?? Atlantic Yards at 20; developers flock to Art Basel Miami Beach … and more
THE RUNDOWN:
??The $2.5 billion Atlantic Yards project kicked off 20 years ago to loads of fanfare. Now, it’s unfinished, and the project’s lender is looking to foreclose.?
?? Developers and brokers flocked to South Florida last weekend for Art Basel Miami Beach, where they wooed big names in entertainment, real estate and hospitality.?
?? It’s been more four years since Adam Neumann was forced out of WeWork. Now, he’s preparing to launch his first property through his startup, Flow.
??? In the realm of New York real estate, no skyscraper captures the essence of luxury quite like 220 Central Park South. TRD is proud to present the story in a new documentary.
?? Chicago Bulls and White Sox owner Jerry Reinsdorf is making moves near the United Center, where the Bulls play. But he’s playing his cards close to the vest, for now.
?? A major downtown San Francisco office deal left the seller with a major loss. But, the details surrounding the sale suggest that the city’s office market may be emerging from its bottom.?
THE DETAILS:
Two decades ago, developer Bruce Ratner revealed a visionary $2.5 billion plan to create Brooklyn's most celebrated project since its iconic bridge opened in 1883. The launch party, on Dec. 10, 2003, was attended by legendary Brooklynites like Jay-Z and former Knicks forward Bernard King. The project may have started with a bang, but it’s looking like it may go out with a whimper. Twenty years on, the project is unfinished, and one of its lenders just kicked off foreclosure proceedings.
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Industry players went all out to captivate the attention of real estate’s big spenders at Miami Art Week. The weekend’s festivities included galleries and parties, but developer’s like Michael Shvo took the opportunity to show off their latest projects. For Shvo and his partners, that meant two private dinners where they could show off The Raleigh, a Miami Beach hotel and condo project. But Shvo wasn’t the only one who took advantage of the opportunity.?
From 2010 to 2019, Adam Neumann led WeWork, where he tried to convince the world that his real estate company was actually a tech company. Neumann might not be at WeWork anymore, but he’s got a similar shtick with his new startup, Flow. The firm is set to officially launch its inaugural property early next year. The 639-unit property in Fort Lauderdale brings a tech-centric approach, the firm says. But critics say it’s little more than a traditional apartment management play, with the added commitment to fostering a more community-conscious, tech-driven environment.
220 Central Park South stands as the quintessential symbol of Billionaires’ Row. The tower achieved over $3 billion in sales and generated well over $1 billion in profits for its developer, Vornado Realty Trust. The story behind the tower reads like a Michael Lewis best-seller, complete with billion-dollar backroom deals, extreme engineering and class warfare. TRD is proud to present the definitive cinematic tale of this extraordinary tower. A collaborative effort by The Real Deal and The B1M, this documentary delves into every facet of 220 CPS' remarkable ascent.
Jerry Reinsdorf, owner of the Chicago Bulls and White Sox, is on a roll of deals in the West Loop near the United Center. Reinsdorf purchased adjacent properties in the neighborhood earlier this year, hinting that more moves were coming. But, this time, Reinsdorf’s firm, Michigan Avenue Real Estate Group, was on the selling side, and investor Drew Breneman was happy to pounce on the deal. Reinsdorf offloaded two multifamily complexes, and the sales prices indicate that things could be heating up in Chicago.
Another office building in Downtown San Francisco has changed hands at a noteworthy discount. But, the deal could signal a recovery in the city's commercial real estate market. Going into the auction, the tower at 115 Sansome Street was expected to go for around $25 million. Instead, it went for almost 40 percent more, as a bidding war broke out, driving up the price. At $300 per square foot, the final price of about $35 million is an encouraging metric for the 111-year-old tower, which last sold in 2016 for $83 million.
THE CLOSE:?
What’s next for Atlantic Yards? Will the project ever reach the finish line? Keep reading TheRealDeal.com to find out.
In the ever-evolving landscape of urban development and real estate, it's fascinating to see projects like the Atlantic Yards taking center stage ?????. As the wise Jane Jacobs once said, "Cities have the capability of providing something for everybody, only because, and only when, they are created by everybody." The importance of community and shared vision in urban development cannot be overstated. For those passionate about making a tangible impact, Treegens is currently aligned with a Guinness World Record attempt for Tree Planting that underscores the balance between development and nature conservation ??. Opportunities for sponsorship are available here: https://bit.ly/TreeGuinnessWorldRecord. Let's nurture our urban landscapes together.