The Real Deal - New York Real Estate News

Hamptons Cheat Sheet: Montauk oceanfront property’s list price slashed to $39.5M … & more

Posted: 06 Nov 2018 03:30 PM PST

Oceanfront Montauk home’s price slashed to $39.5M A month after a 36-acre oceanfront property in Montauk came on the market for $48 million, its price tag was cut down to $39.5 million, according to Curbed. Frame dealer Eli Wilner and his wife bought the property in 1992 for $630,000. They then built the property’s only structure, a stucco home by Frank Hollenbeck and Men at Work Builders. The 7,000-square-foot home has five bedrooms, five bathrooms, […]

Wells Fargo software error led to hundreds of home foreclosures

Posted: 06 Nov 2018 03:00 PM PST

Wells Fargo disclosed that a software error contributed to hundreds of their customers losing their homes. In a filing with the Securities and Exchange Commission on Tuesday, the bank said that it discovered 870 customers who were improperly denied loan modifications due to a defective underwriting tool. The cases, which were processed between March 2010 and April 2018, ultimately resulted in 545 foreclosures. The errors, which were identified after the bank expanded an internal review, […]

Albany’s power structure resets: Shifting political winds could spell trouble for the industry

Posted: 06 Nov 2018 02:15 PM PST

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 […]

Zillow Q3 revenue jumps 22% but Premier Agent disappoints

Posted: 06 Nov 2018 01:40 PM PST

Premier Agent remains Zillow Group’s cash cow, but the lucrative ad program had a rocky quarter. Following a series of tweaks to the feature, Premier Agent’s third-quarter revenue fell short of Zillow’s own expectations, the company said Tuesday. More than 67 percent of the company’s earnings were tied to the program, where revenue grew 18 percent to $232.7 million. But the listings giant was targeting between $237 million and $239 million. Overall, Zillow’s revenue was up […]

Tishman Speyer’s new co-working arm will go after corporate clients

Posted: 06 Nov 2018 01:25 PM PST

Tishman Speyer is launching a new co-working service to chase corporate clients, falling in line with the shift to blue-chip companies in the shared-office industry. The mega-landlord’s new product, Studio Private, will provide large companies with office suites with “privacy and singular company culture,” while remaining a co-working brand. The new service is an expansion of Tishman’s co-working offices arm, Studio, which launched this month at 600 Fifth Avenue with a 35,000 square foot space […]

Sabey looks to sell office portion of 375 Pearl for north of $300M

Posted: 06 Nov 2018 11:45 AM PST

Now that redevelopment is finished at the former Verizon Building in Lower Manhattan – once considered among the ugliest buildings in the city – owner Sabey Corporation is looking to sell the tower’s office portion. The Seattle-based datacenter landlord put floors 15 through 30 at 375 Pearl Street – spanning some 600,000 square feet – on the market with an asking price north of $300 million, sources told The Real Deal. Sabey specializes in providing […]

Send the date: Share your real estate events with The Real Deal!

Posted: 06 Nov 2018 11:00 AM PST

Each week, The Real Deal provides a roundup of the top real estate events in New York you need to know for the week ahead. Send conferences, panel events, networking opportunities and more to events@TheRealDeal.com. To search for future industry events or browse past ones, click here.

How would Tish James deal with the city’s real estate industry?

Posted: 06 Nov 2018 10:15 AM PST

Leading up to September’s primary, the real estate industry flung hundreds of thousands of dollars at two Democratic candidates for New York state attorney general: Sean Patrick Maloney and Letitia James. Developers and landlords eventually funneled the most cash to Maloney — spurred at the 11th hour, some say, by the trajectory of the polls — but James clinched the race with more than 40 percent of the votes. The city’s public advocate, who has […]

Brokers behaving badly? What happens when agents are accused of gaming the system

Posted: 06 Nov 2018 09:30 AM PST

When Mauricio Umansky, co-founder of The Agency, was tapped to sell a Malibu estate on Sweetwater Mesa Road, he was taking on a property that had already seen its share of drama, having been seized by the U.S. government. But Umansky was up to the task. The star broker, who oversees more than 350 agents, has brokered many multimillion-dollar deals in his career, including the $100 million record-breaking sale of the Playboy Mansion in 2016. […]

British Columbia, flooded with Chinese money, to track condo buyers

Posted: 06 Nov 2018 09:00 AM PST

The Canadian province of British Columbia is taking another step to crack down on tax evasion through real estate, this time creating a registry to track ownership of new condominium units under construction. British Columbia’s move follows an earlier 20 percent tax on foreign home buyers, which largely targets the flood of mainland Chinese who have sent home prices soaring double digits in the last four years, and have drawn accusations of tax illegalities. Under […]

Follow The Real Deal’s Deal Sheet on Instagram!

