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The Real Deal - New York Real Estate News |
Average June rents reached record high nationwide, as Manhattan again led the way Posted: 06 Jul 2018 03:00 PM PDT The national average apartment rent ticked up nearly 3 percent in June compared to the year before, reaching a record $1,405 a month thanks to sharp growth in smaller markets. Manhattan cemented its standing as the nation’s most expensive place to rent with a 1.5 percent increase over last year, to $4,116. San Francisco was a distant second at $3,561 a month. Manhattan’s rent bump represents its highest year over year spike in 12 months, following […] |
Mall landlords tighten screws on non-anchor tenants Posted: 06 Jul 2018 02:30 PM PDT The exodus of anchor tenants from America’s malls has landlords rethinking a lease clause that is popular with smaller tenants. Owners have traditionally granted smaller tenants co-tenancy clauses, allowing the businesses to exit a lease if a major anchor store like Macy’s or J.C. Penney departs the mall. But that may be changing. The steady exodus of anchor tenants at malls nationwide in recent years has landlords pushing to eliminate those clauses to stop the […] |
The top NYC real estate events next week Posted: 06 Jul 2018 02:00 PM PDT There is only one new real estate event coming to New York City next week. On July 12, Bisnow is hosting its New York Power Women 2018 event from 6 p.m. to 8:30 p.m. at Convene at 117 West 46th Street. The event will honor over 58 women, including: MaryAnne Gilmartin of L&L Mag, Greta Guggenheim of TPG Real Estate Finance Trust, Andrea Olshan of Olshan Properties, Leslie Himmel of Himmel+Meringoff, among others. To search […] |
Cammeby’s buys Kew Gardens resi complex for $23M Posted: 06 Jul 2018 01:30 PM PDT Cammeby’s International Group bought a residential complex in Kew Gardens for $22.7 million, according to documents filed with the city Friday. The property, located at 83-15 Lefferts Boulevard, is located near the corner of Lefferts Boulevard and Metropolitan Avenue, near Maple Grove Park. The six-story rental building contains 90 apartments, property records show. The property was sold by the Lefferts House Enterprises Company, which has owned the building since the 1970s. The entity is managed […] |
Healthy amenity: Miami Beach luxury condo to offer buyers medical concierge service Posted: 06 Jul 2018 01:00 PM PDT Forget about the yoga studio, spa service and fitness center, the latest condominium amenity is just what the doctor ordered. The developer of the Ritz-Carlton Residences Miami Beach, is partnering with South Beach Diet founder Dr. Arthur Agatston to offer buyers a yearlong membership to a medical concierge service. When buyers close on their units later this year, they’ll be provided access to the service run by Agatston and his Agatston Center for Private Medicine. […] |
Muss Development scores $75M loan for Forest Hills building Posted: 06 Jul 2018 12:20 PM PDT Muss Development landed a $75.4 million loan for the Forest Hills Tower at 118-35 Queens Boulevard. The 16-story, 519,000-square-foot property was once the headquarters of JetBlue Airways. A huge portion of the building was also leased short-term to the Federal Emergency Management Agency after Hurricane Sandy in 2012. The lender for the loan is AXA Equitable Life Insurance Company, which assumed the $72.8 million unpaid balance from a 2016 mortgage provided by Ladder Capital. The […] |
Blackstone, Fairstead sell three more Caiola buildings for $31M Posted: 06 Jul 2018 12:00 PM PDT Blackstone Group and Fairstead Capital sold a trio of Upper East Side apartment buildings for $31 million – part of the $690 million Caiola portfolio the firms picked up in 2015. Meshulam Yechiel Shafranm is listed as the buyer of the three properties – 343 East 76th Street, 221 East 82nd Street and 228 East 81st Street– property records filed with the city Friday show. A representative for Blackstone couldn’t be immediately reached. The trio […] |
To sell a One57 sponsor unit, Extell offers custom designs and a healthy discount Posted: 06 Jul 2018 11:40 AM PDT The buyer of a custom-designed apartment on the 61st floor of One57 received a 19 percent discount on the listing price, as Extell Development slashes prices of sponsor units and begins shifting its focus to the $4 billion condominium project down the street. Giri Chakravarthi, a principal at private equity shop Hudson Pacific Capital Partners, paid $23.5 million for unit 61B, according to New York City Department of Finance records. The apartment was listed for […] |
Macklowe drops JPMorgan for Deutsche on One Wall construction loan Posted: 06 Jul 2018 11:22 AM PDT In a late-stage switcheroo, Harry Macklowe has scrapped negotiations with JPMorgan Chase to finance the construction of his office-to-residential conversion One Wall Street – and instead is striking a deal with Deutsche Bank, The Real Deal has learned. For more than a year, Macklowe has been negotiating with JPMorgan to secure an $850 million loan for the 566-unit project in the Financial District. The deal has been hit with a series of delays. In recent […] |
HNA’s Chen Feng to step up leadership role following death of co-chairman Posted: 06 Jul 2018 10:55 AM PDT HNA Group chairman Chen Feng will likely play a larger role in steadying the debt-laden company following the sudden death of co-chairman Wang Jian Tuesday. Chen, 65, was suddenly thrust into the sole leadership role at the company when the 57-year-old Wang died from a 49-foot fall while posing for a photograph in France, Bloomberg reported. “Chen Feng has been retiring himself from day-to-day management over the years and a lot of the responsibilities have […] |
