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October 23, 2024

City Of Yes Poised To Undergo Changes After 2-Day City Council Hearing

Alicia Glen Of MSquared Discusses Driving Affordability In New York City's Multifamily Market Nov. 19

New York City Council members have spent two days hearing testimony on the potential impacts of a proposed zoning reform that could result in sweeping changes for housing development across the city.

City Of Yes Poised To Undergo Changes After 2-Day City Council Hearing

The clock is ticking. Before the end of the year, the city council must decide whether to pass Mayor Eric Adams' City of Yes for Housing Opportunity proposal or reject it.The council could also alter the proposal, and its minority leader, Joseph Borelli, told Bisnow he expects changes.…

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Issac Hera Takes Over Former Maxwell Hotel After $234M Foreclosure

Issac Hera Takes Over Former Maxwell Hotel After $234M Foreclosure

Yellowstone Real Estate Investments has picked up another large Manhattan building in its bid to snap up properties in distress.Issac Hera's firm foreclosed on the former Maxwell hotel at 541 Lexington Ave. last week with a $140.5M bid at an auction, according to court records…

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This Week's N.Y. Deal Sheet: Flatiron Building Conversion Lands $357M

Wheels are officially in motion for the residential conversion of the Flatiron Building, with the owners of the iconic New York City property securing fresh financing this week.

This Week's N.Y. Deal Sheet: Flatiron Building Conversion Lands $357M

The Brodsky Organization and its partners, GFP Real Estate and the Sorgente Group, scored a $357M loan for the project from Tyko Capital, The Real Deal reported.The Brodsky Organization paid $40M to buy a 25% stake in the building last year and lead its conversion, following a long-running…

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Alexandria Is 'All In' On Megacampuses With $1.2B Of Asset Sales Pending

Alexandria Is 'All In' On Megacampuses With $1.2B Of Asset Sales Pending  

Seeking to endure what Chairman Joel Marcus called a “stubborn economic and operating environment,” Alexandria Real Estate Equities is on track to unload about $1.2B in property on top of the $319M it has sold already this year.

These assets are primarily what the company considers the non-megacampus variety, and selling them allows it to push even harder toward its strategy of operating more giant life sciences centers.

Properties that don’t fit the megacampus mold account for about 24% of the company’s rental revenue, and any one of them could potentially be targeted for sale, ARE Chief Financial Officer Peter Moglia said during the company’s third-quarter earnings call. Some assets simply don't fit the 30-year-old company’s new strategy anymore.

“We’re going all in on it,” Moglia said. “We feel like all the assets we have are good assets. We deem some of them to no longer be part of our strategy, so those are the ones we’re selling in order to fund our pipeline, which is increasing our percentage…

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