The Real Deal - New York Real Estate News

Here’s why a Compass-Pacific Union deal makes sense

Posted: 22 Aug 2018 03:15 PM PDT

On the night of Aug. 5, Pacific Union CEO Mark McLaughlin fired off an email to his top deputies. What followed were “highly confidential” instructions for conducting due diligence on a potential tie-up with Compass. “Lots to do — short window of time,” he wrote. On Tuesday, word of the bombshell deal leaked — catching both companies off guard and stunning those who have heard McLaughlin throw shade at Compass in the past. Despite McLaughlin’s […]

Massey’s B6 Real Estate Advisors hires familiar face to lead first Brooklyn team

Posted: 22 Aug 2018 02:30 PM PDT

Paul Massey’s B6 Real Estate Advisors hired a veteran of Massey Knakal Realty Services and Cushman & Wakefield to lead the new brokerage’s first team in Brooklyn. DJ Johnston is joining the company as a partner and senior managing director overseeing the neighborhoods of Bedford Stuyvesant, Bushwick, Crown Heights and Prospect Lefferts-Gardens, the firm told The Real Deal. Over the course of his career, Johnston brokered more than 200 deals valued at roughly $1 billion, […]

Mary Jo Eaton no longer global president at CBRE

Posted: 22 Aug 2018 02:00 PM PDT

Mary Jo Eaton, a global president of CBRE based in Miami, has left the position, sources told The Real Deal. A CBRE spokesperson said Eaton is no longer global president of asset services and valuation and advisory services, a position she held for about two years. The spokesperson said Eaton is now “just an executive” but said she did not know what that role entails. Eaton has worked for CBRE since 2011, and was previously […]

Shelter for teens to be replaced by 63-unit apartment complex

Posted: 22 Aug 2018 01:15 PM PDT

A supportive housing facility for teenagers may soon be replaced by an 11-story apartment building. Developer Joseph Banda filed permits to build a 63-unit property at 262 9th Street in Park Slope, near the corner of 4th Avenue and just a few blocks from Washington Park. The proposed structure’s footprint would be divided between 49,342 square feet of residential, 3,259 square feet of commercial space and 709 square feet for a community facility. Amenities would […]

TOMORROW at 2:30 p.m.: Talk dirty money with TRD’s editors & reporters

Posted: 22 Aug 2018 12:45 PM PDT

Tomorrow at 2:30 p.m., managing issue editor Damian Ghigliotty and reporters Will Parker and David Jeans will host a conference call with digital subscribers to discuss our recent story on the influx of dirty money into U.S. real estate. Ghigliotty, Parker and Jeans will discuss how the story took shape, their trip to DC to report it out, some of the challenges the subject presented and tidbits from their reporters’ notebooks that didn’t make it into […]

Westchester & Fairfield Cheat Sheet: Yonkers auctioning off a cul-de-sac and 17 other parcels … & more

Posted: 22 Aug 2018 12:00 PM PDT

Yonkers auctioning off a cul-de-sac and 17 other parcels Yonkers is auctioning off more than a dozen parcels that it doesn’t need, including a .9-acre cul-de-sac, LoHud reported. The 18 parcels will be auctioned off on Sept. 7, and some of them “are large enough for homes and apartment buildings,” according to the outlet. The largest parcel, called Morsemere Terrace, includes 15 lots and a cul-de-sac, and has a starting price of $50,000. Yonkers acquired […]

This pension fund is providing L&L with equity for its Terminal Stores buy

Posted: 22 Aug 2018 11:15 AM PDT

Part of the equity for Chelsea’s massive Terminal Stores deal will likely come from the California State Teachers’ Retirement System. The fund is expected to provide at least $100 million of equity for the purchase, according to Bloomberg. A unit of JPMorgan Chase is representing the fund, which will partner with L&L Holding Co. on the deal. L&L and Normandy Real Estate Partners bought Terminal Stores from GreenOak Real Estate for about $900 million earlier […]

Nonbanks eat up lending market share with 40% increase in loan origination

Posted: 22 Aug 2018 10:30 AM PDT

While banks struggle with financial regulations, non-conventional lenders are taking a bite out of market share. Nonbanks originated nearly $60 billion last year, a 40 percent increase from 2014, the Wall Street Journal reported, citing data from Green Street Advisors. Now, those lenders account for 10 percent of market share, up from 2 percent in 2014. Private equity firms, pension funds and government funds are delving into higher-risk lending including construction and bridge loans, while […]

E&M planning 70-unit project in Flatbush

Posted: 22 Aug 2018 09:55 AM PDT

The latest play from Irving Langer’s E&M Associates is a 70-unit mixed-use building in Flatbush. The company has pre-filed plans for the nine-story, 95-foot tall building at 1457 Flatbush Avenue with the city’s Department of Buildings. It will span roughly 59,000 square feet and include about 12,000 square feet of commercial space on the first two floors. The project will replace a two-story commercial building. Langer has owned the property since at least 1998. He said […]