Posted: 06 Nov 2018 08:30 AM PST

Shaya Sonnenschein and Shaya Ackerman of Meridian Capital Group represented the owner, Marx Development Group. The loan was issued by Mack Real Estate Credit Strategies. #commercialrealestate #nycrealestate #trdny #trddealsheet #nyc #nycloans #trdloans A post shared by The Real Deal’s Deal Sheet (@trddeals) on Jun 20, 2018 at 10:17am PDT The Real Deal’s Deal Sheet is on Instagram! Our latest social media channel features snaps of retail and office leases, financing acquisitions and commercial and residential […]

Real estate magnate owes $160K in unpaid rent at Lombardy Hotel: suit

Posted: 06 Nov 2018 08:00 AM PST

Real estate mogul Jeffrey Kosow is refusing to pay $160,000 in back rent that he has been building up for two years at a luxury co-op in Midtown, a lawsuit says. The 73-year-old Kosow has been ducking his $9,000 per month bill for his suite at the Lombardy Hotel on East 56th Street, according to the New York Post, citing a lawsuit that the unit’s owners filed. The suit says Kosow claims to have negotiated […]

Manhattan office leasing surges in October; nears new record for 2018

Posted: 06 Nov 2018 07:30 AM PST

Manhattan office leasing activity surged by nearly 80 percent in October from the same time last year, as 2018 continues on its path toward a new post-recession record. Office leasing activity — including both new leases and renewals — clocked in at 3.97 million square feet last month, according to Colliers International. That was 76.7 percent above October 2017’s total of 2.25 million square feet. October’s largest lease — the City of New York’s 420,000-square-foot […]

The top 10 biggest real estate projects coming to NYC

Posted: 06 Nov 2018 07:00 AM PST

The outer boroughs dominated October’s list of largest real estate projects coming to New York. All of the top 10 projects filed last month were in Brooklyn, Queens and the Bronx, while nothing from Manhattan or Staten Island made the cut. The largest project was a residential tower at 18 Sixth Avenue, which is part of Greenland USA’s massive Pacific Park megadevelopment in Brooklyn. The second largest was a trio of buildings at Cape Advisors’ […]

Nike inks office lease at Pier 17

Posted: 06 Nov 2018 06:30 AM PST

Nike will be one of the latest tenants to come to the South Street Seaport. The company has signed a lease for 23,000 square feet of creative office space at Pier 17, according to the New York Post. It will be right next to the third floor’s ESPN studio. No further details of the deal, including asking rent, were immediately available. A “winterland” program is also coming to the pier’s rooftop in mid-December that will […]

Recasting Cuomo: Will the governor’s relationship with the industry be upended?

Posted: 06 Nov 2018 06:00 AM PST

Early last month, Gov. Andrew Cuomo climbed into Franklin Delano Roosevelt’s 1932 Packard convertible and made the inaugural trip across the new Tappan Zee Bridge. The celebratory drive ended with a staged press event where he touted the nearly $4 billion project, now officially renamed the Governor Mario M. Cuomo Bridge in honor of his father. But the celebration was premature. The next day, when the soaring silver structure was scheduled to open to traffic, the […]

Long Island City could be the new home for (half of) Amazon’s HQ2

Posted: 06 Nov 2018 05:30 AM PST

Amazon is nearing a deal that could make the rapidly growing Queens neighborhood of Long Island City home to half of its second headquarters. The company is planning to split its ballyhooed HQ2 between Long Island City and Arlington, Virginia, according to the New York Times. Together, they would house up to 50,000 employees. The city announced last week that it would spend $180 million to improve transit and sewage in Long Island City, and […]

The co-working space race

Posted: 06 Nov 2018 05:00 AM PST

This past spring, the head of leasing at a major office complex in Los Angeles got a surprising phone call from a broker representing WeWork. Just days earlier, the co-working giant had passed on a 75,000-square-foot-plus space at the complex, which is a short drive from the beach. Now, the broker said, the company had changed its mind. The landlord’s broker immediately knew what happened: WeWork had gotten wind of the fact that the owner […]

The Real Deal’s November issue is live!

Posted: 06 Nov 2018 04:45 AM PST

As co-working companies like WeWork reach the limits of demand from freelancers and entrepreneurs, they are increasingly turning to larger, more traditional tenants. “Co-working is dead,” Mark Gilbreath, who runs the online office listing platform LiquidSpace, told The Real Deal. “Long live co-working.” This month’s cover story dissected coworking’s shift to a business model that closely mirrors commercial property management, while the shared office aspect of the business is shrinking. The issue also has a feature on SL […]

Nestio 2.0 adds AI and added analytics for landlords

Posted: 06 Nov 2018 04:00 AM PST

After a frustrating apartment search, Caren Maio launched Nestio in 2011 to help landlords and brokers manage rental inventory online instead of by spreadsheet. Seven years later, Nestio is getting a major overhaul to add real-time marketing and leasing tools. Nestio 2.0, which goes live today, gives landlords a single dashboard they can use to toggle between inventory management, marketing and leasing. The new leasing tool tracks all inquiries, tours and signed leases. The platform […]