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The Real Deal - New York Real Estate News |
Israel Englander’s hedge fund heading for the exits at 666 Fifth: report Posted: 13 Jul 2018 03:10 PM PDT Millennium Management, the investment vehicle of billionaire Israel Englander, is in talks to leave Kushner Companies’ 666 Fifth Avenue, where it currently leases 170,000 square feet of space, making it one of the skyscraper’s largest tenants. The New York Post reported the hedge fund is in advanced talks to move to Boston Properties’ 399 Park Avenue. Millennium’s departure could spell more bad news for Kushner Companies at the tower, where it has decided to abandon […] |
James Gandolfini’s former West Village pad sells for $6M Posted: 13 Jul 2018 03:00 PM PDT Late actor James Gandolfini’s former West Village condo sold for $6.2 million. Compass’ Stephen Ferrara and Clayton Orrigo had the listing, Mansion Global reported. The anonymous buyer is listed in property records as Jane 2GH LLC. The unit, at 99 Jane Street, hit the market last year, asking $7.5 million. Gandolfini — known for starring in “The Sopranos” — and his then-wife, Marcy Wudarski Gandolfini, purchased a unit in the building in 1999 for $850,000. […] |
Yolanda’s Little Black Book revealed as former Compass finance manager Posted: 13 Jul 2018 02:00 PM PDT James McClain, a recently laid-off finance manager at Compass, has been outed as the force behind the popular real estate blog, Yolanda’s Little Black Book. An investigation by the Los Angeles Times revealed the true identity behind the so-called “real estate yenta,” putting an end to years of mystery in the celebrity real estate world. But Compass, in the midst of a public relations nightmare, is not showing any remorse for its former employee of […] |
Day in the life of: Chris Kelly Posted: 13 Jul 2018 01:00 PM PDT Chris Kelly embraces the flexibility of co-working to the point where he doesn’t even have a designated desk, let alone a corner office. He co-founded Convene with a college buddy from Villanova University, Ryan Simonetti, in 2009. Over the last five years, the firm — which primarily provides landlords with serviced meeting and event spaces— has raised $119.2 million in venture funding and is expecting to score $150 million in a Series D round by […] |
The top NYC real estate events next week Posted: 13 Jul 2018 12:15 PM PDT There are going to be a couple of new real estate event coming to New York City next week. On July 17, the Goldbar Real Estate Team and the Reis NYC Team are hosting Evolution of the Real Estate Brokerage from 6 p.m. to 8:30 p.m. at Marbella Restaurant, 220-33 Northern Boulevard in Queens. Attend to hear panel discussions regarding the future of the brokerage in the ever-changing world of NYC real estate. On July […] |
The Viceroy Hotel is selling at a massive loss Posted: 13 Jul 2018 11:45 AM PDT New York REIT finally found a buyer for the Viceroy Hotel – at a sliver of the price it acquired the five-star Billionaires’ Row property for in 2013. Arden Group entered contract to acquire the 29-story, 240-key hotel at 120 West 57th Street for $41 million. When the deal closes in the third quarter, New York REIT will have liquidated its entire portfolio, except for a 50.1 percent stake in One Worldwide Plaza. Ark Partners […] |
Five Below to open first Manhattan location on Fifth Avenue Posted: 13 Jul 2018 11:15 AM PDT Discount retailer Five Below is opening its first Manhattan store in November at General Growth Properties’ 530 Fifth Avenue. The store will span about 10,800 square feet, larger than the average store’s size of about 8,000 square feet, according to CNBC. Five Below currently has about 600 stores and plans to open roughly 125 more during fiscal year 2018. The company hopes to capitalize on the closure of Toys “R” Us by taking a bigger […] |
Learning and earning: Hasidic Brooklyn’s real estate machers Posted: 13 Jul 2018 10:42 AM PDT On the day before Thanksgiving, Yoel Goldman phoned one of his go-to lenders with an urgent request. The Brooklyn developer, who heads All Year Management , wanted to score a construction loan for his Albee Square project by Monday, which gave him just one business day to make it happen. The lender, Gary Katz of Downtown Capital Partners, reminded him of Thanksgiving. But Goldman, who is from the Satmar sect of the Hasidic branch of […] |
Sterling Town Equities buys Boerum Hill property for $28M Posted: 13 Jul 2018 10:07 AM PDT Sterling Town Equities has purchased a two-story commercial building in Boerum Hill for $28 million. The company, run by Yossi Ariel, bought 542 Atlantic Avenue from a group of several Greek families who have owned the building since at least 2016, according to property records. It received a $15 million mortgage on the building from Israeli institution Bank Hapoalim. Ariel did not respond to a request for comment. His company also owns 1007 Atlantic Avenue […] |
Construction firm pleads guilty to manslaughter in worker’s death at site of FiDi condo project Posted: 13 Jul 2018 09:01 AM PDT A long-troubled concrete subcontractor pleaded guilty on Friday to charges related to the death of an employee at a Lower Manhattan condominium tower last year. SSC High Rise Construction pleaded guilty to second-degree manslaughter, stemming from the death of Juan Chonillo in September. Chonillo fell from the 29th floor of 161 Maiden Lane, an 80-unit condo tower being developed by Fortis Property Group. Officials said at the time that he was wearing a harness, but […] |
