70,000 in back rent and legal fees, with Brookfield claiming Chan and Zheng owe a combined $20,000 in skipped rent alone, the suit said.
Airbnb and an attorney for the five residents did not immediately respond to requests for comment. Brookfield and its lawyer declined to comment.
But Brookfield could be on the hook for fines, not just missed rent, according to the filing, because New York City has been cracking down on illegal Airbnb listings for the past few years. In 2018, the city sued the owner of seven Hell’s Kitchen buildings for failing to stop an illegal Airbnb operation, even though landlord Maxine Gilbert claimed she didn’t know the rentals were happening and in violation of state law, which prohibits renting out an apartment for less than 30 days in most cases.
Last year, New York City passed a law mandating that short-term rental sites give them information on hosts and transactions. Short-term rental operators will face further regulation next year after a new rule goes into effect requiring hosts to register with the city and prevent Airbnb from processing payments if their information doesn’t match the city registry.
Celia Young can be reached at cyoung@commercialobserver.com.
Some tenants ran an allegedly illegal Airbnb operation out of the luxury 315 West 33rd Street rental building, and landlord Brookfield Properties wants them out. Brookfield sued tenants Mei Wu, Rui Wang, Wei Zheng Peng, Aaron Chan and Hongrui Zheng on Friday after the group allegedly rented nine apartments through Airbnb in the 333-unit MidtownRead MoreChannel, Legal, more, 315 West 33rd Street, Aaron Chan, Airbnb, Brookfield Properties, Hongrui Zheng, Latch, Mei Wu, Rui Wang, The Olivia, Wei Zheng Peng
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ROBERT KHODADADIAN – COMMERCIAL OBSERVER
Robert Khodadadian – Commercial Observer Evolve Wynwood closed on a land acquisition in Miami’s Wynwood neighborhood where it plans to develop 141 units of housing, Commercial Observer has learned. Mery Najera Dominguez and several associated LLCs sold the 1-acre parcel at 535-585 NW 35th Street for $9.8 million to Evolve’s Mike Winstead Jr. and Joe McKinney, who have launched the
Evolve Wynwood closed on a land acquisition in Miami’s Wynwood neighborhood where it plans to develop 141 units of housing, Commercial Observer has learned.
Mery Najera Dominguez and several associated LLCs sold the 1-acre parcel at 535-585 NW 35th Street for $9.8 million to Evolve’s Mike Winstead Jr. and Joe McKinney, who have launched the design of the housing project through Kobi Karp Architecture.
They expect the project to be completed by the end of 2024.
“The location is in a good long-term growth market for multifamily in proximity to the Wynwood Arts District and Miami Design District,” Winstead said in a statement to CO.
Fabio Faerman with Fortune International Realty brokered the deal on behalf of Evolve. The new owners plan to build eight stories of housing.
Details of the plan emerge as job growth takes place in Wynwood. Coworking operator Mindspace recently leased about 30,000 square feet at The Gateway at Wynwood, a Class A office building in the district, and blockchain firm Solana plans a 4,200-square-foot Miami outpost at the Annex Wynwood.
Over the past year, Wynwood has also seen a 30.3 percent increase in office space, which now stands at about 1.3 million square feet, according to a Wall Street Journal report.
In fact, the previously industrial neighborhood had little to no housing within its boundaries prior to 2017. Since then it has seen the rise of over 1,300 apartment units with an additional 1,393 units in the pipeline, per the WSJ.
Evolve’s development sits within the northwest corner of Wynwood just off Interstate 95, near where the Design District, Model City and Allapattah meet.
Mark Hallum can be reached at mhallum@commercialobserver.com.
Evolve Wynwood closed on a land acquisition in Miami’s Wynwood neighborhood where it plans to develop 141 units of housing, Commercial Observer has learned. Mery Najera Dominguez and several associated LLCs sold the 1-acre parcel at 535-585 NW 35th Street for $9.8 million to Evolve’s Mike Winstead Jr. and Joe McKinney, who have launched theRead Moreacquisition, Channel, Finance, 535-585 NW 35th Street, Evolve Wynwood, Fortune International Realty, Kobi Karp Architecture
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ROBERT KHODADADIAN – COMMERCIAL OBSERVER
Robert Khodadadian – Commercial Observer The multifamily moves are multiplying in Southern California’s Inland Empire. Atlantic Pacific Companies has acquired a 184-unit property for $64.5 million, or $350,543 per apartment. It was owned by Weidner Apartment Homes. Northmarq announced the deal. Neither the buyer nor the seller immediately responded to requests for comment. The property, River’sEdge Apartments, was built
The multifamily moves are multiplying in Southern California’s Inland Empire.
Atlantic Pacific Companies has acquired a 184-unit property for $64.5 million, or $350,543 per apartment. It was owned by Weidner Apartment Homes. Northmarq announced the deal. Neither the buyer nor the seller immediately responded to requests for comment.
