#amir Korangy Tumblr posts
China’s internet sanctions drive out Airbnb - Robert Khodadadian
China’s internet sanctions drive out Airbnb – Robert Khodadadian
Airbnb, a favored app of China’s millennials, plans to shut down its operations in the world’s most populous nation as Beijing’s internet sanctions push the rest of the world further away. Airbnb is leaving China, where it has operated since 2016, citing difficulties competing with local “superapps” that offer cheaper stays, the New York Times reported. The move comes as China began emphasizing…
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Landmark Tokyo tower made up of cubes coming down - Robert Khodadadian
Landmark Tokyo tower made up of cubes coming down – Robert Khodadadian
A celebrated mixed-use residential and office tower in downtown Toyko that famously rented out tiny, replaceable cubes to its customers is being demolished — buts its renowned capsules could be finding their way to a museum near you. The Associated Press is reporting that the landmark Nakagin Capsule Tower, which is made up of boxes stacked on top of each other, is in the process of being…
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Most expensive home in Baltimore County back on the market - Robert Khodadadian
Most expensive home in Baltimore County back on the market – Robert Khodadadian
Baltimore County’s most expensive home is back on the market — one year after setting a sales record in the area. The Wall Street Journal is reporting the four-bedroom, more than 15,000-square-foot home in suburban Caves Valley has been listed for $12 million — just a year after it sold for a record $11.5 million, which beat the previous record sale in the area by $3.5 million. The home is owned…
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Elle, luxury brands enter hotel market - Robert Khodadadian
Elle, luxury brands enter hotel market – Robert Khodadadian
You may soon be able to flip through the latest Elle while lounging in one of the fashion brand’s own hotels. Elle International is launching Elle Hospitality, an arm of the fashion magazine dedicated towards hotels and resorts, Business of Fashion reported. Elle Hospitality is set to open its first property, Maison Elle, in Paris this October. It’s far from alone. Bulgari, Armani and Fila also…
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“The New Kings of New York” rockets to top of Amazon charts - Robert Khodadadian
“The New Kings of New York” rockets to top of Amazon charts – Robert Khodadadian
It’s official: This book is the real deal. Our new tome, “The New Kings of New York: Renegades, Moguls, Gamblers and the Remaking of the World’s Most Famous Skyline,” is now the No. 1 seller on Amazon’s list of top-moving real estate books. In the book, longtime TRD contributor and award-winning journalist Adam Piore reveals insider accounts from developers, politicians, investors and financiers…
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Say hello to Singapore’s mega-penthouse - Robert Khodadadian
Say hello to Singapore’s mega-penthouse – Robert Khodadadian
Overlooking Singapore’s Marina Bay, in the luxury 54-story Marina Bay Residences, is soon to be the biggest multifamily unit in the city-state. Valued at 111,111,111 Singapore dollars, or $80.24 million, the super penthouse will combine three penthouse units and a duplex unit, according to Insider. What’s a super penthouse? It’s a term used in Singapore to describe a penthouse that covers more…
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HUBB NYC picks up LES rental for $64M - Robert Khodadadian
HUBB NYC picks up LES rental for $64M – Robert Khodadadian
Three weeks before 421a is set to expire, HUBB NYC picked up one of the few apartment buildings developed on the Lower East Side under the program for $64 million. HUBB, led by president John McCarthy, bought the 78-unit rental building at 167-171 Chrystie Street from developer Be Aviv, the buyer told The Real Deal. The purchase price was $63.5 million. HUBB head of acquisitions Jesse Terry wrote…
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Construction pipeline soars 69%: REBNY - Robert Khodadadian
Construction pipeline soars 69%: REBNY – Robert Khodadadian
New York City construction is booming in the third year of the pandemic — just not at the rate it was a quarter ago, by some measures. The city counted 689 new building filings during the first quarter, an increase of 69.3 percent from a year ago and 3.6 percent from the previous quarter, according to a new building construction pipeline report from the Real Estate Board of New York. The number…
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Developers land $97M for Jersey City multifamily - Robert Khodadadian
Developers land $97M for Jersey City multifamily – Robert Khodadadian
Construction on a transit-oriented multifamily development in Jersey City is moving ahead with the help of almost $100 million in financing. Pacific Western Bank provided a $97 million loan for The Devan, the Commercial Observer reported. The 336-unit project sits on the city’s border with Hoboken, mere blocks from the 2nd Street Station of the New Jersey Transit’s rail line. Ursa Development…
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Gopuff scaling back warehouse footprint amid rapid-delivery slowdown - Robert Khodadadian
Gopuff scaling back warehouse footprint amid rapid-delivery slowdown – Robert Khodadadian
A fast-delivery app is closing or pausing operations at nearly two dozen warehouses in a sign of the sector’s hangover from its pandemic-era boom. Gopuff is altering its operations at 22 nationwide warehouses to assess how to operate more efficiently, Insider reported. About half of the facilities will be closed, while the other half are being assessed and could be on the chopping block. All of…
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WeWork names new CFO - Robert Khodadadian
WeWork names new CFO – Robert Khodadadian
