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The Real Deal - New York Real Estate News |
Developers relist unfinished Bel Air spec manse at $100M Posted: 07 Nov 2018 03:45 PM PST The developers behind an elaborate, under-construction mansion in Bel Air are hoping to get more bang for their buck now that their property is near completion. Ty Cueva of Westside Property Group, along with Dean Hallo of Hallo Construction, are relisting their 40,000-square-foot spec home for $100 million, a third more than the developers asked last year, the Wall Street Journal reported. Located at 10697 Somma Way, the Spanish Villa-style home will include 21 bathrooms […] |
How NY REIT became an LLC with just one asset Posted: 07 Nov 2018 03:30 PM PST New York REIT, once a company with 4.4 million square feet of commercial space in the city, is now a limited liability company with a 50.1 percent stake in one office tower. The company completed its conversion into an LLC Wednesday evening, according to New York REIT representatives. The move winds down the REIT’s liquidation of its $2.8 billion portfolio, a process that began in January 2017. At the time, the company set a deadline […] |
Behind Roomi’s ruin, allegations of reckless spending and nepotism Posted: 07 Nov 2018 03:01 PM PST This spring, commuters trapped in New York City’s notoriously delayed subway found themselves surrounded by colorful ads for the roommate matching startup Roomi. Plastered all over train cars and the walls of well-trafficked stations like West 4th Street, they showed drawings of millennials engaged in the daily struggle of New York living. “Find a roommate who is OK with paying a little extra for air conditioning,” read one, next to a drawing of two melting […] |
Massive Willets Point development site hits the market Posted: 07 Nov 2018 02:30 PM PST A development site in Willets Point spanning about three acres is hitting the market with an asking price of about $217 a square foot. The 137,000-square-foot site is located at 129-02 Northern Boulevard and allows development of 277,000 as-of-right buildable square feet. This make it the largest available assemblage in Northern Queens, according to Cushman & Wakefield broker Stephen Preuss, who is marketing the site. It is currently home to a total of four industrial and manufacturing buildings and […] |
Ex-Uber CEO Travis Kalanick just bought a $37M Soho penthouse Posted: 07 Nov 2018 02:00 PM PST Uber co-founder Travis Kalanick, who was pushed out of the company last year, snatched up a brand new penthouse in Soho. Kalanick bought an apartment at 565 Broome Street for $36.4 million, the Wall Street Journal reported. It was listed for $40.5 million. The penthouse — at an under-construction building — will span 6,555 square feet. The apartment will also have a private elevator, floor-to-ceiling windows and a rooftop terrace with a heated outdoor pool. […] |
Posted: 07 Nov 2018 01:40 PM PST AMS buys lot in Yonkers for $18.3M with plans to build 24-story rental building New York City-based AMS Acquisitions LLC has snapped up a 50,000-square-foot lot in downtown Yonkers for $18.3 million, the real estate investment firm said in a release. AMS plans to build a 24-story rental building with 361 units at the site at 55 Buena Vista Avenue, which was once home to the Teutonia Music Hall. Last week, AMS said it planned […] |
City pushes back construction training deadline citing “insufficient” resources Posted: 07 Nov 2018 01:20 PM PST City officials are giving construction workers another six months to complete at least 30 hours of safety training after contractors voiced concerns about meeting a December deadline. The city’s Department of Buildings on Wednesday announced that workers now have until June 1, 2019, to complete at least 30 hours of safety training, extending the initial deadline from Dec. 1, 2018. The final deadline by which time workers must have at least 40 hours of training, […] |
Compass hires new Florida general manager Posted: 07 Nov 2018 01:00 PM PST Alexandra Elfmont just left Engel & Völkers Miami and joined Compass Florida as director of operations. Elfmont is leading agent operations, product experts and listing and transaction teams across the state at Compass. The firm has raised $1.2 billion from investors to date and is growing aggressively by hiring agents and acquiring firms nationwide. Elfmont said she’s been following Compass’ growth over the past few years, and her role is a new one for the […] |
