The Real Deal - New York Real Estate News

CoStar nearly doubles income in Q2

Posted: 24 Jul 2018 03:43 PM PDT

CoStar Group saw net income nearly double year-over-year, earning $44 million in the second quarter. That’s up from just over $22 million a year ago, the company said Tuesday in an earnings report. The Washington D.C.-based real estate data firm has seen year-over-year increases since the third quarter of 2014. The profit hike coincided with rising revenue. During the quarter, the data giant’s gross revenue grew by 25 percent to $297 million. That figure was […]

Animation shop drawn to Industry City

Posted: 24 Jul 2018 02:00 PM PDT

Buck, a production company that specializes in animation, signed a lease for 30,000 square feet at Industry City. The company is taking 15,000 square feet on each of the fifth and sixth floors at Building 5 in the Sunset Park complex, Crain’s reported. Asking rents range from the high $30s to the low $40s per square foot, and Buck’s lease is for a term of 10 years. The company will be relocating from its location […]

Developers still see a bargain in Jersey City

Posted: 24 Jul 2018 01:30 PM PDT

The Jersey City boom is booming on, but even this real estate success story isn’t immune to a bit of presidential controversy. One of its biggest developers, Kushner Companies, is in the midst of a legal battle over One Journal Square, a proposed project that would bring more than 1,500 apartments to the city as well as 200,000 square feet of retail and commercial space. Kushner Companies is one of the principal investors in the […]

Penthouse at Tadao Ando’s 152 Elizabeth sells for $30M

Posted: 24 Jul 2018 01:03 PM PDT

The penthouse at the Tadao Ando-designed 152 Elizabeth Street has sold for $29.95 million — though it remains somewhat unclear who the buyer is. Matt Cohler, a partner at Silicon Valley venture capital firm Benchmark Capital, went into contract for the unit last November. The asking price for the four-bedroom apartment was $35 million. However, property records show the penthouse was sold to an anonymous Delaware company called Elizabethan LLC, which is under the care […]

Co-working space has tripled in Chicago in 4 years: report

Posted: 24 Jul 2018 12:30 PM PDT

Chicago’s co-working market has tripled in the last four years, adding some 1.8 million square feet of shared office space Downtown and on the Near North Side. Totalling less than 800,000 square feet at the start of 2014, the city’s co-working market now has 99 locations that occupy nearly 2.6 million square feet, according to a new report by Colliers International. Co-working space now makes up 1.8 percent of the central business district’s office space, […]

Knotel inks lease for largest location in Soho to date

Posted: 24 Jul 2018 12:00 PM PDT

Knotel sealed a deal for its largest location in Soho to date. The flexible-office company led by co-founder Amol Sarva signed a lease to take 49,000 square feet at 530-536 Broadway, sources told The Real Deal. The location marks the fast-growing company’s seventh outpost in the neighborhood, where earlier this year it signed a lease just a few steps away at 584 Broadway. The 530-536 Broadway space had an asking rent around $75 per square […]

New office space nationwide could drop sharply in 2019

Posted: 24 Jul 2018 11:30 AM PDT

The amount of new office space hitting the market nationwide could dip by as 20 percent next year, a combination of rising costs, concerns over the end of the cycle and tightening zoning restrictions. The amount of new office deliveries is expected to total 68.4 million square feet by the end of this year, and about 54.7 million square feet in all of 2019, according to Cushman & Wakefield. National Real Estate Investor first reported […]

Sherwood expands new debt platform with Yoel Goldman loan

Posted: 24 Jul 2018 11:00 AM PDT

Yoel Goldman’s All Year Management secured a $46 million financing package for a development site at 313-331 Bond Street from Centennial Bank and Sherwood Equities. Centennial is providing a $30 million senior loan and Sherwood is chipping in a $16 million mezzanine loan. The mortgage marks the second Gowanus deal for Sherwood’s new mezzanine lending platform within the past six months. In February, it partnered with CIT Bank on a $38 million package to finance […]

USAA refinances Hell’s Kitchen rental building that it put up for sale

Posted: 24 Jul 2018 10:45 AM PDT

USAA Real Estate Co., DHA Capital and Patrinely Group have landed a $168.5 million loan for their multifamily rental building at 535 West 43rd Street. The loan comes from Pacific Coast Capital Partners, according to Commercial Observer. It replaces and consolidates debt on the property provided in 2014 by Helaba. The building between 10th and 11th avenues stands 14 stories tall and spans 265,000 square feet, and it was completed two years ago. It contains […]

Here are the details on Largo’s development in Williamsburg

Posted: 24 Jul 2018 10:00 AM PDT

Largo Investments is looking to build a 64,700-square-foot residential and office building in Williamsburg. The company filed permits for a six-story property at 215 North 10th Street, between Driggs Avenue and Roebling Street. The planned structure, which will be built just a few blocks from McCarren Park, is expected to have 32,800 square feet of residential space divided between 30 apartments. The property will also contain 32,000 square feet of commercial space, with offices located […]

Former Facebook director leases space at 2 Gansevoort for tech startup

Posted: 24 Jul 2018 09:30 AM PDT

A former Facebook director is moving his tech startup focused on artificial intelligence to 2 Gansevoort Street. Serkan Piantino, co-founder of Facebook’s artificial intelligence research team and the former founder of its New York office, signed a 3,604-square-foot lease for his company Spell at the landmarked office building, according to the William Kaufman Organization, which has owned the property since 1948. Asking rents were $95 per square foot. Spell, which focuses on developing artificial intelligence […]

