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| “We are not ending the year market-wide with a bang but with a whimper:” Redfin profits tumble Posted: 08 Nov 2018 03:53 PM PST Redfin’s net income tumbled 67 percent year-over-year, as the discount brokerage grapples with what its leader described as a residential market in “temporary retreat.” Net income was for the third quarter was $3.5 million, down from $10.6 million in the third quarter of 2017. Total revenues, however, were up 28 percent year-over-year, to $140.3 million from $109.5 million. Redfin’s stock fell on Thursday after the firm reported lower guidance for the fourth quarter; the company […] |
| Pi Capital Partners snags $60M refi for Elmhurst resi building Posted: 08 Nov 2018 03:30 PM PST Pi Capital Partners has landed a $60 million mortgage to refinance construction debt at its new residential building in Elmhurst. The debt is a five-year, fixed-rate loan from First Republic Bank for 85-15 Queens Boulevard, according to property records and sources familiar with the deal. It replaces $55 million in prior financing from People’s United Bank. Cary Pollack and Judah Neuman of Meridian Capital Group brokered the deal. The 250,000-square-foot building is known as Elm West […] |
| Brookfield could buy back $40B in shares over next decade Posted: 08 Nov 2018 03:16 PM PST Brookfield Asset Management expects to buy back as much as $40 billion in shares in the next decade. During a third-quarter earnings call on Thursday, the company said it expects to bring in $60 billion in the next 10 years. But the opportunities to spend the capital will likely be “outstripped” by the anticipated volume of cash, CEO Bruce Flatt said. Brookfield expects to spend roughly $10 billion in the next decade and will likely […] |
| Teachers union inks long-term lease at Forest Hills building Posted: 08 Nov 2018 03:05 PM PST The United Federation of Teachers has inked a 44,000-square-foot lease at a large building from Muss Development in Forest Hills. The union will occupy the seventh and eighth floors in the 16-story property at 118-35 Queens Boulevardknown as Forest Hills Tower, and the deal will last for 20 years, according to Crain’s. Asking rent was $39 per square foot. Muss Development constructed the office building in 1981, which spans 375,000 square feet overall. They have […] |
| Here are 5 sites Amazon could be checking out for its potential LIC HQ Posted: 08 Nov 2018 02:30 PM PST Long Island City has been the talk of the town — rather, New York City — since news broke that Amazon could be planning to house half of its HQ2 there. Whether the neighborhood will share Amazon’s headquarters with Crystal City, Virginia remains to be seen. But office landlords and brokers are anticipating an influx of nearly 25,000 new workers and residents, essentially transforming Long Island City into a company town. Here’s a look at five sites Amazon […] |
| These Chinese buyers upgraded from 15 CPW to 220 CPS Posted: 08 Nov 2018 02:09 PM PST Vornado Realty Trust’s 220 Central Park South has another closing on the books, and the latest buyers apparently wanted to move up from the original “Limestone Jesus,” 15 Central Park West. Chinese buyers Fong Chi and Zhen Zhong Li bought Unit 26A for $13.3 million, according to property records filed with New York City’s Department of Finance. The couple previously owned Unit 5E at Robert A.M. Stern-designed 15 Central Park West, which they purchased for […] |
| Two construction workers charged with assault in connection to mini crane collapse in Harlem Posted: 08 Nov 2018 01:25 PM PST Two construction workers face felony assault charges connected to a mini crane collapse in Harlem that severely injured two others working on the site. Timothy Braico, 41, and Terrence Edwards, 39, on Thursday were charged with two counts of second-degree assault and of second-degree reckless endangerment, Manhattan District Attorney Cyrus Vance Jr. announced. The two men, both employees of Missouri-based Western Specialty Contractors, are accused of ignoring safety protocols that led to a mini crane […] |
| WATCH: Could Amazon’s potential move to LIC cure its over supply problem? Posted: 08 Nov 2018 12:35 PM PST The Real Deal’s Eddie Small appeared on Cheddar Wednesday to discuss how Amazon’s potential move to Long Island City could impact the Queens neighborhood. Amazon is reportedly planning to split its long-anticipated second headquarters between Long Island City and Crystal City in Arlington, Va., and if the move pans out, it could help fill up the rapidly increasing number of residential units in Queens. “There are a ton of new large-scale residential development projects […] |
| Minrav lands $117M loan for planned Kips Bay resi tower Posted: 08 Nov 2018 11:51 AM PST Minrav Development landed a $116.7 million loan for 368 Third Avenue, a planned 35-story residential tower in Kips Bay. Israeli financial firm Bank Leumi provided the new loan package, which consists of a $42.5 million acquisition mortgage, a $48.2 million construction loan and a $26 million project loan, according to records filed with the city Thursday. Minrav acquired the development site, located near the corner of East 27th Street, for $64 million in May from […] |
| Posted: 08 Nov 2018 11:00 AM PST Midtown office leasing hits 12-year high The Midtown office market is having its most active year since 2006, with a total of 13.9 million square feet leased in the first three quarters of the year, according to CBRE. Of that total, 4.4 million square feet were added in the third quarter — the sixth consecutive quarter to surpass 4 million square feet leased. Asking rents in Midtown stood at $74.41 per square foot, up 2 […] |
