The Real Deal - New York Real Estate News

Harry Macklowe closes on $750M construction loan for One Wall Street

Posted: 21 Nov 2018 05:28 PM PST

After a series of delays and a lender swap, Harry Macklowe has closed on construction financing for One Wall Street. Deutsche Bank provided Macklowe Properties with $750 million in construction debt for the office-to-residential conversion, sources told The Real Deal. In partnership with Qatari billionaire and former prime minister Sheikh Hamad Bin Jassim Bin Jaber al-Thani (HBJ), the developer is planning 566 condos with retail at the base. The construction loan carries a five-year term […]

Abu Dhabi fund sues Goldman Sachs over role in 1MDB scheme

Posted: 21 Nov 2018 03:00 PM PST

An Abu Dhabi sovereign wealth fund sued Goldman Sachs over its involvement in the 1MDB fraud scandal. The lawsuit by the International Petroleum Investment Company, filed Wednesday, claims the bank played a “central role” in the scheme, the Wall Street Journal reported. Goldman Sachs underwrote $3.5 billion in bonds issued by 1MDB, a Malaysian sovereign wealth fund, that IPIC guaranteed. U.S. prosecutors later accused officials at both funds of using the bond issuance to siphon […]

Amazon won’t actually bring 25K tech-related jobs to Long Island City

Posted: 21 Nov 2018 02:30 PM PST

It turns out Amazon won’t be bringing 25,000 tech jobs to its new headquarters in Long Island City after all. Only half of the new jobs — 12,500 — will be tech-related, the Wall Street Journal reported. City officials said on Tuesday that the other half of the jobs will be administrative, HR, custodial and other roles. “The tech industry has a full spectrum, and this HQ would include everyone from the C-suite to administrative […]

New Empire’s LIC condo project is aiming for a $78M sellout

Posted: 21 Nov 2018 01:45 PM PST

Bentley Zhao’s New Empire Real Estate Development is aiming for a $77.8 million sellout at its new Long Island City project. The building will have 77 residential units along with parking, storage and commercial space, according to the offering plan filed with the state attorney general’s office. The project will span roughly 117,000 square feet at 37-14 34th Street. In June, New Empire landed a $45 million construction loan for the condo building from Slate […]

Westchester & Fairfield Cheat Sheet: Wells Fargo calls Fairfield County ‘distressed,’ Mamaroneck yacht club sells … & more

Posted: 21 Nov 2018 01:00 PM PST

Wells Fargo deems Fairfield County ‘distressed,’ raises down payment requirement Wells Fargo has designated Fairfield County as “distressed” and increased its required down payment for prospective homebuyers from 20 percent to 25 percent as a result, Bloomberg reported. Fairfield County was the only county in Connecticut and the New York City metropolitan area that saw an increased down payment requirement. Jennifer Leahy, a sales agent at Douglas Elliman in Fairfield County, told the outlet that […]

Bank OZK lends Tishman $275M for LIC office development

Posted: 21 Nov 2018 12:15 PM PST

Developer Tishman Speyer is borrowing $275 million from Bank OZK to complete its 1.1 million-square-foot office development in Long Island City. The debt for the “JACX” complex was provided in two separate mortgages, loan documents recorded by the city on Wednesday show. The new debt package comes two years after the developer first secured financing with OZK, then Bank of the Ozarks, along with an equity investment from Diar, a subsidiary of the Qatari sovereign […]

Greenroad Capital buys pair of Prospect Park South buildings for $27M

Posted: 21 Nov 2018 11:30 AM PST

David Natanov’s Greenroad Capital is purchasing a pair of Prospect Park South properties for $26.7 million, according to sources familiar with the deal. Natanov bought the buildings from owner Nessim Tamman, who has held them both for decades, according to property records. They are located just a few blocks apart at 111 Woodruff Avenue and 11 Crooke Avenue. The Woodruff Avenue property stands seven stories tall with 45 residential units, while the Crooke Avenue property […]

Howard Lorber sells Sherry-Netherland pad for $11M

Posted: 21 Nov 2018 11:00 AM PST

Douglas Elliman chief Howard Lorber has just sold a second co-op at the Sherry-Netherland for $11 million. Property records show the brokerage chief — who for several years lived on the 17th floor — unloaded a 30th-floor tower unit in a deal brokered by his son, Michael Lorber of Douglas Elliman. The buyer was listed as Park Suite Hotel Inc., according to the deed, which was signed by attorney Jeffrey Wacksman, a partner at Loeb, […]

Ralph Lauren inks 350K sf expansion at Starrett-Lehigh

Posted: 21 Nov 2018 10:20 AM PST

Ralph Lauren will consolidate and relocate several Midtown offices to RXR Realty’s Starrett-Lehigh Building, where the fashion company has signed on for another 350,000 square feet. Ralph Lauren will relocate employees from 625 Madison Avenue, 550 Seventh Avenue and several other Midtown locations to the Far West Side building at 601 West 26th Street, the company announced Wednesday. The firm will maintain its global corporate headquarters at 650 Madison Avenue. Ralph Lauren had previously occupied […]

