The Real Deal - New York Real Estate News

This brokerage is accused of forging signatures in a dual agency lawsuit

Posted: 30 Nov 2018 03:16 PM PST

Earlier this year, Houlihan Lawrence was hit with a lawsuit alleging the brokerage engaged in dual agency without proper disclosures. Now the firm is being accused of forging documents in the legal process. Attorneys for homebuyers Pamela Goldstein and Paul Benjamin and home sellers Tony Berk and Dr. Ellyn Berk alleged that the signatures on a statutory disclosure form are fake, Inman reported. “The document shows that the signatures on that form were copied and […]

Benjamin Benalloul jumps to Halstead, Brown Harris Development Marketing

Posted: 30 Nov 2018 02:15 PM PST

Real estate scion and broker to the ultra-wealthy Benjamin Benalloul is on the move. Benalloul has joined Terra Development Marketing, the parent company of Halstead Property Development Marketing and Brown Harris Stevens Development Marketing, the company said. The 28-year-old — who previously ran two of his own brokerage firms and worked at Town Residential — will focus on luxury new development, high-end spec homes and capital advisory. In a statement, Stephen Kliegerman, president of HPDM […]

Extell’s UWS tower could be imperiled if city cracks down on this building trick

Posted: 30 Nov 2018 01:30 PM PST

The city’s Department of Building says Extell Development’s Upper West Side apartment building abides by current zoning rules — but the battle over the tower’s height might be far from over. Extell plans a 770-foot tower at 50 West 66th Street, a project that some city officials and residents have publicly opposed through a zoning challenge filed with the DOB. On Thursday, City Council member Helen Rosenthal, who opposes the project, announced that the DOB […]

Mark your calendars: These are New York’s top real estate events next week

Posted: 30 Nov 2018 01:00 PM PST

Next week brings a few new real estate events! On Dec. 5, REBNY is hosting its Annual Holiday Luncheon from 11:30 a.m. to 2 p.m. at The Edison Ballroom, 240 West 47th Street. Ric Clark of Brookfield Property Group will provide the keynote at the event. Come and network with other industry professionals. Also on Dec. 5, the Asian Real Estate Professional Association (AREPA) is hosting its Holiday networking event from 6 p.m. to 9 […]

Yoel Goldman lands 15K-sf Foodtown to anchor Rheingold Brewery project

Posted: 30 Nov 2018 12:30 PM PST

All Year Management’s massive rental development on the site of the former Rheingold Brewery in Bushwick will have a 15,000-square-foot Foodtown grocery store anchoring its retail component. Yoel Goldman’s company signed Foodtown to a 50-year lease at the base of the 433-unit 54 Noll Street, which the developer has dubbed “Denizen Bshwk,” a representative for the project told The Real Deal. The grocery store will include a sushi bar, freshly made sandwiches, a buffet, a […]

Tahl Propp, NYC Partnership Housing land $162M loan for pair of Harlem buildings

Posted: 30 Nov 2018 11:45 AM PST

Tahl Propp Equities and NYC Partnership Housing have received a loan of $162 million for two residential buildings in Harlem. Deutsche Bank provided the financing for the buildings at 112 East 128th Street and 107 East 126th Street, according to property records. Both properties are affordable housing buildings, and they contain a total of 412 units. The debt replaces a 2013 loan for $91.9 million from Centerline Mortgage. The 128th Street building is known as […]

Kushner brothers-backed Cadre looks to cash in on Opportunity Zones

Posted: 30 Nov 2018 11:15 AM PST

Cadre, the real estate crowdfunding platform partially owned by Jared and Josh Kushner, is leaping headfirst into the Opportunity Zone craze. Cadre’s CEO Ryan Williams tweeted about the launch on Friday morning, framing it as an opportunity for investors to deploy funds into “under-served markets throughout the U.S.” Cadre was also a major sponsor of an Opportunity Zones conference in New York City on Thursday, though it didn’t announce what cities it would target. The […]

L&L, JPMorgan secure $600 million refi for 200 Fifth Avenue

Posted: 30 Nov 2018 10:37 AM PST

A partnership between L&L Holding and JP Morgan has secured a $600 million loan for 200 Fifth Avenue. The 800,000-square-foot former International Toy Center, was refinanced with a debt package provided by Bank of China which includes a $200 million gap mortgage, according to property records filed this week. L&L Holding previously owned the building with Lehman Brothers. But JPMorgan bought the now-shuttered financial firm’s 90 percent stake in the building in 2011 for $700 […]

Coming soon: The Real Deal’s 2019 Data Book

Posted: 30 Nov 2018 10:00 AM PST

The Real Deal is preparing the 14th edition of its Data Book, the industry’s single most comprehensive collection of information on the New York-area real estate market. Included in the 2019 Data Book will be a ranking of the city’s most active transaction law firms; Manhattan’s top residential agents and Brooklyn’s top residential agents and firms. With a strong focus on various sets of data in NYC city, ranging from development to architecture to title […]

SL Green lands $225M construction loan for Lower Manhattan apartment tower

Posted: 30 Nov 2018 09:25 AM PST

SL Green Realty picked up a $225 million construction loan for its planned rental tower in Lower Manhattan. Singapore lender United Overseas Bank and the German bank Helaba provided the construction financing for the 209-unit development at 185 Broadway, SL Green announced Friday. The company plans to go vertical on construction of the 31-story, 260,000-square-foot mixed-use building in the first quarter of next year. SL Green managing director Brett Herschenfeld said 185 Broadway “will be […]

