Barings makes moves on Manhattan offices; Florida tweaks Live Local Act ... and more

The best national real estate stories from The Real Deal. Mar 02, 2024 [View in Browser]( | [$1 for 1 Month]( [The Real Deal Logo](   [The National Logo](   In today’s newsletter, we look at [Barings’ latest moves]( and what they could mean for Manhattan’s office market. Plus, Marty Burger [kicks off his next act](, a [$55 million penthouse]( becomes the center of a messy divorce, and Florida lawmakers [give a gift to developers]( with their tweaks to the state’s Live Local Act. These stories and more below.   [Barings makes move on Manhattan offices]( [( Barings played buyer and seller in Manhattan this week as it purchased an aging Midtown tower and listed another on Wall Street. The investment management firm is asking $125 million for 100 Wall Street, [less than half of what it paid]( for it in 2015, when it bought the property for $270 million. The 55-year-old tower sits at 75-percent occupancy and has been pitched as a potential residential conversion. Even as Barings looks to offload one aging tower, it [purchased another one just a day earlier](. The firm purchased 1370 Sixth Avenue for $160 million. The building, built just one year after 100 Wall Street, has maintained somewhat healthy occupancy of about 85 percent. It’s also in Midtown, a neighborhood that has seen much healthier leasing trends than most of Downtown. Both moves provide much needed data for the city’s commercial sales market, where a slow 2023 left some buyers and sellers desperate for pricing comparisons. That period could be over, as some struggling office owners have been forced to move on from their properties. As some cities, [like Los Angeles](, seem to have found a bottom already, the industry is watching every sale and listing in New York for signs of the same. Barings is doing its part to get us there.   Together with Entrata Operate More Efficiently with AI [Entrata]( Generate emails, blogs, and messages in a matter of seconds with Entrata Layered Intelligence, Entrata’s AI solution for multifamily owners and operators.   [I'm an image]( [“Beneficial to developers”: Florida Legislature approves tweaks to Live Local ActÂ]( Last year’s Live Local Act was meant to address Florida’s housing shortage, but the law had holes in it. This week, lawmakers approved changes to the policy that will make it much friendlier to developers. [I'm an image]( [Silvio Scaglia and Julia Haart battle over $55M Tribeca penthouse in ugly divorce]( Silvio Scaglia and Julia Haart are battling over their $55 million Tribeca penthouse as part of their divorce proceedings. But their lender could play spoiler. [I'm an image]( [Marty Burger launches firm targeting office-to-resi, debt]( Marty Burger is back on the move. The former Silverstein Properties CEO is launching his own firm with a focus on office-to-residential conversions.   Advertisement   [I'm an image]( [Brand Studio Maximize Your Insurance Claim Settlements While Minimizing Your Headaches With Ayzertech Public Adjusters]( [I'm an image]( [Jury tells Jogani brother to hand over $2.6B plus portfolio stake]( A 20-year legal battle between four brothers ended this week with a jury ordering one of them, Haresh Jogani, to pay his three siblings $2.6 billion in cash and give them stakes in more than 17,000 apartments across California’s San Fernando Valley. [I'm an image]( [Michael Stern’s JDS launches sales for Mercedes-Benz branded Miami condo tower]( Michael Stern’s JDS Development has kicked off sales for a Mercedes-Benz-branded condo tower in Miami’s Brickell neighborhood. [I'm an image]( [Dallas mall scores $650M CMBS loan]( There may be pessimism surrounding most malls, but Dallas’s NorthPark Center is an exception. The mall’s owners secured a $650 million loan package as they looked to refinance previous debt and kick off capital improvements at one of the healthier big box malls in the country. [I'm an image]( [Sponsored The Residences at Hudson Yards continue to be among the top selling buildings in NYC]( [I'm an image]( [SKS Partners’ Paul Stein explains “insane” San Francisco acquisitionÂ]( As some office markets approach the bottom, investors like SKS’s Paul Stein are already making moves. Stein sat down with TRD to break down his firm’s big move and what sets his newest property apart. [I'm an image]( [Floating rates & flames: Why Chicago landlord CedarSt is burning cash]( Landlord Alex Samoylovich may have pulled off a multifamily masterclass when he leased up two Chicago complexes with limited concessions. But he’s still bleeding money. Why?     [The Real Deal Logo]( [Facebook]( [Twitter]( [Instagram]( [LinkedIn]( [YouTube]( [Manage Newsletters]( | [Unsubscribe]( | [Privacy Policy]( | [Subscribe]( | [Advertise]( The Real Deal 450 West 31st Street, New York, NY 10001 ©2024 TheRealDeal. All rights reserved. [View Online](