Oxford Properties reveals design for St. John’s Terminal redevelopment

Oxford Properties Group released the first set of renderings for its redevelopment of the St. John’s Terminal into a glassy, 1.3 million-square-foot office building. Designed by COOKFOX Architects, the firm behind the Durst Organization’s One Bryant Park and Vornado Realty Trust’s new High Line office development at 512 West 22nd Street, the redevelopment retains the[…]

Co-working has tripled its share of Manhattan’s office-leasing activity over the past year: report

With companies like WeWork, Knotel and Spaces gobbling up real estate to feed their voracious expansion plans, co-working and flexible-space tenants have tripled their share of Manhattan’s office-leasing activity over the past year. Co-working tenants inked 12 percent of the nearly 25 million square feet worth of leases signed in Manhattan through the first three[…]

Bridgeton Holdings lands $57M construction loan for Tribeca hotel conversion

Bridgeton Holdings secured a $57 million construction loan to complete its conversion of a Tribeca office building into the boutique Walker Hotel. BofI Federal, the lender formerly known as Bank of Internet, issued the debt for Bridgeton’s 171-key conversion of the 10-story building at 396 Broadway, brokers who arranged the financing told The Real Deal.[…]

Homeownership rate is at 1990s levels, and it’s only getting tougher for Americans to buy homes

The home ownership rate in the country has declined precipitously since its peak more than a dozen years ago. And ever since the recession, it’s been harder for Americans to buy homes. The home ownership rate in April stood at 64.4 percent, according to figures from the Census Bureau reported by the Wall Street Journal.[…]

International fugitive accused in $2B bank scam may have hid money on Central Park South

Indian diamond mogul Nirav Modi, accused of orchestrating the $2 billion Punjab National Bank scam, may have used his New York City apartment to launder money. Modi, a fugitive on the run from Indian authorities and Interpol, is accused of defrauding the state-run bank by using phony guarantees to raise foreign credit. Shortly before fraud[…]