GPARENCY News: Your hub for commercial real estate updates. Stay informed with curated headlines, and summaries crafted by ChatGPT. Stay ahead of the industry.
Kadima Developers is launching a $70 million mixed-use condo project in Hallandale Beach, with plans for 121 condos, retail spaces, and luxurious amenities.
Brookfield and Tredway Purchase Interest in Four Coney Island Properties
about 17 hours ago
Brookfield and Tredway purchase majority ownership of four affordable multifamily buildings in Coney Island, planning upgrades and services to benefit the community.
NYC’s top deals: UBS exec snags combined condo at 50 W. 66th
about 19 hours ago
On June 18, there were 122 real estate deals totaling $193.5 million in New York City, with notable transactions including a $20 million purchase of two condominiums at Extell Development Group's 50 West 66th Street and Frito-Lay's sale of a warehouse complex in Hunts Point for $37.6 million.
Real estate’s winners and losers of the state legislative session
1 day ago
Real estate groups blocked some state bills, but saw mixed results overall in the legislative session, with wins for some groups like office landlords and setbacks for construction unions and pro-housing advocates.
Oak Row scores $211M construction loan for Edgewater apartment tower
1 day ago
Oak Row Equities secured a $210.5 million construction loan for a 324-unit multifamily tower in Edgewater amid a South Florida construction financing flurry.
Chicago aldermen about-face on anti-gentrification ordinance
1 day ago
Two Chicago aldermen seek to remove their wards from an anti-gentrification ordinance they previously supported due to legal concerns and unintended market disruptions.
Stream Realty to lease Piedmont Center as CP Group kicks off revival
1 day ago
CP Group hired Stream Realty Partners to handle leasing for Atlanta's largest office complex, Piedmont Center, purchased for $200 million out of foreclosure after the previous owner defaulted on a $330 million loan.
Matias Recchia on How Keyway Trains Its Lease Review AI
1 day ago
Keyway uses artificial intelligence to review real estate leases faster and more accurately than traditional methods, saving clients time and money while increasing efficiency.
Kravets office portfolio’s $68M loan heads to special servicing
1 day ago
Realty Bancorp, led by Norman Kravets, faces imminent monetary default on a $67.5 million CMBS loan secured by five office properties in suburban Los Angeles County, including the Los Angeles Rams headquarters.
Brentwood family puts custom home on market for $45M
1 day ago
Saeed and Justin Kohanoff are selling their custom-built Brentwood home at 822 North Kenter Avenue for $45 million due to the home being too large for just them and their wife after their youngest children left for college.
Texas Instruments steers $46B into North Texas chip plants
1 day ago
Texas Instruments is investing $60 billion in semiconductor manufacturing, with completion of the first plant in the Sherman mega-campus and chip shipments expected by the end of the year.
Blackstone’s Wills Tower value is a moving target post pandemic
1 day ago
The value of the Willis Tower is uncertain, ranging from $999 million to $1.4 billion, with recent assessments considering the Skydeck tourist attraction in the valuation.
Soho development site sale paves way for multifamily project
1 day ago
Trammell Crowe acquires development site in rezoned section of Soho for $14.7 million with plans to build 27 stories of rental units, bypassing historic preservation restrictions.
Fashion Nova’s Richard Saghian buys $32M “temporary” abode in Beverly Hills
1 day ago
Richard Saghian, who acquired "The One" megamansion for $141 million, has moved into a temporary home in Beverly Hills while waiting for his new mega mansion to be ready.
Prometheus scores $80M construction loan for delayed Los Altos housing plan
1 day ago
Prometheus Real Estate Group secures $80 million loan for housing development in Los Altos after overcoming years of setbacks and financing difficulties.
Mack lists retail portion of Historic Brill Building
1 day ago
Mack Real Estate is putting up the retail condo portion of the historic Brill Building for sale, fully leased with CVS as an anchor tenant and unique advertising perks.
