trending Market Intelligence /marketintelligence/en/news-insights/trending/zokRhnJoyz3oOspCeQMjMA2 content esgSubNav
In This List

Related closes $152.5M acquisition; Bruman's NYC project gets $102.5M financing


Insight Weekly: Loan delinquencies up; US money supply falls; coal employment grows


Debt Ceiling Debate: IR Teams Should Prepare for Potential Market Downturns


Insight Weekly: Loan-to-deposit ratio rises; inventory turnovers ebb; miners add female leaders


Insight Weekly: Sustainable bonds face hurdles; bad loans among landlords; AI investments up

Related closes $152.5M acquisition; Bruman's NYC project gets $102.5M financing

Commercial real estate

* The fund-management arm of Related Cos. completed the purchase of a 10-story office building in New York City's Hell's Kitchen neighborhood from Japanese real estate company Unizo Holdings Co. Ltd. for $152.5 million in a CBRE-negotiated deal, The Real Deal reported, citing property records filed with the city.

* Bruman Realty received roughly $102.5 million in financing for a 13-story, 286-unit apartment building project in Brooklyn, N.Y., that will replace a parking lot at 260 Gold St., The Real Deal reported, citing filings with New York City's Department of Finance. The financing was provided by Bank Leumi.

* The administration of New York City Mayor Bill de Blasio is close to selling a 50% stake in two public housing complexes in the Bronx, N.Y., to private developers L+M Development Partners Inc., Camber Property Group and MBD Community Housing Corp., The Wall Street Journal reported.

The New York City Housing Authority's Baychester and Murphy houses total 722 units in 14 buildings. The private developers will take charge of the 55-year old properties and invest $90 million to renovate them. The housing authority plans to renovate roughly 62,000 units over the next 10 years, the publication noted.

* Sterling Bay landed an $81 million construction loan for the 545wyn mixed-use project in Miami's Wynwood district from Bank OZK, The Real Deal reported. The 10-story project will have 298,000 square feet of class A office space, 26,000 square feet of retail space, 420 parking spaces and 18,000 square feet of amenity space.

* Ascentris affiliate Waverly Shopping Center Owner LLC paid a total of $68.5 million in two separate transactions to buy the Whole Foods-anchored retail portion of Waverly Shopping Center in Charlotte, N.C., the Charlotte Business Journal reported, citing Mecklenburg County real estate records.

The purchase of the 166,000 square feet of retail space was made in a joint venture with Childress Klein, according to the publication. The shopping center, which opened in 2017, is 94% leased to 40 tenants.

* A joint venture between Guggenheim Partners, Focus Development and Atlantic Realty Partners filed a building permit for a 19-story, 254-unit apartment building near the Illinois Medical District in Chicago, The Real Deal reported. The project at 1532 W. Taylor St. will also have 28,000 square feet of retail space and 245 parking spaces.

The site has two 12-story apartment buildings dating from the 1970s that will be revamped while two parking garages on the site will be demolished to make way for new buildings. The 19-story project is the first of two planned buildings for the site, the report added.

* Lincoln Property Co. has filed development plans for a 1.2 million-square-foot industrial project in Glendale, Ariz., the Phoenix Business Journal reported, citing Adam Baugh, a Withey Morris attorney representing Lincoln in the case. Baugh said the company is in talks with potential tenants to determine the build-to-suit project's timeline and final costs.

The scheme is expected to go before the city's planning and zoning commission in the first or second quarter of 2019, according to the report.

The day ahead

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

In Asia, the Hang Seng increased 0.10% to 25,504.20, while the Nikkei 225 declined 0.31% to 20,014.77.

In Europe, around midday, the FTSE 100 was up 1.80% to 6,703.46, and the Euronext 100 was up 1.69% to 906.87.

On the macro front

The international trade in goods report, the retail inventories report, the wholesale inventories report, the Chicago PMI, the pending home sales index, the EIA Natural Gas Report, the EIA Petroleum Status Report and the Baker-Hughes Rig Count 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.

The Daily Dose has an editorial deadline of 7 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.