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JV secures $750M funding for $1.25B NYC project; JBG Smith plans Va. project

Commercial real estate

* OKO Group and Aman secured a $750 million construction loan to finance the $1.25 billion development of Aman New York at the Crown Building site in Manhattan, N.Y., on the corner of 5th Avenue and 57th Street. Cain International committed to lend $450 million in mezzanine financing and arranged a senior tranche of $300 million from Bank OZK.

The urban mixed-use development, anticipated to open in the fourth quarter of 2020, will comprise a 95,000-square-foot residential portion atop a 117,000-square-foot hotel with 83 guest rooms and suites, three restaurants, 7,000 square feet of outdoor dining space, and other amenities.

* JBG Smith Properties filed plans with Arlington County, Va., to redevelop about 2.6 million square feet across five multifamily buildings and one office building. The proposed project, which includes 2000 and 2001 South Bell St., 223 23rd St., 2300 Crystal Drive, and 2525 Crystal Drive, are expected to break ground after the receipt of final entitlements, subject to pre-leasing and market conditions.

* Coworking company Industrious LLC signed a lease to take up about 30,000 square feet at the Esplanade at Aventura mixed-use project being developed by Seritage Growth Properties at 19505 Biscayne Blvd., next to Aventura Mall in Aventura, Fla., The Real Deal reported.

* Short-term rental companies Airbnb Inc. and HomeAway Inc. urged the city of Los Angeles to postpone its plans to enforce a restrictive short-term rental ordinance, the Los Angeles Times reported. The regulation, which takes effect Nov. 1, limits short-term rental hosts to renting out properties they actively occupy, including a limit to rent the properties for no more than 120 days per year, although there are ways to exceed that limit, the publication said.

* Developer The Goldenberg Group Inc. is proposing to develop a $150 million, mixed-use project covering an entire block in South Broad Street, Philadelphia, composed of reusing the now vacant three-story, 55,800-square-foot health center, and developing a 300,000-square-foot residential tower in the first phase, the Philadelphia Business Journal reported. The company plans to purchase the combined parcels on the property for $16.1 million and complete the first phase by 2023.

* Thor Equities sold a nearly 200,000-square-foot retail site anchored by BJ's Wholesale Club in Gravesend neighborhood in Brooklyn, N.Y., for $73 million, the Commercial Observer reported, citing property records. Algin Management purchased the property at 1752 Shore Parkway, which comprises a 136,000-square-foot big box store, public esplanade and a three-level, 60,000-square-foot parking garage, at a nearly 5.75% cap rate.

Other real estate news

* As part of a strategy to cut costs, the new management of WeWork Cos. Inc.'s parent is considering a potential slowdown in the company's expansion plans in China and other less profitable markets, The Wall Street Journal reported, citing people familiar with the matter.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng declined 0.19% to 26,042.69, and the Nikkei 225 was down 0.49% to 21,778.61.

In Europe, around midday, the FTSE 100 fell 2.01% to 7,211.84, and the Euronext 100 slid 1.56% to 1,067.79.

On the macro front

The U.S. ADP employment report and the U.S. EIA petroleum status report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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