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The Real Deal - New York Real Estate News |
| Simon Baron buys out partner in UWS rental building for $131M Posted: 12 Oct 2018 03:00 PM PDT Simon Baron Development bought out partner Quadrum Global’s stake in an Upper West Side rental building for $130.9 million. Simon Baron, headed by Jonathan Simon and Matthew Baron, acquired a 97.8 percent stake in 393 West End Avenue, according to records filed with the city on Friday. The company is funding the purchase with a loan from Ascend Real Estate Partners. The property is a 16-story building at the corner of West 79th Street. The […] |
| Why foreclosed homes are appreciating faster than the typical home Posted: 12 Oct 2018 02:00 PM PDT Foreclosed home values are soaring. Homes that were foreclosed on during the recession are appreciating at a faster rate than typical homes, MarketWatch reported. The median foreclosed home from that period rose 10.3 percent in value over the last year — compared with a 6.5 percent increase for the median home overall. In some markets, foreclosed homes are reaching record values. The homes have climbed 74.5 percent in value since the recession, the report said. […] |
| Eichner re-lists his Continuum South Beach PH for $48M Posted: 12 Oct 2018 01:00 PM PDT New York developer Ian Bruce Eichner is giving the sale of his Miami Beach penthouse another go. After listing his Continuum South Beach unit for $50 million in 2015, the 13,000-square-foot condo is back on the market for $48 million, according to the Wall Street Journal. The seven-bedroom unit features a screening room, 6,091-square-foot terrace with its own pool, and a large open kitchen. Eichner’s Continuum Company completed the two-tower development in 2003, and it […] |
| Posted: 12 Oct 2018 12:15 PM PDT It was a Sunday evening in September 2008, and David Levinson was leaning over the balcony at a hotel in Paris. He and his wife, Simone, were on a romantic trip to the City of Lights, and Levinson had stepped out to digest some worrying news: Lehman Brothers, the financial behemoth backing two of his most important projects, might file for bankruptcy. Surveying the lights of the French capital, Levinson took solace. “I remember looking […] |
| Calling all subscribers: Get the inside scoop on TRD’s October cover story Posted: 12 Oct 2018 11:15 AM PDT Join The Real Deal’s editors and reporters on Monday, Oct. 22 at 2:30 p.m. for our next subscribers-only conference call. TRD’s senior content director, Jill Noonan, and managing issue editor, Damian Ghigliotty, will talk to reporters Katie Brenzel and Will Parker about our October cover story, which dives deep into the interplay between Albany politics and the New York City real estate industry. Do you have questions about how Gov. Andrew Cuomo’s (inevitable) third term […] |
| CoStar acquires largest online CRE marketplace in UK Posted: 12 Oct 2018 10:45 AM PDT CoStar Group is expanding its European footprint with its acquisition of a UK-based commercial real estate online marketplace. The publicly-traded commercial real estate data giant announced Friday that it had acquired startup Realla for an undisclosed sum. “When combined with the CoStar information solution it is expected to offer the best of tools for marketing properties, valuations and facilitating transactions,” Andrew Florance, CoStar’s CEO, said in a statement. Realla is a two-year-old startup currently holds […] |
| Mark your calendars: These are New York’s top real estate events next week Posted: 12 Oct 2018 10:05 AM PDT Next week brings a few new real estate events! On Oct. 16, Bisnow is hosting its NYC Affordable Housing and Community Development from 7:30 a.m. to 10:30 a.m. at the New York Bar Association, 42 West 44th Street. Attend and discuss the rising cost of construction and its impact on affordable housing, what opportunities exist in investing in the sector and more. Nathan Taft of Jonathan Rose Companies, Andy Cohen of BRP Development, Victor Sozio […] |
| The top NYC office leases in September Posted: 12 Oct 2018 09:30 AM PDT Half of September’s top 10 office leases were signed by co-working companies, the largest deal of which was struck by Convene for 116,000 square feet at 530 Fifth Avenue. The top deal of the month, meanwhile, was Bessemer Group’s lease for 239,000 square feet in Midtown West. However, September’s top 10 deals totaled less square footage than August, with 1.1 million square feet, down from 1.3 million square feet. 1) Bessemer Group, 1271 Sixth Avenue, Midtown […] |
| Manhattan office sales quadruple in the third quarter Posted: 12 Oct 2018 09:00 AM PDT According to this week’s market reports, Manhattan office sales more than quadrupled and FiDi home prices dropped 51 percent in the third quarter. Residential Sales | Corcoran In the third quarter, the median sales price in Brooklyn dropped 3 percent year over year to $702,000. The price decline coincided with weaker sales activity. During the period, the number of closed sales dropped 7 percent to 1,574 transactions and the number of contracts signed decreased by […] |
| New options open for homeowners seeking a reverse mortgage Posted: 12 Oct 2018 08:30 AM PDT You’ve probably seen actor Tom Selleck suavely pitching federally insured reverse mortgages on TV and thought, hmm, that sounds interesting. He says you can turn your home equity into cash and not pay back anything — no principal, no interest, no fees — for years after your retirement. And it’s true: Some form of a reverse mortgage could be a good choice for you, but it might not be the government-backed type Selleck is hawking. […] |