The property, River’s Edge Apartments, was built in 2007 at 2088 East Lakeshore Drive in Lake Elsinore, a small Riverside County community near Interstate 15 about 35 miles south of the city of Riverside. Online listings for available units show one- and two-bedroom apartments with monthly asking rents ranging from $2,050 to $2,545.
The Inland Empire has seen persistent multifamily growth thanks to significant job growth throughout the region, further bolstering demand for more affordable renting options when compared to Los Angeles and Orange County. Northmarq released a report Tuesday regarding the Inland Empire’s multifamily market, and found that vacancy has remained low while rents are rising at a rapid pace.
“The buyer was attracted to River’s Edge’s quality construction and close proximity to the freeway, which connects the tenant base to the multiple job hubs throughout southwest Riverside County,” Northmarq’sKyle Pinkalla said in a statement.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
The multifamily moves are multiplying in Southern California’s Inland Empire. Atlantic Pacific Companies has acquired a 184-unit property for $64.5 million, or $350,543 per apartment. It was owned by Weidner Apartment Homes. Northmarq announced the deal. Neither the buyer nor the seller immediately responded to requests for comment. The property, River’s Edge Apartments, was builtRead MoreChannel, Sales, 2088 East Lakeshore Drive, Atlantic Pacific Companies, Kyle Pinkalla, Northmarq, River’s Edge Apartments, Weidner Apartment Homes
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ROBERT KHODADADIAN – COMMERCIAL OBSERVER
Robert Khodadadian – Commercial Observer The massive multibillion-dollar Oceanwide Plaza development abruptly stopped rising in early 2019 just as it was becoming the newest mark on the skyline of Downtown Los Angeles. With tall cranes hanging motionless above the development for years, the project has become the subject of lawsuits and a source of unpaid debts. Now, citing an interim
The massive multibillion-dollar Oceanwide Plaza development abruptly stopped rising in early 2019 just as it was becoming the newest mark on the skyline of Downtown Los Angeles. With tall cranes hanging motionless above the development for years, the project has become the subject of lawsuits and a source of unpaid debts.
Now, citing an interim results report from Oceanwide Holdings, Urbanize reported that the Beijing-based developer is rekindling fundraising efforts and now hopes to restart construction in 2023, and could complete work by 2025. That includes the 2 million-square-foot condo, hotel and apartment development taking up a full block adjacent to Crypto.com Arena (formerly Staples Center) and L.A. Live.
But there is the issue of money. The interim report details lenders and construction firms filing claims for failure to pay outstanding sums since the project stalled, and Oceanwide Holdings would need to raise another $2.3 billion to finish construction of Oceanwide Plaza after already spending $1.2 billion to get to where it was in 2019, Urbanize reported. There’s also the issue of financing with rising interest rates and construction costs.
But the company indicated in the report that it is in negotiations to complete construction and pay off all debts. The project calls for 504 condominiums, a 184-room Park Hyatt hotel, and 150,000 square feet of retail space on the block bounded by Figueroa, Flower, 11th and 12th streets, per Urbanize. The physical structures and curtain walls of the three main towers are the only elements of the project left to be completed.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
The massive multibillion-dollar Oceanwide Plaza development abruptly stopped rising in early 2019 just as it was becoming the newest mark on the skyline of Downtown Los Angeles. With tall cranes hanging motionless above the development for years, the project has become the subject of lawsuits and a source of unpaid debts. Now, citing an interimRead MoreChannel, Development, Finance, Oceanwide Holdings, Oceanwide Plaza
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RXR LANDS $1.3B FINANCING FOR 5 TIMES SQUARE; SL GREEN IN AS PARTNER – ROBERT KHODADADIAN
It’s not the amount of money RXR sought earlier this year, but it still landed a major loan for the renovation of a signature Times Square property. Scott Rechler’s firm scored a $1.3 billion financing package from agroup of backers, including Morgan Stanley, Apollo Global Management and AIG, Bloomberg reported. RXR and partners have invested another $300 million into the upgrade of 5 Times Square. The loan, which runs through May 2026, is not Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
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ROBERT KHODADADIAN – COMMERCIAL OBSERVER
Robert Khodadadian – Commercial Observer Front & York, a sprawling condo project in Dumbo, Brooklyn, has inked deals with an Upper West Side restaurant and a cardiology-focused veterinary clinic, along with an expansion for an existing preschool, Commercial Observer has learned. Nobody Told Me, a restaurant and cocktail bar that serves New American fare, took a 2,810-square-foot storefront at the
Front & York, a sprawling condo project in Dumbo, Brooklyn, has inked deals with an Upper West Side restaurant and a cardiology-focused veterinary clinic, along with an expansion for an existing preschool, Commercial Observer has learned.
