mixed-use
23 September 2025
Commercial Observer-MixedUsemixed-use
Sep 23, 2025Commercial Observer-MixedUse
A residential and retail building in Manhattan’s SoHo neighborhood has traded hands for $25 million, Commercial Observer has learned.
Creed Equities, a New York City-based family-run investment firm, purchased the eight-story, 19,000-square-foot property at 149 Spring Street from real estate development firm EMP Capital, according to broker JLL.
JLL’s Michael Mazzara, Ethan Stanton, Brendan Maddigan, Steven Rutman, Guthrie Garvin and Hall Oster arranged the deal for the seller and “procured the buyer.”
Spokespeople for Creed Equities and EMP Capital did not immediately respond to requests for comment.
The building between West Broadway and Wooster Street — which EMP Capital bought in February 2022 for $17 million — comprises seven single-floor apartments and 2,254 square feet of vacant retail space on the ground floor, according to JLL. Italian clothing brand Piombo previously occupied the retail space.
“SoHo isn’t just historic architecture and boutique shopping, it’s the epicenter of Manhattan’s retail comeback,” JLL’s Mazzara said in a statement to CO. “Tenant demand for prime storefronts is driving rents to record-breaking levels.”
SoHo retail rents increased 9 percent during the second quarter of 2025 compared to the same period last year, according to JLL. The average asking rent for retail space in SoHo was $388 per square foot during the second quarter, Cushman & Wakefield found. 149 Spring Street is close to several luxury retailers in SoHo, including Gucci, Celine and Saint Laurent.
Apartments at 149 Spring Street also currently rent between $15,000 per month for a three-bedroom and $23,000 per month for a five-bedroom, according to StreetEasy.
It’s unclear why EMP Capital decided to offload the property, but news of the deal comes after the developer secured financing for one of its Brooklyn projects in June.
In that deal, EMP Capital secured a $39.8 million refinancing loan from JLL Real Estate Capital for three commercial condominium units at its 979 Pacific Street development in Crown Heights, as CO previously reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
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Luxury Gateway To Unlock The Spit’S New Superyacht EraIt is to be a $100-million entrance statement—just to leave no doubt that you have arrived among the uber-rich superyacht set at one of Australia’s most exclusive waterfront enclaves.
Gold Coast-based developer Ignite Projects has been selected to deliver a landmark mixed-use precinct at the gateway to The Spit, north of Surfers Paradise.
Its vision—with a distinctive curved facade—is designed to “set the tone” for the transformative new era of ultra-luxe development and public realm upgrades under way on the 5km-long peninsula of sand.
To be known as The Isles, the three-storey scheme has been designed by award-winning local studio Contreras Earl Architecture.
Overall, it would comprise 27 luxury apartments, restaurant and bars, a commercial marina with up to 18 berths, as well as a $2.7-million revitalisation of adjacent parkland—including a new boardwalk.
Ignite Projects was awarded the development rights to the Southern Gateway site by the Queensland Government.
It is the latest parcel to be unlocked under The Spit Master Plan, a public and private sector investment blueprint to deliver community infrastructure and new development opportunities on undeveloped land.
“Guided by the community-informed Spit Master Plan, this government is securing a strong pipeline of jobs and investment for the Gold Coast, while ensuring the protection and enhancement of the iconic peninsula,” Deputy Premier and State Development Minister Jarrod Bleijie said.
Ignite Projects director Josh Foote said under its plans the Southern Gateway site would become “an enduring showcase of contemporary design, a vibrant public space, and a legacy for the community”.
“We are proud to bring our energy and designs to this important location at the entry point to what will be an amazing and world-class destination for Queensland,” he said.
“Our vision is for a sophisticated residential and retail precinct that provides vibrant public spaces, and complements the natural beauty of the area with lush greenery and nature-inspired design features.
“This project is an exciting opportunity to play our part in enhancing The Spit, and we look forward to commencing construction in 2026.”
Contreras Earl Architecture director Rafael Contreras said the site offered “a rare opportunity to unite the Gold Coast’s vibrant residential and tourism identity with the natural beauty and openness of The Spit peninsula”.
“It’s a place of transition—from city to nature—and we saw this as a chance to create a landmark that embodies that dual character,” he said.“’The Isles is defined by a distinctive curved facade that draws inspiration from the calm rhythms of the Broadwater.
