The Real Deal - New York Real Estate News

Real estate industry hedging its bets with state Senate donations

Posted: 25 Oct 2018 03:45 PM PDT

Another election season, another round of spending from the New York real estate industry. The latest campaign contribution disclosures showed many real estate players are hedging their bets, with the Durst Organization contributing $35,000 to the New York State Senate Republican Campaign Committee and $15,000 to its Democratic counterpart, Crain’s reported. Likewise, an anonymous LLC that appears to be linked to Rudin Management contributed $25,000 to the GOP organization and $15,000 to the Democratic side […]

The UES building home to Eli Zabar’s EAT Cafe trades hands

Posted: 25 Oct 2018 03:30 PM PDT

Beach Lane Management, a Hartsdale, New York-based firm, bought a five-story Upper East Side apartment building for $27.5 million. The seller of the 16-unit, 11,000-square-foot building at 1064 Madison Avenue between East 80th and East 81st Street is White Plains firm the Goldberg Group, property records show. The firm acquired the property for $26 million in 2014. Beach Lane, which declined to comment, is funding its acquisition with an $8 million loan from Metropolitan Commercial […]

Maya Lin-designed megamansion has found a buyer. All it took was a 43% discount

Posted: 25 Oct 2018 03:15 PM PDT

The city’s largest mansion — designed by architect Maya Lin — officially has a buyer. The Tribeca building at 11 Hubert Street — formerly a freight terminal — sold for $20 million. The New York Post first reported the sale. Hedge funder Adam Zoia previously owned the property, which went on the market last year for $35 million. The anonymous buyer is listed in property records as RJP NY Property Holdco LLC. The buyer is […]

A Chinese oil entrepreneur was scooping up Manhattan properties. Then he disappeared.

Posted: 25 Oct 2018 03:00 PM PDT

Companies with connections to Chinese oil entrepreneur Ye Jianming spent about $83 million on New York City properties and planned to buy $80 million more before Ye’s mysterious disappearance earlier this year. The deals included purchasing a penthouse from a former Wall Street banker and buying a townhouse from a billionaire close to President Trump, according to the Wall Street Journal. Companies tied to Ye also bought the penthouse of former Barclays Chief Executive Bob […]

The penthouse at Gloria Vanderbilt’s old home hits the market

Posted: 25 Oct 2018 02:30 PM PDT

The penthouse at the former home of designer Gloria Vanderbilt will soon hit the market for up to $30 million. The penthouse spans 5,704 square feet with four bedrooms, 4.5 bathrooms and about 1,522 square feet of outdoor space, according to the New York Post. Lauren Muss of Douglas Elliman is the listing broker for the property. Robert B. Lynd built the house in 1891, and Vanderbilt lived there from 1924-1925 before moving to Paris. […]

Robert Reffkin: “I believe the traditional brokerage model is not sustainable”

Posted: 25 Oct 2018 02:00 PM PDT

Facing thinning profit margins as commission splits rise and competition from discount brokerages and tech companies heats up — among other factors — national brokerage brands are increasingly expanding just to keep up. That was the main topic of discussion at The Real Deal South Florida’s Real Estate Showcase & Forum on Thursday, which brought together a panel of of the top leaders in the residential real estate industry. “I believe the traditional brokerage model […]

This developer is aiming for a $91M sellout for a Harlem condo project

Posted: 25 Oct 2018 01:30 PM PDT

Developer Chaim Nortman is seeking a $91.25 million sellout for his Harlem development at 11 Hancock Place, a filing with the New York state Attorney General’s office shows. The condo building will have 71 residential units and include commercial space, according to the offering plan. The developer filed a “test the market” application earlier this year, allowing it to start some marketing activities before drafting a complete offering plan. The development company and developer’s attorney […]

