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The Real Deal - New York Real Estate News |
Rybak lands $48M loan for Coney Island project Posted: 13 Nov 2018 03:30 PM PST Sergey Rybak’s Rybak Development landed a $47.5 million construction loan from Bank Leumi to finance his planned 22-story, 180,000-square-foot mixed-use tower in Coney Island. Rybak bought the site at 271 Sea Breeze Avenue last June for $13.5 million from Chaim Miller. The planned tower will include 114 apartments (30 percent will be designated as stabilized) and just over 27,000 square feet of ground-floor commercial space. The Carlton Group’s Ruth Barone brokered the loan. Earlier this […] |
Abraham Leser lands $71M loan for SUNY hospital site in Brooklyn Posted: 13 Nov 2018 03:15 PM PST Investor Abraham Leser landed a $71.3 million loan for the SUNY Downstate Medical Center location in Bay Ridge. The new debt replaces a $25 million Continental Casualty Company mortgage from 2011, property records show. The lender for the new loan is TD Bank, which provided $50.4 million in new financing. The property, at 9036 7th Avenue, is a seven-story building near the corner of 92nd Street. Leser sold a portion of the site, previously known […] |
This boutique resi brokerage is suing an agent for cutting it out of commissions Posted: 13 Nov 2018 03:00 PM PST In 2012, Shaul Jonathan Dadon joined Triumph Property Group as an agent. He had no experience marketing real estate, but Triumph’s hire was out of loyalty to the firm’s close relationship with his father. Now, the company is suing Dadon for allegedly stealing commissions from the brokerage. Between 2015 and February 2018, Dadon “stole at least $68,150 in commissions from Triumph for the rental of apartments” at 30 East 14th Street, Triumph said in a […] |
Hamptons Cheat Sheet: Mel Brooks’ former Water Mill home has price cut to $11.5M … & more Posted: 13 Nov 2018 02:30 PM PST Former Mel Brooks property has price chopped to $11.5M A Water Mill home that once belonged to comedy legend Mel Brooks that came on the market eight months ago for just shy of $12 million, has had its price cut down to $11.5 million, Curbed reported. Brooks and his wife, actress Anne Bancroft, bought the 2,000-square-foot oceanfront home in 2000 for almost $3 million and sold it a decade later for $5.3 million. Four years […] |
AvalonBay nixes Columbus Circle rentals, pursues condos instead Posted: 13 Nov 2018 02:00 PM PST Despite softness in New York City’s condo market, AvalonBay Communities has nixed plans for a rental-and-condo tower in Columbus Circle. Now, it’s going all-condo. The company, which launched a teaser site for the Park Loggia on Tuesday, has priced the 172 units between $1 million and $6 million. “There is a sense that there’s pent-up demand for product at this location,” said Beth Fisher, senior managing director at Corcoran Sunshine Marketing Group, which is handling […] |
Rahm Emanuel, Chicago developers shrug off Amazon snub Posted: 13 Nov 2018 01:40 PM PST The public and private leaders who aggressively pitched Chicago to be the site of Amazon’s second North American headquarters shrugged off the retail giant’s decision to split its expansion between Queens, New York and Crystal City, Virginiaon Tuesday, predicting the city would land other corporate relocations instead. Property owners last year sent applications to Amazon for 10 different sites in Chicago and its suburbs, joining more than 200 other cities that tried to land the […] |
Announcing TRD’s Future City 2019 event Posted: 13 Nov 2018 01:20 PM PST We’re thrilled to announce The Real Deal’s Future City 2019, an exclusive two-day opportunity for a group of 200 C-level executives in the fields of development, tech, construction, law, design and finance to network with and learn from the top minds and biggest dealmakers in the country. The event will take place Jan. 27-29, 2019 at the brand-new Baha Mar resort in the Bahamas. The industry is changing at a faster pace than ever before […] |
As fire death toll mounts, some residents return to homes in San Fernando Valley Posted: 13 Nov 2018 01:00 PM PST After torching more than 93,600 acres over five straight days, the Woolsey fire is showing some signs of slowing down. Officials lifted mandatory evacuation orders in Hidden Hills, parts of Calabasas, Agoura Hills, Westlake Village and West Hills in the San Fernando Valley, Curbed reported. Malibu and Topanga, however, remain under evacuation. Santa Ana winds gusting up to 45 miles per hour Tuesday continue to put those areas under danger, officials said. The winds are […] |
Toby Moskovits launches $100M Opportunity Zone fund Posted: 13 Nov 2018 12:30 PM PST Toby Moskovits’s Heritage Equity Partners is the latest developer to seek opportunities in Opportunity Zones, launching a $100 million fund that will target properties in Brooklyn and Queens, The Real Deal has learned. Moskovits joins real estate players like Andrew Scaramucci’s Skybridge Capital, RXR Realty, Normandy Real Estate Partners and Somerset Partners, all of which have announced plans to launch OZ funds in the last several weeks. Though many of the details remain unknown, the […] |
