|
Construction has begun on the first phase of a $300 million, five-building mixed-use development that will eventually bring 740 units of affordable housing to a five-acre site in the Bronx that used to house a juvenile detention facility, Multi-Housing News reported. The first $125.5 million phase of the public-private partnership project will build 183 units for low-, very-low and low-income New Yorkers. An additional 10 percent of the units will be set aside for formerly homeless individuals. Known as the Peninsula, the project on the long vacant block in Hunts Point has been in the planning stages for nearly five years.
A Brooklyn councilman wants to take another crack at passing commercial rent control next week with a revamped version of a bill loathed by the real estate community, Crain's New York reported. Councilman Stephen Levin said that the revised legislation would be much different than last year's Small Business Jobs Survival Act, which sought to fix all commercial rents but did not distinguish between large office leases held by the likes of Goldman Sachs and the corner bodegas rented out to family businesses.
Facebook announced it has completed a deal to lease a little over 1.5 million across three buildings in the Hudson Yards in a deal that could be worth $2 billion or more - making it one of the most valuable ever real estate leasing transactions in the city. Crain's first reported in August that the social media giant was negotiating to lease 1.5 million square feet in a collection of buildings built or under construction by The Related Cos., which is developing a megaproject in the neighborhood with partners.
Real estate developer Abingdon Square Partners - which owns industrial properties around the city - inked a deal to fully lease two connected warehouses in Boerum Hill, Brooklyn, the Commercial Observer reported. Abingdon signed a 30-year lease for 16,928 square feet at 83-85 3rd Avenue and 309 Bergen Street, blocks away from the Barclays Center.
A portfolio that includes a sizable chunk of rent-stabilized apartment units is hitting the auction block, The Real Deal reported. Bids for the 10-property portfolio, which includes one parcel upstate, could serve as a temperature check for investor interest in rent-stabilized product after the state's sweeping rent law was passed this summer. The multifamily market saw dollar volume, deal volume and building volume fall by double digits on a quarterly and year-over-year basis after Albany's new rent law, according to a recent report from Ariel Property Advisors.
|
