The Real Deal - New York Real Estate News

Mack-Cali vet Mitchell Rudin will be the new Savills Studley prez

Posted: 10 Sep 2018 03:45 PM PDT

One of New York’s top commercial leasing brokerages has a new addition to its c-suite. Mitchell Rudin, who left a $2.3 million gig at Mack-Cali Realty Corporation last year, will join Savills Studley as president, the New York Post reported. He replaces Michael Colacino, who held the post for 16 years and who is leaving to found a software firm. Rudin will begin work for his new employer on Jan. 1. Savills Studley, which operates […]

Related wades into AG race with $100K donation to anti-Teachout PAC

Posted: 10 Sep 2018 03:30 PM PDT

Related Companies donated $100,000 to a political action committee that launched a digital campaign against Democratic attorney general candidate Zephyr Teachout. The company provided funds to the Committee for Justice and Fairness PAC on Aug. 29, Politico reported. On Sept. 7, the PAC filed plans to spend $100,000 on anti-Teachout ads that will run through Thursday, which is primary day. The money from Related appears to be biggest contribution the PAC has received this year. […]

Long Island Cheat Sheet: RXR Realty sues development partner Renaissance Downtowns … & more

Posted: 10 Sep 2018 03:15 PM PDT

RXR Realty sues development partner Renaissance Downtowns, potentially upending 2 major projects The future of two major revitalization projects— one in the village of Hempstead and one in Huntington — became unclear when RXR Realty sued its development partner Renaissance Downtowns for $9 million. RXR said that “in light of irreconcilable differences between RXR and Renaissance, the projects will not be going forward and will not be completed,” Newsday reported. The suit added that “RXR […]

The top 10 NYC retail leases in August

Posted: 10 Sep 2018 03:00 PM PDT

August’s top 10 retail leasing deals totaled less than July’s in terms of square footage. The 10 biggest retail leases signed last month totaled 119,900 square feet, down 52,000 square feet from July’s total of 171,900 square feet. The largest retail lease in August was inked in Penn Plaza. 1) Candytopia, 401 Seventh Avenue, Penn Plaza – 24,881 square feet The candy museum inked a lease for 24,881 square feet of space at 401 Seventh […]

Former CAA exec David O’Connor lists Brentwood home for $31M

Posted: 10 Sep 2018 02:45 PM PDT

David O’Connor, a former Hollywood executive who relocated to New York three years ago, is looking to shed his real estate holdings in Los Angeles. The former managing partner at Creative Artists Agency, and his wife, screenwriter Lona Williams, have put their Brentwood Park home, and an undeveloped parcel next door, on the market for $31.4 million, Variety reported. The couple is selling the house for $18.7 million, and the vacant 0.90-acre parcel next door […]

The New York Wheel gets another lifeline

Posted: 10 Sep 2018 02:30 PM PDT

The embattled New York Wheel now has until early 2019 to get the project on track. The Wheel’s developer and former contractor hashed out a new deal which would give the development team an absolute deadline of Jan. 7, 2019 to hire a new contractor to finish the project, according to the Staten Island Advance. As a part of the amendment, which was filed in Delaware Bankruptcy Court on Friday, no party will be allowed […]

WeWork is inching closer to becoming Manhattan’s largest office tenant

Posted: 10 Sep 2018 02:15 PM PDT

WeWork is inching its way toward becoming the largest office tenant in Manhattan, signing an 18,200-square foot lease at Waterfront New York Realty’s 231 11th Avenue. The firm, which is 74,000 square feet away from dethroning JPMorgan Chase, is adding to its collection of Chelsea leases this year. The company signed a 167,000-square-foot lease at the Schaffer family’s 18 West 18th Street last February then followed up with a 100,000-square-foot deal at 214 West 29th […]

Prying inside Alex Sapir’s real estate empire

Posted: 10 Sep 2018 02:00 PM PDT

Last June, Alex Sapir’s ASRR Capital announced plans to build a 1.7 million-square-foot mixed-use development in Miami’s Arts & Entertainment District, in what would be the real estate mogul’s biggest South Florida investment to date. The Miami 18 project would add to the portfolio Sapir’s firm was building in the city, to go with other developments like a smaller luxury boutique condo building planned for Surfside. Miami 18 called for two towers, one 60 stories […]

Thor Equities just put a huge Coney Island assemblage on the market

Posted: 10 Sep 2018 01:30 PM PDT

Joe Sitt is looking to sell the large Coney Island assemblage where he once envisioned building a Las Vegas-style temple to shopping and entertainment. Sitt’s Thor Equities hired HFF to market a collection of 21 properties right outside the Coney Island subway station. “They’ve been working on assembling these sites for about ten years,” said HFF’s Rob Rizzi, who is marketing the site with his colleagues Steven Rutman, Andrew Scandalios, Daniel Peek KC Patel and […]

