The Real Deal - New York Real Estate News

Carlyle Group signs on for 94K sf at One Vanderbilt

Posted: 31 Jul 2018 03:14 PM PDT

The Carlyle Group is the latest tenant set to move into One Vanderbilt once the officer tower opens in 2020. The global asset manager signed a 15-year lease for 94,000 square feet on floors 36 to 38, the company announced Tuesday. Landlord SL Green Realty said the building, which is bordered by Madison and Vanderbilt avenues, between East 43rd and 42nd street, is now 37 percent leased. Carlyle will join other international companies in the […]

Innovo planning investment in LIC industrial building

Posted: 31 Jul 2018 02:45 PM PDT

Andrew Chung’s Innovo Property Group is negotiating a new deal in Long Island City. The company is working towards an investment at 28-90 Review Avenue in the Queens neighborhood, according to Crain’s. It was unclear how much the company would pay for the site and whether it would be buying it outright or entering into a joint venture with the current owner, JBL Asset Management. The property can accommodate about 400,000 square feet of commercial development. CBRE […]

Fairstead lands $85M loan for Harlem housing complex

Posted: 31 Jul 2018 02:12 PM PDT

Fairstead Capital landed an $85 million loan for a massive apartment complex in Harlem. The lender is American General Life Insurance Company, according to records filed with the city on Tuesday. The company assumed a $48.5 million balance from a New York Community Bank loan originated in 2014 and provided a $36.5 million gap mortgage. The assemblage, with the address of 2802 Frederick Douglass Boulevard, is a collection of six buildings that runs along the […]

Hamptons Cheat Sheet: Waterfront Southampton compound’s price slashed to $29.9M … & more

Posted: 31 Jul 2018 02:00 PM PDT

Waterfront Southampton compound hacks pricetag down to $29.9M The historic Normandy House, which has been on and off the market since 2016 — when it was listed for $65 million — has again reduced its ask. Recently priced at $32.5 million, the home’s price has been cut down to $29.9 million, Curbed reported. The 8,000-square-foot home built in 1930 has nine bedrooms, eight-and-a-half bathrooms, a sunken tennis court, pool and guest cottage. The property also […]

Fotografiska expanding at Park Avenue South

Posted: 31 Jul 2018 01:30 PM PDT

It may not be open yet, but Swedish photography museum Fotografiska is already growing its footprint. Fotografiska, which signed a lease for the entirety of the landmarked Church Missions House at RFR Realty’s 281 Park Avenue South last year, is spreading out next door, to a 19th-century school building at 277 Park Avenue South and the basement of Calvary Church at 273 Park Avenue South. The school building, called the Renwick Gem Schoolhouse, is a […]

Real estate CLO issuance could top $20B this year: report

Posted: 31 Jul 2018 01:00 PM PDT

The issuance of Collateralized Loan Obligations backed by commercial real estate debt could top $20 billion this year, according to analysts. That would be the highest volume since the global financial crisis. CLOs are similar to commercial mortgage backed securities but tend to be made up of riskier mortgages like bridge loans with floating interest rates. They are the successors to the infamous Collateralized Debt Obligations, which helped almost bring down the global financial system […]

Isaac Hager sells Crown Heights development site for $40M

Posted: 31 Jul 2018 12:30 PM PDT

Isaac Hager’s Cornell Realty Management sold off a piece of its 565-unit Crown Heights development site to Carmel Partners for roughly $40 million, sources told The Real Deal. Carmel paid a little more than $40 million, sources said, for the vacant lot at 46 Crown Street, where the developer can build a 390-unit rental building if a controversial rezoning gets the green light. Representatives for Carmel Partners couldn’t be immediately reached for comment, and Hager […]

Florida Sen. Rubio wants to thwart real estate-targeted money laundering

Posted: 31 Jul 2018 12:00 PM PDT

Florida Republican Sen. Marco Rubio is seeking more transparency of shell companies’ purchases of U.S. real estate in an attempt to thwart money laundering. Rubio is proposing an amendment in an unrelated spending bill that would require shell companies across the country to disclose their owners for real estate purchases of more than $300,000 or more in cash, according to the Miami Herald. Currently, the law only targets certain areas of the country, but Rubio’s […]

