The Real Deal - New York Real Estate News

Home with views of Wainscott Pond cuts price down to $14.5M

Posted: 28 Aug 2018 05:38 PM PDT

The seller of a 7,300-square-foot home with views of Wainscott Pond has chopped the list price down by $1.5 million after three months on the market, Curbed reported. The two-story home, built in 1992, has eight bedrooms, seven-and-a-half bathrooms, several entertaining areas, a double-height living room, library, open kitchen, gym, wine cellar and laundry room. Outside, it also has a heated gunite pool. The property now listed for $14.5 million last sold in 1995 for […]

ILG shareholders approve $4.7B Marriott Vacations merger

Posted: 28 Aug 2018 03:53 PM PDT

ILG shareholders approved a buyout offer from rival Marriott Vacations, clearing the way for a $4.7 billion merger that would create the world’s largest timeshare operator. A total of 97.9 million votes were cast in favor of the merger, according to a filing with the Securities and Exchange Commission on Tuesday. Only 112,943 votes were cast against the proposal. Holders of 99 percent of ILG shares were present at the special stockholder meeting. Marriott had […]

Hamptons Cheat Sheet: Sagaponack farm listed for $12.5M goes into contract after only 3 months … & more

Posted: 28 Aug 2018 03:30 PM PDT

Sagaponack farm listed for $12.5M goes into contract after only 3 months A swift buyer snapped up a Sagaponack farmhouse that had only been on the market for only three months, Curbed first reported. The home’s last listing price was $12.5 million. The 2,600-square-foot farmhouse, which was built in the 1920s, has two bedrooms, while a newly-built 7,300-square-foot main house has another four bedrooms. A barn that once stored potatoes has since been renovated, now […]

Growth in home prices slowed across 20 major US metros in June

Posted: 28 Aug 2018 03:00 PM PDT

The strong upward momentum in home prices seen across the country showed signs of slowing in June, according to the latest S&P CoreLogic Case-Shiller data. Home prices in 20 U.S. cities rose at their slowest pace since 2016 amid high prices and higher mortgage rates, according to Bloomberg’s analysis of the data. All cities posted gains on a year-over-year basis, but New York was the only metro area that saw a drop between June and […]

DOB hits engineer blamed for scaffolding collapse with additional violations

Posted: 28 Aug 2018 02:30 PM PDT

The engineer behind scaffolding that collapsed and injured five people in Soho last year was found to have submitted flawed designs for nine sidewalk sheds in Brooklyn. The city’s Department of Buildings fined Daniel Odigie $16,000 for the faulty blueprints, Crain’s reported. The sheds were located in Park Slope, Bedford-Stuyvesant, Midwood and other Brooklyn neighborhoods. Odigie had designed the scaffolding at Broadway and Prince Street that collapsed in November, injuring five people. At the time, […]

The Future of NYC real estate

Posted: 28 Aug 2018 02:00 PM PDT

The Hudson Yards Culture Shed, a yet-to-be-built arts and performance space at 10 Hudson Yards, just might wind up being the Batmobile of buildings. Dormant, it’s a glassy fortress. Animated, it will be able to extend its wings so-to-speak by sliding out a retractable exterior as a canopy. The design is a window into the future of New York City construction — and the role technology will play. This isn’t to say that a fleet […]

More than half the country’s most expensive ZIP codes are located in Manhattan: report

Posted: 28 Aug 2018 01:15 PM PDT

When it comes to renting in the U.S., Manhattan is still the king of high-priced apartments, but Los Angeles is an aspiring queen. With an average of $4,883 per month, the 90024 zip code of Westwood, an L.A. neighborhood, ranked as the third-most expensive place to rent in the country, according to a new analysis by RentCafe. The Westside L.A. zip, which encompasses the University of California at Los Angeles, surpassed all other zip codes […]

This tech investor just snagged a Soho penthouse

Posted: 28 Aug 2018 12:45 PM PDT

UPDATED, Aug. 28, 4:13 p.m.: Tech investor James Payne snagged a Soho penthouse. The sponsor unit at Continental Ventures’ 52 Wooster Street sold for $13.8 million, according to New York City Department of Finance records. It was originally listed for $14.8 million and later cut to $13.9 million. Corcoran’s Claudia Saez-Fromm and Mark David Fromm had the listing. The building is now sold out. The duplex spans nearly 4,300 square feet and has a 1,163-square-foot […]

Mall reuse 2.0: This LA firm wants to turn vacant mall space into transitional housing

Posted: 28 Aug 2018 12:00 PM PDT

As landlords consider what to do with their faltering shopping malls, one idea is gaining traction statewide: repurposing unused space into housing for the homeless. Irvine-based KTGY Architecture + Planning is developing a new concept called Re-Habit, which would redevelop empty big-box stores into mixed-use spaces focused on transitional housing and social servicesca, according to Re Journals. The concept seeks to address two problems: the abundance of large, vacant retail space due to the decline […]

Pan Am refinances downtown portfolio

Posted: 28 Aug 2018 11:15 AM PDT

Pan Am Equities has secured a total $60.6 million in financing for four projects in Lower Manhattan. The financing, provided in four separate transactions by People’s United Bank, will replace previous debt on 37-39 West 16th Street and 43 West 16th Street, 1556 York Avenue and 253 West 14th Street. The loan package includes $16.3 million in new financing. Pan Am Equities and People’s United Bank did not immediately respond to requests for comment. The […]

