Articles of the week ending November 22nd
Floyd Mayweather Jr Buys Office Buildings With 601W Companies
By Suzannah Cavanaugh, The Real Deal
Floyd Mayweather Jr. is making significant real estate investments, including a partnership with 601W Companies, betting on a post-pandemic office recovery and looking to reposition assets and acquire distressed properties in major cities.
News _ This New York tower symbolized optimism in the pandemic. Now it reflects lower office values
By Andria Cheng, CoStar News
Savanna has acquired the 12-story office building at 799 Broadway in Greenwich Village for $255 million, reflecting a significant discount amid declining office values post-pandemic.
Loan backed by high-profile Manhattan office property gets extension
By Andria Cheng, CoStar News
A $742.8 million mortgage on the Times Square office property at 1515 Broadway has been extended to March 2028 as SL Green Realty, in partnership with Caesars Entertainment and Jay-Z’s Roc Nation, pursues a casino redevelopment project.
Why 99 Could Be The New Magic Number For NYC Apartment Projects
By Ciara Long, Bisnow
Developers in NYC are increasingly considering projects with fewer than 100 units to avoid high labor costs imposed by the new 485-x incentive, despite concerns that this approach may not sufficiently address the city’s housing crisis.
SL Green Sells One Vanderbilt Stake to Mori Building Company
By Rich Bockmann, The Real Deal
SL Green sold an 11% stake in the 1.7 million-square-foot One Vanderbilt skyscraper to Japan’s Mori Building Company, valuing the property at $4.7 billion, while SL Green previously owned 71% of the tower.
Savanna Buys 799 Broadway For $255M, Slightly Less Than Building’s Debt
Ethan Rothstein, Bisnow
Savanna acquired the office building at 799 Broadway for $255 million, slightly less than the $266 million debt linked to it, amidst ongoing market turbulence and distress in the office
City Of Yes Gets $5B Funding Boost, Narrowed Scope In State-Backed Deal
By Ciara Long, Bisnow
New York City’s “City of Yes” zoning amendment, aimed at facilitating the creation of 80,000 housing units, received a $5 billion funding boost but underwent significant last-minute reductions to its scope, particularly regarding parking minimums and accessory dwelling units (ADUs).
Billionaire Tilman Fertitta buys NYC Keens Steakhouse
By TRD Staff, The Real Deal
Tilman Fertitta acquired the iconic Keens Steakhouse in New York for $30 million, aiming to preserve its rich history and reputation as a premier dining experience.