Chicago health care REIT pays $135M for Battery Park City ground lease Posted: 13 Nov 2018 11:45 AM PST UPDATED, Nov. 13, 3:28 p.m.: Chicago firm Ventas REIT paid $134.7 million to acquire Brookdale Senior Living’s ground lease for its Battery Park City location, according to records filed with the city last Friday. Brookdale Battery Park, at 455 North End Avenue, is a 14-story, 239,200-square-foot senior facility that contains a gym, a wellness center and a heated pool. The site, which runs the length of North End Avenue between Chambers and Warren Street, contains […] |
WeWork now valued at $45B after another SoftBank infusion Posted: 13 Nov 2018 11:00 AM PST WeWork is now valued at $45 billion after securing a $3 billion investment from SoftBank, making it the second most valuable U.S. startup. The flexible office provider announced Tuesday in a quarterly earnings report that it had received a warrant from the Japanese megafund to take the stake in the first months of 2019, the Wall Street Journal reported. The report follows news last month that SoftBank was considering spending up to $20 billion for […] |
Amazon effect: JBG Smith’s Crystal City properties go from “mothballed” to “Christmas wrapping” Posted: 13 Nov 2018 10:40 AM PST Two years ago, Crystal City’s office vacancy rate was headed up — so Vornado Realty Trust headed out. But what may have led Vornado to sell its sprawling property in the Washington, D.C., suburb also could have made the neighborhood an attractive option to Amazon for its much-hyped second headquarters. The e-commerce giant on Tuesday announced that its new HQ2 will be split between Long Island City in Queens and “National Landing,” effectively a rebranding […] |
Bloomberg LP renews Grand Central offices Posted: 13 Nov 2018 10:10 AM PST Michael Bloomberg could run for president in 2020 and serve two terms … and his company’s Midtown East satellite offices would still be there when he got back. Bloomberg LP renewed its 468,000-square-foot lease at Global Holdings Group’s 120 Park Avenue through the end of February 2029, the landlord told The Real Deal. The media and financial-information company’s previous lease covering the eighth through 23rd floors had been set to expire next year, and it […] |
Keller Williams’ franchisee profit dips as brokerage keeps adding agents Posted: 13 Nov 2018 09:50 AM PST UPDATED, Nov. 13, 1:54 p.m.: Even as Keller Williams sticks to its growth plan, profit has fallen. In the third quarter, franchisee owner profit was $54.2 million, down 4.3 percent from a year earlier, the brokerage said. At the same time, Keller Williams’ sales volume has grown — with $93.5 billion in closed deals in the U.S. and Canada. That’s up 4.2 percent from a year earlier, the Austin, Texas-based company said in a statement. […] |
Amazon to lease 1M sf in Savanna’s One Court Square for HQ2 Posted: 13 Nov 2018 09:09 AM PST Amazon is set to take about 1 million square feet of space at Savanna’s One Court Square office tower when it moves to Long Island City. The real estate company announced in a release that it entered a letter of intent for the lease. “We’re thrilled that Amazon selected One Court Square as a critical component of its HQ2 plans for Long Island City,” Savanna managing partner Nicholas Bienstock said in a statement. Reports that […] |
Warren Buffett’s Berkshire Hathaway plans big international expansion Posted: 13 Nov 2018 08:31 AM PST Warren Buffett’s Berkshire Hathaway HomeServices has teamed up with a London-based firm to expand his residential brokerage to Milan, Dubai and Vienna. Berkshire is partnering with Kay & Co. — now called Berkshire Hathaway HomeServices Kay & Co. — to open as many as 10 new offices in the next decade, Bloomberg reported. Kay is Berkshire’s second franchisee in Europe. In March, the company added Berlin-based Rubina Real Estate. The company is also in talks […] |
Posted: 13 Nov 2018 07:50 AM PST It’s official: After more than a year of hype, Amazon has announced that it will split its two new headquarters between Long Island City and Crystal City. And in a last-minute surprise, the company also revealed it will be opening a “regional hub” in downtown Nashville. The news comes after several reports indicated that Amazon had settled on moving 50,000 employees to Queens, New York, and Arlington, Virginia, evenly splitting the workers between the new […] |
Subscribers: Here’s the info for today’s call on co-working Posted: 13 Nov 2018 07:30 AM PST Today at 2 p.m. (EST), subscribers will get an inside look at our November cover story, which explores New York’s co-working boom and how the industry is going more corporate (besides those who are keeping it cool.) Call-in number: +1-510-338-9438 Access code: 297 527 710 TRD’s senior content director, Jill Noonan will talk to reporters Konrad Putzier and Will Parker about how the story took shape, the reporting hurdles along the way and some of the details that […] |
