The Real Deal - New York Real Estate News

Here are the week’s top luxury sales

Posted: 01 Oct 2018 03:30 PM PDT

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

Schimenti Construction to open first West Coast office

Posted: 01 Oct 2018 03:15 PM PDT

Schimenti Construction, which specializes in retail build-outs, is opening its first office on the West Coast. The company is opening a new office in Irvine, Calif., at 2445 McCabe Way, company representatives announced on Tuesday. One of the construction manager’s first projects in California is the Dover Street Market in Los Angeles, which is expected to open in the fall. Executive Vice President Ray Catlin, who joined the firm in May after working for 16 […]

BNY Mellon just purchased this FiDi property from the city for $352M

Posted: 01 Oct 2018 02:52 PM PDT

Bank of New York Mellon has purchased 101 Barclay Street in the Financial District for $352 million, according to property records. The company acquired the ground lease for the building in 2013 for $164.4 million and has now purchased the land outright from the City of New York. BNY has occupied the office building, also known as 240 Greenwich Street, for more than 30 years, according to a spokesperson. The purchase of the land underneath the […]

Editor’s note: The great unraveling

Posted: 01 Oct 2018 02:30 PM PDT

We’ve had a rough couple of weeks in this country. The gap between the right and left has never seemed larger. A battle rages over the Supreme Court. The #MeToo movement continues to redefine the workplace, the home and the basic relationship between men and women. The social fabric feels frayed; nerves are strained. Even in New York real estate, it can feel that way. Things are turned on their head, and we are hurtling […]

Pacific Eagle Holdings lands $119M refinancing for 400 Fifth

Posted: 01 Oct 2018 02:04 PM PDT

The San Francisco-by-way-of-Hong Kong real estate firm Pacific Eagle Holdings refinanced its debt on the hotel tower at 400 Fifth Avenue with a $119 million loan from Mizuho bank. The loan replaced an existing mortgage of $125 million issued by Singapore-based United Overseas Bank, according to records filed with the city. The new loan covers the hotel portion of the building and four other commercial condominiums. Pacific Eagle acquired the 60-floor building, which goes by […]

Long Island Cheat Sheet: 7K new construction jobs created on the island in the past year … & more

Posted: 01 Oct 2018 02:00 PM PDT

Long Island added more than 7,000 construction jobs in the past year Between August 2017 and last month, Nassau and Suffolk gained a combined 7,200 construction jobs — a nine percent increase from the amount employed in construction as of August 2017, Long Island Business News reported. The rise put the number of people in construction at about 91,000, according to a report from the Associated General Contractors of America. New York City saw a three […]

Will the new NAFTA deal benefit the real estate industry?

Posted: 01 Oct 2018 01:40 PM PDT

Tariffs on imported steel have hit the construction industry nationwide but the newly-minted trade deal between the U.S. and Canada may not provide the needed relief, at least not immediately. With the final piece hammered out Sunday night, the United States-Mexico-Canada Agreement replaces the North American Free Trade Agreement, which has been around since 1995. President Trump has long denounced NAFTA, so despite the fact the same countries are involved, the name, too, has changed. […]

Don’t let Instagram fool you: Nobody lives in this $15K Soho penthouse

Posted: 01 Oct 2018 01:00 PM PDT

Home sweet influencer’s “home.” That might as well be the motto for Village Marketing’s Soho penthouse, which the agency has opened up to social media personalities to promote various products. The 2,400-square-foot space is designed as a backdrop for Instagram and can be booked by so-called “influencers,” the New York Times reported. The address of the penthouse was not disclosed. Vickie Segar, founder of Village Marketing, came up with the idea after realizing that social […]

London Stock Exchange relocating to the Financial District

Posted: 01 Oct 2018 12:23 PM PDT

Wall Street, meet Paternoster Square. The London Stock Exchange Group – headquartered across the pond in London’s version of Wall Street, Paternoster Square – is moving its New York City offices from Midtown to the Financial District, sources told The Real Deal. The stock exchange is taking roughly 70,000 square feet on the 57th and 58th floors of Fosun Property’s 60-story skyscraper at 28 Liberty Street, a few short blocks from Wall Street. Representatives for […]

Dalan Management, Elion Partners buy apartments across from Google HQ for $83M

Posted: 01 Oct 2018 12:03 PM PDT

In 1994, three years before Larry Page and Sergey Brin developed Google Search, the Brodsky Organization bought a block of apartment buildings across the street from what was then the headquarters of the Port Authority of New York and New Jersey. Of course, Google went on to buy the Port Authority building for $1.9 billion in 2010 and the Chelsea Market building for $2.4 billion this year. And now, Brodsky’s capitalizing on the growth that […]

Israeli billionaire provides $53M cash infusion for NoMad resi tower

Posted: 01 Oct 2018 11:45 AM PDT

The Rockefeller Group and Mitsubishi Estate Company landed a $52.5 million preferred-equity investment from real estate and shipping mogul Eyal Ofer for their planned NoMad condominium tower. The developers plan to build a 46-story, 600-foot-tall, 123-unit tower at 30 East 29th Street that will span 170,000 square feet. Rockefeller bought the five adjacent parcels between Madison and Park Avenues for $98.7 million in 2017 and Mitsubishi took a 75 percent stake in the project, according […]

Japanese company behind world’s first robot hotel buys Midtown Wingate for $44M

Posted: 01 Oct 2018 11:17 AM PDT

The new owner of the Wingate Midtown Manhattan is a Japanese company famous for building the world’s first robot hotel. Investor Li Hui Lo has sold the Garment District property at 235 West 35th Street to H.I.S. Hospitality for $44 million, according to property records. Tatsuya Fukuda, the director of sales and marketing at the company, was the signatory on the deed. Lo bought the 17-story, 92-key hotel for $37.2 million in 2015. Lo and […]

