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Jul 2, 2024 | 
therealdeal.com | Ilya Hourie |Adam Farence
Miami-Dade County’s condo sales rose at the end of June, while total dollar volume and price per square foot fell. An eight-figure penthouse sale at One Ocean led the way. Brokers closed 190 condo sales totaling $142 million from June 24th to July 1st. The previous week, brokers closed 147 condo sales totaling $172 million. Last week’s units sold for an average of $748,529, lower than the $1.1 million average price from the previous week.
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Jul 2, 2024 | 
therealdeal.com | Ilya Hourie
Igal Namdar’s Namdar Realty Group may be losing its grip on a piece of its office portfolio. Namdar and Empire Capital Holdings are in talks to hand back the keys at 345 Seventh Avenue to Benefit Street Partners, Commercial Observer reported. A lawyer for the owners said in an email that the property is “in the process of being returned to the lender” but a date has not been set, according to the Observer.
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Jul 1, 2024 | 
therealdeal.com | Ilya Hourie |Lidia Dinkova
Brookfield Properties bought a 444-unit apartment complex near West Palm Beach for $107.5 million, marking a continued uptick in South Florida multifamily deals, despite elevated interest rates. The purchase is part of New York-based Brookfield’s $1.6 billion purchase of a 7,300-unit portfolio of 23 properties from Miami Beach-based Starwood Capital Group, led by billionaire Barry Sternlicht.
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Jul 1, 2024 | 
therealdeal.com | Ilya Hourie |Elizabeth Cryan
Plaza District accounted for more than 30% of Manhattan’s leasing volume 22 Vanderbilt, 731 Lexington Avenue, 12 East 49th Street (Google Maps, Getty)Manhattan office leasing still has a long way to go. Leasing volume during the first half of 2024 was up 16 percent year-over-year, according to the latest Colliers office report. But even if leasing volume continues at the same pace for the second half of the year, it would still be about one-third below 2019.
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Jul 1, 2024 | 
therealdeal.com | Ilya Hourie
Ikea is coming to Fifth Avenue. Ingka Investments, part of the Ingka Group and the largest franchiser of the Swedish retail chain, is partnering with Gary Barnett’s Extell Development at its new 570 Fifth Avenue tower. Ingka Investment will own 80,000 square feet of retail space in the tower and a one-third stake in the remainder of the building, in addition to preferred equity, Bloomberg reported.
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Jul 1, 2024 | 
therealdeal.com | Ilya Hourie
Associa, one of the nation’s largest HOA management companies, has locked up its North Texas headquarters for the long haul by snagging a pair of office properties in Richardson. The firm purchased neighboring buildings at 2301 North Greenville Avenue and 1300 Lookout Drive from EQT Exeter in an off-market deal, the Dallas Morning News reported. A sale price was not disclosed. They are assessed for tax purposes at $7.9 million and $15 million.
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Jul 1, 2024 | 
therealdeal.com | Ilya Hourie
Heavy equipment maker Komatsu wants to build a 225,000-square-foot sales and service center for mining equipment in Mesa, east of Phoenix. The Tokyo-based manufacturer of construction, mining, and forestry equipment confirmed its plans for a “strategic investment” atop 25 acres at the southwest corner of Pecos and Crismon roads, the Phoenix Business Journal reported. The industrial project would triple the firm’s real estate footprint in Mesa.
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Jul 1, 2024 | 
therealdeal.com | Ilya Hourie |Elisa Muyl |Christian Brazil Bautista
A Greenwich Village office building tied to controversies involving WeWork in 2019 and now Arch Companies is ticketed for foreclosure. A bankruptcy judge ruled last week that 88 University Place’s lender, a fund managed by CIM Group, may proceed with foreclosure actions, after finding that an automatic stay prompted by a related bankruptcy filing would not apply to the property. CIM claimed in court filings that the mortgage and mezzanine loans on the property had been in default since July 2023.
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Jun 30, 2024 | 
therealdeal.com | Ilya Hourie |Erik Engquist
If you’re wondering why Ben Ashkenazy’s 660 Madison Avenue, site of the former Barneys New York flagship, remains vacant, you’re not alone. Apparently Ashkenazy’s co-investors in the property have wondered the same thing. The billionaire head of Ashkenazy Acquisition addressed the issue in a rare public interview at The Real Deal’s New York Forum in May, but his comments, some of which appeared in a TRD story the next day, stayed under the radar.
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Jun 29, 2024 | 
therealdeal.com | Ilya Hourie
A lavish north Dallas estate, often referred to as the “White House of Dallas,” is back on the market with an eye-popping price tag. The nearly 18,000-square-foot mansion, at 10777 Strait Lane in Preston Hollow, has been listed for $40 million, the Dallas Morning News reported. The price comes out to roughly $2,260 per square foot. Joshua Songer of Allie Beth Allman & Associates, a Berkshire Hathaway affiliate, is the listing agent.