Cheerio, London: Home buyers are increasingly looking outside the city

Posted: 28 Aug 2018 10:30 AM PDT

Even with a recent cooling of the market, more and more Londoners are looking outside the city to find their new home. London residents bought more than 30,000 homes outside the city in the first half of this year, according to Hamptons International. Of those who relocated, roughly 40 percent moved to South East England and 30 percent moved to the East of England. “With affordability stretched, more Londoners are moving out of the capital […]

Brookfield is the top dealmaker in North America this year: report

Posted: 28 Aug 2018 09:34 AM PDT

With $23 billion worth of transactions this year, Brookfield Asset Management is the top real estate dealmaker in North America. The Toronto-based firm has surpassed the Blackstone Group in terms of total value of real estate transactions this year, Bloomberg reported. A significant chunk of this value is coming from its purchase of a 66 percent stake in the second-largest mall owner in the U.S., General Growth Properties. Brookfield is expected to close on the […]

Sorry, buyers: Survey says market won’t go your way until 2020

Posted: 28 Aug 2018 08:30 AM PDT

Buyers will have to wait another two years for the market to go their way. A survey of economists conducted by Zillow and Pulsenomics found that the real estate market won’t favor buyers until 2020, Inman reported. “For the past several years, home sellers held all the cards at the negotiating table, fielding multiple offers while buyers faced stiff competition and a fast-moving market,” said Aaron Terrazas, Zillow’s senior economist. “Conditions are starting to show […]

Another Massey Knakal and C&W veteran joins B6 Real Estate Advisors

Posted: 28 Aug 2018 07:41 AM PDT

Paul Massey’s getting the band back together. His new commercial brokerage, B6 Real Estate Advisors, is bringing on David Chase as a new partner and executive managing director of investment sales. Chase, formerly of Massey Knakal Realty Services and Cushman & Wakefield, is leaving One Commercial Realty Services, a brokerage he founded after leaving Cushman in November 2016, Commercial Observer reported. “When Paul called me and we got together, there was not much convincing for […]

Sears is struggling. But its real estate isn’t

Posted: 28 Aug 2018 07:04 AM PDT

As Sears continues to struggle to stay afloat, a real estate investment trust that bought more than 200 of its stores is seemingly thriving. Seritage Growth Properties, a spinoff company created to convert former Sears and Kmart stores, bought 235 of of the retailers’ stores three years ago. The company plans to convert a store in Hicksville, Long Island, into a 600-unit apartment complex, and another in Santa Monica, California, into “creative” offices. And a […]

Locals make last-ditch effort to block Gamma’s UES tower

Posted: 28 Aug 2018 06:30 AM PDT

Opponents of Gamma Real Estate’s Upper East Side condominium tower have filed a lawsuit to halt construction — the group’s latest and likely final effort to stop the project’s rise. The East River 50s Alliance, a group of residents from surrounding buildings, filed the suit against Gamma and the city’s Board of Standards and Appeals alleging that the board improperly gave the developer extra time to finish Sutton 58’s foundation, Crain’s reported. Gamma had asked […]

Eastern Consolidated’s Robin Abrams joins Compass’ commercial division

Posted: 28 Aug 2018 06:00 AM PDT

Compass has tapped Robin Abrams and her team from Eastern Consolidated to grow the brokerage’s new commercial division and advisory services. Abrams, along with Lisa Rosenthal, Herman Glaswand, Rebecca Olshan, Curtis Woodside and Alexander Vellios will start at Compass on Tuesday, Commercial Observer reported. The team is the latest from the shuttered brokerage to find a new home. Eastern Consolidated announced in June that it was permanently shutting down. Abrams served as principal and vice […]

Wanted: Tenant at site of former Bronx youth jail

Posted: 28 Aug 2018 05:30 AM PDT

The city is searching for a tenant to replace the film studio Lightbox NY at the site of an infamous former youth jail in the South Bronx following the death of Lightbox’s owner. The Economic Development Corporation filed plans with the Department of Buildings on Monday for a three-story television and film production facility at 1215 Spofford Avenue in Hunts Point that will span about 49,000 square feet, split between roughly 23,000 square feet of […]

Here’s what the $10M-$20M NYC investment sales market looked like last week

Posted: 28 Aug 2018 05:00 AM PDT

In the world of mid-market New York City investment sales last week, R.A. Cohen & Associates closed an Upper East Side purchase and Coney Realty acquired a Far Rockaway apartment building. 1.) R.A. Cohen and Associates and Buchbinder and Warren Realty Group bought 698-700 Madison Avenue, a five-story commercial building in the Upper East Side, for $10 million. The 13,200-square-foot property contains six units, one of which is occupied by tailoring service Alteration Services of […]

The free agency frenzy: Brokers are jumping ship at rapid rates — and realigning CRE in the process

Posted: 28 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 […]

Trump’s “new NAFTA” deal with Canada could be relief for developers

Posted: 28 Aug 2018 04:00 AM PDT

With a tentative bilateral trade deal in their pockets, both American and Mexican officials have their sights set north of the U.S. border with hopes of negotiating new trade deals with Canada. That could be big news for U.S. property developers. A deal with Canada that resolves the 25 percent import tax on steel imposed by President Donald Trump’s administration would be a relief for developers working in the U.S., who have seen construction costs […]