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The Real Deal - New York Real Estate News |
| De Blasio considering shift toward 100% market-rate development on NYCHA land Posted: 08 Aug 2018 03:00 PM PDT Mayor Bill de Blasio is considering a shift in his administration’s housing policy toward 100-percent market-rate buildings on unused land owned by the cash-strapped New York City Housing Authority. So far, the mayor has been reluctant to allow such developments on NYCHA-owned land for fear that the policy would look too much like privatization. But sources said that given the challenges faced by the housing authority, the mayor is now considering opening the doors for […] |
| Why did Zillow’s stock fall 15% in a day? Posted: 08 Aug 2018 02:37 PM PDT On Tuesday, Zillow Group had a terrible, horrible, no good, very bad day. After lowering its 2018 revenue projection, the Seattle-based listings giant watched its stock plunge around 15 percent. Nearly a dozen Wall Street analysts cut their price targets, and investors sold 18.7 million shares, compared to 3.7 million one day earlier. CEO Spencer Rascoff went on Bloomberg TV and CNBC to defend his strategy to transform Zillow from a listings marketplace into an […] |
| Posted: 08 Aug 2018 02:30 PM PDT Why Westchester homes are getting battered by “dramatic price reductions” An increasing number of Westchester residents are trying to sell their homes to avoid high property taxes, and at the same time, the market is seeing significant price chops, particularly on homes priced between $1.5 and $3 million, Bloomberg reported. Inventory at the end of June was up 5 percent from last year and the first half of the year saw price dips in areas […] |
| LA landlord sues property management for leasing to illegal pot growers Posted: 08 Aug 2018 01:42 PM PDT The owner of a large industrial property in Van Nuys has filed a lawsuit against its property management for allegedly defrauding the landlord and leasing the site to illegal marijuana cultivators. In the lawsuit filed in Superior Court on July 6, Kornland Building claims Kape Property Management and their unlicensed contractor, Francisco Beltran, routinely overbilled the firm for construction and maintenance fixes, later using the extra cash for their “personal piggy bank.” Kape also allegedly […] |
| CRE scorecard: Midtown South’s average asking rent eclipses Midtown again Posted: 08 Aug 2018 12:30 PM PDT |
| Posted: 08 Aug 2018 12:00 PM PDT The online database PropertyShark, founded in 2002, has long been a go-to source for New York City real estate investors looking for information about properties. The company’s founder Matthew Haines sat down with The Real Deal‘s Konrad Putzier to talk about its early days, the firm’s sale to Yardi, new competition from data companies like Reonomy and his decision to move to Romania. “The good programmers wanted to work for Goldman Sachs so I […] |
| Luxury retailer Loro Piana to open new shop in Meatpacking District Posted: 08 Aug 2018 11:18 AM PDT The luxury goods store Loro Piana is heading to the Meatpacking District, according to sources familiar with the deal. Loro Piana has leased 3,000 square feet at 3 Ninth Avenue by Gansevoort Street, right by 46-48 Gansevoort Street, where high-end handbag purveyor Hermès inked a 10,000-square-foot lease last year. The store will be split between 1,700 square feet on the ground level and 1,300 square feet on the lower level. One source familiar with the […] |
| Macerich partners with Industrious to bring co-working into malls Posted: 08 Aug 2018 10:30 AM PDT Mall owner Macerich announced a partnership with co-working company Industrious to turn unused retail space into flexible offices. The first Industrious-managed co-working space inside a Macerich mall is set to open in Scottsdale, Arizona, in January 2019. “We feel very confident that integrating co-working into retail will be a slam dunk in urban areas,” Industrious’ CEO Jamie Hodari told CNBC, adding that he expects retailers to rent mall-based office space as well. Macerich is an […] |
| Starwood expands outside real estate with GE energy finance acquisition Posted: 08 Aug 2018 10:00 AM PDT Starwood Property Trust plans to buy a GE energy-finance business for $2.56 billion, part of the firm’s plan to diversify outside its massive real estate holdings that include hotels, resorts and apartments. The Miami-based real estate investment trust is an affiliate of Starwood Capital. The latest purchase includes a portfolio of $400 million in unfunded loan commitments and 51 senior loans secured by energy infrastructure assets, according to a press release. Barry Sternlicht, chairman and […] |
| Compass’ head of communications is leaving the firm Posted: 08 Aug 2018 09:30 AM PDT Julie Binder — Compass‘ head of communications and a member of its leadership team — is leaving the company this month. Sources said the decision was mutual, and that Binder planned to return to brand consulting, which she did early in her career. At Compass, which she joined in January 2017, Binder was charged with building up a communications team during a period of rapid growth, fueled in part by SoftBank‘s $450 million investment in […] |