NY Building Congress prez just sold his Brooklyn home

Posted: 10 Sep 2018 01:15 PM PDT

Half a year after buying new digs in Bay Ridge, New York Building Congress President Carlo Scissura sold his Dyker Heights home for $1.6 million. On Aug. 30, Scissura closed on the sale of his two-story home at 1366 72nd Street, according to records filed on Monday with the city Department of Finance. The buyers are listed as Hazel Lee and Haw Chi Wong. In January, Scissura purchased an eight-bedroom home on 82nd Street between […]

Resi scorecard: Condo inventory in Brooklyn is on the up

Posted: 10 Sep 2018 01:00 PM PDT

NEW DEVELOPMENT CONDO REPORT BROOKLYN •Inventory grew slightly as new filings outpaced sales •Developers filed 20 plans with 256 units •The state approved 12 plans with 319 units valued at $322 million for sale •Buyers purchased 161 units valued at $205 million QUEENS •Inventory remained flat as new filings were nearly identical to sales •Developers filed one plan with 46 units •The state approved no plans in July •Buyers purchased 49 units valued at […]

Duane Reade is suing over WTC retail space it still can’t use

Posted: 10 Sep 2018 12:30 PM PDT

More than four years after signing a lease at the Westfield World Trade Center mall, Duane Reade is suing the mall’s owner for failing to hand over the store in “tenant ready condition.” Duane Reade wants the lease to be voided and a refund on the $171,407 it already spent on the deal, according to a complaint filed in New York Supreme Court Friday. The company claims it signed its lease in May 2014 and […]

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

Posted: 10 Sep 2018 12:00 PM PDT

In the world of mid-market New York City investment sales last week, one Brooklyn developer was busy both buying and selling. 1.) Developer Chaim Landau bought a six-story apartment building in Borough Park, Brooklyn for $15 million. The 57,600-square-foot property, at 5520 15th Avenue, contains 52 apartments, according to city data. The seller is the Weinstock family, which has owned the building since the early 1970s. Landau recently filed permits to build a four-story apartment […]

Yet another One57 seller takes a loss

Posted: 10 Sep 2018 11:30 AM PDT

An apartment at One57 just sold at a $6 million loss. Unit 77 sold for $42 million, according to records from the city’s Department of Finance. The condominium was listed last year for $49 million, with the price later cut to $44 million. In 2015, an undisclosed European buyer bought the apartment for $47.8 million. Douglas Elliman and Compass had a co-exclusive on the listing. The buyer is listed in property records as Pilchuck Corp., […]

Calling all subscribers: Go behind TRD’s reporting on Compass this Wednesday

Posted: 10 Sep 2018 11:00 AM PDT

Go behind the scenes on The Real Deal’s deep dive into Compass’ growth strategies — and potential pitfalls along the way — in a call with our editorial team next Wednesday, Sept. 12. TRD’s senior content director, Jill Noonan, will talk to senior reporter E.B. Solomont about her discussions with Compass execs, what the industry has to say about the brokerage’s appetite for acquisitions and how reachable the firm’s $1 billion revenue target for the […]

Here are the week’s top luxury sales

Posted: 10 Sep 2018 10:30 AM PDT

Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales.

Zillow settles on newest city for its homebuying program

Posted: 10 Sep 2018 10:00 AM PDT

Zillow Group has settled on Atlanta as the next market for its homebuying program. The Seattle-based listings giant will now be able to buy homes directly, prepare them for showings and list them for resale in the Georgia capital, according to the company. The program launched this spring in Phoenix and Las Vegas, and is expected to expand to Denver this fall. The program, known as Zillow Offers, allows homeowners looking to sell their houses […]

Study finds chemical-infested air in Brownsville NYCHA apartments

Posted: 10 Sep 2018 09:30 AM PDT

Mere weeks after news broke that 1,100 children in NYCHA developments were poisoned by lead in recent years, the housing agency is facing new questions over toxic apartments. Sensors installed by clean energy startup BlocPower found elevated levels of chemicals in the air in five apartments at 33 Saratoga Avenue, a 125-unit building in the Saratoga Village development in Brownsville, Brooklyn. It’s unclear what exactly the chemicals are or where they came from. A lot […]