Transit-to-resi trend gains steam with nine-story proposal in South Denver
1 day ago
A nine-story affordable housing project with 196 units is proposed for a Regional Transportation District parking lot in South Denver, with all apartments considered affordable.
Mast Capital, BH close on Coconut Grove bulk condo deal
1 day ago
Mast Capital and BH Group acquired the majority of units at Bayshore Park in Coconut Grove for at least $20 million, planning to redevelop the site into a luxury condo building with a $28 million loan from BridgeInvest.
Fed Holds Interest Rates Steady, Hints at Near-Term Cuts
1 day ago
The Federal Reserve maintained interest rates but hinted at possible rate cuts in the future due to economic uncertainty and inflation concerns, impacting the commercial real estate industry.
Greystar acquires multifamily building in Malden, Massachusetts for $112.5 million and rebrands it as Avana Cliffside, expanding their Greater Boston portfolio with involvement in life sciences development.
NYC Planning Commission OKs Adams’s Midtown South Mixed-Use Plan
1 day ago
The Midtown South Mixed-Use Plan, which aims to create 9,700 new housing units in Midtown South, has been approved by the New York City Planning Commission and now awaits further approval.
$103M CMBS Loan on D.C. Office Portfolio Sent to Special Servicing
1 day ago
A distressed $103 million CMBS loan backing a Washington, D.C., office portfolio enters special servicing due to weak performance and lack of renovations in a market with excess office space and decreased tenant demand.
Defunct Retreat Behavioral Health facility near Lake Worth Beach sells for $16M
1 day ago
Blue Cane Properties purchased a distressed drug treatment facility near Lake Worth Beach for $15.6 million and secured Banyan Treatment Centers to move into the building.
Mark Wahlberg’s former Beverly Park pad goes into contract with $68M ask
1 day ago
A $55 million Beverly Park mansion, once owned by Mark Wahlberg, is in contract to be sold for $68 million after being purchased by an LLC reportedly tied to a Chinese billionaire.
Jacob Fulop plans to construct a 120-unit residential project with ground-floor retail in Bed-Stuy, Brooklyn after purchasing the site along with adjacent lots for $5.5 million and being involved in other real estate transactions.
An imminent default on a $69 million CMBS loan tied to five office properties in Los Angeles County has led to the transfer of the loan to special servicing.
Netflix House to anchor Galleria Dallas with fan experiences
1 day ago
Netflix is opening a 100,000-square-foot fan experience center called Netflix House at Galleria Dallas by the end of 2025, featuring attractions based on popular Netflix shows and offering themed escape and game rooms, physical competitions, retro challenges, and rotating new experiences.
Mr. Fix-It Bob Vila sells waterfront Palm Beach house for $33M, down from $53M ask
1 day ago
Bob Vila, of "This Old House" fame, sold his Palm Beach waterfront home for $33 million, a significant decrease from its initial $52.9 million listing, with representation from Christian Angle Real Estate.
Bronx’s Eastchester Gardens Lands $231M Financing for Complete Renovation
1 day ago
Eastchester Gardens in the Bronx, one of the oldest public housing developments in New York, is set to undergo a complete renovation thanks to $231 million in funding, providing residents with modern, updated homes and a higher quality of life.
Craig Robins’ Dacra, partners score $125M construction loan for Design District apartment project
1 day ago
Miami Design District Associates, along with partners Hunter Pasteur and The Forbes Company, secured a $125 million construction loan for a 107-unit apartment project in the Miami Design District, continuing the trend of multifamily development in South Florida.
Up Campus sues OC Ventures for canceling West Loop multifamily deal
1 day ago
Up Campus Properties is suing OC Ventures for allegedly improperly canceling a contract to purchase the Letterman Apartments, seeking court intervention to enforce the sale.
Senate looks to enshrine Opportunity Zones in tax code
1 day ago
The Senate's proposed tax and spending bill aims to make Opportunity Zones a permanent part of the tax code, with redesignations every decade, while the House of Representatives wants to extend the program to 2033.
