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Siris Capital to Acquire Travelport for $4.4 Billion

TRANSPORTATION

New York-based Siris Capital Group has teamed up with another buyout firm to take the travel software company Travelport Worldwide Ltd. private. Evergreen Coast Capital Corp. will join Siris and pay $15.75 for each Travelport (NYSE: TVPT) share, making the deal worth about $4.4 billion. … Read more at the New York Business Journal.

HCL Technology Buying $1.8 Million in IBM Software

TECHNOLOGY

IBM Corp. on Friday said it’s selling $1.8 billion in software products to Indian tech company HCL Technologies. HCL is buying seven applications from IBM. Those products provide for application development, device management, marketing automation, omni-channel e-commerce, digital experience and workstream collaboration. … Read more at the New York Business Journal.

MCR Makes First Move into Philly Market with Marriott Acquisition

COMMERCIAL REAL ESTATE

A hotel owner-operator pegged as the sixth-largest in the United States entered the Philadelphia market with its latest purchase – a 100-room hotel in Bucks County. … MCR, which has offices in New York and Dallas, bought the 100-room Residence Inn by Marriott Philadelphia Langorne at 15 Cabot Blvd East, located less than a mile from the Sesame Place theme park. … Read more at the Philadelphia Business Journal.

IKEA to Open First Studio Location in Manhattan

COMMERCIAL REAL ESTATE

IKEA is opening its first Manhattan location, the company announced Monday, in an attempt to adjust to the realities of retail’s shifting landscape. The outpost, known as the IKEA Planning Studio, is expected to open in spring 2019 at 999 Third Ave., a mixed-use building owned by Zucker Organization. … Read more at BisNow.

 

HOUSING

City Plans to Convert Cluster Units to Affordable Housing

The city has made its first major step toward converting cluster housing sites into affordable apartments. On Tuesday, Mayor Bill de Blasio announced that the city is closing in on the acquisition of nearly 500 cluster units across 17 buildings in the Bronx and Brooklyn. … Read more at Curbed New York.

 

ENERGY

American Water Cut the Ribbon on Its New Camden HQ

American Water welcomed hundreds of people to a ceremony Tuesday to mark the opening of its new national corporate headquarters on the Camden Waterfront. The American Water Charitable Foundation presented a check of $200,000 to the Camden School District to develop an advanced STEM Lab at Woodrow Wilson High School. … Read more at NJ Biz.

 

HOSPITALITY

Kushner Companies Acquired the Princeton Marriott for $37.6 Million

Kushner Companies, a real estate company formerly led by President Donald Trump’s son-in-law Jared Kushner, has bought another New Jersey hotel. The company announced last week it bought the Princeton Marriott at Forrestal from Lone Star Funds for $37.6 million. … Read more at NJ.com.

Procter & Gamble Completes $4 Billion Acquisition

HEALTHCARE

Procter & Gamble Co. has completed the $4 billion acquisition of the Consumer Health business of Merck KGaA, Darmstadt, Germany. The deal, which was first announced in April, closed on Friday and includes the addition of thousands of employees along with a variety of over-the-counter products to relieve muscle, joint and back pain along with colds and headaches and support physical activity and mobility with annual revenue of $2 billion. … Read more at the New York Business Journal.

 

DEVELOPMENT

NY Department of Buildings Approves Extell’s Upper West Side Tower Plans

Last year, Snøhetta revealed its designs for Extell’s Upper West Side tower at 50 West 66th Street, which were met by opposition from some local residents, along with City Councilmember Helen Rosenthal. The argument was that the proposed 775-foot-tall tower was “out of context” for the neighborhood and City Council land use staff believed that zoning code does not permit a project this tall at the location where the building will rise. … Read more at Curbed New York.

 

STARTUPS

NY Startup Connects Boutique Owners with Italian Clothing Manufacturers

Amid what seems like unlimited choices, a key way for retailers to stand out is to try to offer products no one else has. For a small boutique, that could be exclusive access to a bespoke clothing line, say, but creating and manufacturing one is typically cost-prohibitive except for the largest of retailers. Enter MakersValley. The New York-based startup has developed a Web platform to connect individual businesses with clothing manufacturers based in Italy at inventory numbers far below what is typically required of these kinds of orders. … Read more at Xconomy.