“It will serve as an enduring landmark that sets the tone for the northern Spit and a benchmark for all subsequent developments in the neighbouring areas.”
The residential component would include a mix of two and three-bedroom apartments, each with an additional multi-purpose room and large balconies, surrounding a central landscaped courtyard with Broadwater views.
Penthouse apartments would also include private rooftop terraces.
Residents would have exclusive access to a harbourside pool and outdoor entertaining area, as well as 250sq m of waterfront dining and other ground floor amenities plus basement parking.
The plans for the Southern Gateway site mark the third development agreement reached under The Spit Master Plan.
Nearby, Gordon Corporation’s luxury $300-million Mantaray Marina and Residences project—the first new development on The Spit for more than two decades—is well advanced.
It will feature 24 two, three and four-bedroom apartments as well as a 67-berth superyacht marina, resort facilities and The Mantaray Club—an exclusive members-only floating lounge.
Meanwhile, the longstanding Peter’s Fish Market has secured approval for its redevelopment and expansion and will begin early works soon.
Other projects include the proposed $480-million redevelopment of Mariner’s Cove by Melbourne-based developers Pelligra Group and Giannarelli Group, which will include a Ritz Carlton hotel and more than 5000sq m of restaurants and bars; and Makris Group’s $500-million transformation of the landmark Marina Mirage retail complex, including 92 waterfront residences and a 110-suite boutique hotel, which is due to begin in November.
Also, the former Golden Door health club site—now known under The Spit Master Plan as the Village East Resort zone—has been unlocked for redevelopment.
According to the Queensland Government’s website, a preferred proponent has been nominated.
“Once [the] contractual arrangement has been agreed and executed, the project will include the delivery of a public amenities facility and public car park within Hollindale Park and a resort-style complex on the Village East Resort site,” it said.
The Urban Developer
mixed-use
06 October 20251 min readLuxury Gateway To Unlock The Spit’S New Superyacht Era
The Urban Developer
06 October 2025
mixed-use
Neighbourhood Hotels Reinvent Urban HospitalityBoutique hotels are not a new concept, but the drive to create hotels that integrate with the community is gaining momentum.
The rise of “neighbourhood hotels” ties into broader trends of adaptive reuse and smarter investment in a market where new assets must outperform in room rates and yields to offset high construction costs.
Speaking at The Urban Developer’s Urbanity conference earlier this year, Fraser & Partners director Callum Fraser outlined how the team was working on the redevelopment of The Spit on the Gold Coast after the launch of the Mondrian this year.
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The Urban Developer
mixed-use
06 October 20251 min readNeighbourhood Hotels Reinvent Urban Hospitality
The Urban Developer
06 October 2025
mixed-use
Hines Buys Mixed-Use District For $428M In One Of L.A.’S Priciest Deals In 2025Real estate giant Hines has acquired a Southern California mixed-use district in one of the region’s priciest property deals so far this year.
Hines Global Income Trust (HGIT) — the Houston-based firm’s real estate investment trust — has paid Invesco Real Estate $428.1 million for Runway Playa Vista, a 14-acre residential and retail district in Los Angeles’ Playa Vista neighborhood. Runway features 420 luxury residences, alongside a Whole Foods-anchored, 246,000-square-foot retail component. The property, at 12775 West Millennium, is currently 94 percent leased.
Despite its status as one of the largest real estate trades across Southern California this year, the deal is ultimately a bargain for Hines. Invesco acquired the property after it was developed in 2016 for $475 million from a Lincoln Property Company-led joint venture.
Bloomberg first reported news of the latest sale. The deal closed at roughly the same time as Hines’ $137.5 million purchase of Montrose Collective, a 189,000-square-foot, mixed-use district in Houston.
“These acquisitions reflect our conviction in the long-term strength of the living and retail sectors. … Runway and Montrose Collective represent cornerstone investments for HGIT, each distinguished by exceptional occupancy and strategic locations in two dynamic submarkets,” Alfonso Munk, Hines’ co-head of investment management, said in a statement.
JLL’s Blake Rogers represented Invesco in the deal, while Hines was represented in-house by Brett Norton, Eric Hepfer and Tom Lawless. A representative for Invesco did not immediately respond to a request for comment.
