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The Real Deal - New York Real Estate News |
Rafael Viñoly signs lease for new HQ at 375 Pearl Posted: 09 Jul 2018 03:00 PM PDT Rafael Viñoly Architects signed a 20-year lease in the Financial District for its new headquarters. The architecture firm will move to the 36,550-square-foot space at 375 Pearl Street in mid-2019, Sabey Data Center Properties said in a statement Monday. Rafael Viñoly Architects plans to build out the 31st floor with a mezzanine and 500-square-foot outdoor terrace, according to the statement. The firm is relocating from 50 Vandam Street, where it was headquartered for 28 years. […] |
Compass acquires San Francisco resi brokerage that did $2.3B in sales Posted: 09 Jul 2018 02:40 PM PDT Compass is forging ahead with its national expansion by acquiring Paragon, a 225-agent firm in San Francisco that closed $2.3 billion in sales last year. The deal, announced Monday, will boost Compass’ ranks to 500 agents in the Bay Area, two years after it launched there, making it the top agency in San Francisco by sales volume and market share, Compass said. The purchase will better position the New York-based firm in a market where […] |
Disney picks up massive Hudson Square site for $650M Posted: 09 Jul 2018 01:33 PM PDT At the same time that it’s selling its longtime Upper West Side headquarters, the Walt Disney Company picked up a massive development site at 4 Hudson Square for $650 million. Disney acquired the rights to develop the Trinity Church Real Estate-owned site, which offers 1.2 million buildable square feet, for 99 years, the corporation announced Monday. The sale of the Disney subsidiary American Broadcasting Company’s Upper West Side campus for north of $1 billion to […] |
Scorecard: Midtown office leasing fell from three-year high Posted: 09 Jul 2018 12:50 PM PDT |
FDNY: Blaze at Chetrit Group’s Red Hook warehouse was set intentionally Posted: 09 Jul 2018 12:20 PM PDT A fire that ripped through a Red Hook warehouse owned by the Chetrit Group and Crown Acquisitions was no accident, according to city officials. The blaze gutted 595-611 Smith Street on June 14 — just a few weeks after residents began pushing for the structure to be landmarked. The New York City Fire Department deemed last week that the fire was set intentionally, Crain’s reported. Chetrit and Crown bought the property, known as S.W. Bowne […] |
Long Island Cheat Sheet: Berkshire Hathaway enters LI market with Laffey International deal … & more Posted: 09 Jul 2018 11:20 AM PDT Berkshire Hathaway lands on Long Island with Laffey International deal Laffey Fine Homes International, based in Greenvale, will join Berkshire Hathaway franchise network founded and run by Warren Buffett. The new Long Island franchise is the California-based Berkshire Hathaway’s first foray into the Long Island market, Long Island Business News reported. The local company, which currently has locations in Glen Cove, Williston Park and Woodbury in addition to Greenvale, will become Berkshire Hathaway HomeServices Laffey International Realty. […] |
Here’s what the $10M-$20M NYC investment sales market looked like last week Posted: 09 Jul 2018 10:50 AM PDT 1.) Jorge Madruga’s Maddd Equities sold a three-story commercial building in Flatbush for $10.2 million. The 18,000-square-foot property, at 1034 Flatbush Avenue between Regent Place and Beverly Road, is home to a Taco Bell. The buyer appears to be multifamily landlord Renaissance Realty Group, which is financing the acquisition with a $6.6 million loan from Sterling National Bank. 2.) Marist College bought a full-floor commercial condominium at 420 Fifth Avenue for $18.4 million. The building […] |
Posted: 09 Jul 2018 10:20 AM PDT Mergers and acquisitions aren’t just about growth. For some firms, they are the final lifeline. And without that lifeline, the company goes under. Such was the case with Town Residential and Eastern Consolidated, which spent a combined 45 years brokering deals in New York. In the span of just two months in 2018, both shops pulled the plug. This spring, Town CEO Andrew Heiberger shopped the eight-year-old firm to former rivals. Related: Real estate’s new […] |
Bill allowing some Airbnb activity fails to get City Council support Posted: 09 Jul 2018 09:55 AM PDT A compromise bill that would legalize some Airbnb activity is facing an uphill battle with the City Council. Council Member Robert Cornegy’s bill has only his own signature so far, Politico reported. Among the 10 members of the Housing and Buildings Committee, only one has expressed support. Cornegy, an Airbnb ally who chairs the committee, said his colleagues assured him privately that they support the legislation. The bill would exempt one- and two-family homes from […] |
Vital Climbing Gym taking an entire warehouse in Brooklyn Posted: 09 Jul 2018 09:14 AM PDT Vital Climbing Gym, a California fitness chain, is carabining onto the East Coast with a deal for an entire Brooklyn warehouse. The San Diego-based company signed a 15-year triple-net lease for a 31,000-square-foot industrial property at Cayuga Capital Management’s 1 Nassau Avenue, located at the Williamsburg-Greenpoint border, the firm told The Real Deal. Vital plans to build out the total space to as much as 46,000 square feet, utilizing the rooftop and ground-floor outdoor space. […] |