Nobody Told Me, a restaurant and cocktail bar that serves New American fare, took a 2,810-square-foot storefront at the corner of Bridge and Front streets, according to the developers. This will be its second location in the city after its Manhattan Valley outpost at 951 Amsterdam Avenue, between West 106th and West 107th streets. A spokesperson for the project declined to provide lease terms for any of the deals.
The eatery will serve up bacon-wrapped dates, burgers, spicy chicken sandwiches and an expansive raw bar. Chef and co-owner Nick Pfannserstill is also responsible for Nolita cocktail bar Mother’s Ruin.
“We love DUMBO and are incredibly excited to bring our food and drinks to this vibrant community,” Pfannerstill and Alberto Miranda, co-founders of Nobody Told Me, said in a joint statement. “Our aim is to create a space that adds to the everyday rhythm of the neighborhood, with something for everyone.”
Meanwhile, The Animal Cardiology Clinic — which bills itself as the city’s first cardiology-only veterinary practice — also signed a lease at the development for 3,120 square feet, according to a Front & York spokesperson.
Founder Justin Carlson said that “everything we do is designed around providing the best veterinary care and experience for people and their pets.”
Both retailers are slated to open in spring 2023.
Finally, bilingual daycare Petits Poussins signed an expansion lease for 1,154 square feet, bringing its footprint up to 4,305 square feet. It originally took space at Front & York last year, joining CVS Pharmacy, Williamsburg coffee roaster Devoción, bubble tea and dessert shop Lazy Sundaes and high-end gym Life Time Fitness.
Steven Baker, Daniyel Cohen and Michael Shkreli of Winick Realty Group represented the landlord. Barry Fishbach and Jason Pruger from Newmark handled the deal for The Animal Cardiology Clinic. Nobody Told Me and Petits Poussins did not have brokers. Spokespeople for Newmark and Winick didn’t immediately return requests for comment
Developed by CIM Group and LIVWRK, Front & York will include two 21-story towers with 400 condominiums, a large private park, 150,000 square feet of amenities and 660 parking spots.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
Front & York, a sprawling condo project in Dumbo, Brooklyn, has inked deals with an Upper West Side restaurant and a cardiology-focused veterinary clinic, along with an expansion for an existing preschool, Commercial Observer has learned. Nobody Told Me, a restaurant and cocktail bar that serves New American fare, took a 2,810-square-foot storefront at theRead MoreChannel, Leases, retail, Front & York, Nobody Told Me, Petits Poussins, The Animal Cardiology Clinic
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Robert Khodadadian – Commercial Observer The District of Columbia Housing Finance Agency is helping to bring a $101 million affordable housing development to Washington, D.C.’s Ward 7. On Monday, DCHFA issued $46.92 million in tax-exempt bonds and underwrote $42 million in D.C. and federal Low Income Housing Tax Credit equity for the development of The Paxton. all 148 units in
The District of Columbia Housing Finance Agency is helping to bring a $101 million affordable housing development to Washington, D.C.’s Ward 7.
On Monday, DCHFA issued $46.92 million in tax-exempt bonds and underwrote $42 million in D.C. and federal Low Income Housing Tax Credit equity for the development of The Paxton. all 148 units in the 159,617-square-foot development are reserved for residents earning 50 percent or less of the area median income, currently $129,000 for a family of four.
Additional financing was provided by a Housing Production Trust Fund loan from the D.C. Department of Housing and Community Development.
Foulger-Pratt and Enduring affordable housing Corporation will serve as developers.
“It is more important now than ever to ensure we continue to Finance deeply affordable housing for those earning below 50 and 30 percent AMI,” Christopher E. Donald, executive director and CEO of DCHFA, said in a prepared statement. “This project will ensure that D.C. residents can continue to live in the city they’ve always called home and be able to do so affordably.”
The development is the latest project that helps move closer to Mayor Muriel Bowser’s goal of 12,000 new affordable units by 2025.
Located on the corner of 16th Street Northeast and Benning Road, the Paxton is less than one-tenth of a mile from the eastern end of the bustling H Street corridor, home to a large collection of restaurants, grocers, pharmacies and the Kaiser Permanente Capitol Hill Medical Center.
The property will consist of eight efficiencies, 87 one-bedroom, 16 two-bedroom and 37 three-bedroom units. Amenities include a clubhouse, a business center, a courtyard, an exercise facility, garage parking, bike storage, tenant storage units, concierge services and on-site security.
Fifteen apartments will be designated Permanent Supportive Housing, reserved for residents earning 30 percent or less of AMI, and will receive local rent subsidy program vouchers. all residents will have access to services through Hope Multiplied, to include education and mentoring opportunities, play therapy for children, entrepreneurial development, employment and workforce training.
