The Real Deal - New York Real Estate News

StreetEasy inks lease for 130K sf at Global Holdings’ 1250 Broadway

Posted: 22 Oct 2018 05:55 PM PDT

Zillow is doubling down on New York City. The Seattle-based listings giant has inked a deal to expand its footprint to 130,000 square feet — up from 53,000 square feet, a spokeswoman for the company confirmed. The company said it had leased five floors at Global Holdings’ NoMad Tower, located at 1250 Broadway. Zillow plans to move from its current digs at 130 Fifth Avenue in the Flatiron District sometime next year. Between its three […]

John Banks clashes with Corey Johnson over commercial rent bill at marathon hearing

Posted: 22 Oct 2018 03:45 PM PDT

REBNY President John Banks viciously criticized the City Council’s proposal for a controversial commercial rent bill on Monday during a marathon hearing that lasted well into the evening. “This legislation will do nothing to solve the underlying issues behind storefront vacancies,” he said, “and instead would have a catastrophic impact on our local economy.” The bill at issue has been dubbed the Small Business Jobs Survival Act and aims to help the city deal with its epidemic […]

Simon Baron pays $313M for partner’s stake in LIC resi complex

Posted: 22 Oct 2018 03:22 PM PDT

Simon Baron Development bought its partner’s stake in a 467-unit Long Island City residential complex, the second such transaction for the company in the past two weeks. The company acquired a 96.45 percent stake in rental complex ALTA LIC for $313.2 million, according to records filed city on Monday. The property, at 29-22 Northern Boulevard, is a 43-story building that spans 380,700 square feet. Simon Baron jointly owned the property with its frequent collaborator, Miami […]

Grand Central Tech and Milstein’s technology venture plans $52M life sciences hub in Midtown

Posted: 22 Oct 2018 02:30 PM PDT

The Midtown technology campus launched earlier this year by Milstein Properties and Grand Central Tech is looking to get in on the biotech and life sciences craze. Company, the venture the two formed earlier this year to manage Milstein’s 1.1 million-square-foot office building at 335 Madison Avenue, now plans to convert the top 15 floors of a nearby building on East 43rd Street into a $51.8 million life-sciences nerve center, an application for public assistance […]

Cassena Care lands $61M loan for Crown Heights nursing facility

Posted: 22 Oct 2018 01:45 PM PDT

Nursing home operator Cassena Care secured a $61.4 million loan for a senior housing facility that it acquired last year. Bank of America provided the debt, which replaces a loan from last July, also from the bank. The new mortgage consists of the existing $24.4 million debt on the property and $37.3 million in new financing, according to records filed with the city. The property, at 520 Prospect Place in Crown Heights, is a 320-bed […]

Coming soon: The Real Deal’s 2019 Data Book

Posted: 22 Oct 2018 01:05 PM PDT

The Real Deal is preparing the 14th edition of its Data Book, the industry’s single most comprehensive collection of information on the New York-area real estate market. Included in the 2019 Data Book will be a ranking of the city’s most active transaction law firms; Manhattan’s top residential agents and Brooklyn’s top residential agents and firms. With a strong focus on various sets of data in NYC city, ranging from development to architecture to title […]

Broadway producer lists Palm Beach oceanfront estate for $135M

Posted: 22 Oct 2018 12:30 PM PDT

A Broadway producer just listed her 5-acre estate in Palm Beach for $135 million — an asking price that if achieved, would set a new record as the most expensive residential sale in Palm Beach County history. Terry Allen Kramer listed the 37,516-square-foot, 13-bedroom compound at 1295 South Ocean Boulevard with Gary Pohrer, Ashley McIntosh, Lisa Wilkinson, Cara McClure and Adam McPherson of Douglas Elliman, according to the Wall Street Journal. Called ‘La Follia,’ the […]

Harry Einhorn is planning a 65-unit building at a former Flatbush furniture store

Posted: 22 Oct 2018 12:00 PM PDT

Developer Harry Einhorn is planning to build a 65-unit mixed-use project in Flatbush on the site of a former neighborhood furniture store. The seven-story project will be located at 815 Flatbush Avenue and span about 70,000 square feet, according to plans pre-filed with the Department of Buildings on Monday. The property currently houses a two-story commercial building. The rental building will likely be split between 70 percent market-rate units and 30 percent affordable units, and […]

Speculators descend on top contenders for Amazon HQ2

Posted: 22 Oct 2018 11:30 AM PDT

As cities continue to court Amazon, real estate speculators are betting on areas they think might be the home of the online giant’s second headquarters. Investors are throwing cash at sites near top contenders for Amazon’s new headquarters; a decision is expected by year end. They are also buying shares in real estate investment trust JBG Smith Properties, which owns a significant chunk of commercial real estate in Crystal City, Virginia, the Wall Street Journal […]

Here are the week’s top luxury sales

Posted: 22 Oct 2018 11:00 AM PDT

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

Westbrook Partners lands investment from Goldman Sachs

Posted: 22 Oct 2018 10:30 AM PDT

Petershill, a subsidiary of Goldman Sachs’ asset management unit, has bought a stake in real estate investment firm Westbrook Partners. Westbrook’s CEO Paul Kazilionis, who revealed the investment, declined to say how big a stake Petershill is buying, the Wall Street Journal reported. As part of the deal, Westbrook is changing its ownership structure. Formerly owned just by Kazilionis, the company will now be owned in part by other Westbrook executives and Goldman Sachs. Investing […]