Reffkin hints at how much Compass pays to acquire other brokerages

Posted: 24 Jul 2018 09:00 AM PDT

When acquiring other brokerages, Compass pays between four and six times those firm’s annual pre-tax earnings, according to CEO and founder Robert Reffkin. The company, which has scooped up four brokerages since January 2016 and is valued at $2.2 billion, pays in that range (before interest, taxes, depreciation and amortization) depending on the size of the business, Reffkin told Inman. Though it’s not clear exactly how much the brokerage has paid for its acquisitions, the […]

Here’s why it’s tough to flee high-tax states

Posted: 24 Jul 2018 08:30 AM PDT

People trying to flee steep taxes may find themselves stuck. High-tax states like New York make it difficult to leave, using aggressive methods to see whether people have really severed ties with their former homes, Bloomberg reported. In New York, the Department of Taxation can issue subpoenas to go through credit card statements and bank records. It may even send auditors to confirm appointments or interview doormen, the report said. Additionally, former New Yorkers who […]

Mixed-use residential building planned for Rego Park

Posted: 24 Jul 2018 08:00 AM PDT

A new 23-story, residential mixed-use project may soon rise in Rego Park. Avi Matatov pre-filed plans for 98-04 Queens Boulevard, calling for 116 apartments across nearly 137,000 square feet, Yimby reported. Another 25,000 square feet on the ground floor will be dedicated to retail while about 30,000 square feet will be set aside for a community facility. The building will also feature a 411-car garage. SLCE Architects is the architect of record. Matatov, who runs […]

What we know about the Miami Beach building collapse and the firms involved

Posted: 24 Jul 2018 07:30 AM PDT

The start of what was supposed to be a “flagship project” for a Brazilian billionaire developer suffered a major setback on Monday after the building being demolished unexpectedly collapsed, sending a project manager to the hospital and shutting down a large portion of Collins Avenue in Miami Beach. A pile of rubble was all that was left of the former Marlborough House as firefighters and police officers rushed to the scene a little after 10 […]

Citigroup downsizing will leave big void at One Court Square

Posted: 24 Jul 2018 07:00 AM PDT

Citigroup is planning to shrink its space at Savanna’s One Court Square — opening up 1 million square feet at the Long Island City tower. Citigroup will now only occupy 400,000 square feet at the 1.5 million-square-foot tower, marking one of the largest single address departures in the city in recent memory, the New York Post reported. The bank has been consolidating its office space, most recently shedding 350,000 square feet at 399 Park Avenue. […]

Bleeding talent: A look at Cushman’s top departures in the first half of 2018

Posted: 24 Jul 2018 06:30 AM PDT

The pre-IPO brain drain at Cushman & Wakefield is no secret. But it’s also become increasingly clear that some of the company’s resources have been sacrificed to get to this point. In recent months, the brokerage has laid off a number of support staffers, including some who prepare marketing and presentation materials for brokers. The firm also implemented a new policy restricting the reimbursement of travel expenses for brokers — a move that has not […]

Financial marketing firm inks 10-year lease at Fisher Brothers’ 605 Third Avenue

Posted: 24 Jul 2018 06:00 AM PDT

A subsidiary of Minnesota-based business services firm Deluxe Corporation plans to take the full 37th floor of Fisher Brothers’ 605 Third Avenue. FMCG Direct, a financial services marketing firm, just inked a 10-year lease for 21,229 square feet at the Midtown East tower, Commercial Observer reported. The company is expected to leave its current digs at Vornado Realty Trust’s 90 Park Avenue in the first quarter of 2019. Terms of the deal weren’t immediately clear […]

Former top Brookfield exec joins Columbia Property Trust

Posted: 24 Jul 2018 05:30 AM PDT

David Cheikin, the former head of Brookfield Property Partners’ New York and Boston offices, is joining Columbia Property Trust. The real estate investment trust named Cheikin vice president of strategic real estate initiatives in its New York office. In his new position, Cheikin will oversee Columbia’s national real estate portfolio, focusing directly on its properties in New York, Washington D.C. and Boston. Cheikin left Brookfield in March, after nearly 16 years with the company, Commercial […]

Sam Chang scores $38M for latest Midtown hotel project

Posted: 24 Jul 2018 05:00 AM PDT

Madison Realty Capital has loaned Sam Chang’s McSam Hotel Group $38 million for his Midtown project at 525 Eighth Avenue. Chang is building a 28-story building on the site that will span 106,827 square feet and include a 320-key Radisson hotel. He will use the loan to finalize construction on the building, according to the lender. Workers have already completed 20 stories of the building, and it should be finished within the year. Chang bought the […]

Development site sales shoot up by more than 100% in Northern Manhattan

Posted: 24 Jul 2018 04:00 AM PDT

Northern Manhattan had a solid first half of 2018, particularly when it came to development site sales. The section of the borough above East 96th and West 110th Streets saw $164 million worth of development site sales during the first six months of the year, according to a new report from Ariel Property Advisors. This was a 106 percent increase from the second half of 2017 and a 58 percent increase from the first half […]