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News and Updates

05.16.18 - $905M Starrett City sale a win-win, says broker

"Brooksville Company and Rockpoint Group finalized their acquisition of the Spring Creek Towers, the 5,881-unit complex formerly known as Starrett City, completing an eight-month process that withstood regulatory approvals and legal challenges from the property’s former shareholders."

"Cushman & Wakefield served as the exclusive advisor for the transaction. Douglas Harmon, the chairman of firm’s capital markets division, said the sale makes a lot of sense for all parties involved. 'The prime location of this asset, coupled with the fact that there will be significant investments and improvements made, was clearly a win-win for both parties,' Harmon said. 'At the end of the day the residents and the people of New York City will benefit greatly from this transaction and that was our first and foremost priority.'"

“'We are honored to become a part of this community,' Brooksville President Andrew MacArthur said. 'We have long believed in the need to protect and preserve affordable housing in New York City and are committed to the long-term health of this community.'"

Read the full Real Estate Weekly article here

05.15.18 - Laborers’ Union endorses Cuomo

"LiUNA NY, the union representing laborers, has endorsed Gov. Andrew Cuomo and Lt. Gov. Kathy Hochul for reelection."

"Cuomo, who is seeking a third term and running in a Democratic primary against Cynthia Nixon, has kept close ties to building trades unions. The Laborers cited the many projects Cuomo has supported, including the replacement Tappan Zee Bridge, in explaining their support."

Read the full Politico Pro article here

05.11.18 - Delta lands $1.4B construction package for new $4B LaGuardia Terminal

"New York’s Empire State Development and Bank of New York Mellon have provided a roughly $1.4 billion construction financing package to Delta Airlines to fund the construction and renovation of its LaGuardia Airport Terminals C and D, according to records posted yesterday by the New York City Department of Finance."

“'We know the new LaGuardia is one that New Yorkers will be proud to call their hometown airport,' Delta Air Lines CEO Ed Bastian said in a statement at the time of last year’s groundbreaking. 'And we are confident that this investment will further cement Delta as the No. 1 airline in New York, with the best customer service and experience on the ground as well as in the air.'"

"New operations will be phased in to Delta’s new terminal building by 2020, according to information from the governor’s office."

Read the full Commercial Observer article here

05.08.18 - Starrett City, with Trump stake, is sold for $905 million

"The buyer of the 15,000-resident development best known as Starrett City is a joint venture of Brooksville Co. and Rockpoint. They completed the deal Monday after getting approval from state and federal regulators, including the U.S. Department of Housing and Urban Development, which is headed by Ben Carson, a Trump appointee. Starrett City 'represents a very stable and safe investment' in the long run, Andrew MacArthur, president of Brooksville, said. 'I view it as akin to a bond.'"

"To secure the approvals, Brooksville and Rockpoint agreed to invest $140 million in capital improvements, including the rebuilding of a power plant on the site, MacArthur said. They also agreed to extend the complex's affordable-housing status, with HUD's Section 8 program remaining in place for an additional 20 years, through 2049. New York state’s Mitchell Lama protections will extend another 15 years, through 2054, MacArthur said."

"'If anything, we received significantly more scrutiny in the HUD process,' he said. 'Civil servants inside of HUD were very focused and understood the type of scrutiny this transaction would receive.'"

Read the full Crain's NY Business article here

04.30.18 - UAlbany President travels to Puerto Rico with state contingent

"University at Albany President Havidán Rodríguez traveled with Gov. Andrew Cuomo and various elected and state officials to Puerto Rico Sunday as part of rebuilding efforts in the wake of Hurricane Maria. Rodríguez, a native of Puerto Rico, was in attendance to learn more about plans for 500 SUNY and CUNY student volunteers during an upcoming summer volunteer program there."

"UAlbany's Alumni Association said 30 students will be traveling to the Caribbean island in June as part of a service/learning project developed by UAlbany's College of Emergency Preparedness, Homeland Security and Cybersecurity, and SUNY Maritime College. The students, who SUNY has said will receive college credit for the trip, will work with the group All Hands, All Hearts volunteers on rebuilding projects. The alumni association is attempting to raise $55,000 to cover the cost of sending the students."

"Any SUNY or CUNY student regardless of major can apply to participate, a SUNY spokeswoman previously told the USA Today Network. A panel discussion was carried live on the internet Sunday after Cuomo touched down on the island. The panel featured Rodríguez and speakers who had traveled with the governor... New York state has responded to the crisis under Cuomo's direction because New York City is home to the largest Puerto Rican population in the continental U.S."

Read the full Times Union article here

04.23.18 - DOH, DFS approve sale of Fidelis to Centene

"Centene Corporation announced today that the New York Department of Health and the New York Department of Financial Services have approved its acquisition of Fidelis Care for approximately $3.75 billion. The company still needs the approval of Attorney General Eric Schneiderman."

"The twin approvals come three weeks after Gov. Andrew Cuomo and legislative leaders reached a budget deal allowing the state to capture roughly $2 billion from the sale of Fidelis, a nonprofit health insurer, to Centene, a publicly traded company... During the sometimes testy budget negotiations, state officials intimated they may not have approved the deal if Centene and Fidelis refused to let the state have a share of the proceeds."

Read the full Politico PRO article here

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