Long Island Cheat Sheet: Pair of hotels added to $1.5B Nassau Coliseum plan … & more

Posted: 22 Oct 2018 10:00 AM PDT

A pair of hotels added to $1.5B Nassau Coliseum redevelopment plan Brett Yormark, CEO of BSE Global, and Scott Rechler, CEO of RXR Realty, for the first time laid out a time frame for their plan to redevelop 72 acres around the Nassau Coliseum, Newsday reported. The developers added two hotels to the $1.5 billion redevelopment plan. One of them will be a hotel offering “limited services” while the other will be “a high-end facility” […]

Health care for all? Compass and Cigna roll out agent coverage

Posted: 22 Oct 2018 09:30 AM PDT

With more than 7,000 agents working under its banner, Compass is wading into health care coverage. The venture backed-firmed said Monday that it’s partnering with national insurance provider Cigna to offer agents the opportunity to purchase their own health care plans in 13 states. Starting in November, Compass agents will be able to enroll in a Cigna plan in states where the firm currently operates, including New York, California, Florida and Illinois. A spokesperson for […]

Elon Musk’s latest Twitter prediction: LA loop tunnel project to open soon

Posted: 22 Oct 2018 09:00 AM PDT

Elon Musk is back in the news on one of his favorite places: Twitter. The billionaire entrepreneur tweeted out an announcement Sunday, saying his Boring Company will open its prototype “Loop” transport tunnel beneath Hawthorne on Monday, Dec. 10. The tunnel stretches just two miles, and resembles a normal subway tunnel. Instead of large subway cars, it transports single cars or bus-like transit vehicles on individual platforms called skates. The Los Angeles Times first reported […]

Subscribers: Here’s the info for today’s call

Posted: 22 Oct 2018 08:05 AM PDT

Today at 2:30 p.m. (EST), subscribers will get an inside look at our October cover story, which dives deep into the interplay between Albany politics and the New York City real estate industry. Call-in number: +1-510-338-9438 Access code: 623 366 212 TRD’s senior content director, Jill Noonan, and managing issue editor, Damian Ghigliotty, will talk to reporters Katie Brenzel and Will Parker about how the story took shape, the reporting hurdles along the way and […]

Blackstone gave Saudi sovereign wealth fund discounts to invest in record $40B infrastructure fund

Posted: 22 Oct 2018 07:45 AM PDT

Saudi Arabia’s sovereign wealth fund received discounts from the Blackstone Group last year when it pledged $20 billion for the private equity firm’s record infrastructure fund. The perks all add up to large discounts on management fees, Bloomberg News reported. If Blackstone’s fund reaches its target of $40 billion, for example, the Saudis will pay annual management fees of roughly $111 million, while investors staking the other half of the fund will together pay about […]

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

Posted: 22 Oct 2018 06:50 AM PDT

The Brooklyn luxury market picked up slightly last week with 16 contracts signed in the borough, split between nine townhouses, six condominiums and one co-op. The properties sold for about $48.6 million overall and went for an average price of about $3 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 an increase from the week […]

Rival developers cry foul after Nassau County backs RXR Realty for $1B project

Posted: 22 Oct 2018 06:20 AM PDT

UPDATED, Oct. 22, 1:08 p.m.: Developers who submitted proposals for a $1 billion project to develop the land around Nassau Coliseum are crying foul after RXR Realty’s Scott Rechler – one of Gov. Andrew Cuomo’s largest donors – was selected for the job. “It’s pure pay-to-play,” one of the developers told the New York Post, adding he wants a federal investigation into the process. Over the summer, 17 developers submitted proposals to Nassau County to develop […]

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

Posted: 22 Oct 2018 05:41 AM PDT

Manhattan’s luxury residential market recorded 17 contracts at $4 million and above last week, according to Olshan Realty’s luxury market report. Last week’s totals were down from 21 contracts signed during the same week last year, and dipped below the 20-plus benchmark the market had seen the past two weeks. Olshan also noted figures from Urbandigs.com (which pull its data from the Real Estate Board of New York’s Residential Listings Service) that noted Manhattan inventory […]

Can NYC shed its test-tube status?

Posted: 22 Oct 2018 04:30 AM PDT

Taconic Investment Partners and Silverstein Properties are betting big on a 10-story office building they co-own on Manhattan’s Far West Side as a hub for life science tenants. The duo, which bought a majority stake in the former industrial building at 619 West 54th Street last year, is pumping $20 million into the site to turn it into a life science center. Rather than holding meetings in boardrooms, tenants will huddle around petri dishes and […]

There’s gold in them zones: How Opportunity Zones could impact real estate

Posted: 22 Oct 2018 04:00 AM PDT

At 9800 Grape Street in the Watts neighborhood of southern Los Angeles, gone are the low-rise complexes that were the epicenter of the Rodney King riots. In their place stand rows of wood-frame skeletons taking the shape of 12 garden-style apartment buildings, the first phase of an ambitious redevelopment. While funds for the first and second phases are largely being drawn from city and state coffers, the $500 million project known as Jordan Downs could […]