Behind the complicated financing of One Vanderbilt

Posted: 22 Aug 2018 09:00 AM PDT

In the first quarter of 2018, Robert Schiffer, a managing director at SL Green Realty, will do something he’s never done before: fly to China to raise EB-5 financing — more than $200 million, to be exact. If it’s successful, the trip will mark the final leg in the New York real estate giant’s two-year effort to fund its 1,401-foot-tall Midtown office tower One Vanderbilt, which is scheduled for completion in 2020. With a projected […]

Rosenberg & Estis expands at 733 Third

Posted: 22 Aug 2018 08:16 AM PDT

Rosenberg & Estis is expanding to more than 50,000 square feet at the Durst Organization’s 733 Third Avenue. The real estate law firm renewed the space it occupies on the 12th and 14th floors of the building, and signed a new, 10-year lease for the entire 16,456-square-foot 15th floor, the New York Post reported. That brings the total footprint to 51,778 square feet. The law firm also has a 2,099-square-foot terrace. Rosenberg & Estis’ Michael […]

Fintech is coming for the title industry

Posted: 22 Aug 2018 07:35 AM PDT

The $15 billion title insurance industry has major innovation coming its way. A regulator in California announced on Tuesday that it had approved States Title Inc., a startup title insurer focused on tech, to operate in the state, according to Bloomberg. Dave Jones, the state’s insurance commissioner, said new technology and more competition would help lower costs for consumers. The industry has historically been dominated by four companies: Fidelity National, First American, Old Republic and […]

Keller Williams joins eXp Realty and Real in virtual brokerage game

Posted: 22 Aug 2018 06:45 AM PDT

UPDATED, Aug. 22, 11:43 a.m.: Keller Williams will join eXp Realty and Real in launching virtual brokerages in every U.S. state to connect brokers looking to expand outside of their own markets. The new virtual brokerage will be available in the company’s 166 expansion businesses, representing 509 locations and 3,433 real estate agents, according to an Inman report. The so-called expansion businesses are available for agents to expand across markets, including overseas. Over 40,000 transactions […]

A $500 psf home in New York? Here’s where to find it

Posted: 22 Aug 2018 06:00 AM PDT

Those with demands for an affordable residential home priced at $500 a square foot or less in New York City may be pleased to know that such homes exist, but the pickings are largely limited to Staten Island and the Bronx. In Manhattan, save for Harlem’s 10032 postcode, there are no homes valued at less than $500 a square foot, and prices are trending closer to $1,000. In fact, one of the few options available […]

Trump Parc condo owners owe over $100K in unpaid bills

Posted: 22 Aug 2018 05:30 AM PDT

The owners of a marble-lined luxury condominium in Trump Parc have racked up a property tax bill exceeding $100,000. The sprawling home, a 10 bedroom fit-out on the 21st floor of the 37-story building at 106 Central Park South with a separate apartment that was converted into a gym, was bought in 2013 for $14.25 million, according to the New York Post. The owners, reported to be an unnamed couple from Australia, refinanced the unit […]

Dual agency dispute serves as a warning sign for brokers

Posted: 22 Aug 2018 05:00 AM PDT

In spring of 2017, Pamela Goldstein spotted a $599,000 listing for a Colonial-style four-bedroom home in the Hartsdale section of Greenburgh. She contacted the listing agent, Gino Bello at Houlihan Lawrence, and quickly received a message from Daniel Cezimbra, another agent at Houlihan Lawrence. Cezimbra accompanied her to the house showing and warned Goldstein of a bidding war. He encouraged her to submit a $635,000 bid. She would later raise the offer to $637,000, allegedly […]

The Bronx is turning

Posted: 22 Aug 2018 04:00 AM PDT

Jerome Avenue, the roughly 7-mile thoroughfare running from the south end to the north end of the Bronx, has long been home to a lengthy stretch of auto shops and other low-scale commercial buildings. But if a recently passed rezoning takes off, it could soon become better known for a slew of residential high-rise projects. The City Council unanimously passed the Jerome Avenue rezoning in late March, paving the way for a major overhaul to […]

Lendlease launches $2B multifamily fund

Posted: 21 Aug 2018 09:01 PM PDT

Australia-based construction giant Lendlease has co-launched a multifamily investment fund to create a $2 billion portfolio in the U.S. The company and its partner, Australian superannuation fund First State Super, each contributed $500 million in equity to the investment vehicle, the companies announced Wednesday. They plan to create a $2 billion portfolio that includes properties in New York City, Boston, Chicago, Los Angeles and San Francisco. The portfolio already includes Southbank, a $1.2 billion mixed-use […]