Although it conducts business in all 50 states, Hines has recently made headlines for its activity on the opposite side of the country from Southern California. The firm in June paid $55 million for an 80-acre lot near Manassas, Va., where it plans to develop a master-planned community featuring 320 homes. News of that deal came just a few weeks after Hines was picked by the Washington Metropolitan Transit Authority as the master developer of a 14-acre, mixed-use project in North Bethesda, Md.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
Commercial Observer-MixedUse
mixed-use
30 September 20251 min readHines Buys Mixed-Use District For $428M In One Of L.A.’S Priciest Deals In 2025
Commercial Observer-MixedUse
30 September 2025
mixed-use
Creed Equities Buys Mixed-Use Soho Property At 149 Spring Street For $25MA residential and retail building in Manhattan’s SoHo neighborhood has traded hands for $25 million, Commercial Observer has learned.
Creed Equities, a New York City-based family-run investment firm, purchased the eight-story, 19,000-square-foot property at 149 Spring Street from real estate development firm EMP Capital, according to broker JLL.
JLL’s Michael Mazzara, Ethan Stanton, Brendan Maddigan, Steven Rutman, Guthrie Garvin and Hall Oster arranged the deal for the seller and “procured the buyer.”
Spokespeople for Creed Equities and EMP Capital did not immediately respond to requests for comment.
The building between West Broadway and Wooster Street — which EMP Capital bought in February 2022 for $17 million — comprises seven single-floor apartments and 2,254 square feet of vacant retail space on the ground floor, according to JLL. Italian clothing brand Piombo previously occupied the retail space.
“SoHo isn’t just historic architecture and boutique shopping, it’s the epicenter of Manhattan’s retail comeback,” JLL’s Mazzara said in a statement to CO. “Tenant demand for prime storefronts is driving rents to record-breaking levels.”
SoHo retail rents increased 9 percent during the second quarter of 2025 compared to the same period last year, according to JLL. The average asking rent for retail space in SoHo was $388 per square foot during the second quarter, Cushman & Wakefield found. 149 Spring Street is close to several luxury retailers in SoHo, including Gucci, Celine and Saint Laurent.
Apartments at 149 Spring Street also currently rent between $15,000 per month for a three-bedroom and $23,000 per month for a five-bedroom, according to StreetEasy.
It’s unclear why EMP Capital decided to offload the property, but news of the deal comes after the developer secured financing for one of its Brooklyn projects in June.
In that deal, EMP Capital secured a $39.8 million refinancing loan from JLL Real Estate Capital for three commercial condominium units at its 979 Pacific Street development in Crown Heights, as CO previously reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
Commercial Observer-MixedUse
mixed-use
23 September 20251 min readCreed Equities Buys Mixed-Use Soho Property At 149 Spring Street For $25M
Commercial Observer-MixedUse
23 September 2025
mixed-use
Plumbago In Mexico-City By OpaThe interior of the Plumbago restaurant features natural materials, an abundance of daylight and an array of green plants. © Ariadna Polo
Located in Cuauhtémoc, one of Mexico City's liveliest neighbourhoods, Plumbago is a restaurant and cultural centre designed by OPA – Oficina de Práctica Arquitectónica.
The new venue is nestled between two high-rise buildings on a small plot in the city's financial district. The building comprises two main rooms that differ in size and materiality. The larger, transparent volume has a corrugated polycarbonate panel facade and gabled roof. The visible ochre-coloured steel roof structure and sliding entrance door emphasise the building's lightness. The smaller volume resembles a closed shed, with ochre-coloured galvanised steel adorning the building envelope and gabled roof. The form and materiality of the ensemble are reminiscent of an urban greenhouse complex.
The interior design team drew inspiration from the cosiness of traditional Mexican suburban homes. The main dining area and a bar with seating for up to 70 guests are located in the large building. Natural materials, diffused daylight and an abundance of green plants create a cosy atmosphere. The brick walls' earthy tones harmonise with the light woods and ochre-coloured exposed steel structure. The furniture is also made of wood and steel, creating a consistent aesthetic throughout. The smaller building houses the kitchen and service area.
The open floor plan encourages movement throughout the interior. A terrace in the rear courtyard connects to the dining area, ensuring cross ventilation. This allows the indoor and outdoor spaces to merge, which was important to the client who runs a cultural programme featuring exhibitions and live music performances alongside the restaurant.