Allure Group planning luxury rentals on Brooklyn nursing home site Posted: 07 Nov 2018 12:45 PM PST UPDATED, Nov. 7, 5:03 p.m.: Allure Group, the real estate developer at the center of the Rivington House nursing home scandal, is filing permits to build a luxury rental project on a site that also houses a Brooklyn senior facility. The firm and its partner Landpex Development are looking to build a 30-story rental property at 2266 Cropsey Avenue in Bath Beach, according to documents filed with the Department of Buildings on Wednesday. Allure and Landpex […] |
Is DDG building condops in Williamsburg? Posted: 07 Nov 2018 12:15 PM PST Joe McMillan’s DDG Development looks to be bringing luxury apartments to the heart of Williamsburg, though it’s unclear whether they’ll be rentals or condops. DDG on Wednesday filed permits for a seven-story building with 38 residential units spread across 39,000 square feet of residential space, according to filings with the city’s Department of Buildings. The project is also set to hold 8,700 square feet of commercial space, and the plans indicate the development will include […] |
Gilbane inks $49M 99-year lease at pair of Bronx sites Posted: 07 Nov 2018 11:47 AM PST Gilbane Development Company has signed a $49.1 million lease at two adjacent city-owned sites in the Bronx. New York City Housing Authority is leasing 2251 Webster Avenue and 2244 Tiebout Avenue to Gilbane for 99 years, according to records filed with the city Wednesday. The Webster Avenue parcel is currently vacant, while the one on Tiebout Avenue houses a 10-story, 312-unit apartment building. The properties appear to be part of NYCHA’s Twin Parks West project, […] |
Mortgage applications hit 4-year low as interest rates rise Posted: 07 Nov 2018 11:15 AM PST Rising interest rates are pushing mortgage applications to four-year lows. The Mortgage Banker Association’s market composite index, a measure of loan application volume, fell 4 percent last week to its lowest point since December 2014, according to Bloomberg. The drop correlates with rise in the contract rate on a 30-year fixed loan from 5.11 percent to 5.15 percent last week. Together with strong pricing for housing around the country and a scarcity of listings, homebuyers […] |
Crowdfunding startup RealtyShares to cease investing, faces mass layoffs Posted: 07 Nov 2018 10:20 AM PST Real estate crowdfunding company RealtyShares is set to lay off the vast majority of its staff and faces an uncertain future following a failed attempt to secure more funding, according to multiple sources familiar with the matter. The startup has raised more than $63 million from venture capital players like Union Square Ventures, Cross Creek, Hone Capital and Blue Mountain, as well as Starwood Capital’s Barry Sternlicht and Chinese firm Danhuan Capital. Its downfall would […] |
RCR Management buying pair of Washington Heights buildings for $47M Posted: 07 Nov 2018 10:05 AM PST RCR Management is purchasing a pair of residential buildings in Washington Heights for about $47 million, according to sources familiar with the deal. The buildings are located at 80 and 86 Fort Washington Avenue, and RCR is buying them from a group of investors including Mike Spira and the estate of Josh Sternhell. Aaron Jungreis and David Berger of Rosewood Realty Group brokered the deal. Jungreis and Berger declined to comment, and RCR did not […] |
Ditmas Management buys UES resi building for $55M Posted: 07 Nov 2018 09:15 AM PST Long Island-based multifamily owner Ditmas Management bought an apartment building in the Upper East Side for $55.1 million. The property, at 160 East 89th Street, is an eight-story rental building that spans 64,000 square feet. It contains 51 apartment units and is just a few blocks away from Central Park. The seller is a partnership headed by William J. Diamond, who appears to be the former commissioner of the New York City Department of Citywide […] |
Poof! Zillow’s market cap drops $2B amid stock sell-off Posted: 07 Nov 2018 08:36 AM PST UPDATED, Nov. 7, 6:40 p.m.: On the heels of dismal earnings on Tuesday, Zillow Group is getting pummeled on Wall Street. Overnight, the Seattle-based listing giant lost nearly a quarter of its market cap — now $6.3 billion, down from $8.2 billion — as its stock plummeted 20 percent. Shares of Zillow opened today at $29.99 per share, down from yesterday‘s closing price of $40.74 per share. Within hours of the market opening Wednesday, investors […] |
