Commercial Observer

Canada-based real estate investment firm Leyad and private equity company Capstone Equities have purchased the Ink48 Hotel in Hell’s Kitchen from Brookfield Property Partners for $58 million. Read more: https://lnkd.in/ehPt4nQJ Pictured Leyad CEO Henry Zavriyev

The Fed has reduced its benchmark interest rate by a quarter point, or 25 basis points, to a range between 4.25 percent and 4.5 percent. The rate cut comes on the heels of another quarter-point drop on Nov. 7 and a half-point cut in September. Read more: https://lnkd.in/eQSpnJyv Pictured: Federal Reserve Chair Jerome Powell

The United States suffers from an acute housing shortage. A big, bold plan in Manhattan that involves a consortium of developers and New York State hopes to make a dent. Also for today: One of only two apartment buildings in the Hollywood Hills in California with at least 100 units has sold. #RealEstate #CommercialRealEstate

Prime Group Holdings, LLC has teamed up with Empire Capital Holdings to buy the Ironworks office building in Chelsea from Artemis Real Estate Partners and L&L Holding Company for $50 million — a nearly $100 million discount from the original purchase price. Newmark’s Adam Spies (pictured) and Adam Doneger brokered the sale. Read more: https://lnkd.in/e5JiAtJu

Digital commercial real estate financing platform Duckfund has secured a $100 million revolving credit facility from Clear Haven Capital Management, LLC to expand its platform offering loans to sponsors in need of short-term capital. The credit line marks the first for New York-based Duckfund, which was launched in 2022 by private investors and founded by its CEO, Anna Kogan (pictured). Read more: https://lnkd.in/eeAwmwcS

An affiliate of FCP of Chevy Chase, Md., has acquired the newly constructed multifamily community at 3155 SW 147th Terrace in southwestern Broward County from Trammell Crow Residential for $67.5 million, or about $269,840 a unit. Denny St. Romain (pictured, top) and Charles Crapse (pictured, bottom) of CBRE secured the debt for FCP, while Robert Given and Zach Sackley of CBRE brokered the transaction. Read more: https://lnkd.in/eQqnwGey

Fifth Wall Partner Dan Wenhold spoke to Commercial Observer about what's ahead for proptech in 2025. Dan says that software and tech-enabled services with measurable ROI will thrive, there will be an untick of mergers and acquisitions, and AI will be critical for sourcing multifamily and office tenants.

GFP Real Estate is pleased to share that Tribeca’s 40 Worth Street — also known as the Merchants Square Building — has reached the coveted 100 percent leased milestone thanks to four new deals totaling 15,400 square feet. Thank you Commercial Observer for including this exciting news! Roy Lapidus Jonathan Bock

Morgan Stanley recently announced that it is selling its 28-story office building at 2 Park Avenue for roughly $360 million to a children’s clothing manufacturer, Haddad Brands, which will also occupy the 1 million-square-foot building’s office space. Newmark’s Adam Spies (pictured), Adam Doneger, Doug Harmon, Willis Robbins, Josh King and Marcella Fasulo negotiated the sale on behalf of the seller. Read more on the deal: https://lnkd.in/eKepkjb4

A joint venture between Concord Hospitality Enterprises and Panorama Holdings has sealed a $49.5 million loan from New York Life to refinance the Courtyard by Marriott New York World Trade Center Area hotel. Arrow Real Estate Advisors arranged the transaction with a team led by Morris Betesh (pictured), Alex Bailkin and Matt O'Hanlon. Read more: https://lnkd.in/e-fKWRkM