“Foulger-Pratt is pleased to have the opportunity to participate in an affordable housing development of such importance and share our expertise in building contemporary apartment homes with the same full set of features and amenities found in market-rate housing,” Brigg Bunker, Foulger-Pratt’s managing partner and chief operating officer, said in a statement.
Keith Loria can be reached at Kloria@commercialobserver.com.
The District of Columbia Housing Finance Agency is helping to bring a $101 million affordable housing development to Washington, D.C.’s Ward 7. On Monday, DCHFA issued $46.92 million in tax-exempt bonds and underwrote $42 million in D.C. and federal Low Income Housing Tax Credit equity for the development of The Paxton. all 148 units inRead MoreDevelopment, Brigg Bunker, Christopher E. Donald, Enduring affordable housing Corporation, Foulger-Pratt, The Paxton, The District of Columbia Housing Finance Agency
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ROBERT KHODADADIAN – COMMERCIAL OBSERVER
Robert Khodadadian – Commercial Observer Comstock’s footprint in Reston Station just keeps on growing. The developer behind the 80-acre-and-growing Reston Station, Comstock has acquired an officebuilding near the Virginia community at 1891 Metro Center Drive. The previous owner of the 60,356-square-foot building was federal government contractor Maximus, according to property records. The company previously occupied the building before transferring
Comstock’s footprint in Reston Station just keeps on growing.
The developer behind the 80-acre-and-growing Reston Station, Comstock has acquired an office building near the Virginia community at 1891 Metro Center Drive.
The previous owner of the 60,356-square-foot building was federal government contractor Maximus, according to property records. The company previously occupied the building before transferring its headquarters to 600 Tysons Boulevard in Tysons, Va., in May. The building is currently vacant.
Comstock plans to incorporate the 2.67-acre property into its development plans for the west end of the Reston Station neighborhood, temporarily utilizing the existing building as swing space for its existing tenancy.
“We’re currently studying the best and most efficient and accretive use as we expand and grow the Reston Station neighborhood,” Tim Steffan, COO at Comstock, told Commercial Observer.
The property is adjacent to Reston Station’s Metro Plaza District, which provides immediate access to the Wiehle-Reston East Metro Station. The area also consists of more than 1.3 million square feet of development, including three trophy-class office towers, the BLVD residential tower, and retail spaces for Starbucks, CVS, Founding Farmers and Davio’s Northern Italian Steakhouse.
The acquisition comes a week after Comstock acquired 8 acres near the upcoming Midline at Reston Station, on the east side of Wiehle Avenue stretching from Sunset Hills Road to the Dulles Toll Road.
Cushman and Wakefield represented the seller in the deal. The buyer handled things in-house.
Keith Loria can be reached at Kloria@commercialobserver.com.
Comstock’s footprint in Reston Station just keeps on growing. The developer behind the 80-acre-and-growing Reston Station, Comstock has acquired an office building near the Virginia community at 1891 Metro Center Drive. The previous owner of the 60,356-square-foot building was federal government contractor Maximus, according to property records. The company previously occupied the building before transferringRead MoreChannel, commercial, Sales, 1891 Metro Center Drive, 600 Tysons Boulevard, Comstock, Cushman and Wakefield, Maximus, Reston Station, Tim Steffan
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PROPTECH FIRM JUNIPER SQUARE LAYS OFF 14% OF STAFF – ROBERT KHODADADIAN
Juniper Square has laid off about 14 percent of its staff, joining the growing list of proptech firms cutting headcount. The San Francisco-based company creates software for general partners and limited partners in commercial real estate deals to connect and communicate with each other. Its clients include top real estate players such as Tishman Speyer, Greystar, and Bell Partners. “The reduction in force targeted our sales organization and other ancillary functions. This decision was a Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Propertiesspecializes in off-market or …
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Robert Khodadadian – Commercial Observer Shinhan Bank America, the U.S. arm of one of the largest financial institutions in Korea, has signed a new office lease at 750 Seventh Avenue, according to landlord broker CBRE. The Seoul-based bank took 15,279 square feet on the entire 26th floor of the 36-story building, as The New York Post first reported, bringing the
Shinhan Bank America, the U.S. arm of one of the largest financial institutions in Korea, has signed a new office lease at 750 Seventh Avenue, according to landlord broker CBRE.
The Seoul-based bank took 15,279 square feet on the entire 26th floor of the 36-story building, as The New York Post first reported, bringing the 561,000-square-foot property up to 91 percent leased. Asking rent in the 15-year lease was $79 a square foot.
The company is moving from 12,000 square feet on the 17th floor of 600 Third Avenue in Midtown East. It also has a headquarters office at 475 Park Avenue South, which it rented in March of 2019.
The Roche-Dinkeloo-designed building was constructed in 1990 and occupies an entire block front on Seventh Avenue between West 49th and West 50th streets, just north of Times Square. Over the past few years, landlord Fosterlane Management has renovated and modernized the elevator cabs and installed a new bike room. The property also has two amenity floors that offer conference facilities, a large training room, a cafe and a grab-and-go coffee counter.