| Tribeca Associates secures $105M loan for FiDi Moxy Hotel Posted: 08 Aug 2018 09:00 AM PDT Tribeca Associates landed a $105 million for a newly completed Moxy Hotel in the Financial District. The property, at 143 Fulton Street between Broadway and Nassau Street, is a 30-story tower with 298 rooms. SLCE Architects designed the new 364-foot-tall, 129,000-square-foot structure. The bottom two floors, which face Fulton Street, have been earmarked for retail. The third floor, meanwhile, will contain a bar. Tribeca completed construction on the site earlier this month. The new mortgage […] |
| Posted: 08 Aug 2018 08:19 AM PDT The architect behind 53 West 53rd wanted the tower to be synonymous with New York City, to be a building that couldn’t easily be slipped into another skyline. “A worldwide catastrophe today is the number of buildings that are parachuted because they were preconceived. Offices, housing, shopping malls all look the same,” Jean Nouvel told The Real Deal, translated from French. “If you travel around the world you won’t know where you are because buildings […] |
| Meet Trump attorney Michael Cohen’s nemesis: Uber Posted: 08 Aug 2018 07:47 AM PDT Michael Cohen is President Trump’s premier fixer. The personal attorney to the president is also a successful real estate investor in his own right, with a property portfolio of several luxury condos and a tony rental building on the Upper East Side. But much of his wealth is tied up in New York City taxi medallions, and those have plummeted in value since the rise of Uber and Lyft, likely wiping out a chunk of […] |
| Newark to offer $1B in tax breaks to land Amazon’s HQ2 Posted: 08 Aug 2018 07:14 AM PDT New Jersey is upping the ante in its bid to lure Amazon.com’s second headquarters to the state’s largest city. Newark is considering offering as much as $1 billion in tax breaks to any company that creates 30,000 jobs and invests $3 billion in the city over the next 20 years, Bloomberg reported. The proposal, which is expected to be voted on at Wednesday’s City Council meeting, is part of the $7 billion package the state […] |
| HGTV has big plans for the “Brady Bunch” house in Studio City Posted: 08 Aug 2018 06:30 AM PDT The “Brady Bunch” house may just stay in syndication forever—if Discovery execs have their way. Discovery, which owns cable network HGTV, was the winner in a bidding war to buy the iconic “Brady Bunch” home in Studio City. Discovery CEO David Zaslav shared the news this morning on an earnings call with Wall Street analysts, according to the L.A. Times. Discovery beat out “Brady Bunch” hopeful Lance Bass. The ‘N Sync singer waved “bye, bye, […] |
| Re/Max the latest resi brokerage to launch tech platform Posted: 08 Aug 2018 06:10 AM PDT National franchise brokerage Re/Max is stepping up its tech game by launching a new online platform. During the company’s second quarter earnings call, CEO Adam Contos announced that Denver-based booj — a startup Re/Max acquired in February that stands for “be original or be jealous” — will build a tech platform for the brokerage, Inman reported. Specific details on the new tool are sparse, but Contos said it will include “CRM [customer relationship management software], […] |
| Law firm inks 12-year lease at Westbrook’s 444 Madison Avenue Posted: 08 Aug 2018 05:38 AM PDT Law firm Schwartz Sladkus Reich Greenberg Atlas is moving to Westbrook Partners‘ 444 Madison Avenue. The firm is leaving its digs at 270 Madison Avenue, where it’s currently leasing 22,000 square feet, the New York Post reported. In a new 12-year lease, SSRGA will take part of the fifth floor and the entire sixth floor of the Westbrook tower. The deal expands its office space to 33,115 square feet. Asking rents were about $60 […] |
| Simons Foundation to pay $1,500 psf to acquire office portion of 160 Fifth Avenue Posted: 08 Aug 2018 05:00 AM PDT A mathematics and science research foundation plans to buy the office portion of RFR Holdings‘ 160 Fifth Avenue for roughly $185 million. The Simons Foundation is purchasing the 150,000-square-foot space in the Flatiron District building, paying $1,500 per square foot, the New York Post reported. RFR, led by Aby Rosen and Michael Fuch, will maintain control of the building’s retail portion, which includes tenants Club Monaco and Toby’s Estate Coffee. Simons already leases about 76,000 […] |
| The free agency frenzy: Brokers are jumping ship at rapid rates — and realigning CRE in the process Posted: 08 Aug 2018 04:30 AM PDT July marked the start of free agency in the National Basketball Association, when some of the biggest names in the league test the market to see how much of a payday they can get by switching teams. For New York’s commercial real estate brokers, though, free agency happens year-round. And as the market has stumbled along and major firms have faced internal turmoil, 2018 has shaped up to be a year like no other for […] |
| Marcus & Millichap branch exec hit with sexual harassment suit Posted: 08 Aug 2018 04:00 AM PDT A former employee at Marcus & Millichap has filed a complaint against the commercial brokerage and one of its executives, alleging she was sexually harassed and then fired for complaining. In a lawsuit filed on July 17 in Los Angeles Superior Court, Adina Hemley Talkov claims she was repeatedly propositioned for sex by Kevin Boeve, a senior vice president at the company’s office in Ontario, Calif. When she turned him down, he would allegedly punish […] |
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