Expedia acquires two home rental startups in fight with Airbnb

Posted: 25 Oct 2018 12:30 PM PDT

Online travel booking firm Expedia is increasing its bet on the short-term home rental industry, acquiring startups Pillow and ApartmentJet this week. Expedia already operates HomeAway, and the latest acquisitions represent a double-barreled attempt at stealing away some of rival Airbnb‘s market share. In a filing with the Securities and Exchange Commission, Expedia said that its latest acquisitions “will contribute to HomeAway’s ability to add an even broader selection of accommodations to its marketplace.” Financial […]

Simon Property Group CEO: “We’re putting Sears in our rear view mirror”

Posted: 25 Oct 2018 12:00 PM PDT

Simon Property Group CEO David Simon said the continuing waves of Sears Holdings store closings are providing an opportunity for the mall operator, not hurting it. In an earnings call Thursday morning, Simon said 33 stores in Simon-owned properties have closed or will close around the end of this year. Simon said the 17 controlled solely by his REIT will be demolished, replaced and redeveloped — an effort that will cost $1 billion. “We’re putting […]

Bond New York snags new offices as the brokerage expands

Posted: 25 Oct 2018 11:30 AM PDT

Outgrowing its space — and eyeing more expansion — Bond New York is upgrading its offices. The brokerage is moving from its three-floor space at 1776 Broadway to the whole 39th floor at 810 Seventh Avenue, the company said in a statement. The deal boosts Bond’s headquarters to 17,320 square feet from 14,000 square feet. The Midtown office will have separate areas for sales and rentals and include a 1,400-square-foot presentation center, according to the […]

Newmark receives junk grade from S&P

Posted: 25 Oct 2018 11:00 AM PDT

Newmark Group received its first standalone credit ratings since its initial public offering in December, and the results were disappointing. S&P Global Ratings gave Newmark Group a grade of BB+, which is a rating of a speculative, non-investment-grade company. By comparison both CBRE and JLL have investment-grade ratings of BBB+ from S&P. Fitch Ratings gave the company a rating of BBB-, which is just one step above a junk-grade rating. The S&P rating, in particular, […]

Mauricio Umansky’s The Agency to launch SoFla operation in Boca Raton

Posted: 25 Oct 2018 10:30 AM PDT

The Agency has picked Boca Raton as its first South Florida location. The Beverly Hills-based brokerage is opening an office at 20 Southeast Third Street in mid-November, according to Chris Franciosa and Jared Ringel, who are leading the Agency’s expansion in South Florida. Howard Elfman will be managing broker of the Boca Raton location. Mauricio Umansky, CEO of the Agency, announced the Boca Raton opening during a brokerage panel at The Real Deal South Florida’s […]

Dean Skelos sentenced to four years, three months in prison

Posted: 25 Oct 2018 09:45 AM PDT

Former New York State Senate majority leader Dean Skelos has been sentenced to four years and three months in prison for corruption charges linked to a scandal involving Glenwood Management and other companies. Skelos had been retried and convicted on corruption charges in July after his prior conviction in 2015 was overturned on appeal, according to the New York Times. The case centered on charges that he pressured business leaders to pay his son Adam […]

Simon Baron lands $201M loan to buy out Quadrum’s stake in LIC resi tower

Posted: 25 Oct 2018 09:01 AM PDT

Simon Baron Development landed a $200.8 million loan for its acquisition of its partner’s stake in a 467-unit Long Island City apartment complex. The firm, headed by Jonathan Simon and Matthew Baron, closed on its purchase of Quadrum Global’s interest in the ALTA LIC earlier this week. The transaction, which involved a 96.45 percent stake in the 43-story tower, was valued at $313.2 million. Simon Baron is funding the purchase with a loan from a […]

