HAP locks in $235M construction loan for Chelsea rental-condo

HAP Investments scored a $235 million construction loan for its two-building, rental-condominium development in Chelsea, sources told The Real Deal. Daiwa House Texas, a U.S. subsidiary of Japan’s largest homebuilder Daiwa House Group, provided the financing for the project at 215-227 West 28th Street, said sources familiar with the deal. In addition to a senior[…]

Signature CRE lending head Klett retires

Signature Bank’s longtime head of commercial real estate lending, George Klett, is retiring, the bank announced Tuesday. Joseph Fingerman and John Zieran, who joined Signature 10 years ago, will take over the division. Klett, a 67-year-old Air Force veteran, joined Signature in 2007 from Capital One and helped establish the bank as one of New[…]

This month in real estate history: New York City’s first official subway opens, the Hotel Majestic is demolished … & more

From the October issue: 1904: New York City’s first official subway line opens The Interborough Rapid Transit Company (IRT) opened New York City’s first official subway line 113 years ago this month, according to the Metropolitan Transportation Authority. Then-mayor George McClellan operated the inaugural train from the now-shuttered City Hall station to the Brooklyn Bridge stop, but[…]

Hamptons Cheat Sheet: Condos sold like hotcakes in 3Q, Bridgehampton home caught up in Trump-Russia inquiry … & more

Hamptons buyers go for condos in Q3, propelling median sales price by 54% Condos came on strong in the Hamptons for the third quarter and spent the fewest days on the market yet, part of a strong showing overall for mid-priced homes in the $1 million to $5 million range on the East End, according[…]

High demand and low inventory are still driving resi prices up in LA

From TRD LA’s fall issue: Residential home prices continue their upward trajectory in Orange County, where a lack of inventory and comparatively low unemployment rates (3.3 percent in the county versus 4.8 percent statewide, according to an April Bureau of Labor Statistics report) are keeping the market sizzling — particularly in high-demand coastal areas like Corona[…]