Chinese investor appetite for US property is waning. In that, some see opportunity. Posted: 07 Nov 2018 07:30 AM PST The Chinese capital that fueled the purchase of luxury apartments and large office buildings from coast to coast in the U.S. is drying up. Hong Kong and mainland China investments in the U.S. property market totaled $4.42 billion through October, compared with $6.81 billion in all of 2017, according to the South China Morning Post. Investor appetite has cooled amid uncertainties about the trade war between the two countries. “Under the trade war you won’t […] |
Dip in US revenue prompts shorter forecast for Marriott Posted: 07 Nov 2018 06:30 AM PST A dip in North America revenues has prompted Marriott to slightly lower its forecast. Marriott, the parent company of brands Westin, Ritz-Carlton and Renaissance, said it had previously forecasted its comparable systemwide revenue per available room (RevPAR) at between 3 and 4 percent, but has lowered it closer to 3 percent, following a weaker than expected third quarter, according to the Wall Street Journal. The forecast, described during a during an analyst conference call Tuesday, […] |
Elliman’s revenue, profit rise despite housing slowdown Posted: 07 Nov 2018 05:55 AM PST Despite the sluggish market, Douglas Elliman increased both revenue and profits during the third quarter, the firm’s parent company reported Wednesday. Vector Group said the New York-based brokerage had revenue of $211.5 million during the third quarter, up from $190.4 million a year ago. The firm also grew its net income to $10 million, up from $4.2 million during 2017’s third quarter. Chairman and CEO Howard Lorber said the market has “definitely picked up” in […] |
Twitter re-ups 215K sf lease in Chelsea Posted: 07 Nov 2018 05:25 AM PST Twitter will remain at its Chelsea headquarters for an additional five years, after renewing its lease to 2030. The social media giant, which currently takes up 215,000 square feet at 249 West 17th Street, is extending its initial 11-year lease that was due to expire in 2025, according to Commercial Observer. The company first moved into a 149,000-square-foot space at the building in 2014, when it was owned by Savannah Partners. After being sold to […] |
Which co-working firms are keeping it real? Posted: 07 Nov 2018 04:30 AM PST The Assemblage Rodrigo Niño, the 49-year-old crowdfunding entrepreneur, took ayahuasca in Peru one summer and achieved enlightenment. What people needed was a new kind of co-working space, focused on togetherness and well-being for those at the “intersection of technology, consciousness and capital,” he told the New York Times last year. The Assemblage is Rodrigo’s first shot at co-working. But don’t expect hallucinogenic experiences at the 331 Park Avenue South location — don’t even expect beer […] |
Amazon could turn LIC into a company town Posted: 07 Nov 2018 04:00 AM PST Up until a little more than 24 hours ago, Long Island City appeared to be a neighborhood that was getting ahead of itself. Real estate players spoke about a forest of apartment towers sitting dark at night as a metaphor for the area’s challenge with new residential supply. And the heady days of “build it and they will come” for the neighborhood’s office market seemed squarely in the rearview mirror. But it may be because […] |
Florida governor’s race: DeSantis defeats Gillum; both had strong real estate backing Posted: 06 Nov 2018 09:02 PM PST Former Rep. Ron DeSantis won the race for governor of Florida on Tuesday night, defeating Tallahassee Mayor Andrew Gillum in one of the most closely-watched races across the country. Gillum conceded to DeSantis at about 11 p.m. on Tuesday and delivered an emotional speech to his supporters vowing to continue to fight for his beliefs. Both candidates secured significant donations from real estate professionals in South Florida and throughout the state. In recent days, developers […] |
Posted: 06 Nov 2018 06:52 PM PST UPDATED: Wed. Nov. 7, 12:20 a.m.: Gov. Andrew Cuomo easily defeated Republican challenger Marcus Molinaro to win re-election on Tuesday, a day of record voter turnout in New York. The governor campaigned for his third term by vowing to fight the Trump administration and touting achievements like paid-family leave and new infrastructure, including the recently completed Tappan Zee Bridge (now renamed for his father, Mario Cuomo) and $150 billion in investment commitments into other projects […] |
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