News

Midtown East has undergone a period of changes since its rezoning in 2017. The change that is happening has spiked real estate values, for instance, 242 East 58th St. in the Midtown East submarket has recently changed hands, selling for $11.5 million, $500,000 higher than the original asking price.

Benenson Capital Partners and Mack Real Estate have secured an $81 million refinancing for the construction loan on 433 East 13th St. in the East Village, a mixed-use property dubbed the "Eve".

Colliers reports that the new owner has reconceived the vacant box as a mix of large floor plate opportunities, new exterior facing small retail and/or restaurant tenants along with several new outparcels offering the potential to court statement restaurant operators to the mall complex.

The project located in a federally-designated Qualified Opportunity Zone is a public-private partnership between Habitat, Sinai Health System, Cinespace Chicago Film Studios, the Chicago Housing Authority and the city of Chicago.

The renewals at the property located at 19-21-25 Main St. in Hackensack included The Knee Law Firm for 2,600 square feet, Potenza & Curtis Law for 1,350 square feet, Cowen & Jacobs for 1,250 square feet, and Robert M. Biagiotti Law for 1,000 square feet.

The portfolio includes more than 20 properties and more than 240,000 square feet of total space.

Typically, when there's a drop in leasing activity the result is negative absorption while availability increases. But that is not an absolute rule, Frank Wallach, senior managing director of research at Colliers International, tells GlobeSt.com.

Highline Real Estate Partners has launched Highline Hospitality Partners, a new real estate platform that sponsors and invests in full- and select-service hotels and resorts.