 

REGULATIONS

Legislators Introduce Bill to Create NJ-Made Logo

Following in the footsteps of Jersey Fresh, lawmakers introduced a proposed “NJ-Made” or “New Jersey Made” logo which in-state manufacturers could use to promote their products. Under Assembly Bill 3692, the New Jersey Department of State would be required to put together guidelines for the logo, including eligibility for manufacturers, producers and other such businesses. … Read more at NJ Biz.

Previous Weeks Headlines

Pantheon Puts Bronx Property for Sale for $30 Million

RESIDENTIAL REAL ESTATE

A waterfront property owned by Pantheon Properties is up for sale. Per Crain’s New York, the area — situated along the Harlem River — is considered an “opportunity zone.” This should make it even more attractive to investors. … Read more at the New York Business Journal. … Read more at the New York Business Journal.

 

TRANSPORTATION

Lyft to Invest $100 Million In Citi Bike

Five years after Citi Bike launched—and just a few months after Lyft announced it would acquire Motivate, the bike-share program’s parent company—it’s getting a major expansion that will dramatically increase its footprint within the city. The De Blasio administration and the DOT announced today that Lyft will invest $100 million into Citi Bike … Read more at Curbed New York.

 

INDUSTRIAL REAL ESTATE

J&K Three Subsidiary Acquires Westbury Industrial Building for $4.6 Million

A Westbury industrial property has sold for $4.6 million. The vacant 21,000-square-foot building on 1.27 acres at 51 Frost St. was purchased by a subsidiary of J&K Three LTD, a supplier of kitchen and bath cabinets. … Read more at Long Island Business News.

 

JOBS

Honeywell to Relocate from Morris Plains to North Carolina

Honeywell International Inc., to whom New Jersey previously awarded $40 million in tax credits, says it will keep roughly 1,000 jobs in the state following reports Thursday that it would move its global headquarters and up to 800 jobs out of Morris Plains to Charlotte, N.C. … Read more at NJ Biz.

Hello Living Unveils Plans for Bronx Condo Building

DEVELOPMENT

Just a few weeks after announcing plans for its first ever Manhattan project, Brooklyn-based developer Hello Living has now revealed plans for a new building in the Bronx. After purchasing a parking garage for petroleum products distributor Ambassador Fuel, located at 1049 Washington Avenue, for $11.3 million, the firm plans to construct a 104-unit condo—to be named “Hello W”—in its place, reports The Real Deal. … Read more at Curbed New York.

 

STARTUPS

What Do Local Startups Think About Amazon HQ2?

As Amazon moves into its new home in the Big Apple, the company will find itself immersed in a storied—if tumultuous—local retail industry. Unlike the other contenders for Amazon’s so-called “HQ2” satellite offices, New York City is home to the nation’s historical retail roots on “Fashion Avenue,” as well as a growing e-commerce startup scene. … Read more at Xconomy.

 

RESIDENTIAL REAL ESTATE

Slate Property and GreenOak Acquire the Biltmore for $280 Million

Slate Property Group and GreenOak Real Estate are teaming up to buy a 52-story Manhattan rental building from The Jack Parker Corp. The deal for the building at 271 West 47th St., known as the Biltmore, closed this week, The Real Deal reports. Slate and GreenOak are paying in excess of $280 million. … Read more at BisNow.

 

COMMERCIAL REAL ESTATE

Normandy Real Estate Sells Roseland Parcel for $17.2 Million

3 Becker Farm Road in Roseland has sold for $17.2 million—that’s a record-making $150 per square foot for the Essex County city, according to Newmark Knight Frank. Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Associate Chuck Kohaut of NKF’s Tri-State Capital Markets team negotiated the sale of the 115,422-square-foot building on behalf of the seller, Morristown-based Normandy Real Estate Partners. … Read more at NJ Biz.