National Cheat Sheet: JLL plans $3B stock offering … & more Posted: 06 Jul 2018 10:05 AM PDT JLL plans $3B stock offering for one of its REITs Jones Lang LaSalle hopes to raise up to $3 billion for one of its real estate investment trusts. The global commercial real estate company filed documents with the Securities and Exchange Commission indicating that its non-listed JLL Income Property Trust will be selling four classes of common stock. JLL will seek $11.82 to $12.14 per stock, the money from which will go towards paying off […] |
Rockrose Development lands $348M refi for LIC rental complex Posted: 06 Jul 2018 09:20 AM PDT Rockrose Development landed a $348 million refinancing for Hayden, its Long Island City apartment complex at 43-25 Hunter Street. The lender is the New York State Housing Finance Agency, which has a servicing agreement with Wells Fargo, New York City Department of Finance records show. The loan replaces a $270 million loan from 2015. The developer has said the project is Rockrose’s largest 80/20 property outside of Manhattan. The 974-unit multifamily development includes a 14-story […] |
Consumer protection bureau shifts gears on policing Zillow’s co-marketing schemes Posted: 06 Jul 2018 09:00 AM PDT In a move with potentially significant implications for consumers, realty agents and lenders, the Trump administration has decided not to take legal action against online realty giant Zillow for alleged violations of federal anti-kickback and deceptive-practices rules. The decision represents a departure from the direction the Consumer Financial Protection Bureau appeared to be headed under its previous director, Richard Cordray, an Obama appointee who resigned last November to run for governor of Ohio. Mick Mulvaney, […] |
Trump no longer eligible for tax abatement on his NYC condo Posted: 06 Jul 2018 08:15 AM PDT Because of his move to 1600 Pennsylvania Avenue, President Trump is no longer eligible for the tax break he was poised to receive on his Trump Tower condo. Because the president no longer resides in the apartment, the abatement was removed from his tax records for the new tax year, the New York Daily News reported. Records indicated he was set to save $48,834.62 for the year beginning July 1, the report said. “We have […] |
Silverstein lines up $800M Deutsche loan for ABC complex buy Posted: 06 Jul 2018 07:31 AM PDT Silverstein Properties has lined up financing for one of the largest investment-sales deals of the year. Deutsche Bank is providing about $800 million in financing toward the developer’s $1 billion purchase of the massive American Broadcasting Company headquarters on the Upper West Side, which is expected to close next week, sources told The Real Deal. The deal is closing at a time when ABC’s parent company, Disney, is in the middle of a monster acquisition […] |
After Sandy, buildings flood city’s most vulnerable neighborhoods Posted: 06 Jul 2018 07:01 AM PDT Despite the lessons of Hurricane Sandy, developers continue to build in the city’s most flood-prone areas. About 12,350 of new apartments under construction or planned as of January are located within the city’s most serious flood zones, according to Localize.city. A majority of these projects — 45 — are located in southern Brooklyn in Coney Island, Brighton Beach and Gravesend, the New York Times reported. Hunters Point in Queens, which is located in a high-risk […] |
The top 10 NYC retail leases in June Posted: 06 Jul 2018 06:00 AM PDT June’s top 10 retail leasing deals more than doubled May’s in terms of square footage. The 10 biggest retail lease deals signed last month totaled 516,800 square feet, up about 352,000 square feet from May’s total of 165,000 square feet. The largest retail lease in May was inked in the Plaza District. 1) Toyota, 660 12th Avenue, Clinton – 300,000 square feet The car dealership renewed its lease on 300,000 square feet of space at […] |
In cooling markets, bump clauses are becoming a popular tool for agents Posted: 06 Jul 2018 05:15 AM PDT As some markets in New York and elsewhere around the country cool off, a new contract clause that allows a home seller to continue fishing for offers while in contract is gaining in popularity. The bump clause allows those sellers to “bump” an existing offer in favor of a better one should it come up, giving sellers more peace of mind, according to the Wall Street Journal. It can also be advantageous for buyers. The […] |
By the numbers: The state of the (construction) union Posted: 06 Jul 2018 04:30 AM PDT To hire union or to go open shop, that is the question — at least for many developers. While that has long been a loaded question, it’s never been more fraught with political ramifications and controversy than it is now. With razor-thin margins in a market marked by softness and uncertainty, nonunion and open shops (those that employ both union and nonunion workers) seem to be eating up market share from union hardhats. And the escalating […] |
Manhattan office leasing edges ahead at year’s midway point Posted: 06 Jul 2018 04:00 AM PDT Manhattan office leasing at the midway point of 2018 is slightly ahead of where it was this time last year. Through the first six months of the year, Manhattan recorded 17.92 million square feet of new leases and renewals, according to Colliers International. That was 1 percent above the first-half total for 2017, and 1.5 percent above Manhattan’s five-year average. David Amsterdam, president of investments and leasing for Colliers’ Eastern region, said consistent job creation […] |
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