WeWork has named a new chief financial officer, the third changeover in the role since March 2020. The co-working giant on Thursday named Andre Fernandez as CFO, effective June 10. He’ll replace Benjamin Dunham, who is departing after about 18 months on the job. Dunham is not leaving because of financial disclosure issues or accounting matters, according to the Wall Street Journal, but his next…
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Squash club starting a racket at 100 Pearl Street office tower - Robert Khodadadian
Squash club starting a racket at 100 Pearl Street office tower – Robert Khodadadian
A Financial District office building is bringing in a sports facility that could squash the neighborhood’s other recreational offerings. Open Squash, a public, non-profit squash facility, signed a long-term leasehold condo agreement at 100 Pearl Street, managing agent GFP Real Estate announced this week. The 21,000-square-foot lease is on the 14th floor of the building. The space at German…
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Upflex raises $30M, signaling rise of flex-office aggregators - Robert Khodadadian
Upflex raises $30M, signaling rise of flex-office aggregators – Robert Khodadadian
The flex-office market is itself becoming more flexible with the rise of operator networks. Wider adoption of remote work and an ever-growing number of flex-space providers is generating demand for technology that helps employers efficiently source short-term space around the world on the fly, irrespective of the name on the door. One of these so-called flex aggregators, New York-based Upflex,…
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Skydiver lands first NYC location in Long Island City - Robert Khodadadian
Skydiver lands first NYC location in Long Island City – Robert Khodadadian
A forthcoming commercial development project from Vorea Group in Long Island City will be home to iFLY’s first indoor skydiving facility in New York City. The indoor skydiving company signed a 20-year lease for about 10,000 square feet across two floors at 10-04 Borden Avenue in Queens. The financial terms of the agreement were not disclosed. Igloo, the commercial leasing arm of Vorea, brokered…
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Trustpilot takes 34k sf at Two Trees’ Midtown South building - Robert Khodadadian
Trustpilot takes 34k sf at Two Trees’ Midtown South building – Robert Khodadadian
A consumer review site is trusting Two Trees Management will pilot it in the right direction. Denmark-based Trustpilot is taking 34,000 square feet at the 13-story 50 West 23rd Street, the Commercial Observer reported. The asking rent for the seven-year lease was not provided. The 10th-floor office was previously split between video platform Dailymotion and baby retailer Skip Hop, both of which…
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New York City REIT in danger of defaulting on NY real estate loans - Robert Khodadadian
New York City REIT in danger of defaulting on NY real estate loans – Robert Khodadadian
New York City REIT, which is in the midst of a heated proxy fight, is in danger of defaulting on loans at several of its New York properties. The AR Global Investments-managed REIT has been in breach of covenants on more than $200 million of debt at four of its New York properties in the past year, the company disclosed in its most recent quarterly report. In the disclosure, NYC REIT cited “…
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Astoria cigar factory converted to offices highlighted NYC i-sales last week - Robert Khodadadian
Astoria cigar factory converted to offices highlighted NYC i-sales last week – Robert Khodadadian
A 19th-century former cigar factory in Astoria and an office and retail building steps from Union Square were among seven investment properties that traded hands in New York City for between $10 million and $40 million last week. Five of the deals hitting city records last week were in Manhattan, while one each were in Queens and the Bronx. An entity tied to real estate investor Bruce Brickman’s…
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BlackRock sells stabilized UWS rental for $90M after landmark designation - Robert Khodadadian
BlackRock sells stabilized UWS rental for $90M after landmark designation – Robert Khodadadian
Tenant complaints in New York renting are as common as gum on the sidewalk, but few buildings have a StreetEasy page dedicated to griping. One Upper West Side property is special that way. For more than eight years, tenants have flocked to a forum to gripe about unaddressed repairs, revolving-door tenancies, and “filthy common areas” in BlackRock’s purportedly luxury rental at 98 Riverside Drive.…
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Rob Speyer on the long arc of megadevelopment, New York’s renaissance and proptech bets - Robert Khodadadian
Rob Speyer on the long arc of megadevelopment, New York’s renaissance and proptech bets – Robert Khodadadian
In most real estate rooms, Tishman Speyer is the 800-pound-gorilla. But Rob Speyer wants it to be the most nimble gorilla, one that can constantly reposition its 90 million-square-foot portfolio in response to the trends driving the world today. Speyer insists that the company isn’t in the business of catering to tenants, so much so that he’s banned use of the T word at the firm, believing it…
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PBC nears $385M loan for HSBC tower after sale to Innovo collapses - Robert Khodadadian
PBC nears $385M loan for HSBC tower after sale to Innovo collapses – Robert Khodadadian
Property and Building Corporation is close to landing a $385 million refinancing for its HSBC tower in Midtown after Innovo Property Group’s bid to purchase the building collapsed. JPMorgan plans to provide the loan at a rate of 3.9 percent, according to a source familiar with the deal and filings on the Tel Aviv Stock Exchange. It will replace an existing $380 million loan. PBC also plans to…
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