Moshe Braver lands $110M refi for massive Bushwick project

Posted: 31 Jul 2018 11:30 AM PDT

Moshe Braver’s Bushwick Realty Holdings landed a $110 million mortgage to refinance its 200-plus apartment project in Bushwick. Benefit Street Partners Realty Trust is the lender. Eastern Union’s Ira Zlotowitz and Meir Kessner brokered the deal. As part of the development, Braver has so far completed three six-story buildings at 869-871 Bushwick Avenue in 2015. He is currently building a 56-apartment building at 889 Bushwick Avenue and a 168-apartment building at 340 Evergreen Avenue. Braver […]

Nationwide gains in home prices just half the story, report shows

Posted: 31 Jul 2018 11:00 AM PDT

The positive news for the economy is that housing prices throughout the U.S. remained strong in May, maintaining their steady growth. The CoreLogic Case-Shiller national home price index released Tuesday showed a 6.4 percent gain from the same period last year. That is similar to the growth recorded in April year over year. The less positive news: Higher home prices are affecting the pace of sales, which is slowing around the country. New home sales […]

Want an update on 220 Central Park South? Don’t hold your breath

Posted: 31 Jul 2018 10:30 AM PDT

It has now been two years, eight months and 28 days since Vornado Realty Trust deigned to update Wall Street on sales at 220 Central Park South. During an earnings call Tuesday, CEO Steve Roth didn’t even mention the 118-unit luxury condominium, where Vornado is offering a $250 million penthouse. Instead, he spent 58 minutes discussing signs of distress in the retail sector and plans for Vornado’s Penn Plaza redevelopment, among other things. According to […]

Zillow is letting renters apply and pay for apartments online

Posted: 31 Jul 2018 10:00 AM PDT

Zillow Group wants to be a one-stop shop for renters. The company released a new set of online tools allowing users to apply and pay for apartments, according to Inman. But StreetEasy, the company’s platform in New York, won’t have the features yet. Zillow will allow renters to pay $29 to submit an application multiple times. It will include an Experian credit report, eviction history and background check. The platform is available to property managers […]

Real estate investment startup Skyline AI raises $18M in Series A

Posted: 31 Jul 2018 09:30 AM PDT

Real estate investment tech startup Skyline AI raised $18 million in a Series A funding round, the company announced Tuesday. TLV Partners and Sequoia Capital, which previously invested in the startup’s $3 million seed round, led the latest round. JLL’s new real estate venture investment fund JLL Spark, NYCA Partners, Arbor Ventures and iAngels also invested. Tel Aviv-based Skyline AI, founded in 2017, uses machine learning technology to churn through property data and identify real […]

David Marx lands $125M loan from Moinian for Hudson Yards hotel

Posted: 31 Jul 2018 09:00 AM PDT

David Marx’s Marx Development Group has refinanced one of its Hudson Yards hotels with a $125 million loan from the Moinian Group, according to documents filed with the Tel Aviv Stock Exchange. The loan replaces a previous $90 million loan from Moinian, which expires today. The 29-story Courtyard by Marriott, located at the corner of West 34th Street and 10th Avenue, is scheduled to open in the winter of 2018, according to the report. Marx […]

Brookfield to acquire Forest City for $6.8B

Posted: 31 Jul 2018 08:15 AM PDT

After a false start, Brookfield Asset Management has agreed to buy Forest City Realty Trust for $6.8 billion. Brookfield will acquire the real estate investment trust for $25.35 per share in cash — 10 percent higher than share prices on Monday, Bloomberg reported. The deal is valued at $11.4 billion, including debt. Four months ago, Forest City announced that it wouldn’t pursue a sale after failed negotiations with two companies, including Brookfield. At the time, […]

Digital marketing firm inks lease at 1 WTC

Posted: 31 Jul 2018 08:00 AM PDT

A digital marketing firm is trading its Midtown digs for the 77th floor of One World Trade Center. Undertone inked a lease for 25,550 square feet in the office tower, the New York Post reported. The firm, based at 340 Madison Avenue, plans to move in January. President Michael Pallad told the Post that the company had considered offices in Hudson Yards, Midtown South and Midtown, but settled on Lower Manhattan because many of its […]

