Norman Sturner merges MHP with Miami’s Banyan Street Capital

Norman Sturner’s MHP Real Estate Services sold a stake in the company for an undisclosed figure to Miami-based firm Banyan Street Capital, forming a joint venture with a combined portfolio valued at more than $3 billion. Sturner, MHP’s president and CEO, will hold the position of chairman of the combined companies, the Commercial Observer reported.[…]

“Uber for trucking” startup grows to 60K sf in the Garment District 

A tech startup that’s been described as Uber for the $676 billion trucking industry is doubling the size of its Garment District offices. Transfix, which has raised $78.5 million from investors since its founding in 2013, signed a lease for 60,000 square feet at George Comfort & Sons’ 498 Seventh Avenue, the landlord confirmed to The Real[…]

Vornado, Related target life-sciences tenants for Farley Post Office redevelopment

Vornado Realty Trust and the Related Companies are targeting biotechnology and pharmaceutical tenants for their redevelopment of the Farley Post Office Building. The joint venture hired a broker from Boston, which has a more mature life-sciences industry, to develop a marketing strategy to attract such tenants to the 900,000-square-foot office-and-retail project, the Wall Street Journal[…]

Paydirt: Forest City calls off the wedding, Barnett’s Israeli issues, Big 3 Title & more industry news you need this week

Forget “other people’s money.” Ours works just fine: Google’s parent Alphabet closed on its purchase of the Chelsea Market building from Jamestown last week. The price tag? $2.4 billion. The debt on the deal? Zero. When Google made its record purchase of 111 Eighth Avenue in 2010, it took out a $470 million loan from[…]