CBRE’s Howard Fiddle, Brett Shannon, Arkady Smolyansky, Evan Fiddle and Jacob
Rosenthal represented the owner. Matthias Li and Cole Chartash of Cushman & Wakefield handled the deal for Shinhan. A C&W spokesperson didn’t immediately return a request for comment.
Fiddle said in a statement that the landlord is “committed to providing the best possible experience for both existing and new tenants at 750 Seventh Avenue, as demonstrated by their recent investment in the building and ability to construct first class installations.”
Other tenants in the building include Morgan Stanley and law firm Mendes & Mount, and retailers such as Junior’s Cheesecake and Starbucks.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
Shinhan Bank America, the U.S. arm of one of the largest financial institutions in Korea, has signed a new office lease at 750 Seventh Avenue, according to landlord broker CBRE. The Seoul-based bank took 15,279 square feet on the entire 26th floor of the 36-story building, as The New York Post first reported, bringing theRead MoreChannel, Leases, office, 750 Seventh Avenue, CBRE, Shinhan Bank
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ROBERT KHODADADIAN – COMMERCIAL OBSERVER
Robert Khodadadian – Commercial Observer Barone Management has landed $67.8 million in financing to recapitalize an educational facility and neighboring residential development site in Queens, Commercial Observer can first report. Metropolitan commercial Bank provided a senior mortgage, while Columbia Pacific Advisors provided preferred equity in the deal. Barone Management will use the debt to execute its purchase option on the
Barone Management has landed $67.8 million in financing to recapitalize an educational facility and neighboring residential development site in Queens, Commercial Observer can first report.
Metropolitan commercial Bank provided a senior mortgage, while Columbia Pacific Advisors provided preferred equity in the deal. Barone Management will use the debt to execute its purchase option on the fee position and also recapitalize its equity.
Meridian Capital Group negotiated the loan on behalf of the sponsor with a team led by Adam Hakim, James Murad and David Baker.
Located at 45-20 83rd Street in Elmhurst, Queens, the property includes a newly built 67,286-square foot, five-story educational facility plus a neighboring 142,000 square feet of zoning floor area residential development site. The educational facility has been leased to The Renaissance Charter School II.
“The closing of this loan demonstrates the ability of these two lenders to get comfortable with a unique mix of asset types and provide a structure that capitalized the purchase of the fee interest in the property while simultaneously recapitalizing the equity and locking in a fixed rate in a rising-rate environment,” Hakim said in a prepared remark.
Officials at Barone Management did not immediately respond to a request for comment.
Emily Fu can be reached at efu@commercialobserver.com
Barone Management has landed $67.8 million in financing to recapitalize an educational facility and neighboring residential development site in Queens, Commercial Observer can first report. Metropolitan commercial Bank provided a senior mortgage, while Columbia Pacific Advisors provided preferred equity in the deal. Barone Management will use the debt to execute its purchase option on theRead MoreChannel, Finance, Refinance, 45-20 83rd Street, Adam Hakim, Barone Management, Columbia Pacific Advisors, David Baker, James Murad, Meridian Capital Group, Metropolitan commercial Bank, The Renaissance Charter School II
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ROBERT KHODADADIAN – COMMERCIAL OBSERVER
Robert Khodadadian – Commercial Observer Trammell Crow Company’s Adam Weers was once a boxer for a time. Today, he applies some of the same drive and focus he once summoned in the ring to make the firm’s development business pack a similar one-two punch — more important than ever in arapidly changing market environment. Founded in 1948, TCC has
Trammell Crow Company’s Adam Weers was once a boxer for a time. Today, he applies some of the same drive and focus he once summoned in the ring to make the firm’s development business pack a similar one-two punch — more important than ever in a rapidly changing market environment.
Founded in 1948, TCC has since developed or acquired a portfolio of roughly 2,900 buildings valued at $75 billion, employing 700 professionals across 26 cities in the U.S. and Europe.
Weers joined the company 17 years ago, and was named chief operating officer in April 2021. His new role is a culmination of two critical business components he’s gravitated toward since joining the firm: development and mentorship/recruiting. As head of the firm’s diversity, equity and inclusion (DEI) steering committee, Weers is focused not only on increasing diversity within TCC’s own ranks but also on forming partnerships with other like-minded, DEI-focused organizations to effect real change.
Commercial Observer caught up with Weers last month to find out how he’s settled in to the new role, and what’s the equivalent of taking the championship belt in CRE.
The interview has been edited for length and clarity.
Commercial Observer: Where did you grow up?
Adam Weers: I grew up just south of Seattle in Renton [Wash.] and then did my undergrad at Morehouse College in Atlanta, where I was an accounting major. I actually started my career in public accounting, not in real estate. I worked for Deloitte in Atlanta in audit for four years, went to Harvard Business School [HBS] and that’s where I made my Trammell Crow connection.