The Real Deal’s October issue is now available to our subscribers

Posted: 01 Oct 2018 10:30 AM PDT

The Real Deal’s October issue is live, and digital subscribers to TRD are getting the first look at what’s inside. Subscribers now have access to stories including: – The shakeup at JLL – Our annual ranking of top real estate law firms – The new political dynamics in Albany – The condo amenity backlash And plenty more! Subscribe now to stay one step ahead of the NYC real estate game. Non-subscribers will get access to […]

Fit for a king? After years on the market, Versailles-inspired estate to be auctioned off

Posted: 01 Oct 2018 10:00 AM PDT

In search of a new king and queen, a palace in Hillsboro Beach is heading to the auction block after years on and off the market. Once one of the priciest residential listings in the U.S., the Hillsboro Beach mansion at 935 Hillsboro Mile will sell to the highest bidder next month – foregoing its previous asking price of $159 million and without a reserve price. Mayi de la Vega, owner of One Sotheby’s International […]

Introducing TRD’s tri-state quarterly issue

Posted: 01 Oct 2018 09:20 AM PDT

The Real Deal is expanding our coverage of the tri-state area with a quarterly issue looking at the real estate markets in Long Island and the Hamptons, New Jersey, Westchester and Fairfield counties. Each issue will be divided into market-specific sections and packed with the data-driven reporting, analysis and profiles the industry relies on from TRD. The tri-state issues will be published in February, May, August and November of 2019 and 55,000 copies will be […]

This startup just raised $9M to bring AI into real estate investment

Posted: 01 Oct 2018 08:32 AM PDT

Real estate data platform Cherre has raised $9 million in a seed round, the company announced Monday. The New York-based firm, which launched in 2016, consolidates public and private real estate data feeds using artificial intelligence. The company said in a statement that it would use the funding to expand operations in the U.S. and Canada. The funding round was led by Navitas Capital, who was joined by Carthona Capital, iLOOKABOUT, Dreamit Ventures, and Red […]

Here’s what the Brooklyn luxury market looked like last week

Posted: 01 Oct 2018 07:50 AM PDT

Activity picked up in the Brooklyn luxury market last week with 13 contracts signed in the borough, split between eight houses and five condos. The properties sold for about $41.5 million overall and went for an average price of about $3.2 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. This was a substantial increase from the week […]

Turkey’s developers facing credit crunch as economy falters

Posted: 01 Oct 2018 07:00 AM PDT

Turkey’s development boom, fueled by foreign debt, is grinding to a halt as credit dries up amid out-of-control inflation at a declining lira. Construction sites across the country are sitting idle and 2 million new apartments remain unsold, the New York Times reported. President Recep Tayyip Erdogan has made urban transformation a cornerstone of his 16-year administration, paving the way for entire sections of Istanbul and other cities to be torn down to make way […]

Manhattan’s luxe resi market recorded 17 contracts last week: Olshan

Posted: 01 Oct 2018 06:15 AM PDT

Manhattan’s luxury residential market experienced another sluggish week, with just 17 contracts signed at $4 million and up, according to Olshan Realty’s weekly market report. Harry Macklowe and CIM Group’s 432 Park Avenue claimed the week’s priciest deal for the seventh time this year. Unit 41C went into contract with an asking price of $17.17 million. That works out to a price of roughly $4,800 per square foot for the 3,575-square-foot, three-bedroom unit. Douglas Elliman’s […]

Construction worker falls at Soho development site

Posted: 01 Oct 2018 05:45 AM PDT

A construction worker fell on the job site at Arch Companies’ Soho rental development project but escaped serious injury. The worker hit his head as he fell from the fourth floor to the third floor at 11 Greene street shortly after 2:30 p.m. Friday, the Daily News reported. “The medic tried to go up in a tower ladder,” Assane Fall, a private sanitation worker who watched rescuers help the worker, told the newspaper. “They brought […]

Co-working has tripled its share of Manhattan’s office-leasing activity over the past year: report

Posted: 01 Oct 2018 05:15 AM PDT

With companies like WeWork, Knotel and Spaces gobbling up real estate to feed their voracious expansion plans, co-working and flexible-space tenants have tripled their share of Manhattan’s office-leasing activity over the past year. Co-working tenants inked 12 percent of the nearly 25 million square feet worth of leases signed in Manhattan through the first three quarters of the year, according to Avison Young. That’s up from 4 percent during the same time period last year. […]

Bridgeton Holdings lands $57M construction loan for Tribeca hotel conversion

Posted: 01 Oct 2018 04:30 AM PDT

Bridgeton Holdings secured a $57 million construction loan to complete its conversion of a Tribeca office building into the boutique Walker Hotel. BofI Federal, the lender formerly known as Bank of Internet, issued the debt for Bridgeton’s 171-key conversion of the 10-story building at 396 Broadway, brokers who arranged the financing told The Real Deal. The Walker Hotel, set inside a landmarked building at the corner of Walker Street and Broadway, will feature amenities like […]

LISTEN: The Real Deal discusses dirty money in South Florida real estate

Posted: 01 Oct 2018 04:00 AM PDT

For The Real Deal’s latest subscriber conference call, editor-at-large Hiten Samtani and reporter Keith Larsen gave readers an inside look at our fall issue’s blockbuster cover story, “See no evil: How a culture of secrecy boosts South Florida’s condo market.” Check out the SoundCloud player to listen to the full conversation, and be sure to keep an eye out for more information about our next conference call for subscribers.