Akelius buys Flatiron home of design nonprofit Van Alen Institute

Posted: 30 Nov 2018 09:15 AM PST

Akelius Real Estate Management bought the longtime home of architecture nonprofit Van Alen Institute. Akelius, the U.S. arm of one of Sweden’s largest real estate firms, paid $31.5 million to acquire 28 West 22nd Street, according to records filed with the city today. The seller is the Van Alen Institute, which was previously known as the National Institute for Architectural Education. The Van Alen Institute acquired the property in 1981, records show. For nearly two […]

Deputy Senate Majority Leader Mike Gianaris to stop accepting real estate money

Posted: 30 Nov 2018 09:00 AM PST

In the lead up to November’s election, several New York Democrats vowed to reject any campaign donations from the real estate industry. Gubernatorial candidate Cynthia Nixon called it “dirty money” and incoming State Senator Zellnor Myrie accused opponent Jesse Hamilton of taking “illegal campaign contributions from the real estate lobby.” State Senator Michael Gianaris, the newly minted deputy majority leader, is now one of these Democrats. On Thursday, Gianaris, whose district covers most of western […]

Property Resources-linked entity buying pair of Upper West Side buildings for $26M

Posted: 30 Nov 2018 08:15 AM PST

Property Resources Corp. is adding two buildings to its Manhattan portfolio. An LLC linked to the company has purchased two Upper West Side buildings at 992 and 998 Amsterdam Avenue for $25.5 million, according to sources familiar with the deal. The properties were sold by a partnership between the Adler family and Simcha Rosenblatt. Aaron Jungreis of Rosewood Realty represented the buyer in the deal, and Jacob Setton of Rosewood represented the seller. The multifamily […]

Marriott says Starwood hotels hit by massive data breach

Posted: 30 Nov 2018 07:30 AM PST

The world’s largest hotel company says a data breach may have compromised the personal information of as many as 500 million guests. Marriott International announced on Friday that an unauthorized party might have access to the names, addresses, phone numbers, email addresses, passport numbers and travel details of its guests, the Wall Street Journal reported. In some cases, guests’ credit card information might’ve also been stolen. The breach hit Marriott’s Starwood branded hotels, which include […]

Push to cut back on home appraisals sparks controversy

Posted: 30 Nov 2018 07:05 AM PST

The Trump administration wants to eliminate professional appraisals on a large number of home-sale transactions — a move that critics say could push the country back toward the see-no-evil days of mortgage lending that preceded the housing crash. Just before Thanksgiving, the administration’s top financial regulators — the Federal Deposit Insurance Corp., the Federal Reserve and the Treasury Department’s Office of the Comptroller of the Currency — issued a joint proposal that would make traditional […]

Judge approves plan to clean up toxic mold in NYCHA apartments

Posted: 30 Nov 2018 06:30 AM PST

After rejecting a broader plan that would’ve addressed several different issues in the city’s public housing stock, a federal judge has given the green light to a narrower plan that only targets toxic mold. Manhattan Federal Judge William Pauley on Thursday approved a plan that will address mold issues in New York City Housing Authority apartments, the New York Daily News reported. The judge gave NYCHA and prosecutors two weeks to come back with another […]

SL Green invests $148M for stake in HNA’s 245 Park Avenue

Posted: 30 Nov 2018 06:00 AM PST

SL Green Realty has finalized a deal with HNA Group to buy a stake in 245 Park Avenue, investing a total of $148.2 million. The real estate investment trust announced on Friday that as part of the deal, the company will serve as the office tower’s property manager and will oversee leasing, the New York Post reported. HNA Group was represented by Eastdil Secured in the transaction. HNA bought the 1.78-million-square-foot building in 2017, paying […]

National Cheat Sheet: Fed warns of rising commercial real estate prices, Airbnb adds Amazon exec ahead of IPO … & more

Posted: 30 Nov 2018 05:30 AM PST

Fed, highlighting asset bubble dangers, red flags rising commercial real estate prices A report released Wednesday by the Federal Reserve warns that soaring commercial real estate prices across the country could harm financial markets, according to the Wall Street Journal. The warning came from the Fed’s first-ever financial stability report, which cited “elevated asset prices, historically high debt owed by U.S. businesses and rising issuances of risky debt” as factors posing the biggest problems for the […]

Manhattan apartments are second-smallest in the country

Posted: 30 Nov 2018 05:00 AM PST

According to this week’s market reports, Manhattan apartments are the second smallest in the country and about half of New Yorkers are rent-burdened. Residential Rentals | RentCafe Manhattan and Chicago are tied for having the second-smallest apartments in the country. Units in both cities have an average size of 733 square feet, just above that of Seattle, which has the tiniest apartments in the country with an average of 711 square feet. Manhattan and Chicago […]

This month in real estate history

Posted: 30 Nov 2018 04:30 AM PST

1908: Shareholders look to sell Madison Square Garden Everyone has limits, and the owners of the Madison Square Garden Company drew the line at “twenty years pro bono publico, without one cent of return,” as their president, Frank Sturgis, told the New York Times 110 years ago this month. Sturgis was referring to the second incarnation of the Garden at East 26st Street and Madison Avenue, designed by famed architect Stanford White, which opened in 1890. […]

Watch: 5 visions of Central Park after an eco-apocalypse

Posted: 30 Nov 2018 04:00 AM PST

Eco-terrorists with an army of beetles and bees have destroyed Central Park, stripping Frederick Law Olmsted’s landmark of its flora and fauna. It is barren and must be rebuilt. All options are on the table. That was the prompt for landscape architecture journal LA+’s recent design competition, which inspired 382 entries from all over the world. Take a look at the five winning designs.