Deerfield Makes $150 Million Investment in Shine Medical Technologies

HEALTHCARE

Shine Medical Technologies, a Janesville, WI-based company that’s working to resume domestic production of a vital medical isotope, said Tuesday that Deerfield Management, a New York-based investing firm, has agreed to pour up to $150 million into Shine’s coffers in the coming years. Shine executives had previously told company shareholders it was on the verge of striking an agreement with Deerfield for up to $160 million in secured debt financing, as Xconomy reported earlier this week. … Read more at Xconomy.

 

TRANSIT

Council Members Plan to Introduce Bills to Legalize E-Scooters in NYC

Brace yourselves, New Yorkers: E-scooters may soon be on city streets. City Council members Ydanis Rodriguez and Rafael Espinal will introduce several bills this week with the goal of legalizing both electric scooters, such as those operated by Bird and Lime, and electric bicycles. … Read more at Curbed New York.

 

COMMERCIAL REAL ESTATE

BP Gas Station in Huntington Station Sold for $1.4 Million

A Huntington Station gas station property has sold for $1.4 million. The .55-acre site at 231 Walt Whitman Road is occupied by a BP gas station. Leon Petroleum, which has been the tenant and station operator at the property, is the buyer. … Read more at Long Island Business News.

 

INDUSTRIAL REAL ESTATE

Hampshire Cos. Sells North Jersey Industrial Site for $51 Million

The Hampshire Cos. has sold an industrial building at 700 Union Blvd. in Totowa, completed this year, for $51 million. Commercial real estate company Holliday Fenoglio Fowler LP, who marketed the 382,596-square-foot building on behalf of The Hampshire Cos., announced the sale Tuesday. … Read more at NJ Biz.

Dental Startup Quip Closes $40 Million Round

HEALTHCARE

Quip NYC Inc., the local oral health startup and toothbrush innovator, has received a new round of financing. The company, based in Brooklyn, now has more than $60 million in backing. … Read more at the New York Business Journal.

 

LABOR MARKET

The City Will Need More Construction Jobs in Coming Years

Construction spending is set to reach $61.8 billion by the year’s end, according to the New York Building Congress. Employment has expanded as a result, with construction jobs to exceed 150,000, the seventh year in a row there has been an increase. But amid the wave of construction, developers and builders have grappled with a tight labor pool. … Read more at BisNow.

 

INDUSTRIAL REAL ESTATE

Universal Door Expands with $4.4 Million Brentwood Acquisition

Universal Door, a Brooklyn-based door manufacturer, has purchased a Brentwood industrial building for $4.4 million. The 43,750-square-foot industrial building is on 3 acres at 75 Emjay Blvd. and represents an expansion for Universal, which will remain headquartered in Brooklyn. … Read more at Long Island Business News.

 

MANUFACTURING

GM Plans Massive Layoffs in North American Operations

General Motors will lay off 14,700 factory and white-collar workers in North America and put five plants up for possible closure as it restructures to cut costs and focus more on autonomous and electric vehicles. The reduction includes 8,100 white-collar workers, some of whom will take buyouts and others who will be laid off. … Read more at NJ.com.

 

REGULATIONS

NJ Legislators Approve Bill to Legalize Marijuana Use

A joint committee in the state Legislature approved Monday a measure to legalize, tax and regulate recreational marijuana for New Jerseyans over the age of 21. Lawmakers approved Senate Bill 2703 in a committee meeting following four hours of testimony and an hour of deliberation by legislators. … Read more at NJ Biz.

Manhattan Retail Rents Decline for Third Straight Year

COMMERCIAL REAL ESTATE

New York City retailers and landlords are continuing to adjust to a rapidly changing environment, with rents falling in nearly all of the major shopping corridors in Manhattan. Fifteen of the borough’s 17 major retail corridors saw year-over-year declines on the asking rents for ground floor retail space, according to the Real Estate Board of New York’s fall Manhattan retail report. … Read more at BisNow.

