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Centurion targets $403M sellout for project; Rockefeller markets NYC assemblage

Commercial real estate

* Centurion Property Advisors is projecting a $403 million sellout for its 196-unit rental-to-condominium conversion project at 200-212 W. 72nd St. on Manhattan, N.Y.'s Upper West Side, The Real Deal reported, citing an offering plan filed with the New York State Attorney General's office.

Centurion acquired the property for roughly $227 million in January.

* Rockefeller Group Inc. is marketing an assemblage in Midtown Manhattan for roughly $250 million, unnamed sources told The Real Deal. The 150 W. 48th St. site, which includes five different properties and air rights, comprises roughly 360,000 square feet of development rights. If the Rockefeller-owned Night Hotel, adjacent to the assemblage, is included in the sale, the total site could offer a buildable area of almost 420,000 square feet, the news outlet added.

* Citing public records and a recent New School analysis, The New York Times reported that the Hudson Yards development in Manhattan has so far benefited from almost $6 billion in tax breaks and other government assistance, compared to the $3 billion that Amazon.com Inc. was expected to receive for setting up part of its second headquarters in the Long Island City neighborhood of Queens, N.Y. The e-commerce giant canceled its Long Island City plans in February.

The development by Related Cos. LP and Oxford Properties Group Inc. is facing an increase in criticism similar to that faced by Amazon, that wealthy businesses that can do without government assistance should pay their own way, according to the report.

* Prime Storage paid $100 million for a 223,000-square-foot warehouse at 62 Imlay St. in Brooklyn, N.Y., The Real Deal reported, citing property records. The warehouse was sold by a partnership between the Fruchthandler and Schron families.

* USAA Real Estate and Waterman Interests are looking to sell two office buildings encompassing more than 200,000 square feet in the Garment District neighborhood of New York City for $140 million, The Real Deal reported, citing marketing materials.

Separately, GlobeSt.com reported that USAA paid $72.9 million to acquire a 175,155-square-foot office building in Denver from the U.S. division of U.K.-based 90 North Real Estate Partners LLP. The property at 8000 E. 36th Ave. is fully leased to the Federal Bureau of Investigation.

* Cedrik Lachance, director of REIT research at Green Street Advisors Inc., expects real estate investment trust IPOs to increase in 2019, albeit by a small amount, as a result of public REITs generally trading at the same value their private peers, National Real Estate Investor reported.

Other industry experts disagree with the assessment. Blake Hornick of law firm Seyfarth Shaw LLP, for example, believes the current IPO environment for REITs is weaker than in previous years, the publication noted.

* Duball LLC, Daiwa House Group and the Housing Opportunities Commission of Montgomery County intend to develop 250 market-rate multifamily units, 150 senior affordable residential units, 19,000 square feet of ground-level retail and over 600 parking spaces in an 18-story, $150 million development in downtown Rockville, Md., the Washington Business Journal reported.

M&T Bank provided a $61.4 million loan for the multifamily and retail components and a $24 million loan for the senior affordable housing.

* Lincoln Property Co. paid $76 million for a five-story office property at 1705 17th St. in Denver, the Denver Business Journal reported, citing Denver county public records. The 109,034-square-foot North Wing Building was sold by the U.S. arm of Germany's GLL Real Estate Partners GmbH, which is part of Macquarie Group. The property previously changed hands for $67 million in 2014.

After the bell

* Real estate firm RFR Holding LLC and an undisclosed foreign partner struck a deal to purchase the iconic 77-story Chrysler Building in New York City for north of $150 million, The Wall Street Journal reported, citing people with knowledge of the matter.

The day ahead

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

In Asia, the Hang Seng was up 0.97% to 28,503.30. The Nikkei 225 gained 0.47% to 21,125.09.

In Europe as of midday, the FTSE 100 gained 0.75% to 7,157.46, and the Euronext 100 was up 0.28% to 1,016.53.

On the macro front

The retail sales and the business inventories reports 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.

Now featured on S&P Global Market Intelligence

Data Dispatch: State of the US housing market: December 2018: Chart Watch: Recently released data for December 2018 showed a slight bump month over month in sales of new homes, while the month marked a low point in the year for housing starts and existing home sales.

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