The Real Deal - New York Real Estate News

Fewer women at ICSC for Wells Fargo, Walmart and other firms

Posted: 21 May 2018 03:00 PM PDT

Attendees of the International Council of Shopping Centers’ annual RECon may notice at least one key difference between the convention floor and the world outside. Inside, the percentage of women drops by about half. Women represent only about 25 percent of the registered attendees at the world’s largest retail real estate convention, held each year at the Las Vegas Convention Center. That is according to a first-time analysis by The Real Deal of registered attendees […]

Extell to buy church’s dev rights for big UES assemblage

Posted: 21 May 2018 02:30 PM PDT

An Upper East Side church is in contract to sell more than 100,000 square feet of development rights to an entity tied to Gary Barnett’s Extell Development for about $35.8 million. The Church of Saint Monica, located at 413 East 79th Street, plans to sell 102,170 square feet of development rights at 406 East 80th Street to 79 East Owner LLC, according to a legal petition the church filed to close on the sale. The LLC is an […]

Here are NYC’s top 20 ground-up go-to contractors

Posted: 21 May 2018 01:59 PM PDT

One57, the first of the glassy giants to rise on 57th Street, wasn’t Lendlease’s key to Billionaire’s Row — it was a 60-story residential project on West 42nd Street. Roughly a decade ago, Extell Development tapped the Australian construction company to build the Orion, a 551-unit condominium building. That gig led to additional jobs for Gary Barnett as he grew his luxury empire. And in a matter of a few years, Lendlease became one of […]

Delshah buying 28-building portfolio for $100M-plus

Posted: 21 May 2018 01:18 PM PDT

Michael Shah’s Delshah Capital is is buying a large Brooklyn-centric multifamily portfolio from Silvershore Properties for just over $100 million, The Real Deal has learned. The buildings collectively span just shy of 200,000 square feet and include 210 residential units and 12 commercial units, according to documents Delshah filed with the Tel Aviv Stock Exchange, where the company has issued bonds. The portfolio includes 28 buildings throughout Brooklyn, including Williamsburg, Bedford-Stuyvesant, Carroll Gardens and Bushwick, […]

Long Island Cheat Sheet: New proposals sought for Nassau Coliseum area redevelopment … & more

Posted: 21 May 2018 12:10 PM PDT

New proposals sought for Nassau Coliseum area redevelopment Nassau County Executive Laura Curran’s decision not to reassign a lease on 11 acres to Blumfield Development Group has once again thrown the development of the area around the Nassau Coliseum into question. The Syosset-based firm had lobbied Curran to allow them to build an “arena district” — with entertainment, retail along with offices and housing — on the property. Curran has said that she hopes to bring a big […]

Here’s what the $10M-$20M NYC investment sales market looked like last week

Posted: 21 May 2018 11:00 AM PDT

1.) Cheskie Weisz’s CW Realty bought a development site in Bushwick for $11.5 million. The properties, located at 333-335 Irving Avenue near the Myrtle-Wyckoff subway station, are composed of a 12,500-square-foot-warehouse and a vacant lot. The seller is metal products manufacturer Standard Tinsmith & Roofer Supply Corporation. Cushman & Wakefield’s DJ Johnston represented the seller. 2.) Vision Enterprises bought 34-43 and 34-57 Francis Lewis Boulevard, two buildings with a total of 38,200 square feet in […]

These are the industry players cited in the massive NYT housing investigation

Posted: 21 May 2018 10:30 AM PDT

The New York Times released a sprawling, three-part investigation about the rental market in New York City over the weekend, with in-depth reporting on the fragile condition of the city’s rent laws, how landlords exploit them and how government agencies fail to protect tenants. And in doing so, the Times shined a light on a handful of landlords who are allegedly part of that problem, some already notorious and others with little name recognition. While […]

Slate, GreenOak nearing $250M-plus deal for the Biltmore

Posted: 21 May 2018 10:00 AM PDT

Slate Property Group and GreenOak Real Estate are in late-stage talks to buy the Biltmore rental tower in Midtown for north of $250 million, sources told The Real Deal. The partners are close to signing a contract to buy the 464-unit rental building at 271 West 47th Street from the Jack Parker Corporation, according to sources familiar with the negotiations. The 52-story tower is part of the seven-property, mixed-use portfolio that Jack Parker put on […]

NYC’s multifamily dollar volume in March hit highest level since 2016

Posted: 21 May 2018 09:30 AM PDT

New York’s multifamily market had its strongest month in more than a year in March, with large-scale Manhattan sales pushing dollar volume to more than $1 billion. This was the first time that dollar volume hit more than $1 billion in 2018 and the highest total for one month since December 2016, when dollar volume reached about $2.3 billion, according to Ariel Property Advisors. The high dollar volume was largely due to a strong month […]

The Real Deal’s National Retail Market Report is live!