Gymnastics Studio NYC Elite Renews 21K SF at 40 Worth Street in Tribeca
1 day ago
NYC Elite's gymnastics studio in Tribeca has signed a 20-year lease renewal at 40 Worth Street, solidifying its commitment to the community and young athletes.
Developer accused of bribing DOB commish moves to throw out charges
1 day ago
Mark Caller, a developer accused of bribing a city official, claims prosecutors misrepresented his longstanding relationship with the official and is moving to get the charges thrown out.
StretchLab Leases 1,300 SF at Long Island City Residential Building
1 day ago
StretchLab, a mobility-improving studio, has leased retail space at the Jasper in Long Island City, becoming one of many businesses enhancing the resident experience in the area.
Colorado Investor Buys South Florida Rental for $87M
1 day ago
Griffis Residential purchases multifamily tower in Downtown West Palm Beach for $87 million, with a $57.7 million acquisition loan provided by JLL Real Estate Capital.
Silicon Valley entrepreneur seeks Trump support for Alameda tech campus
1 day ago
Silicon Valley entrepreneur James Ingallinera proposes tech campus called Frontier Valley seeking "Freedom City" status from Trump at former Alameda Point naval base, facing dismissal from local officials.
Miami Design District Owners Land $125M to Build Multifamily Tower
1 day ago
Miami Design District owners are adding rental housing to the luxury shopping mall with financing from Amerant Bank and Bank Hapoalim, as part of a larger expansion including retail space and potential future developments.
City providing $90M in subsidies for Coney Island affordable housing project
1 day ago
The Eric Adams administration is partnering with BFC Partners on a 420-unit affordable housing development at 1709 Surf Avenue in Coney Island, with the city providing $90 million in subsidies as part of a larger initiative to bring around 1,100 homes to the area.
Developers propose large multifamily project on former church site in Fort Lauderdale
1 day ago
Developers Levinson and Malinasky propose 422-unit multifamily project on former church site in Fort Lauderdale's Progresso Village, part of a trend in South Florida of redeveloping religious sites.
Orange County nonprofit expands Santa Ana HQ to 103K sf
1 day ago
Regional Center of Orange County is expanding its headquarters in Santa Ana by leasing an additional 20,589 square feet at the Tustin Centre complex, making it the largest office lease in Orange County this year.
Shaya Prager hit with fourth foreclosure at Midwest office complex
2 days ago
Shaya Prager faces a fourth foreclosure lawsuit at his Minneapolis office park due to missed payments and unpaid property taxes, adding to his legal troubles across multiple states related to complex ground lease structures and significant borrowings totaling $3 billion.
How did real estate fare in the Texas Legislature?
2 days ago
Texas voters will decide in November on constitutional amendments regarding property taxes, while other measures such as THC bans, stricter housing finance requirements, and restrictions on foreign buyers were passed by the Texas Legislature.
Year in review: Cash-flow positive Compass faces resi headwinds
2 days ago
Compass faces challenges and significant headwinds in 2025 despite being cash-flow positive, with its stock falling after missing revenue and earnings estimates and facing competition in private listings from Zillow and MLS policy changes.
Former mayor Mike Bloomberg endorsed Andrew Cuomo for mayor and poured $5 million into a pro-Cuomo political action committee in opposition to democratic socialist candidate Zohran Mamdani, reflecting Bloomberg's strong capitalism beliefs and dislike for socialism.
NYC’s top deals: Wildflower scoops up parking lot near LGA
2 days ago
On June 17, there were about 180 deals recorded in New York City totaling $263.5 million, with the top residential deal being a $8.3 million condo on the Upper West Side and the top commercial deal being a $15.9 million elementary school building in the Bronx.
The Plan: The Maybury Brings More Luxury Rentals to Hudson Yards
2 days ago
The Maybury offers luxury rentals in Manhattan's Hudson Yards neighborhood, featuring a range of high-end amenities and units ranging from studios to two-bedrooms, starting at $3,895 per month.