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New York Business Journal
Retailer rejects takeover bid from activist investors
Macy’s Inc. said Monday it’s ending takeover talks with Arcade Management Co. and Brigade Capital Management, saying a proposed purchase of the company “does not provide compelling value” to the retailer's shareholders.<\p> Activist investors Arkhouse and Brigade in March made a bid to buy Macy’s at $24 per share, or $6.6 billion, up 14% from a bid Macy’s turned down in January. <\p>
CMBS apartment distress surges as operators struggle to refinance
Distress in the multifamily sector of commercial real estate is mounting as debt issued during a time of ultra-low interest rates is coming due.<\p> Among commercial mortgage-backed securities loans for single-borrower, large multifamily properties, the rate of distress is up 185% in the past six months, according to an analysis by Wayne, Pennsylvania-based commercial real estate data-analytics platform CRED iQ.<\p>
New sushi-counter concept opens in Manhattan
Sendo, a new sushi-counter concept, opened Friday in Manhattan’s NoMad neighborhood.<\p> The 300-square-foot space is located on the second floor of 876 6th Ave. It features a 10-seat black marble dining counter.<\p>
CBRE named MetLife Building's leasing agent, signs long-term renewal
CBRE Group Inc. has extended its lease at the MetLife Building and has been named the exclusive leasing agent, property and asset manager of the Midtown Manhattan tower. <\p> It takes over the building responsibilities from Tishman Speyer.<\p>
Cannabis dispensary to open at The Refinery at Domino
Cannabis dispensary Gotham plans to open a new site in Brooklyn's Williamsburg neighborhood this fall.<\p> The new property targets The Refinery at Domino, an 11-acre redevelopment of the former Domino Sugar Factory site.<\p>
Chinese gastrobar opens in the East Village
Sichuan gastrobar Wonderland has opened in Manhattan’s East Village.<\p> The new venture's 2,000-square-foot space, located at 96 2nd Ave., features greenery ceilings, Tiffany crystal butterfly lamps and a dry ice cauldron centerpiece.<\p>
The National Observer: Investors taking a big interest in strip malls
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we're looking at the closure of a century-old college, a sustained surge in new business formation, and where Kroger is looking to sell stores in order to win antitrust regulators’ approval for a $24.6 billion acquisition. But first, let's see how the accelerating spread of data centers is prompting resistance in some regions.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
New-to-market stores drove Q2 retail leasing in Manhattan
New-to-market retailers are driving retail activity in Manhattan.<\p> That’s according to CBRE’s second-quarter Manhattan Retail Figures report, which found that new retailers accounted for more than a third of the market’s leasing volume during the quarter with more than 163,000 square feet of retail space.<\p>
NYC seeks transit-oriented development in Hunts Point
The city of New York is seeking a developer to build an electric vehicle charging depot on a vacant parcel at the Hunts Point Food Distribution Center in the Bronx.<\p> New York City Economic Development Corp. opened requests for proposal Wednesday for a developer to lease, develop and then operate the city's first freight-focused electric vehicle charging depot.<\p>
Supplement manufacturer moving headquarters to Florida from New York
A supplement manufacturer has signed a big industrial deal in Largo, Florida, where it plans to move its headquarters from New York.<\p> Supplement Manufacturing Partners (SMP Nutra) has signed a lease for 103,494 square feet at 12333 Enterprise Blvd. in Largo, JLL Inc. said Wednesday. SMP Nutra is moving its headquarters to Largo from Long Island and will employ 100 people at the Largo facility.<\p>
MetLife takes over foreclosed NYC office building
An office building in Manhattan's Garment District has been sold after being foreclosed last year.<\p> MetLife Inc., the holding company for Metropolitan Life Insurance Co., has bought a Midtown office building at 240 W. 35th St. for $30 million, New York City property records show.<\p>
London-based online pension company opening first US office in NYC
PensionBee, an online pension provider, is opening its first United States office in New York City at the former Goldman Sachs headquarters building in Lower Manhattan.<\p> The London-based fintech company announced that it will be establishing offices on the 17th floor of 85 Broad St., a 1.1 million-square-foot tower owned by real estate developer Ivanhoe Cambridge. PensionBee expects to open its U.S. business headquarters by July 15.<\p>
WeWork to share amenities with other tenants at NYC office tower
A month after exiting Chapter 11 bankruptcy, WeWork Inc. is converting some of its coworking space in Midtown Manhattan into an amenity lounge.<\p> WeWork has transformed its coworking space on the 14th floor of 575 Lexington Ave. into a 15,000-square-foot flexible work lounge for both its members and the other tenants at the 35-story office tower.<\p>
Local Law 97 looms large over NYC's commercial real estate industry
Commercial building owners in New York City have a new rule to worry about this year: Local Law 97.<\p> Passed by the New York City Council in 2019, Local Law 97 aims to reduce New York City's greenhouse gas emissions by targeting the worst offenders: buildings, which account for 70% of the city's emissions.<\p>
Brooklyn luxury apartment tower preps for leasing with renderings
The Dupont, a new luxury apartment tower located along Brooklyn's Greenpoint waterfront, is getting ready to open leasing, releasing new renderings of the project.<\p> Developed by the Rockefeller Group in partnership with Park Tower Group, the project at 16 Dupont St. marks the century-old real estate company’s first project in Brooklyn.<\p>
AIDS nonprofit expands office footprint in Times Square
Broadway Cares/Equity Fights AIDS Inc. has expanded its New York City office footprint in the heart of Times Square.<\p> The approximately 3,300-square-foot space, located at 1560 Broadway, includes around 1,700 square feet on the sixth floor and 1,600 square feet on the 11th floor.<\p>
Bronx neighborhood gets new upscale apartments
Nestled in the vibrant core of the Bronx, mixed-use development The Bronx Vibe aims to marry the vibes of urban chic with the pulse of community warmth.<\p> Located at 299 E. 161 St. in Concourse Village, the project spans 144,450 square feet across 12 stories, built on an assemblage of several smaller sites that previously housed older homes and commercial buildings.<\p>
3 mixed-use buildings in East Village trade hands
A mixed-use portfolio has been sold in New York City's East Village.<\p> Queens-based developer Jonis Realty has sold three buildings in the Manhattan neighborhood to Brooklyn-based developer Ryco Capital for $29 million, commercial real estate brokerage Marcus & Millichap said in a statement.<\p>
Former Covergirl flagship location sold in Times Square
A billboard-clad retail building in Times Square, which briefly served as Covergirl's first flagship location, has found a new owner.<\p> New York City property records show Columbus, Ohio-based investment company Boich Investment Group bought the 10,500-square-foot retail building at 719 Seventh Ave. from an affiliate of SL Green Realty Corp. for $32.5 million.<\p>
Manhattan landlord leases up 3 floors on Park Avenue across 2 deals
Two tenants have signed new leases at two of SL Green's New York City office properties on Park Avenue.<\p> Tradeweb Markets LLC, a global operator of electronic marketplaces, will be in an approximately 75,800-square-foot space, located at 245 Park Ave., that spans the entire 29th and 30th floors. The lease is for 15 years while asking rent was $145 per square foot.<\p>
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