Brooklyn luxury market saw 11 contracts signed last week

Posted: 10 Sep 2018 09:00 AM PDT

The Brooklyn luxury market saw 11 contracts signed last week for the second week in a row, split between seven houses and four condos. The properties sold for about $27.3 million overall and went for an average price of about $2.5 million, according to the latest report from Stribling & Associates. The firm defines the borough’s luxury market as all homes priced at $2 million or higher. Although there were also 11 contracts signed in […]

The Carlyle Group plans to spin out its Chinese real estate team

Posted: 10 Sep 2018 08:15 AM PDT

The Carlyle Group plans to spin out its China-focused real estate team as investor appetites waned for a property fund dedicated to the country, Bloomberg reported. The Washington, D.C.-based private equity firm overhauled its Asian unit by creating an integrated platform that invests in its real estate deals alongside other areas of business like buyouts, growth and currency deals. But months after Carlyle decided to narrow its China focus and parted ways with senior property […]

REBNY donation to Brooklyn state senator among thousands in campaign funds that were not correctly reported

Posted: 10 Sep 2018 07:30 AM PDT

Brooklyn state Sen. Martin Dilan failed to correctly report thousands of dollars in campaign contributions dating back to 2016, including donations from the Real Estate Board of New York. Dilan’s campaign did not report receiving the donations from political action committees and other contributors, which is a violation of state campaign finance law, the New York Daily News reported. A spokesperson for the lawmaker, who is facing a high-profile primary challenge from Democratic Socialist candidate […]

Manhattan’s luxury resi market recorded 20 contracts at $4M and up last week: Olshan

Posted: 10 Sep 2018 06:45 AM PDT

Manhattan’s luxury residential market recorded 20 contracts last week, according to Olshan Realty’s weekly market report. And while those numbers aren’t setting the world on fire, it was the best post-Labor Day week since Olshan started keeping records in 2006. Taconic Investment Partners’ conversion of a former Tribeca warehouse at 71 Laight Street into the Sterling Mason condominium notched the week’s priciest contract. The building’s duplex penthouse unit PHC — which had been on and […]

Freddie Mac CEO to step down next year

Posted: 10 Sep 2018 06:00 AM PDT

Freddie Mac CEO Donald Layton is set to retire next year. Layton, who’s been the chief executive since 2012, will retire in the second half of next year, Commercial Observer reported. “Don has played an indispensable role in transforming Freddie Mac and moving the housing finance system in a better direction,” Freddie Mac chairman Christopher Lynch said in a statement. Freddie Mac, which did nearly $75 billion in loan purchases and guarantees last year, has […]

Homeownership rate is at 1990s levels, and it’s only getting tougher for Americans to buy homes

Posted: 10 Sep 2018 05:30 AM PDT

The home ownership rate in the country has declined precipitously since its peak more than a dozen years ago. And ever since the recession, it’s been harder for Americans to buy homes. The home ownership rate in April stood at 64.4 percent, according to figures from the Census Bureau reported by the Wall Street Journal. That’s roughly on par with levels from the mid-1980s and mid-1990s, before a decade-long home-buying boom drove the rate to […]

Vector’s largest shareholder, Phillip Frost, charged with securities fraud

Posted: 10 Sep 2018 05:00 AM PDT

Phillip Frost, the largest shareholder of Douglas Elliman’s parent company, was charged Friday by the Securities and Exchange Commission with multiple counts of securities fraud. Frost, a Miami billionaire who owns more than 15 percent of Vector Group’s stock, was charged by the SEC in a federal district court in Manhattan for his role in an alleged penny stock fraud scheme. Frost, who is the chairman and CEO of the Miami biotech company Opko […]

Behind the AG finance bureau’s master plan

Posted: 10 Sep 2018 04:30 AM PDT

Eric Schneiderman’s resignation following multiple allegations of physical abuse threw the state’s top legal office into limbo. While Solicitor General Barbara Underwood has taken on the role of New York’s attorney general for the interim, Schneiderman’s more permanent successor remains anyone’s guess — with five candidates hoping to succeed him in an election this fall. Against this backdrop, the AG’s Real Estate Finance Bureau, which helps regulate for-sale housing, is tackling a growing number of offering […]

REIT recovery: Here’s why hotels are up 20%

Posted: 10 Sep 2018 04:00 AM PDT

After a rough start to the year, real estate investment trusts are getting back on track. Returns slid across the board at the beginning of the year, bottoming out in February. From Jan. 1 to Feb. 8, REITs, on average, tumbled roughly 13 percent, according to data compiled by 2nd Market Capital, a public equities investment firm. Every property type sold off and only 2.8 percent of REITs saw a positive total return during the […]