National Association of Realtors cleared for $45M HQ expansion Posted: 13 Nov 2018 07:00 AM PST The National Association of Realtors will add two floors to its 12-story national headquarters as part of a $45 million expansion and renovation of the building. The city last week granted the NAR a permit to start work on the project, which will add a 13th and 14th floor and will including a glass-walled conference room overlooking the Magnificent Mile, according to Curbed. The building at 430 North Michigan Avenue also is home to the […] |
End of boom-times: The impact of a looming slowdown in the multifamily market Posted: 13 Nov 2018 06:30 AM PST A decade-long apartment boom may be coming to an end. Federal data shows that multifamily building permits have declined every month since March, suggesting that apartment construction could slow in the next two years, the Wall Street Journal reported. According to the latest Census Bureau data, permits were pulled to build 351,000 units in new properties with at least five units in September. That represented a 9 percent year-over-year decrease. Such a slowdown would likely […] |
Digital marketing firm to take 95K sf office penthouse at Grace Building Posted: 13 Nov 2018 06:07 AM PST A California-based digital marketing firm has just inked a lease for the top three floors of Brookfield’s and the Swig Company’s Grace Building at 1114 Sixth Avenue. Trade Desk, a public company based in Ventura, California with a market cap of around $5 billion, plans to take 95,580 square feet at the Grace Building’s three-floor penthouse, the New York Post reported. The firm is moving from 2 Park Avenue to nearly double its office space. […] |
Greenwich Village to Hollywood: NYU plans L.A. extension program for film Posted: 13 Nov 2018 05:30 AM PST Long a competitor to Los Angeles-based film schools, New York University is looking to establish its own presence in Hollywood. NYU plans to rent space in Los Angeles to launch a program next fall for about 40 film-and-television undergraduate students, The Chronicle of Higher Education reported. Students will spend most of their days at internships, and will also take night classes, school officials said. But unlike UCLA’s Extension program, for instance, they won’t be able […] |
Watch: These US cities will pay you to build the home of your dreams Posted: 13 Nov 2018 05:00 AM PST While home prices are skyrocketing in cities like New York, Los Angeles and San Francisco, some places are offering free land and cash rebates to lure home buyers and home builders. Check out the video above to see which seven towns and cities in the U.S. are offering incentives. |
Posted: 13 Nov 2018 04:30 AM PST The 11-story Beaux-Arts building at 88 University Place in Greenwich Village is the kind of property every co-working company dreams of occupying. Sitting just south of Union Square and partly owned by fashion designer Elie Tahari and WeWork co-founder Adam Neumann, it has small floor plates that can be easily turned into cozy, communal work stations, and the nearby NYU campus promises a steady supply of young, well-heeled freelancers and aspiring entrepreneurs. In late 2015, […] |
Compass acquires DC indie brokerage Posted: 13 Nov 2018 04:00 AM PST Another day, another brokerage deal. Compass is growing its Washington D.C. presence with the acquisition of Wydler Brothers Real Estate, Inman reported. Terms of the acquisition were not disclosed. The deal brings Compass’ agent count in D.C. to more than 500 agents. That represents almost $3 billion in sales volume this year, the report said. Since it was founded in 2016, Wydler Brothers has grown to more than 50 agents and $400 million in sales […] |
Albert Ratner files federal lawsuit to halt vote on $6.8B Brookfield deal Posted: 12 Nov 2018 07:44 PM PST The former CEO of Forest City Realty Trust is taking his fight against the company’s proposed sale to Brookfield Asset Management to federal court. Albert Ratner, former CEO of Forest City, filed a lawsuit on Monday seeking to temporarily delay a shareholder vote scheduled for Thursday — calling the deal a “shameful value giveaway.” The complaint is Ratner’s latest salvo against the acquisition, which was announced in July and pegged at $6.8 billion, or $25.35 […] |
Amazon to officially name Long Island City and Crystal City as new headquarters: report Posted: 12 Nov 2018 06:48 PM PST It’s about to be official: New York City and Washington, D.C. will soon be named the winners of Jeff Bezos’ golden tickets. More than one year after its initial announcement, Amazon’s planned $5 billion HQ2 will be split among the neighborhoods of Long Island City in Queens and Crystal City around Washington, D.C., the Wall Street Journal reported late Monday. The e-commerce giant is expected to make an official announcement on Tuesday. The competition that saw […] |
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