Architecture: OPA – Oficina de Práctica Arquitectónica Location: Cuauhtémoc, Mexico-City (MX)
Site management: RAmásRA EstudioStructural engineering: Suma
Detail
mixed-use
23 September 20251 min readPlumbago In Mexico-City By Opa
Detail
23 September 2025
mixed-use
Taraf, Masdar City Join Forces To Develop Residential Project In Abu DhabiAbu Dhabi - Taraf, the real estate division of Yas Holding, has partnered with Masdar City to develop a 1.40 million square meter residential community featuring more than 1,000 villas and townhouses.
The project will offer two- to six-bedroom homes set within neighborhood clusters designed to encourage social interaction and family-friendly living, according to a press release.
Residents will have access to green spaces, shaded walkways, cycling routes, clubs, parks, and modern infrastructure, with direct connections to Al Masar Park.
The community also introduces rare freehold ownership opportunities in Abu Dhabi.
Low Ping, Group CEO of Yas Holding, said: “This partnership with Masdar City reflects Taraf’s strategy of shaping communities that inspire modern living where design, sustainability, and innovation come together to enrich everyday life.”
Ahmed Baghoum, CEO of Masdar City, added: “Our partnership with Taraf combines their design-led approach with our proven sustainability framework to deliver a residential community that enhances Abu Dhabi’s lifestyle offering and sets a new global benchmark for modern low-carbon living.”
All Rights Reserved - Mubasher Info © 2005 - 2025 Provided by SyndiGate Media Inc. (Syndigate.info).
Zawya
mixed-use
16 September 20251 min readTaraf, Masdar City Join Forces To Develop Residential Project In Abu Dhabi
Zawya
16 September 2025
mixed-use
Three Chamberlain Square: Raising The Bar For Sustainable City WorkspacesThree Chamberlain Square (3CS) has emerged as one of Birmingham’s most striking new landmarks and a national benchmark for sustainable urban construction. Standing between the city’s Grade I-listed Town Hall and the busy tram line, the ten-storey building combines bold design with engineering ingenuity to create 189,000 square feet of Grade A offices, plus retail and leisure space, all within a remarkably tight city-centre footprint.
From the outset, sustainability guided every decision. The project targeted and achieved BREEAM Outstanding and NABERS 5-star ratings at design stage, placing it among the most environmentally advanced commercial buildings in the UK. Reducing embodied carbon was a constant priority. The structural team used post-tensioned concrete slabs, cutting steel content by about half, and took advantage of exceptionally firm ground conditions to avoid piling altogether. Designers even revisited structural support levels to reduce concrete use further while maintaining full integrity.
A close partnership with the supply chain ensured these ambitions were met. Early engagement allowed key contractors to innovate, such as the dry-lining specialist who introduced off-site prefabrication to trim site waste by up to 25 per cent. Biogenic internal finishes added renewable materials to the mix, reinforcing the project’s low-impact credentials and demonstrating a practical approach to circular design.
The façade is both a visual statement and a lesson in sustainable craftsmanship. More than 8,000 unglazed terracotta tiles were painstakingly installed over the course of a year, each piece fully demountable so it can be refurbished or recycled in the future. Forgoing a second kiln pass reduced embodied carbon, while the unglazed surface gives the building a warm, tactile character. On the seventh floor the façade curves inward, shifting from vertical to sloped and demanding exceptional precision from the engineering team to align corner units and maintain schedule.
Logistics on the constrained site called for inventive solutions. Surrounded by existing buildings and a live tram line, the project relied on one of the UK’s largest hoists, the Alimak Mammoth TM 55/50. Measuring five by three metres and capable of lifting four tonnes—or 50 people—at a time, it moved ducting, plasterboard and workers efficiently, preventing delays that often plague high-rise city builds. A spider crane managed lower-level façade installation while the hoist kept upper floors supplied, demonstrating how careful planning can overcome even the tightest urban constraints.
Safety performance was equally impressive. Over 700,000 work hours were completed without a single RIDDOR-reportable incident, an achievement so unusual that the client initially questioned the data. Early enabling works, spanning 20 weeks, helped de-risk the site and embed a “Be Safe, Home Safe” culture. Modern tools such as DataTouch interactive planning software identified and controlled hazards in real time, informing daily briefings and reducing the chance of accidents.