These were the biggest Q2 deals in the Bronx

Posted: 31 Jul 2018 07:30 AM PDT

Big sales were hard to come by in the Bronx during the second quarter of the year. The deal that grabbed the top spot—Bernard Miller Entities’ purchase of 3508 Kings College Place—was also the only deal throughout the second quarter in the borough to crack the $20 million mark, according to data from Real Capital Analytics. All of the other top 10 deals were less than $15 million, and half were less than $10 million. […]

The Agency set to launch in Miami

Posted: 31 Jul 2018 07:00 AM PDT

The Agency, a Los Angeles-based brokerage with more than 350 agents, is opening an outpost in Miami, The Real Deal has learned. Sources familiar with the deal said the luxe brokerage will open an office in the coastal city later this year, bringing its total number of offices up to 20. Mauricio Umansky, Billy Rose and Blair Chang founded the Beverly Hills-based firm in 2011. Since then, the company has been on an expansion tear, […]

Hotels take longer to build than other property types — soon it may take longer

Posted: 31 Jul 2018 06:30 AM PDT

Hotel construction experienced a remarkable boom in the mid-2010s, with ripple effects that are still felt to this day. As it turns out, building a new hotel is also a more time-consuming enterprise than building any other property type — at least according to the numbers. An analysis of construction times over the last 20 years by The Real Deal has found that the average hotel already takes nearly a year longer to complete than […]

SL Green files plans for resi tower in FiDi

Posted: 31 Jul 2018 06:00 AM PDT

UPDATED, 2:00 p.m. July 31: SL Green Realty plans to build a 35-story apartment building in the Financial District. The real estate investment trust pre-filed permits for 185 Broadway, calling for 279 apartments across 164,600 square feet, New York YIMBY reported. Another 37,240 square feet will be set aside for commercial use. Retail will occupy the cellar through second floors, and a health club will take up the third through fifth floors. FXCollaborative Architects is the […]

Isaac Kassirer selling four Bronx multifamily buildings for $25M

Posted: 31 Jul 2018 05:30 AM PDT

A group led by Isaac Kassirer has sold four multifamily buildings in the Bronx, according to sources familiar with the deal. The buildings are located in Hunts Point at 769 Bryant Avenue and in Belmont at 495 East 188th Street, 4585 Park Avenue and 4589 Park Avenue. Kassirer sold them for $24.65 million. The investor bought the buildings about two years ago for about $18.5 million in total, property records show. Dan Pollak of ZP […]

Here’s why Redfin and Purplebricks shares have been sliding

Posted: 31 Jul 2018 05:00 AM PDT

Investors have soured on Redfin and Purplebricks — at least for now. Shares of both discount brokerages have taken a dive this year, as the broader housing market has posed a challenge. Even as investors and analysts bet on the longer term prospects of the companies, enthusiasm has dimmed in the the current climate. Seattle-based Redfin has slid about 22 percent this year, though it remains above its $15 IPO price. But the main headwind […]

New York’s vertical problem: Why the city isn’t yet home to a “megatall”

Posted: 31 Jul 2018 04:30 AM PDT

If completed, the world’s tallest building would stand not in the center of a global capital, but in an empty, sprawling development plot in a Saudi Arabian port city. The Jeddah Tower is expected to rise 3,281 feet, usurping Dubai’s Burj Khalifa by more than 200 feet. It’s also intended to be the first piece of a massive, 57 million-square-foot megadevelopment — like a more remote and arid Hudson Yards, and more than double the […]

Meet Paul Manafort’s real estate fixer

Posted: 31 Jul 2018 04:00 AM PDT

Editor’s note: Paul Manafort’s federal trial begins Tuesday morning. Check out our August 2017 investigative feature that explores Manafort’s real estate deals and his fixer, Brad Zackson. TRD Special Report: In late July, around the time the FBI raided his Virginia home, former Trump campaign chair Paul Manafort was out making real estate deals. Manafort, who spent decades as a Washington power broker for oligarchs and dictators, was attending a meeting at the New York […]