How did it come about?
A bunch of Trammell Crow Company [TCC] people were on campus, recruiting at HBS, and I was just enamored by the idea of commercial real estate. Iended up doing a field study during my last semester at HBS with the D.C. office of TCC, researching new market tax credits, and when I started my career here that was also part of my role, but I was also working on development in and around the mid-Atlantic region.
An interesting fact about the start of my career is that I didn’t really know that commercial real estate was an option for me until I got into the business when I was 27 years old. That has always stuck with me and, when you look at our DEI platform today, I’m particularly proud of the fact that we’re able to expand it to partnerships with organizations that are focused on the idea of increasing the pipeline of diverse talent in our Industry, because I’m a poster child in a way.
How was that experience for you, in terms of realizing it was indeed a career option?
A big part of what made it all happen is the company itself has a very welcoming culture to people who don’t come from real estate backgrounds. There’s along history within TCC of finding people who are in other industries and transition into real estate. From my perspective, it was both exciting and scary. It was exciting because there are a lot of things about development that I really liked — and I’m still here 17 years later— but scary because I didn’t have areal estate background, and there were some basic things that were just totally foreign to me, like the entire construction process.
I came in as someone who didn’t know much, and was asking all kinds of questions, sitting in on meetings and, to be honest, not adding a whole lot of value, just learning. The firm has always been completely comfortable with that, and so I keep that front of mind now as we do our recruiting process. We are cognizant of casting a wider net, and recruiting the best and brightest no matter where they are — including people who don’t necessarily have a real estate background, but we think might be great.
How far do you think we’ve come these past 17 years, in terms of creating an environment where women and minorities feel more inclined to pursue acareer in real estate?
There’s definitely been a lot of progress, and there’s definitely a way to go. We re-
established our DEI initiatives in 2011, so we’ve spent a long time thinking about this and working on it. We’ve done some things, realized that they didn’t work and then had to get better.
We think about it as two sides of a coin today. One side is attraction — how do we recruit diverse talent — and the other side is retention for the diverse professionals that we brought into the firm and making TCC an inclusive place where people want to stay and can thrive. As an Industry, we just have to keep getting better. That means casting a wider net, but then there’s a whole other layer, which is the importance of having more diverse voices in the leadership ranks. That’s the part of this journey that really is a journey.
For the majority of the time, our DEI efforts have been internally-facing, but there was a line in the sand that divided things into chapter one and chapter two for us, and that was the murder of George Floyd. We completely changed our view of what our DEI initiatives are all about, and we added on an externally-
facing component.
So, if you look at our DEI platform today, all of the internal work is still there, but we also have a focus on the impact we have on the communities in which we operate, how we have an impact on the Industry that we are in from a DEI perspective, and how we assume and maintain a leadership role in conversations about DEI. That is really important, because it’s not just the demographics and the makeup of the firms in our Industry; it’s also about the work that we’re doing and how we’re truly operationalizing our commitment to DEI.
But I will tell you, what’s fascinating to me, and really exciting, is that we are also now hearing a lot of interest from our occupier and capital partner clients on this topic, and we can show up to a conversation with our partners and say, “Hey, by the way, this is something that we are doing. Would you like to do it with us?” and bring them in.
In June, TCC made a $500,000 contribution to The Toigo Foundation to support its efforts to promote the recruitment and retention of minority talent within real estate. Why was that important?
Within our overall DEI platform, we break ourselves into three different groups: company, community and Industry. And, within the Industry team, our focus is on forming partnerships with other like-minded organizations throughout the commercial real estate Industry who are doing really good work on the DEI front, including Project Destined and Urban Land Institute. Travis Melvin — a senior associate here in D.C. —is a Toigo alum and offered up Toigo as apotential partner. It’s a really powerful platform in helping make sure that diverse talent gets into top business schools, and then is placed in careers in Finance and real estate.
We then also created a program that we call TCC Scholars. It is a combination of a summer internship and a scholarship component. So, we are able to both support the organization and also enhance our own diversity recruiting efforts. It’s very exciting, and something that we’re thinking about replicating with other organizations.
What’s been the reception to this partnership, now that you’ve launched it?
Fantastic. I couldn’t be more proud of the level of excitement with the Toigo partnership but, honestly, with all of our partnerships that my TCC teammates are involved in. The goal is to find the organizations that are doing the work, and help to amplify them and help them do more work, but also connect our TCC teammates all across the country to that work.
[Through this] we’re finding ways to get access to talent earlier. I probably shouldn’t give this away, but this is a crop of new talent coming into the business; Hines hasn’t met them yet, Prologis doesn’t know that they’re out there yet, and we’re spending time with them, helping them understand who we are, and also recruiting. I actually think this is a really smart business plan. We are copying an existing model that Goldman Sachs uses, but a lot of real estate folks don’t use.