Recognition soon followed. Three Chamberlain Square earned a perfect 100 per cent from the Considerate Constructors Scheme, scoring the maximum 15 points in each category of community respect, environmental care and workforce value—an accolade rarely awarded. This outcome reflected a collaborative spirit that ran through every tier of the project team, from developer and asset manager MEPC to consultants, subcontractors and suppliers.
The result is a building that marries aesthetic boldness with rigorous environmental responsibility. With its distinctive terracotta skin and advanced construction methods, Three Chamberlain Square sets a new standard for what a city-centre office can be: a workplace that reduces its impact throughout its life cycle, engages the community and inspires everyone who passes by. As Birmingham continues to re-shape its skyline, 3CS stands as proof that ambitious design and genuine sustainability can coexist—and that future urban developments need not compromise on either.
Building, Design & Construction Magazine | The Choice of Industry Professionals
Building Systems UK
mixed-use
16 September 20251 min readThree Chamberlain Square: Raising The Bar For Sustainable City Workspaces
Building Systems UK
16 September 2025
mixed-use
City & Country Completes Purchase Of Kingswood, SurreyCity & Country has this week completed the purchase of the 47.5-acre Kingswood site in Surrey from Legal & General. The completion of the purchase follows the housebuilder’s announcement of its intention to acquire the site in spring this year, with contracts having been exchanged in May 2025.
The landmark deal will see City & Country redevelop the site to offer a mix of residential, retirement living and leisure space, set around a striking Grade II* listed building and the locally listed former St Monica’s School. New plans will see the developer resubmit for planning permission in the Autumn to deliver 166 private homes and 116 retirement properties, varying the site’s existing planning consent for a retirement village.
Wider plans for Kingswood include the creation of a leisure centre, re-using some of the existing accommodation, which includes a swimming pool, tennis courts and ancillary facilities. Furthermore, City & Country intends to eventually restore the former L&G House and St Monicas School into high quality homes, and in the interim plans to offer space for use as offices and for co-working.
Simon Marner, Land and Property Director for City & Country, comments: “We are extremely pleased to have completed the purchase of Kingswood – a site of significant local interest that has been vacant for a considerable amount of time, with the heritage buildings falling into disrepair. The site has great potential for us to deliver a high-class development to provide housing and facilities to complement the local area and for the benefit of the local community. Existing planning permission has been in place for half a decade, and we hope that with this acquisition City & Country can finally deliver on longstanding ambitions for Kingswood.
“In the coming months, we will be preparing detailed plans for Kingswood, to enable us to submit new planning applications. These will be based on the principles of the already consented care home scheme, but which will provide a different mix of uses, making the scheme more viable and deliverable. City & Country has a long track record in handling complex heritage sites such as Kingswood and look forward to embarking on this exciting new project.”
Prior to City & Country’s acquisition of Kingswood, the site was used as Legal & General’s HQ and has stood empty since 2018. The developer hopes that its redevelopment ambitions will restore the site to its former glory and eventually become an asset to the surrounding community.
Kingswood is located within the borough of Reigate and Banstead, with local amenities located nearby including a village store, pub, cafes and restaurants. Nearby Kingswood Station offers a direct link to London Bridge.
City & Country is responsible for a number of landmark schemes located on historic sites across the south of England, including The 1840, a conversion of a Grade II Listed Victorian Hospital in Wandsworth; King Edward VII Estate, the former tuberculosis sanatorium opened by its namesake in 1980; and its latest project, the redevelopment of the historic Pitman Press in Bath.
For further information about City & Country, please visit https://www.cityandcountry.co.uk/.
Building, Design & Construction Magazine | The Choice of Industry Professionals
Building Systems UK
mixed-use
16 September 20251 min readCity & Country Completes Purchase Of Kingswood, Surrey
Building Systems UK
16 September 2025
mixed-use
Dare Wins Swift Approval For Luxury Mosman SchemeSecuring development approval for a major project in just nine months is virtually unheard of in New South Wales.
But Dare Property Group has done it, winning the green light for its $200-million luxury residential development at Mosman, an eastern suburb of Sydney, in precisely that timeframe.
It is an impressive feat, especially considering the reputation of the council and community groups, who have not always looked favourably on development in the affluent Lower North Shore suburb of Mosman, 8km from the Sydney CBD
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The Urban Developer
mixed-use
12 September 20251 min readDare Wins Swift Approval For Luxury Mosman Scheme
The Urban Developer
12 September 2025
mixed-use
Queens’ Laguardia Center Takes Next Steps Toward Mixed-Use ConversionThe Rosenwach Group, owner of the 122,570-square-foot outdoor retail hub known as LaGuardia Shopping Center at 43-02 Ditmars Boulevard in Astoria, Queens, is seeking a zoning change to convert the property into a 412,000-square-foot mixed-use project with almost 500 apartments.