NYC multifamily market crossed the $1B mark in September

Posted: 21 Nov 2018 09:45 AM PST

New York’s multifamily market saw one of the largest transactions of the year in September, carrying dollar volume for the sector over the $1 billion mark. The city saw 33 deals across 78 buildings for $1.02 billion during September, according to Ariel Property Advisors. This was a 10 percent increase in deal volume, a 100 percent increase in building volume and a 139 percent increase in dollar volume compared to last year. It also represents […]

Follow The Real Deal’s Deal Sheet on Instagram!

Posted: 21 Nov 2018 09:05 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 […]

Bypassing the rental broker: Will agents get cut out as startups nip at market share?

Posted: 21 Nov 2018 08:15 AM PST

Being a New York City rental broker has always been a tough gig. But the job is getting even harder. It’s now been exactly one year since StreetEasy began charging a daily $3 fee to post a rental listing on its site — a move that hit brokers in the pocketbook at a time when margins were already thin. The fee — which does not seem to have dissuaded brokers from using the Zillow-owned site […]

Anbang taps Bank of America to help with $5.5B hotel sale

Posted: 21 Nov 2018 07:30 AM PST

Bank of America will help Anbang Insurance Group sell its $5.5 billion portfolio of luxury hotels in the U.S. The Chinese company chose Bank of America to assist with the sale after looking for requests for proposals from multiple advisers, according to Bloomberg. The portfolio of hotels the financial giant will help sell includes San Francisco’s Westin St. Francis, Chicago’s Fairmont and New York’s Essex House Hotel. Anbang had agreed to purchase the portfolio, known […]

Welcome to the wild world of private citizens buying bad mortgages

Posted: 21 Nov 2018 06:45 AM PST

Homeowners who had long stopped paying their mortgages are meeting a new type of debt collector: complete strangers who buy their mortgages, sometimes for as little as $1, and collect the remaining debt. There is about $135 billion in unpaid mortgages on 800,000 nonperforming loans for single-family homes across the country, the majority of which originated in the lead up to the 2008 financial crisis, according to the Wall Street Journal. This vast amount of […]

Insurer takes 40K sf at 111 West 33rd Street

Posted: 21 Nov 2018 06:00 AM PST

A hospital insurance firm has inked a lease to take an entire floor at 111 West 33rd Street. FOJP Service Corp, a medical risk insurer, took a 42,000 square foot space on the eighth floor of the Empire State Realty Trust-owned 26-story building, according to the New York Post. The asking rent was $66 a square foot. The real estate investment trust moved its own headquarters into the building after it revamped the lobby, and […]

Kinsmen Property Group picks up Bowery properties for $30M

Posted: 21 Nov 2018 05:30 AM PST

Kinsmen Property Group, a joint venture between Madison Group and State Building Group, bought a bowery property for $30 million. The firm closed on a three-building package at 156-160 Bowery on Tuesday. The properties are low-rise buildings with a total of three apartments and three commercial units, according to city data. The 8,000 square feet of retail space in the buildings was previously occupied by home decor seller Lighting by Gregory. Kinsmen already own the properties […]

Here’s what the $10M-$20M NYC investment sales market looked like last week

Posted: 21 Nov 2018 05:00 AM PST

In the world of mid-market New York City investment sales last week, iStar sold the site of planned 135-unit housing complex and Reifer Management cashed out of a Harlem apartment portfolio. 1.) Developer Mark Mehlman sold 590 West 204th Street, a six-story mixed-use building in Inwood for $13.5 million. The 44,800-square foot property contains 50 apartments and six commercial units, according to city records. According to public records, the buyer is investor Joseph Aryeh, who […]

The Closing: Kelly Mack

Posted: 21 Nov 2018 04:30 AM PST

Kelly Kennedy Mack is president of Corcoran Sunshine Marketing Group — the new development powerhouse that’s closed $40 billion in sales since 2002. The native New Yorker was a protégée of Louise Sunshine, who sold her firm, the Sunshine Group, to NRT (now Realogy) in 2006. Four years after the sale, when Mack was just 32, she was tapped to succeed Sunshine. On Mack’s watch, Corcoran Sunshine has dominated the city’s new development marketing scene. […]

Watch: Here’s how Amazon’s HQ2 incentives add up

Posted: 21 Nov 2018 04:00 AM PST

Amazon announced it will split its $5 billion second headquarters between Queens and Northern Virginia, with a smaller footprint in Nashville. But the incentives given to the company have inspired a backlash. Here’s a breakdown of the tax breaks and subsidies the e-commerce giant will be getting from state and local governments.