Sasha Jones

New York

Senior Real Estate Reporter at Bisnow

Senior Real Estate Reporter @Bisnow | [email protected] | Formerly of The Messenger (RIP), NY Business Journal, The Real Deal, @columbiajourn Stabile, etc.

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Articles

Retail Outlook Dims As Shoppers Pull Back, Vacancy Ticks Up

3 days ago | bisnow.com | Sasha Jones

Shopping center landlords are feeling the pressure as retailers are increasingly pulling back on leasing. A vacant stretch of storefronts within Ashbridge Square, a 386K SF power center in the Philadelphia suburb of Downingtown, PennsylvaniaThe first quarter of the year marked the weakest three-month period for shopping center leasing since 2020 when the pandemic put stores on lockdown, The Wall Street Journal reported, citing Cushman & Wakefield data.
Old Navy Takes 55K SF For New Herald Square Flagship Store

6 days ago | bisnow.com | Sasha Jones

Old Navy has signed New York City’s biggest retail lease so far this year. The apparel brand plans to open a 55K SF flagship at 50 W. 34th St. next year, according to building owner JEMB Realty. The new Herald Square store will span two floors.
Silverback's Josh Schuster Arrested On Fraud Charges

1 week ago | bisnow.com | Sasha Jones

Josh Schuster, who rose to prominence as a young New York City development hotshot, now faces decades in prison for allegedly defrauding investors in his projects out of more than $10M. 351-359 Second Ave., a project from which Josh Schuster allegedly siphoned millions in investor funds. Schuster founded Silverback Development in 2016 at the age of 32.
Marc Holliday Pays $8.4M For Condo In SL Green's Armani Project

1 week ago | bisnow.com | Sasha Jones

SL Green Realty only built 10 apartments in its ultra-luxury Giorgio Armani Residences project on Madison Avenue, and its CEO is one of a select few buyers. A trust owned by the family members of SL Green CEO and Chairman Marc Holliday bought a unit in the building at 760 Madison Ave. for $8.4M, according to a filing with the Securities and Exchange Commission. The transaction closed in February.
Rent Guidelines Board Gives Preliminary OK To Hikes Up To 4%, Disappointing Landlords

2 weeks ago | bisnow.com | Sasha Jones

The Rent Guidelines Board held a preliminary vote Wednesday that set a wide range for how much owners of New York City’s rent-stabilized apartments can raise rents, but landlord groups argue that even the highest end may not be enough to save the city's deteriorating housing stock. The framework, approved in a 5-4 vote, would allow a final increase of between 1.75% and 4.25% for one-year leases and 4.75% and 7.75% for two-year leases.
Trader Joe's Ramps Up Pace Of Store Openings

2 weeks ago | bisnow.com | Sasha Jones

Trader Joe’s has plans for rapid expansion this year in a mission to stock even more shelves with their private-label tortilla chips and frozen Mandarin orange chicken. Within the first four months of 2025, the beloved small-format grocer has announced the upcoming opening of 20 stores, nearly doubling its pace from last year, Construction Dive reported. At the end of January, Trader Joe’s had a dozen stores in its pipeline.
Marriott Buys CitizenM Hotel Brand For $355M

2 weeks ago | bisnow.com | Sasha Jones

Marriott International is scooping up yet another brand, acquiring global hotel chain citizenM for $355M. Under the deal, the properties will continue to be owned and leased by citizenM but subject to new long-term franchise agreements with Marriott. With the acquisition of the brand, which is expected to close this year, Marriott predicts full-year 2025 net room growth to approach 5%, according to an announcement by the company Monday.
Commercial Real Estate Is Tiptoeing Back Into Crypto

2 weeks ago | bisnow.com | Sasha Jones

This month, approximately $529K in bitcoin hit the digital wallet of Miami-based developers Rilea Group and Cipres. In exchange, they handed over the keys to a luxury condo unit at their under-construction The Rider Residences near the Wynwood neighborhood. It was the group’s first direct wallet-to-wallet cryptocurrency transaction and among the few instances in which bitcoin has been used to trade real estate despite a bull run in 2020 and 2021.
Related Tweaks Hudson Yards Casino Proposal After Pushback

2 weeks ago | bisnow.com | Sasha Jones

Related Cos. and Oxford Properties Group are more than doubling the number of housing units in their Hudson Yards West plan as they fight to win approval for a casino in the next phase of the $25B megaproject. In place of an office skyscraper, the group is offering to build two new residential towers, allowing the construction of as many as 4,000 housing units, up from the previous plan to build 1,500 units, according to a press release.
RFR Loses 285 Madison Ave. At Auction As Korean Lenders Become More 'Aggressive'

3 weeks ago | bisnow.com | Sasha Jones

A group of Korean insurance firms represented by Daol Asset Management has taken over RFR Holding’s 285 Madison Ave. at a UCC foreclosure auction. Daol owned $205M of mezzanine debt tied to the building. The roughly $220M senior CMBS loan originally fell into maturity default in late 2022 before being extended.