News/Events
EliseAI, Manhattan-Based Proptech Unicorn, Raises $350M
EliseAI, an artificial intelligence company automating housing and health care systems, announced Tuesday that it has raised $350 million, bringing the proptech unicorn’s valuation to $4 billion. Andreessen Horowitz (also known as a16z) and Bessemer Venture Partners led the round, with participation from the Ontario Teachers’ Pension Plan, Sapphire Ventures and Navitas Capital. EliseAI will…
GID Provides $125M Construction Loan for St. Petersburg Multifamily Tower
PTM Partners has secured $125 million of construction financing to build Edge Collective II, a 330-unit multifamily tower that represents the second phase of a broader mixed-use development in Downtown St. Petersburg, Fla., according to a release. An affiliate of General Investment and Development (GID) provided the debt, structured as a three-year, floating-rate loan, while…
Houston Investor Buys Arlo Wynwood Hotel for at Least $44M
Dauntless Capital Partners paid at least $44.3 million for the Arlo Wynwood hotel in Miami, property records show. The nine-story building features 217 guest rooms, as well as a cafe on the ground floor and a bar and pool on the rooftop. It’s located at 2217 Northwest Miami Court, west of North Miami Avenue, toward…
Arrow Linen Supply Sells Stalled Park Slope Development Site for $55M
Arrow Linen Supply Company, a family-owned laundry rental business, has sold its recently rezoned property in Park Slope, Brooklyn, to a developer. The former industrial site at 441–467 Prospect Avenue sold Monday to Yitzchok Katz’s Goose Property Management for $55 million, according to broker JLL. The deal comes after the New York City Council in…
British Luxury Fashion Brand JW Anderson to Open at SoHo’s 138 Wooster Street
British luxury fashion label JW Anderson has leased 4,500 square feet at 138 Wooster Street in Manhattan’s SoHo neighborhood for its first stand-alone U.S. store, Commercial Observer has learned. Founded in 2008 by Jonathan Anderson — the newly appointed creative director of Dior and a two-time British Fashion Awards Designer of the Year recipient —…
Sports-Focused Investment Firm Patricof Takes 8K SF at Marx’s 545 Madison Avenue
On your Marx. Private investment platform Patricof, which focuses on connecting professional athletes with investment opportunities, has inked a 7,500-square-foot lease at Marx Realty’s Midtown office property at 545 Madison Avenue, the landlord announced Tuesday. The 10-year lease covers the entire 16th floor of the 17-story office building between East 54th and East 55th streets.…
Related Affiliate Nabs $167M From Greystone to Build Miami Resi Towers
Related Urban Development Group has sealed $167 million in construction financing through Greystone’s affordable housing lending platform to build a two-tower multifamily project in Miami, Commercial Observer has learned. Greystone Housing Impact Investors (GHI) provided an $80 million construction loan through its joint venture with BlackRock Impact Opportunities Fund, while Greystone Real Estate Capital (GREC)…
In Manhattan Investment Sales, the Money Is Moving Faster Than the Market
There are many ways to measure the health of the New York City commercial real estate investment sales market, but one of the most commonly cited statistics can also be misleading: dollar volume. When dollar volume rises, the natural conclusion is that the market is more active. Sometimes it is. Sometimes it isn’t. Our research…
Venn Acquires Leasing Agent Company Zuma for $50M
Multifamily operating platform Venn acquired Zuma, a leasing company that uses agentic artificial intelligence, for $50 million. Founded in Tel Aviv and based in Manhattan, Venn is a sovereign — or bespoke — AI company connecting residents and buildings on a sole system, said Or Bokobza, its CEO. “We build what we call your company…
