The Real Deal - New York Real Estate News

Julie and Billy Macklowe upsize at 1001 Fifth Ave

Posted: 26 Dec 2018 02:00 PM PST

Developer Billy Macklowe and his wife, Julie, are expanding their digs at 1001 Fifth Avenue. The Macklowes just dropped $4.5 million for a 19th floor unit at the tony co-op building where they’ve lived since 2004, according to documents filed with the city. Records show the seller was Brazilian banker Aloysio de Andrade Faria. The three-bedroom was listed for $4.75 million with listing agents Harry Nasser and Olivia Hoge of Sotheby’s International Realty. The Macklowes […]

Fortis secures $92M financing for Dumbo condo project

Posted: 26 Dec 2018 01:00 PM PST

Fortis Property Group has secured financing for its planned 26-story condo building in Dumbo, according to city records filed on Wednesday. The $92 million loan was provided by Madison Realty Capital, and consists of a $66 million mortgage as well as a $15 million building loan and $10 million project loan. Fortis closed on its acquisition of the development site at 30 Front Street last week. The site had previously served as a parking lot for […]

Hamptons Cheat Sheet: Bridgehampton’s Three Ponds Farm seeks $49M, Southampton estate sells for nearly $11M … & more

Posted: 26 Dec 2018 12:00 PM PST

Bridgehampton compound with private golf course relists for $49M Three Ponds Farm, the nearly 60-acre compound and golf course, has relisted for $49 million, significantly lower than its previous $60 million price tag, Curbed reported. Designed by renowned golf course architect Rees Jones, the 18-hole course has four shared greens and fairways along with three sets of tees. A restored milking barn at the fifth hole serves as a halfway house with a living room […]

The city goes easy on bad landlords: report

Posted: 26 Dec 2018 11:00 AM PST

Residential landlords often get off easy for failing to provide basic services for their tenants or fix violations at their buildings. The New York Times reviewed 126 housing court cases from last year involving serious building-wide issues and found that in a majority of the cases, the city settled for less than 15 percent of penalties available under the law. The median settlement was $4,000, meaning the city left some $4.7 million in civil penalties […]

These were the 10 priciest Manhattan condo filings of 2018

Posted: 26 Dec 2018 10:00 AM PST

It hasn’t been an easy year for Manhattan’s condo market — but there are still some notable (and high-priced) projects in the pipeline. The priciest condo filing accepted this year was for HFZ Capital Group’s massive project dubbed the Eleventh. HFZ head Ziel Feldman said he’s aiming for units to be priced between $3,800 and $4,000 per square foot — a higher price point than the area has previously reached. The high-profile 1 Wall Street […]

Brookfield files plans for another Greenpoint Landing residential tower

Posted: 26 Dec 2018 09:30 AM PST

Another piece of the development of Greenpoint Landing is coming into focus. Brookfield Property Partners pre-filed an application with New York City’s Department of Buildings to construct a 31-story, approximately 380,000-square-foot residential tower at One Bell Slip, across from the developer’s One Blue Slip rental property. The new building will house 408 units, according to the filing. Amenities include a fitness center and pool. The new tower is one of two additional rental towers Brookfield […]

US housing market will continue to cool in 2019: Redfin

Posted: 26 Dec 2018 09:00 AM PST

The nationwide housing market cooled in the second half of this year, and that trend is expected to continue in 2019. Housing inventory will rise and price growth will continue to pull back, according to the latest report from Redfin. Analysts at the home-buying platform predict price growth will settle around 3 percent in the first half of the new year. But analysts added that there was a “real chance” prices could fall below 2018 […]

This hedge fund is making billions off distressed borrowers

Posted: 26 Dec 2018 08:30 AM PST

Just before the 2008 financial crisis, Fir Tree predicted that homeowners would keep making mortgage payments even as the value of their homes plummeted. That bet has paid off. The hedge fund has made $2.6 billion, roughly half of which came from homeowners making payments on underwater mortgages, the Wall Street Journal reported. The other half came from forcing banks to pay up on defaulted loans. Like investor John Paulson, the company banked on the […]

Greenwich mansion sells for half price, still area’s top sale of the year

Posted: 26 Dec 2018 08:00 AM PST

The market for homes in Greenwich has been going through a slow patch lately, as well-off buyers have gravitated towards nearby New York City instead. The recent sale of a massive 27-room Georgian estate in Connecticut shows just how weak the local market has gotten: Despite going for just 50 percent of its original listing price, the $17.5 million sale will still be Greenwich’s most expensive sale of 2018. The sellers were Ara D. Cohen, […]

Brooklyn’s luxury market picked up for the second week in a row: Stribling

Posted: 26 Dec 2018 07:30 AM PST

The Brooklyn luxury market picked up again last week, with 20 contracts signed for a total of about $52.9 million. The properties were split between 12 townhouses and eight condos, and they went for an average price of roughly $2.6 million, according to the latest report from Stribling & Associates. The firm defines the borough’s luxury market as all homes priced at $2 million or higher. Both figures were up from the week before, when […]

Gap to close Fifth Avenue location next year

Posted: 26 Dec 2018 07:00 AM PST

The Gap is closing down its Fifth Avenue store at the beginning of next year. Earlier this year, the company said it would shutter hundreds of underperforming stores. And the retailer’s 680 Fifth Avenue location is now set to close on Jan. 1, the New York Post reported. The store joins other brands that have recently vacated spots along Fifth Avenue, including Ralph Lauren Polo and Henri Bendel. The Gap has been in the building, […]

These wealthy nomads are buying fractions of several high-end homes

Posted: 26 Dec 2018 06:00 AM PST

Rather than owning a single vacation property, some wealthy nomads are opting to own fractions of multiple luxury homes. Sean Daly, for example, has a broad portfolio of vacation homes: one-tenth of a ski home in Vail, one-twelfth of an oceanfront retreat on Hawaii’s island of Kauai, and one-twelfth of a villa in Tuscany. Together, the properties cost more than $1 million, the Wall Street Journal reported. “It works a lot better than full ownership […]

Here’s how much the CEOs at seven top public real estate firms made last year

Posted: 26 Dec 2018 05:30 AM PST

Here’s how much the CEOs at seven top public real estate firms made last year. Marc Holliday SL Green Realty 2017 CEO income: $17.41 million Company median income: $57,508 While Marc Holliday’s 2017 income was down from its $23.05 million peak in 2015, he remains the highest-paid CEO at a major office REIT. Last year, he took home a $1.35 million salary, a $1.94 million cash bonus and a $4.5 million equity bonus — the […]

The 10 biggest real estate tech deals of 2018

Posted: 26 Dec 2018 05:00 AM PST

In the real estate tech industry, the rich are getting richer. Much richer. WeWork led our annual ranking of the largest venture capital funding rounds for the second straight year, thanks to a $3 billion investment from SoftBank’s Vision Fund. Opendoor, which came in fourth, made the top four for the second time since 2016. And Compass, which placed fifth, has made the top five each year since 2016. That the same companies keep raising […]