Which part of TCC’s business did you gravitate toward in the early years?
If you look at my track record from a development project standpoint, you’d see industrial, multifamily apartment, condo, retail, health care, all these different things. Then, over the years, almost organically, I found myself raising my hand for things that aren’t actually tied to the development projects but are, in a funny way, very central to the role that I have today. Greg Ames — who now runs our L.A. business unit — and I created this program that we call TC Connections in 2012, so I helped work on and shape and stand up a mentoring program that we still have in place today. Then, when we re-established our DEI initiative in 2011, I raised my hand again. I’m still in a development role, but I’m also working on recruiting and mentorship.
I wasn’t smart enough to see this beforehand [laughs] but when this [COO role] opportunity came up and my predecessor was retiring it made sense for me. Other people saw it, I didn’t, but it was really helpful for me to think about it with the realization I’ve actually been doing some of this work all along.
You joined TCC in 2005 and the world fell apart in 2008. How was that experience for you?
The Great Financial Crisis [GFC] was an interesting ride for sure. On the other side of it, it was a real advantage to have that come early in my career, although it certainly didn’t feel good at the time because I started two and a half years before the bottom fell out. Riding that out was incredibly important and impactful in teaching me what it means to do sound development, and to be more responsible in how we underwrite and choose the projects that we work on.
There were also lessons that certain projects taught me because we went through a point in the cycle where some of our projects did not go well at all. Not only did they not go to plan or pro forma, there were some instances where we didn’t get our money back. That taught me a lot about the importance of the partnerships that we have.
I’d encapsulate a lot of my GFC experience in a project called the Gateway Grand, which is a luxury condo building in Ocean City [Md.]. Really big, wonderful project. We delivered it in July of 2008 — and we’re talking 196 luxury oceanfront condos— two months before Lehman Brothers collapsed. It was arough ride and it didn’t take very long before we realized we weren’t going to get our money back. But we spent years and a tremendous amount of effort working to make sure our investment partner got their money back. They didn’t make much profit, if any, but they got their money back. That lesson was really important because if you pull up the top 10 list of our most frequent repeat capital partners today that group is still in there.
Adam Weers. PHOTO: Jonathan Thorpe/for Commercial Observer
How did the COVID-aggravated market disruption compare?
Well, during COVID I had the unique experience of working on what was at the time the largest remaining retail project in our portfolio: The Shops at Dakota Crossing — a 40,000-square-foot power center in northeast D.C. We sold it earlier this year, so we no longer own it, but that experience was pretty wild, and absolutely an exercise in partnership, because we went through this very bizarre time where tenants couldn’t pay rent and nobody knew what was happening, so the only way we were going to survive was if everybody overcommunicated and took a partnership approach. It was super stressful, but we made it through and didn’t lose a single tenant. And, if you look at that asset today, you would never know that it went through the pain and anguish that we went through in 2020 with it.
There were some interesting parallels between COVID and the GFC, but the key difference is the market disruption just didn’t last as long. And, if you think about our overall portfolio in 2020, TCC as a company had a phenomenal year that was fueled by our industrial business, which was like rocket fuel. all of asudden you couldn’t build warehouses fast enough. It was a wild ride.
With a recession likely around the corner, how is TCC positioned to withstand what’s ahead?
We have the benefit of having a really strong platform; we have a diversified portfolio with a track record of success, and our pipeline right now comprises industrial, multifamily and office that is heavily weighted toward life sciences. The second part is there was a strategic decision made after the GFC to slim down the markets we were focused on to those that we really believe in, and make sure that we build a level of expertise in those markets that makes us the best of the best wherever we decide that we’re going to play.
In terms of the next couple of years, are there any goals you’re setting for yourself or the company?
From a platform standpoint, our primary goals are to continue to focus on the main product types that I was just talking about — industrial, multifamily, the office and life sciences. I do think we are still interested in growth, despite the fact that we’re going into a different market. We’re still examining markets that we’re not in today, considering growing into new geographic places and analyzing the potential for new product types. We’re thinking about growth in aresponsible way, but we have the ability, we have the strong foundation, and we also have the resources through our parent company.
Personally, one of my hopes and goals for the next few years for our DEI platform is to just continue the momentum that we’ve built in a really fascinating way in the last two years, with this idea of translating our commitment and our talk into action. I think we’re just getting started and there’s a lot more we can do, so that’s an area I’m thinking about over the next few years.
To touch on something you mentioned before, how do we get to the point where we see more women and minorities in senior leadership positions within commercial real estate?
I think it comes down to things like what you and I are doing here today. I think we need to shine a light on those of us who are here, because there aren’t alot of us, but those who are need to get out there [in the public eye]. I think that’s a big part of it.