New York’s most expensive* rental is a One57 unit asking $125K per month

Posted: 25 Oct 2018 08:15 AM PDT

Another unit at One57 has hit the market, and this one lays claim to being the most expensive non-hotel rental throughout New York City. The 80th-floor residence is asking for $125,000 per month, according to Curbed. It spans about 6,250 square feet with four bedrooms and floor-to-ceiling windows, and it can also be rented furnished for $150,000 per month. The landlord appears to be the estate of billionaire Brazilian businessman Edson Bueno, who closed on […]

Trump says not to worry about him using an unsecure phone to call his real estate friends

Posted: 25 Oct 2018 07:30 AM PDT

President Trump is hitting back against a New York Times article saying he talks to his friends outside of the White House on an unsecured iPhone. Trump took to his favorite medium—Twitter—to gripe about the story, according to Politico. “The so-called experts on Trump over at the New York Times wrote a long and boring article on my cellphone usage that is so incorrect I do not have time here to correct it,” he tweeted. […]

Shaken, not stirred: Midtown hotel to feature James Bond-themed rooftop bar

Posted: 25 Oct 2018 06:45 AM PDT

A rooftop bar coming to a new Midtown hotel should offer its patrons plenty of martinis—shaken, not stirred. The bar from YJR Group at Abraham Noy’s 297-key Aliz Hotel on 310 West 40th Street will be 1960s-era James Bond themed, according to broker Yoni Hadar. It has signed a 10-year lease for 4,200 square feet and $27,500 per month at the location. Hadar and his colleague Albert Manopla, both of Kassin Sabbagh Realty, brokered the deal. […]

Three Manhattan apartment buildings sell for $60M in affordable preservation deal

Posted: 25 Oct 2018 06:00 AM PDT

Camber Property Group and Belveron Partners just picked up three northern Manhattan apartment buildings for $60 million. The companies purchased 287 Audubon Avenue in Washington Heights, 107 West 109th Street in Morningside Heights and 1871 Seventh Avenue in West Harlem, the companies announced on Thursday. As part of the deal, the landlords agreed to extend the affordability of the properties’ combined 143 units for 40 years through an agreement with the city’s Department of Housing […]

LISTEN: Albany politics and NY real estate collide in latest subscriber call

Posted: 25 Oct 2018 05:30 AM PDT

For our latest subscriber conference call, The Real Deal’s Jill Noonan and Damian Ghigglioty chatted with reporters Katie Brenzel and Will Parker about their October deep dive into the interplay between Albany politics and New York’s real estate industry. 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.

Aspirational prices abound in the Hamptons while high-end inventory hits 7-year high

Posted: 25 Oct 2018 05:00 AM PDT

The Hamptons market is grappling with uncertainty. Prices are up — but homes aren’t selling, according to Douglas Elliman’s latest market report. The median sales price in the third quarter climbed 8.4 percent year over year to $965,000. At the same time, the number of sales dipped 13.3 percent. “There’s a lot of aspirational pricing remaining in the Hamptons, and we’re not seeing the same level in other high-end markets,” said Jonathan Miller, CEO of […]

The sports arena endurance test: NY stadium development is racing forward

Posted: 25 Oct 2018 04:30 AM PDT

Even though New York is one of the most saturated markets in the country when it comes to large sports arenas, there’s a flood of new stadium plans in and around the five boroughs that shows no signs of slowing. The boom started nearly 10 years ago with the new Yankee Stadium, the Mets’ Citi Field and the New York Jets’ and Giants’ MetLife Stadium all opening within 13 months in 2009 and 2010. Next […]

While Trump Org. faces heat, Don Jr. roams

Posted: 25 Oct 2018 04:00 AM PDT

“Time for a little row on the lake. Great weekend outdoors… back to the grind tomorrow. #sunday #outdoors #weekend #rowing View this post on Instagram A post shared by Donald Trump Jr. (@donaldjtrumpjr) on Jul 8, 2018 at 3:28pm PDT You may find him taking on a lake in the Catskills, or schmoozing with Republican National Committee officials in Miami (“these rock stars”). He can be seen mounting a bulldozer in Provo, Utah […]