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NEW YORK, NY According to Savills Studley chairman & CEO Mitchell Steir, the firm has appointed Mitchell Rudin to serve as its next president, succeeding Michael Colacino who is stepping down at the end of this year after 27 years.

Flushing, NY David Scharf, litigation partner and chair of the real estate restructuring and finance practice at Morrison Cohen LLP, and USTA Foundation board member, joined celebrities who turned out in force to show their support at the USTA Foundation Gala, which marked the opening night of the 2018 US Open.

If you have listened to any of the REIT webcasts for second Quarter Earnings Call this past month, the dominant question of the analysts who cover the publicly traded REITs was how much the continued development of new facilities is going to affect the performance of their existing stores?

Buried in the 185-page Congress Bill 115 lies Section 13823, establishing Opportunity Zones for the poorest urban, suburban, and rural census tracts in the United States. Opportunity Zones are defined as a census tract with an individual poverty rate of at least 20% and a median family income no greater than 80% of area median income (AMI). As a part of this year’s tax overhaul, Opportunity Zones provide a powerful investment vehicle that benefit both investors as well as the communities in which they invest. This massive initiative that has been undertaken by the federal government takes a free market approach, a novel tactic that uses investor capital rather than federal funds. 

Compared to other Northern Manhattan neighborhoods, most investment properties in Washington Heights and Inwood have consistently traded at a discount. Almost every investor and real estate professional has a theory as to why, with their reasons ranging from the area being too removed from prime Manhattan, to sub-par retail and outdated zoning.  

New York, NY According to Meridian Capital Group, Adam Hakim, senior managing director, James Murad, senior vice president, and Andrew Iadeluca, director, have joined the firm to focus on arranging financing for acquisition, construction and repositioning transactions.

New York, NY HKS Capital Partners LLC arranged the following four transactions totaling $16.9 million:

Brooklyn, NY Fried, Frank, Harris, Shriver & Jacobson LLP acted as counsel to Extell Development Co. in connection with its  $530 million mortgage and mezzanine financing for Brooklyn Point, a 68-story residential tower.

Manhattan, NY Alchemy Properties has acquired 378 West End Ave. for $158 million. The subject will be combined with a new building to be constructed at 260-262 West 78th St., which is the former location of Collegiate School. Upon completion, the project will be located on West 78th St. between Broadway and West End Ave. Alchemy is partnering with Daishin Securities, a South Korean investment bank with multiple projects across the United States, to develop this property.

Manhattan, NY Convene, a leading flexible workplace and amenity services partner to class A landlords, completed a 116,000 s/f lease at 530 Fifth Ave. and officially opened the doors to its 20th location containing 28,232 s/f at 75 Rockefeller Plaza, both RXR-owned properties. These are Convene’s 3rd and 4th locations as part of a partnership with RXR.

Brooklyn, NY According to Scott Barone, founder and president of Barone Management, a NY-based development, construction and investment company, the firm closed on its $37.5 million purchase of the former Angel Guardian Home in Dyker Heights from the Sisters of Mercy. The proposed development site is the largest to become available in the neighborhood in over 40 years and will yield much-needed housing for seniors and families as well as schools and other community facilities. Tim Sheehan of CBRE represented seller.