| SJP, Mitsui Fudosan land $460M in financing for UWS’s tallest development Posted: 08 Nov 2018 10:20 AM PST SJP Properties and Mitsui Fudosan America landed $460 million in financing for their controversial Upper West Side condominium development. Japanese bank Sumitomo Mitsui Trust Bank provided the developers with a $464.1 million loan for their planned, record-breaking tower at 200 Amsterdam Avenue, property records filed with the city Thursday show. Sumitomo Mitsui and Mitsui Fudosan are both subsidiaries of the same Japanese conglomerate, the Mitsui Group. The financing package includes $266 million in new debt […] |
| Feds shut down alleged $100M real estate fraud in Belize Posted: 08 Nov 2018 09:20 AM PST The Federal Trade Commission and U.S. Attorneys in Maryland temporarily shut down an alleged $100 million real estate scam in Belize, the FTC announced Thursday. The FTC said the scheme was the largest real estate fraud the agency has uncovered in its history. The “Sanctuary Belize” development drew investors from across the United States to buy at least 1,000 lots in the Central American country, where they could build their dream retirement homes in a […] |
| As Colony Capital’s stock tanks, Tom Barrack returns Posted: 08 Nov 2018 08:30 AM PST Tom Barrack, who stepped down as CEO of Colony Capital in 2014, is back at the helm after the company’s stock has plummeted. Richard Saltzman was ousted from the position and has given up his board seat, Bloomberg reported. Saltzman oversaw Colony’s merger with NorthStar. The company’s shares have tumbled 58 percent since President Trump’s inauguration — as it’s become evident that Colony overvalued NorthStar’s assets, the report said. “I completely respect and embrace Tom’s […] |
| Meet the little Williamsburg building that’s home to over 1,000 LLCs Posted: 08 Nov 2018 07:45 AM PST At first glance it seems like one nondescript building among scores in South Williamsburg, a three-story brown-brick property housing a small retail store and a couple of apartments above. But in Hasidic real estate circles, the 3,500-square-foot structure at 199 Lee Avenue is legendary. Hundreds of landlords from the Orthodox community, who collectively own thousands of apartments in Brooklyn’s fastest-growing neighborhoods, have mailboxes there. Every month, these mailboxes are used to collect rent checks and help […] |
| Posted: 08 Nov 2018 06:50 AM PST While awaiting sentencing on real estate fraud charges he pleaded guilty to last year, Paul Manafort’s former son-in-law took up a curious hobby: he concocted a variety of real estate scams that totaled more than $21 million, according to federal prosecutors. Jeffrey Yohai, who was married to Manafort’s daughter Jessica in 2013, was arrested in Los Angeles last week on the new charges and has a bail hearing set for Wednesday. Yohai tried to dupe […] |
| Send the date: Share your real estate events with The Real Deal! Posted: 08 Nov 2018 06:00 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. |
| Basements could be big money-makers for NYC landlords Posted: 08 Nov 2018 05:30 AM PST A City Council bill may legalize some basement apartments in East New York. The move is an attempt to create more affordable housing in existing buildings, Crain’s New York reported. A hearing on the legislation, which has been in the works since the area was rezoned, is set for Tuesday. Although basement apartments are common in the city, most don’t meet fire and building codes, the report said. The new measure, which is part of […] |
| More than half of Brooklyn rentals had concessions in October Posted: 08 Nov 2018 05:00 AM PST Brooklyn concessions have now increased for the 33rd month in a row and hit their second highest market share in more than eight years, according to the latest Douglas Elliman report. The share of deals in the borough with concessions hit 50.2 percent in October, up from 43.1 percent in September and 19.3 percent last October. The size of the concession also increased year over year, rising from 1.2 months to 1.5 months. Year-over-year net […] |
| Posted: 08 Nov 2018 04:30 AM PST Red Hook Point would seem to have it all. Plans for the Thor Equities Brooklyn office project call for trendy “heavy timber” construction and a waterfront location with views of Lower Manhattan and the Statue of Liberty from its environmentally friendly roof. And the two planned buildings totaling about 800,000 square feet, designed by Foster + Partners, will be close to ferries, water taxis and Citi Bike stations. But what the Red Hook development doesn’t […] |
| Manhattan rental market in holding pattern Posted: 08 Nov 2018 04:00 AM PST Thanks to a glut of inventory, don’t expect to see big shifts in Manhattan’s rental market anytime soon. Coming out of peak season, rampant concessions are here to stay, said Hal Gavzie, executive manager of leasing at Douglas Elliman. “I don’t see that changing any time soon,” he said. “The entire market is still fueled by the amount of inventory.” In October, the share of rental transactions with concessions was 41 percent, up from 28 […] |
| Google to grow Manhattan fiefdom with potential St. John’s Terminal deal Posted: 07 Nov 2018 08:10 PM PST Forget Amazon HQ2 — Google is gearing up for a massive expansion. The search engine’s parent company, Alphabet, is nearing a deal to buy or lease St. John’s Terminal, Oxford Properties Group’s 1.3 million-square-foot office development, according to the Wall Street Journal. That, plus two other new office spaces, could increase Google’s Manhattan workforce by 12,000. In addition to 250,000 square feet at RXR Realty and Youngwoo Associate’s Pier 57 redevelopment, Google is planning to […] |
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