The proposed building would stand eight to 10 stories tall, according to Crain’s New York Business, which first reported the filing. It would contain roughly 492 units, with around 123 designated for households earning no more than 60 percent of area median income (AMI). In keeping with the property’s strip mall roots, the project would also include 62,000 square feet of street-level retail, which the Rosenwach Group plans to fill with its current retail tenants.
The Rosenwach Group first filed permits for the change in June 2022. At the time, the redevelopment called for an eight-story project of 390,570 square feet, with “335,334 square feet designated for residential space and 55,236 square feet for commercial space,” New York Yimby reported at the time, also noting the goal of 500 residences. Ismael Leyva Architects was listed as the architect of record. It is unclear why the project did not move forward at the time, or whether Ismael Leyva Architects is still involved.
Paperwork related to the filing cites LaGuardia Center Realty as the official owner of the property since 1989, and recognizes it as “an affiliate of The Rosenwach Group, a major supplier and servicer of water storage tanks and towers, cooling products and services.” The Rosenwach family has been involved in the installation and maintenance of rooftop water tanks in New York City since 1894, according to the company’s website.
The Rosenwach Group, operating as Astoria Rlty Inc., purchased LaGuardia Center for an undisclosed amount in 1989 from Allied Stores of Cincinnati, according to public records.
The Rosenwach Group and Ismael Leyva Architects did not immediately respond to requests for comment.
Larry Getlen can be reached at lgetlen@commercialobserver.com.
Commercial Observer-MixedUse
mixed-use
27 August 20251 min readQueens’ Laguardia Center Takes Next Steps Toward Mixed-Use Conversion
Commercial Observer-MixedUse
27 August 2025
mixed-use
Cofinance Group, Kings Capital Acquire Mixed-Use Building In Soho For $21MThe Luxembourg-based Cofinance Group, along with real estate investment firm Kings Capital, has acquired a mixed-use building in SoHo for $21 million, according to city records made public Friday.
The joint venture, through the entity 392 West Broadway Owner, purchased the five-story commercial and residential building at 392 West Broadway from California-based LLC 392 Dirty Building Holdings, records show.
Alexandre de Montebello, head of U.S. operations at Cofinance Group, signed the deal for the buyer, while Joseph Rust from accounting firm Prager Metis signed for the seller, according to records.
“Cofinance Group and Kings Capital are pleased to announce the purchase of 392 West Broadway, a mixed-use asset in prime SoHo with a total of 19,315 buildable square feet,” the JV partners said in a statement to Commercial Observer.
“The 50/50 joint venture is planning on converting the building to a boutique, luxury condominium designed by Workshop/APD that will embrace the true character and essence of historic SoHo,” the partners added.
Cushman & Wakefield‘s Bobby Carrozzo, Michael Gembecki, Evan Lush, Robert Burton and Brett Weisblum brokered the deal for the seller, while New Development Capital‘s Andrew Iadeluca arranged the debt.
Rust and spokespeople for C&W and New Development did not immediately respond to requests for comment.
Built in 1872, the SoHo building between Broome and Spring streets comprises four commercial units on the first through fourth floors, and one residential unit on the top floor.
Current retail tenants at the property include clothing store 7 For All Mankind and retail brand Silk Laundry. Meanwhile, the residential unit on the top floor is a 1,400-square-foot loft studio renting for $8,500 per month, according to StreetEasy.
It’s unclear what Cofinance Group intends to do with 392 West Broadway, but the firm’s other New York City properties include the 41-story residential building at 500 West 43rd Street in Hell’s Kitchen, and the three-story mixed-use property at 336 State Street in Boerum Hill, Brooklyn, according to its website.
And, in 2023, Cofinance Group sold the three-story commercial building at 137 Second Avenue in the East Village for $20 million, Crain’s New York Business reported at the time.
Update: This story has been updated to include that Kings Capital was part of the joint venture with Cofinance Group.
Isabelle Durso can be reached at idurso@commercialobserver.com.
