Commercial Observer

What Matters Today: A proposal to add a casino to Manhattan’s Hudson Yards gained key leverage on Wednesday when city planners approved a modification for the area. Read on for the details. Also inside: The latest statistics on the Los Angeles County industrial market.

Terra and Fortune International Group have paid $205 million for an oceanfront motel on the eastern edge of Key Biscayne where they plan to build a luxury condo development. The 56-room Silver Sands Beach Resort sits on a 3.8-acre site at 301 Ocean Drive. In October, Key Biscayne’s city commission approved plans for a 56-unit condo building with 221 subterranean parking spots to replace the motel. Pictured: Terra Group's David Martin, Fortune International Group's Edgardo Defortuna Read more: https://lnkd.in/eVjZWTfr

Blackstone is set to acquire a 95 percent stake in Crow Holdings’ industrial portfolio for $718 million, while Crow and its partners will retain 5 percent ownership. The portfolio comprises 25 buildings spanning a total of 6 million square feet, predominantly located around Dallas and Houston. Pictured: David Levine, co-head of Americas acquisitions for Blackstone Real Estate Read more: https://lnkd.in/eS6vjx_q

Prologis, the largest industrial landlord in the U.S., has promoted L. Read Mortimer (pictured) to lead its capital deployments in New Jersey. Read more: https://lnkd.in/e6F_Zkxt

Related Companies and Wynn Resorts’ vision for a casino at Hudson Yards just got one step closer to reality after the NYC Department of City Planning voted this week to support modifications required to “revitalize the underdeveloped Western Railyards” for Hudson Yards West, the developers’ $12 billion casino complex proposed along the High Line pedestrian park. Pictured: Related Companies CEO Jeff Blau Read more: https://lnkd.in/eGFmaWDH

Octagon Finance Lends $68M on Virginia Office-to-Resi Conversion

Melissa McCormack, Executive Director of Historic Tax Credit Finance at JPMorganChase, on how the firm is helping developers tap federal HTC equity to restore and repurpose historic buildings. Read the interview: https://lnkd.in/eNbtqVYK Sponsored

"Manhattan is the largest office market in the world. So, when a cycle is turning, it’s like watching an aircraft carrier turn around — the moves are big but slow. You can see it coming from a long way away." In this week's cover story, CBRE’s Mary Ann Tighe sits down with Commercial Observer to discuss the shifts animating New York’s office market. Read the interview: https://lnkd.in/eW5x7Pgi

Ares Management Corporation — acting through its subsidiary Ares Industrial Real Estate Income Trust — has secured a $563.9 million commercial mortgage-backed securities investment to refinance a 37-property, 7.4 million-square-foot industrial portfolio. ⁠ ⁠ A trio made up of Morgan Stanley, Deutsche Bank and Goldman Sachs originated the five-year, floating-rate CMBS loan, which carries a term of two years and includes three one-year extensions. ⁠ Pictured: Ares Co-Founder, Director & Executive Chairman Antony Ressler Read more: https://lnkd.in/gWTvnPKw

5 Questions with Michael Comras, President and CEO of The Comras Company of Florida Read the interview: https://lnkd.in/euZxb8V9