SL Green lands $225M construction loan for Lower Manhattan apartment tower

SL Green Realty picked up a $225 million construction loan for its planned rental tower in Lower Manhattan. Singapore lender United Overseas Bank and the German bank Helaba provided the construction financing for the 209-unit development at 185 Broadway, SL Green announced Friday. The company plans to go vertical on construction of the 31-story, 260,000-square-foot[…]

This is how Amazon HQ2 could impact Long Island City’s residential market

Though Long Island City’s residential building boom has been the source of some consternation, Amazon potential deal to put half of its HQ2 in the neighborhood could turn that narrative. “I actually had some concerns about the inventory in that area,” said developer George Xu, who described the pace of development as “senseless.” “I would[…]

Tishman Speyer’s new co-working arm will go after corporate clients

Tishman Speyer is launching a new co-working service to chase corporate clients, falling in line with the shift to blue-chip companies in the shared-office industry. The mega-landlord’s new product, Studio Private, will provide large companies with office suites with “privacy and singular company culture,” while remaining a co-working brand. The new service is an expansion[…]

SoftBank invests $400M in iBuying company Opendoor

Startup Opendoor has just joined the long list of real estate tech startups with backing from SoftBank. The Japanese conglomerate’s Vision Fund just invested $400 million in the home-flipping company, Opendoor announced Thursday. The funding round also coincides with additional debt from a consortium of banks, which brings the company’s total financing to $2 billion.[…]

To build or not to build: LA developers pay big bucks to bypass zoning codes

When Mark Levy, president of development firm City Market of Los Angeles, first proposed redeveloping a former produce market in the Fashion District into a sprawling new mega-complex six years ago, he knew it would be a tough bargain with the city. The Fashion District, a historically industrial neighborhood, has been slow to join the[…]

Vector’s largest shareholder, Phillip Frost, charged with securities fraud

  Phillip Frost, the largest shareholder of Douglas Elliman’s parent company, was charged Friday by the Securities and Exchange Commission with multiple counts of securities fraud. Frost, a Miami billionaire who owns more than 15 percent of Vector Group’s stock, was charged by the SEC in a federal district court in Manhattan for his role[…]