Commercial Observer-MixedUse
mixed-use
20 August 20251 min readCofinance Group, Kings Capital Acquire Mixed-Use Building In Soho For $21M
Commercial Observer-MixedUse
20 August 2025
mixed-use
Cityview’S Ceo On How New Legislation Could Lead To More Housing In CaliforniaWhile Sean Burton is hopeful for more development opportunities in his home state, the firm is also looking eastward for opportunities.
In late June, California Gov. Gavin Newsom signed legislation as part of the 2025-2026 state budget that reformed the California Environmental Quality Act.
CEQA is intended to inform the government and the public about the potential environmental effects of proposed developments. Yet, many developers argue that it has become a tool for neighborhood groups to block housing.
“There are a lot of deals that didn't happen or got scrapped because of the threat of litigation or the threat of delay,” Sean Burton, CEO of Los Angeles-based apartment owner and developer Cityview, told Multifamily Dive. “It was just too much risk, and so people passed on projects.”
However, the budget, part of what Newsom called California’s Abundance Agenda, promises to streamline CEQA review to expedite the delivery of housing and infrastructure projects, including infill housing, high-speed rail facilities, utilities, broadband, community-serving facilities, wildfire prevention and farmworker housing.
“It’s the most significant land use legislation in California that I've seen in my career,” Burton said. “CEQA has been around since 1971. It was probably the major impediment to getting new housing built in the state.”
However, Burton now believes that more apartment developers will start exploring opportunities and taking action in California. Previously, some high-profile firms, such as Atlanta-based Wood Partners, had left the state.
“I think development deals are going to be more financeable in California because there is more certainty for investors and for lenders,” Burton said.
Here, Burton talks with Multifamily Dive about the opportunity for development, the labor market and Cityview’s decision to expand.
This interview has been edited for brevity and clarity.
SEAN BURTON: For the last couple of years, we focused on acquisitions because we could buy at a deep discount to replacement costs. When you have a significant delta between the existing replacement cost and the new cost, it makes sense to buy rather than build.
But what we've seen over the last six months is that so many people are chasing acquisitions, that it's really driving cap rates down again to the point where the discount isn't that significant anymore to replacement cost.
We believe we can build for a yield of 6.5% to 7% on cost, whereas it would likely sell at a cap rate of 4.5% to 5% today. That premium of 200 to 250 basis points makes development attractive.
You're seeing cap rates start to go down, and frankly, there are just a lot more firms competing for acquisitions. For every acquisition deal, we have 20 competitors versus two or three for every development deal. So, there are fewer people doing development. It's a less-efficient market. It's more complicated.
We're completing a 266-unit project located across from SpaceX’s headquarters in the Los Angeles area.
In LA County, we have 2,500 units under entitlement. We have the land, either we own it or we've optioned it. We're preparing to develop, so we haven't put sticks in the air in a couple of years because it's been really challenging due to high interest rates. Then, also here in LA, we passed a mansion tax, which has made it almost impossible to build new market-rate housing in the city.
It will definitely affect construction labor, especially for smaller homebuilders. At Cityview, we're a fairly large developer. We work with big general contractors. We're not seeing it in our projects, but we're certainly hearing about smaller developers experiencing it.
We're hearing a lot of concern from single-family homebuilders because of the need to rebuild from the fires here in LA.
We just made the decision that it's a big country, and it was getting more and more challenging, frankly, to do things here in California. We are the fourth or fifth largest economy in the world on any given day, which means there's opportunity.
But I don't want to put the fate of the whole firm and our future growth and scaling and development in California's hands.
We've seen really good opportunities in places like Boston and Atlanta and Orlando, Florida, and obviously Dallas — markets that have a lot of demand and really strong growth. And, it's been our desire for a while to expand into those markets.
Starting last summer, we worked with a third-party market study company, and we looked at the 40 biggest markets in the country across 55 different variables, including supply, demand, quality of life, education, economic factors and finance factors.
We really whittled down to the top 10 markets that we wanted to focus on. And three were in the East — Boston, Atlanta and Orlando. Texas was already a priority market for us. So we decided to shift some of our focus and effort to investing in those states and cities.
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Multi Family Dive - Mixed Use
mixed-use
12 August 20251 min readCityview’S Ceo On How New Legislation Could Lead To More Housing In California
Multi Family Dive - Mixed Use
12 August 2025
mixed-use