I don’t know if you know Myers Briggs, but I’m an INTJ [the Architect: Introverted, Intuitive, Thinking and Judging] . So, I don’t innately want to be up front or on the stage, but I had to learn to be. I’ve had people who have told me very clearly that it’s important for me to be out in the public eye so that other people can see that I am an example, and that achieving that role is absolutely possible. And so I’m willing to do it because I know it’s really important. Even though, if you gave me the choice, I would probably choose not to [laughs].
Then, I think it’s a case of continuing to hold people accountable for building the pipeline, continuing to do the recruiting and the retention work that needs to be done in our organizations, and saying “OK, this might take time, but you need to stay committed.” Because if you stay committed over time, it will change; but if you don’t stay committed over time it’s never going to change. I think we’re all getting a little better but we can still improve in a lot of areas. And when you see impact reports and more of us being willing to share information, I think that will be a really good sign because now we can start to measure all this to see how everybody is making progress. And, if there are people who aren’t as committed, if their clients tell them this is important, if their tenants tell them this is important, and if their capital partners say this is important stuff ? It’s going to happen.
You were a boxer in the past. Tell us about that.
I was an amateur boxer for several years and competed in a number of national tournaments, including the Ringside World Championships in 2016 and 2017. I haven’t competed since 2017, which is something my wife is very happy about; I don’t have much time for it these days, unfortunately. Between my soon-to-be 11-month-old son, who keeps my wife and I very busy, and work, it’s hard to find time to do anything other than hit the heavy bag hanging on my back patio. I definitely miss it, but it was a fun chapter in my life and one that I look back on fondly.
Fun fact: I also spent a few years as the chairman of the D.C. Combat Sports Commission, which was a great experience and a fantastic way to stay connected to the sport after my competition days were over.
Are there any commonalities between CRE and the boxing ring?
There are many parallels between boxing and life, and certainly some commonalities with today’s commercial real estate environment. I can think of several traits to describe the current CRE landscape — chaotic, uncertain, dynamic— that are directly applicable to the environment inside the ring.
I also see parallels between the two worlds in the fact that there are basic, foundational principles that you can rely on as strategies to succeed and thrive. In real estate, that includes things like site location, forward-thinking design/planning, and underlying demand drivers of your building occupants. In boxing, Iwould equate that to things like footwork, hand position, vision, conditioning and breath work. all of these things are pretty basic in and of themselves, but if you are disciplined and dedicated enough to stay focused and master them, you’ll win a lot of fights.
Trammell Crow Company’s Adam Weers was once a boxer for a time. Today, he applies some of the same drive and focus he once summoned in the ring to make the firm’s development business pack a similar one-two punch — more important than ever in a rapidly changing market environment. Founded in 1948, TCC hasRead MoreChannel, more, Players, Adam Weers, DEI, Toigo Foundation, Trammell Crow Company
Robert Khodadadian, skyline properties, ground leases
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CITY PUTS $14B PRICE TAG ON RECTIFYING ILLEGAL BASEMENT APARTMENTS – ROBERT KHODADADIAN
Getting illegal basement apartments up to code is going to run up more than the Big Apple a large chunk of change. City Hall estimated it would take $13.7 billion to get the roughly 50,000 units up to code, the New York Post reported. The price tag is part of a draft report making its way to the federal government for a $188 million aid package after Hurricane Ida killed at least 13 people and Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or …
READ more“City puts $14B price tag on rectifying illegal basement apartments – Robert Khodadadian”
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ROBERT KHODADADIAN – COMMERCIAL OBSERVER
Robert Khodadadian – Commercial Observer Lovett industrial has sealed its first Southern California deal: the acquisition of a 13-acre property in suburban Los Angeles for $51 million, Commercial Observer can first report. The Houston-based developer, which formed two years ago, closed the all-cash deal with Vancouver Investment Fund as a limited partner for the land on 27260 Meines Street in
Lovett industrial has sealed its first Southern California deal: the acquisition of a 13-acre property in suburban Los Angeles for $51 million, Commercial Observer can first report.
The Houston-based developer, which formed two years ago, closed the all-cash deal with Vancouver Investment Fund as a limited partner for the land on 27260 Meines Street in Highland, Calif., roughly 65 miles east of downtown L.A.
The large site, where Lovett is planning a 285,000-square-foot warehouse, had six previous owners. KCB Towers was the largest seller, having previously held 7.5 of the 13 acres.
Lee & Associates’ Austin Hill, Tyler Plata and Holden Edmondson arranged the transaction out of the brokerage firm’s Ontario, Calif., office.
Tyler Banton, who leads Lovett’s Southern California development and acquisitions in L.A., noted that the eastern part of the Inland Empire has experienced major rent growth in recent years, which made this acquisition attractive. He said the Inland Empire’s west region closer to L.