City used fair method to evaluate tenant displacement, judge rules Posted: 13 Jul 2018 08:30 AM PDT A judge ruled against a lawsuit on Thursday that aimed to block a pair of real estate projects based on the methodology the city used for determining tenant displacement. The ruling from Judge Carmen Victoria St. George will allow work at the Bedford-Union Armory in Crown Heights and work in the East Harlem rezoning area to move forward, according to Politico. The Legal Aid Society filed the suit last November, which argued that the city’s […] |
Only the tech-savvy survive: These are Northern NJ’s top resi brokerages Posted: 13 Jul 2018 08:00 AM PDT Staying ahead of the pack in real estate isn’t cheap these days, and the industry certainly isn’t for Luddites. Agents say a combo of ready cash and tech know-how is what it takes to stay on top in New Jersey’s residential market. “Ten years ago, when Zillow was new, it used to cost me $50 a month,” said Robert Northfield, who runs the Robert Northfield Real Estate Team at Keller Williams. “Now it costs me […] |
No exodus from California despite pressure from new fed tax plan: real estate pros Posted: 13 Jul 2018 07:30 AM PDT While homeowners in high-tax states like New York and New Jersey may be packing their bags to move to Florida and Texas, real estate professionals in California say they are not seeing an exodus spurred by changes to the federal tax code. But the new rules could have a “chilling effect” on asking prices for homes in the state, and lead many residents to decide to rent instead of own their homes, one private wealth […] |
Here’s what Joseph Betesh is paying his tenants in settlement Posted: 13 Jul 2018 07:00 AM PDT Tenants at 85 Bowery have reached an agreement to return to their building roughly six months after getting the boot. At least 75 residents of the Chinatown property were forced out in January after the Department of Buildings found that the staircases were unstable, according to The Lo-Down. Their return was delayed later when officials found that the building had additional structural issues and asbestos. The fight for tenants to return has been ugly, including […] |
Wendy Silverstein is planning to join WeWork: report Posted: 13 Jul 2018 06:30 AM PDT Wendy Silverstein is in talks to take a senior position at WeWork, according to a new report. The CEO of New York REIT will leave her current company and step down from its board, Bloomberg reported. She would plan to take a high-level role at WeWork, although the specifics of her position have not been determined yet. New York REIT, which is in liquidation and selling its properties, recently announced it would sell New York’s […] |
Ray Yadidi lands $83M loan for Garment District purchase Posted: 13 Jul 2018 06:00 AM PDT Signature Bank and Mack Real Estate are loaning Ray Yadidi’s Sioni Group $82.5 million for its purchase of the DKNY headquarters at 240 West 40th Street. Signature Bank provided the company with a $62 million mortgage, while Mack Real Estate provided a mezzanine loan for $20.5 million, according to Commercial Observer. The Real Deal reported in April that Sioni Group was in contract to buy DKNY’s Midtown office from JPMorgan Chase, Jonathan Rose Companies and […] |
NKF broker accused of sexual harassment by fired administrative assistant Posted: 13 Jul 2018 05:30 AM PDT A former administrative assistant at Newmark Knight Frank says she was fired after complaining to the brokerage’s human resources department that vice chairman Merrill Roth repeatedly made sexually suggestive comments in the office, marking what is at least the second lawsuit filed against the company involving sexual harassment claims in the past year. Jeannie Holohan named the brokerage and Roth in the lawsuit, alleging that he made sexually suggestive comments and invaded her personal space. […] |
76ers co-owner to pay record price for downtown Manhattan penthouse Posted: 13 Jul 2018 05:10 AM PDT The Philadelphia 76ers may have lost out on the LeBron James sweepstakes, but team co-owner Michael Rubin will be able to perk himself up with a new $40 million-plus Manhattan penthouse. Rubin, who also owns the online sports merchandise retailer Fanatics, went into contract for the property at Ian Schrager’s 160 Leroy Street in October, and when the deal closes, it will be the most expensive home ever sold below 14th Street in Manhattan, according to the […] |
Overselling NYC: Two EB-5 pioneers are facing investor backlash Posted: 13 Jul 2018 04:30 AM PDT Michael Gibson, a Miami investment adviser, was hosting clients at his booth in the Las Vegas Convention Center when he became bothered by two men conducting their own business in his quarters. Gibson was at the 2009 American Immigration Lawyers Association annual conference to promote his advisory service for the EB-5 “cash-for-visa” program, and his booth was busy with developers and attorneys looking to fund real estate projects with cheap foreign capital. The two men […] |
WATCH: TRD pulls back the curtains on Cushman as the firm gears up for its IPO Posted: 13 Jul 2018 04:00 AM PDT For our July cover story, The Real Deal‘s Rich Bockmann and Mark Maurer went behind the scenes at Cushman & Wakefield, which filed a preliminary prospectus for its initial public offering last month. The leadup to the brokerage’s IPO has caused immense internal disorder and confusion, insiders told TRD. This could spell trouble for Cushman, which is banking on a successful Wall Street debut to help offload some of the $3B in debt TPG […] |
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