| Why this billionaire art dealer is allowed to sell an UES townhouse during a divorce Posted: 12 Oct 2018 08:00 AM PDT A Manhattan Supreme Court judge has ruled that he cannot block billionaire art-dealer David Mugrabi from selling an Upper East Side townhouse for $72 million while he is going through a divorce. David is currently in the middle of a bitter divorce battle with his estranged wife Libbie Mugrabi, and she has concerns that he might send their money “south,” according to the New York Post. However, Justice Douglas Hoffman has said he can’t legally […] |
| Asking rents for Midtown South office space skyrocket during Q3 Posted: 12 Oct 2018 07:30 AM PDT Midtown South is proving to be a very popular neighborhood for office space. Average asking rents for offices in the neighborhood hit $83.14 per square foot during the third quarter, according to the Wall Street Journal, citing data from JLL. This was the 11th consecutive quarter of growth and its highest point since 1995. Owners of trophy towers in the neighborhood are also fetching a solid premium, with average asking rents hitting $94.61 per square […] |
| Bushwick luxury rental building on the market for $34M Posted: 12 Oct 2018 07:00 AM PDT UPDATED, Friday, Oct. 12 at 7:40 p.m.: Broadway Bushwick Builders, a partnership between Justin Stern of Manatus Development, hospitality executive Henry Hewes and the Feldman and Gerard families, placed a luxury residential building in Bushwick on the market for $34 million. The property, at 951 Madison Street near the corner of Broadway, is a 41,000-square-foot property with 37 apartments, according to B6 Real Estate Advisors, which is marketing the building on behalf of Broadway Bushwick. […] |
| This tax bill would be a massive win for condo developers, if it ever makes a vote Posted: 12 Oct 2018 06:30 AM PDT A stalled bill in the House of Representatives would grant luxury condominium developers the same tax benefits homebuilders already receive, saving them millions during construction. The “Fair Accounting in Condominium Construction Act,” introduced last summer by Miami Republican Carlos Curbelo and co-sponsored by Queens Democrat Joe Crowley, would allow condo developers to defer income tax on condo unit sales until they’ve finished building. It’s a tale of two tax accounting methods that stretches back decades. […] |
| Posted: 12 Oct 2018 06:00 AM PDT SoftBank could buy a majority stake in WeWork, according to a report SoftBank is considering buying a majority stake in WeWork, the Wall Street Journal reported. The Japanese firm could end up investing between $15 billion and $20 billion in the coworking behemoth if it does. Money for the investment would likely coming from its Vision Fund. SoftBank already has a nearly 20 percent stake in WeWork, and if the deal goes through, it would […] |
| Ex-WeWork “director of culture” sues company over alleged sexual assaults Posted: 12 Oct 2018 05:30 AM PDT WeWork’s former “director of culture” is suing the massive co-working company over two alleged incidents of sexual assault, which she said were made possible by the company’s pervasive “entitled frat-boy” culture. Ruby Anaya, 33, had worked at WeWork for the past four years but was ousted in August, according to NBC. She claims to have been sexually assaulted two times at company events that featured plenty of alcohol. The first alleged incident occurred at a “WeWork Summer […] |
| Brooklyn, Queens, Riverdale all saw record high median sales prices in Q3 Posted: 12 Oct 2018 05:00 AM PDT It was a strong quarter for sales in Brooklyn, Queens and Riverdale. Median sales prices hit record highs in all three areas of the city, according to the latest report from Douglas Elliman. In Brooklyn, they increased 2.3 percent year over year to hit $808,000; in Queens, they increased 4.3 percent to hit $573,500; and in Riverdale, they increased 15.2 percent to hit $345,500. Overall sales in Brooklyn declined year over year for the third […] |
| Albany’s power structure resets: Shifting political winds could spell trouble for the industry Posted: 12 Oct 2018 04:30 AM PDT On the morning after last month’s primary elections, John Banks, president of the real estate industry’s most powerful lobbying group, feigned disinterest. “It doesn’t matter to us who won last night,” said Banks during a press conference announcing the Real Estate Board of New York’s annual banquet. “We’ll reach out to the new people and begin to engage them in a dialogue.” Former New York City Comptroller John Liu, who beat out Tony Avella for […] |
| The penthouse pileup: Inventory swells thanks to the new dev glut Posted: 12 Oct 2018 04:00 AM PDT Penthouse listings — despite their catchet — aren’t immune to the new development glut. A flurry of post-Labor Day listings has brought the total number of penthouses on the market to 443. That’s a 19 percent uptick in the number of listings between September and March and a 16 percent year-over-year increase, according to data compiled by StreetEasy. Luxury inventory generally increases in the fall, as many units are taken off the market during the […] |
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