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August 2, 2023

BXP Sells 45% Stake In Midtown Project, Locks In Ground Lease With Escape Hatch

Stephanie Wiggins Of PGIM Discusses Lending Strategies To Help Get Deals To The Finish Line Sept. 14

Boston Properties has brought on an unnamed institutional investor for its Grand Central office project, selling a 45% stake in the proposed 900K SF tower.

BXP Sells 45% Stake In Planned Madison Avenue Tower, Locks In Ground Lease With Escape Hatch

After agreeing to the deal last week, the REIT locked in a 99-year ground lease with the Metropolitan Transportation Authority for the site at 343 Madison Ave., BXP said in its second-quarter earnings statement Tuesday. BXP has agreed to build an entrance to the new Grand…

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Top Stories on Bisnow.com

High Rates, Tighter Lending Conditions Push Office Loan Delinquencies To 5% in July High Rates, Tighter Lending Conditions Push Office Loan Delinquencies To 5% in July
U.S. Industrial Leasing Down A 'Staggering' 47% From Last Year: JLL U.S. Industrial Leasing Down A 'Staggering' 47% From Last Year: JLL
JLL Ups The Ante In CRE’s Artificial Intelligence ‘Arms Race’ With In-House ChatGPT JLL Ups The Ante In CRE’s Artificial Intelligence ‘Arms Race’ With In-House ChatGPT
Cushman & Wakefield To Slash Expenses By Another $40M Cushman & Wakefield To Slash Expenses By Another $40M
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NoMad Ritz-Carlton Sells Out Condo Units Thanks To Airbnb Workaround

New York City's zoning map and restrictions on short-term rentals have opened the door for a niche type of development to seize on investor demand for condos that can be rented to tourists.

NoMad Ritz-Carlton Sells Out Condo Units Thanks To Airbnb Workaround

The 16 penthouse condo units atop the Ritz-Carlton New York NoMad have sold out, all to investors looking to rent out the units on a short-term basis because the building has commercial zoning and can't be used as a full-time residence, Bisnow can first report. Half of all buyers in the…

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How Bronx Logistics Center Became The East Coast’s First LEED Platinum Warehouse

PRESENTED BY:   Turnbridge Equities
 
How Bronx Logistics Center Became The East Coast’s First LEED Platinum Warehouse

In the last few years, New York City has taken steps to ensure that local commercial real estate firms will take a greener approach to development. The city’s Local Law 97, which passed in 2019, requires buildings over 25K SF to cap their

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In Case You Missed It...

This Week’s N.Y. Deal Sheet This Week’s N.Y. Deal Sheet
Vornado CEO Roth: Investors Have 'Short-Sighted And Emotional' View Of Office Vornado CEO Roth: Investors Have 'Short-Sighted And Emotional' View Of Office
5 World Trade Center, With More Affordable Housing, Gets Signoff From Hochul 5 World Trade Center, With More Affordable Housing, Gets Signoff From Hochul
Migrant Shelters, Bankruptcies Spell Good News For NYC Hotels That Hung On Migrant Shelters, Bankruptcies Spell Good News For NYC Hotels That Hung On
11 Injured After Crane Partially Collapses Into Apartment Building Near Hudson Yards 11 Injured After Crane Partially Collapses Into Apartment Building Near Hudson Yards
 
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Apollo Writes Off Loan At Billionaires' Row Tower, Chalks Up $82M Loss

Apollo Writes Off Loan At Billionaires' Row Tower, Chalks Up $82M Loss  

Apollo Commercial Real Estate Finance has written off a piece of the debt it owns backed by the luxury supertall at 111 West 57th St. due to slow sales at the building. The lender wrote off the junior mezzanine B loan backing the project, registering an $82M loss on its books,…

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