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Transit Access Drives Office Demand Near Penn Station Despite Conditions

Major League Soccer and Robinhood anchor leasing surge near Penn Station as transit access outweighs neighborhood reputation in Manhattan office market. The post Transit Access Drives Office Demand Near Penn Station Despite Conditions appeared first ...

Control Disputes Derail Rescue Bids for Distressed Asian Developers

Blackstone abandoned a $4 billion New World Development deal after the Hong Kong developer refused to hand over control to the US investment firm. The post Control Disputes Derail Rescue Bids for Distressed Asian Developers appeared first on Propmodo...

Universities Build Revenue Streams Around Stadiums With Mixed-Use Developments

Wake Forest, Tennessee and Iowa State are building mixed-use districts near stadiums to generate millions in new revenue amid rising player compensation costs. The post Universities Build Revenue Streams Around Stadiums With Mixed-Use Developments ap...

Brokers Who Assembled the Impossible Take Home REBNY’s Top Honors

REBNY's 82nd Annual Awards honored Savills, CBRE and Cushman & Wakefield for deals requiring creative problem-solving and years-long execution. The post Brokers Who Assembled the Impossible Take Home REBNY’s Top Honors appeared first on Pr...

Private Equity-Backed Proptech Firm Cuts 200 Jobs, Cites AI Adoption

MRI Software cuts 200 jobs in Ohio, citing AI adoption as private equity owners prepare for a potential $10 billion sale. The post Private Equity-Backed Proptech Firm Cuts 200 Jobs, Cites AI Adoption appeared first on Propmodo.

Missouri Funds Clear Path for Demolishing Vacant Buildings Ineligible for Federal Aid

St. Louis uses $10 million in state funds to demolish 120 tornado-damaged properties ineligible for federal relief, targeting vacant and condemned buildings. The post Missouri Funds Clear Path for Demolishing Vacant Buildings Ineligible for Federal A...

Onni pivots from office to resi in what would be some of LA’s tallest buildings

Onni Group is scrapping its pre-pandemic office expansion plans at Wilshire Courtyard in favor of a hefty housing play that would bring more than 2,500 apartments to Miracle Mile. The Vancouver-based developer filed plans with the City of Los Angeles...

Custom-built Bel Air mansion comes to market with $65M ask

A Bel Air developer who spent seven years building a sprawling mansion overlooking the Bel-Air Country Club is betting the Los Angeles ultra-luxury market has room for another trophy listing. The roughly 18,000-square-foot estate at 10830 Chalon Road...

Spec developer asks $34M for Brentwood manse with Getty views

Developer Colossal Properties’ Phillip Braunstein is having another go at the Brentwood market, putting a nearly $34 million mansion on the market this week. The home, which is asking $2,573 per square foot, was previewed at a private event late la...

Irvine Company breaks ground on parking-to-resi project near Fashion Island

Irvine Company is turning parking into housing near Fashion Island, continuing the slow transformation of Newport Center from a daytime office-and-retail district into a denser live-work enclave. The prolific Orange County developer started construct...

Redcar hands back keys to Santa Monica creative offices to lender

Redcar Properties handed back the keys to creative offices located in Santa Monica to its lender, Bank OZK, according to a deed in lieu of foreclosure dated late March. The unpaid debt balance was $50.1 million. The debt was on Redcar’s 1650 Euclid...

Downey apartments fetch $40M in latest multifamily investor vote of confidence

Another multifamily property in the Los Angeles area has traded hands. Parc @ 5, a 104-unit apartment community in Downey, sold to Culver City-based investor B.A.G. Investments for $40 million, L.A. Business First reported. The previous owner, ...