 

COWORKING

WeWork Continues China Expansion Plans

WeWork’s expansion across China has accelerated and shows no sign of slowing down. According to WeWork executive Sern Hong Yu, China has been one of the fastest growing regions for the New York-based office space company. … Read more at the New York Business Journal.

 

HEALTHCARE

Southside Hospital’s $1.4 Million Renovation

Southside Hospital in Bay Shore now has a new $1.4 million renovated lobby and front entrance. The upgrade includes a 5,140-square-foot lobby, increased by 25 percent, and new seating areas. There’s also a pharmacy, café and the hospital’s relocated chapel. … Read more at Long Island Business News.

 

HOUSING

New Jersey Provided $28 Million for Affordable Housing

The New Jersey Housing and Mortgage Finance Agency has awarded more than $28 million in the federal Low Income Housing Tax Credit program to create more than 1,400 affordable apartments for families, seniors and special-needs residents in 12 counties. … Read more at NJ Biz.

 

JOBS

GM Announces Massive Layoffs in North American Market

General Motors will lay off 14,700 factory and white-collar workers in North America and put five plants up for possible closure as it restructures to cut costs and focus more on autonomous and electric vehicles. The reduction includes 8,100 white-collar workers, some of whom will take buyouts and others who will be laid off. … Read more at NJ.com.

Amazon’s $300 Million Long Island City Site

DEVELOPMENT

TF Cornerstone — the company tapped to develop Amazon’s new HQ2 on the Long Island City waterfront — has reportedly picked up a $300M development site nearby. … Read more at BisNow.

 

RETAIL

Lidl Acquires New York/New Jersey Grocery Chain

Arlington-based Lidl US is acquiring Best Market, a chain of 27 grocery stores in New York and New Jersey. … Read more at the New York Business Journal.

 

COMMERCIAL REAL ESTATE

Melville Office Property Sold for $69 Million

A Brooklyn-based real estate investment firm has purchased a sprawling Melville office property for $69 million. … Read more at Long Island Business News.

 

TRAVEL

United Airlines Reports $16 Billion in 2017 Economic Impact in NJ

United Airlines contributed to $16 billion in economy activity in New Jersey in 2017, according to an economy impact study released by the airline Monday. … Read more at NJ Biz.

 

REAL ESTATE

Leaders Discuss What’s Next for Development in Camden

A combination of economic incentives and big gains in public safety numbers paved the way for the big corporate moves, starting with the Philadelphia 76ers and Holtec building new campuses and culminating in Subaru moving from Cherry Hill. … Read more at BisNow.

How Do We Build Smart Cities?

INNOVATION

In New Jersey’s cities of tomorrow, kitchen appliances could alert homeowners they need to be replaced. Smart meters could tell them how to lower their electric bill. Commuters would be able to use ride-sharing apps to connect them from home or work to the nearest train station — via bicycles or electric scooters rather than cars. That was the vision laid out by panelists at the New Jersey Tech Council’s Tech Day event at the Rutgers-New Brunswick campus. Read more at NJ Biz.

Newell Brands Sells Jostens for $1.3 Billion

RETAIL

Jostens Inc., the Minnesota maker of school memorabilia and class and championship rings, will be sold by owner Newell Brands to private equity firm Platinum Equity, the companies said Wednesday. Hoboken, N.J.-based Newell said the Jostens sale would generate about $1.3 billion in proceeds. Jostens had 2017 net sales of $768 million. Read more at the New York Business Journal.

Industry City’s Massive Rezoning Proposal

DEVELOPMENT

In 2017, Industry City, a collection of 16 massive warehouses located on the neighborhood’s western edge, announced a proposal to rezone its campus, which at six million square feet is already the largest privately-owned industrial complex in New York City. As part of its ongoing $1 billion plan to reshape the property, Industry City’s rezoning proposal seeks to create 1.3 million square feet of new commercial and industrial space by allowing its owners to erect several new buildings that will also house hotels, an academic campus, retail spaces, and parking. Read more at Curbed New York.

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