Here are the week’s top luxury sales Posted: 09 Jul 2018 08:30 AM PDT Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. |
The Real Deal’s annual Miami Showcase and Forum is coming this October Posted: 09 Jul 2018 08:00 AM PDT The Real Deal’s fifth annual South Florida Real Estate Showcase and Forum is shaping up to once again be the biggest industry event in the region. Mark your calendars for Thursday, October 25 and join us at our new location at Mana Wynwood for a full day of programming, networking and viewing the latest real estate projects and products. Click here to buy tickets Our 2017 event featured a roster of key players in the […] |
PRC, Camber land $55M for affordable housing project in the Bronx Posted: 09 Jul 2018 07:30 AM PDT Property Resources Corp. and Camber Property Group landed nearly $60 million to finance a 161-unit affordable housing development in the Bronx. The developers received $40 million in subsidies and tax-exempt bonds from the city’s Department of Housing Preservation and Development and the Housing Development Corporation for a project at 975 Tiffany Avenue. The joint venture secured $15 million in federal Low Income Housing Tax Credit equity and is throwing in another $5 million of its […] |
Posted: 09 Jul 2018 07:01 AM PDT When President Donald Trump announced in June that the United States would pull out of the Paris climate accord, New York developer Jonathan Rose sensed that something more than an environmental safety net was at stake. He saw retreating dollar signs. “Bottom line is, these are major economic opportunities,” he said, referring to technologies that promote energy efficiency, such as electric cars and solar energy. “We just ceded them to China.” Nearly 200 nations, including […] |
Brooklyn’s luxe resi market recorded 16 contracts last week: Stribling Posted: 09 Jul 2018 06:46 AM PDT Brooklyn’s luxury residential market notched 16 contracts at $2 million and above last week, according to Stribling & Associates’ weekly market report. A townhouse at 177 Warren Street in Cobble Hill recorded the week’s priciest deal with an asking price of $5.95 million. That’s a 14 percent reduction from the asking price of $6.89 million the home had when it hit the market in April, according to StreetEasy. Triumph Property Group has the listing. The […] |
REBNY, BOMA urge city to toss plan for commercial-trash zones Posted: 09 Jul 2018 06:31 AM PDT The Real Estate Board of New York and the Building Owners & Managers Association are among a handful of groups urging the city’s Department of Sanitation to ditch its plan for commercial-waste pickup zones. REBNY and BOMA, along with other business and labor groups such as the New York State Restaurant Association, sent Mayor Bill de Blasio and DSNY Commissioner Kathryn Garcia a letter last week saying the city’s plan for zoned franchises is “severely […] |
Manhattan’s luxe market remained steady during July 4th holiday week: Olshan Posted: 09 Jul 2018 05:43 AM PDT Manhattan’s luxury residential market remained active during the July 4th holiday week, with 20 contracts signed at $4 million and above, according to Olshan Realty’s weekly luxury market report. Co-op unit 14C at 888 Park Avenue laid claimed the week’s priciest deal, with an asking price of $14 million. The 10-room apartment hit the market in February, and needs to be renovated. The Victor Group and Lendlease Development’s NoMad condominium building at 277 Fifth Avenue […] |
Wall Street has more money than ever to buy single-family rentals Posted: 09 Jul 2018 05:22 AM PDT Investors are raising billions of dollars from bond buyers, pension funds and even wealthy individuals for the single-family home rental market. “We’re seeing a wider variety of investors coming into this asset class: sovereign-wealth funds, insurance companies, hedge funds, pensions, asset managers,” Sandeep Bordia, head of research and analytics for Amherst Capital Management LLC, told the Wall Street Journal. Major investors last year bought more homes than in the previous year for the first time […] |
Merger mania: Real estate firms are buying each other up at record rates Posted: 09 Jul 2018 04:30 AM PDT The recent bidding war for LaSalle Hotel Properties has played out like a high-stakes poker match. The price tag for the real estate investment trust — which owns 41 U.S. hotels — shot up nearly $2 billion in just 12 weeks. Pebblebrook Hotel Trust made an unsolicited offer for the rival company in late March, valuing it at roughly $3 billion. But as other potential buyers jumped into the fray, Pebblebrook increased its bid four […] |
Not dancing yet: Title companies cautious as state prepares appeal Posted: 09 Jul 2018 04:00 AM PDT A state court judge just threw out regulations limiting how title insurance companies wine and dine their clients — but the industry isn’t popping open the champagne just yet. State Supreme Court Judge Eileen Rakower on Thursday ruled that anti-marketing regulations enacted earlier this year by the Department of Financial Services (DFS) went too far in prohibiting what amounted to “ordinary marketing and entertainment expenses.” She said DFS improperly used a state insurance law intended […] |
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