Posted: 21 May 2018 09:00 AM PDT

The giraffe mascot of Toys “R” Us, seen on this issue’s cover as a lanky giant laid low, made for a fitting visual for the company it represented — a colossus in its own right that earned the unfortunate distinction of being the third-largest retailer in history to file for bankruptcy. With the announcement in March that the company would close a whopping 800 stores, experts wondered what would fill the void left by its […]

Here are the week’s top luxury sales

Posted: 21 May 2018 08:30 AM PDT

Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales.

After Hilton success, Blackstone makes $4.8B bid to buy LaSalle Hotel Properties

Posted: 21 May 2018 08:10 AM PDT

Blackstone Group outmaneuvered Pebblebrook Hotel Trust to buy luxury hotel owner LaSalle Hotel Properties with an all-cash bid of $4.8 billion, including debt. The agreement comes just three days after Blackstone sold its remaining shares in Hilton Hotels, making its investment in the company most profitable leveraged buyout in history at $14 billion. Blackstone agreed to buy LaSalle at $33.50 per share, or a premium of almost 35 percent above the company’s share price on […]

More homeowners think now is the best time to sell, but that doesn’t mean they’re listing homes

Posted: 21 May 2018 07:30 AM PDT

More homeowners think now is the perfect time to sell than they have in the past 26 years. But that positive sentiment has done nothing to boost listing inventory and alleviate the tight housing market. In early May, 39 percent of respondents in a survey conducted by the University of Michigan said conditions for selling a home were optimal because of favorable prices, Bloomberg News reported. That was the highest share of homeowners who had […]

Brooklyn luxury market just had its strongest week of 2018

Posted: 21 May 2018 07:00 AM PDT

Brooklyn’s luxury market had its strongest showing of 2018 last week, with 30 contracts signed across 18 houses, 10 condominiums and two co-ops. The deals went into contract for an average price of just under $3 million, and the total volume of the contracts was about $89 million, according to the latest report from Stribling & Associates. The listings spent an average of 79 days on the market. The top two deals were both townhouses […]

92nd Street Y planning $180M renovation to UES headquarters

Posted: 21 May 2018 06:30 AM PDT

On the heels of the biggest fundraising campaign in its 144-year history, the 92nd Street Y is planning a $180 million renovation of its Upper East Side headquarters. The Y’s 250,000-square-foot building, which fronts Lexington Avenue between 91st and 92nd streets, has struggled to keep up with the cultural institution’s programs as they’ve grown over the years, the Wall Street Journal reported. “We underinvested in the building for decades,” Henry Timms, the Y’s chief executive […]

Manhattan luxury market recorded 21 contracts at $4M and up last week: Olshan

Posted: 21 May 2018 06:00 AM PDT

Manhattan’s luxury market notched 21 contracts at $4 million and above last week. Harry Macklowe and CIM Group’s 432 Park Avenue took the top spot for the fourth time this year, with unit 93A going into contract with an asking price of $40.75 million, according to Olshan Realty’s weekly market report. The sponsor unit measures 3,952 square feet, which puts the contract price at more than $10,300 per square foot. Elsewhere in the building, Carly Englander, […]

Convene inks 93K sf lease at Brookfield’s One Liberty Plaza

Posted: 21 May 2018 05:30 AM PDT

WeWork rival Convene signed a lease for 93,000 square feet at Brookfield Property Partners’ One Liberty Plaza, which is its largest location yet. The flexible-workspace and meeting-space provider’s lease is part of 150,000 square feet of new locations that the company says will increase its presence in Manhattan by nearly 46 percent over the next 12 months, the Wall Street Journal reported. “Within the next 24 months, we really want to position ourselves as the […]

WATCH: VTS’ Nick Romito on tech valuations, CoStar and a possible IPO

Posted: 21 May 2018 05:00 AM PDT

 When VTS merged with Hightower in November 2016, two fierce competitors became one. But VTS’ co-founder Nick Romito dismissed the suggestion that his company, which runs an online commercial lease and portfolio management platform, emerged as a monopoly. “We have many competitors, so definitely there’s no monopoly for us,” he said. “Our biggest competitor, still today, is Excel.” Romito sat down with The Real Deal to dish on his father’s boxing days, his own rise […]

The Closing: Michael Phillips

Posted: 21 May 2018 04:30 AM PDT

Michael Phillips is a principal and the president of Jamestown, the real estate investment manager based in Atlanta and Cologne, Germany, with offices in New York, Boston, California and Bogotá, Columbia. The firm has nearly 9.1 million square feet of assets under management worth $12 billion and recently closed one of the city’s largest commercial property trades to date: the $2.4 billion sale of the Chelsea Market building to Google. The Real Deal first reported the […]

Major attendance shrinkage at the Wynn pool kicks off ICSC 2018: PHOTOS

Posted: 21 May 2018 04:00 AM PDT

The New York City real estate players who made their annual pilgrimage to the Wynn pool in Las Vegas encountered a subdued scene on Sunday, with fewer people and less energy than in recent years. Investors, brokers, attorneys, title underwriters and other cogs of the retail real estate market trade gossip, talk shop and feel out deals on Saturday and Sunday as a prelude to ICSC RECon, the biggest retail conference in the world. For the New York City […]