The Real Deal - New York Real Estate News

This VC exec just snatched up a $15M penthouse at 56 Leonard

Posted: 04 Jan 2019 03:15 PM PST

The penthouses at Alexico Group’s 56 Leonard Street are proving to be popular among finance executives. A trust associated with Paul Conway, CFO at Spark Capital Partners, bought the unit for $15.46 million, according to records filed with New York City’s Department of Finance. The buyer is listed as “56 Leonard PH52B Nominee Trust” in records, and Conway is listed as a trustee. The penthouse, which spans about 3,700 square feet, was listed at $17.75 […]

Did the buyer of a record-setting home at 443 Greenwich just pick up another pricey Tribeca pad?

Posted: 04 Jan 2019 02:48 PM PST

Someone appears to be collecting $40 million condominiums in Tribeca. An unlisted, uber-luxury penthouse at the Robert A.M. Stern-designed 70 Vestry condo tower just sold for $40.7 million to an anonymous buyer. The purchaser is listed as “DB Property Holdings Limited” according to records filed with New York City’s Department of Finance Friday. There is no floorplan available for the unit, listed as “PHN,” but the building boasts views of Hudson River Park, custom interiors […]

New York City investment sales through November 2018

Posted: 04 Jan 2019 02:45 PM PST

NEW DEVELOPMENT CONDO REPORT BROOKLYN • Inventory increased as developers filed more units than were purchased • Developers filed 24 plans with 286 units • The state approved 18 plans with 166 units valued at $182 million for sale • Buyers purchased 150 units valued at $141 million SUPPLY BROOKLYN NEW DEVELOPMENT CONDO SUPPLY MOST EXPENSIVE CONDO PROJECTS APPROVED IN BROOKLYN Source: TRData analysis of plans approved to sell by NYS AG in November […]

Appraisal startup Bowery Valuation raises $12M in Series A

Posted: 04 Jan 2019 02:15 PM PST

Bowery Valuation, a tech-focused real estate appraisal firm, just raised $12 million in its latest Series A funding round. Builders VC led the round, alongside Navitas Capital, Camber Creek, Fika Ventures and Corigin Ventures, Bowery representatives told The Real Deal. The startup, one of MetaProp’s portfolio companies, bills itself as the world’s first tech-driven commercial real estate appraisal firm. The company focuses on multifamily and mixed-use assets but plans to expand to other commercial properties […]

Camber lands $79M in financing for Harlem affordable housing building

Posted: 04 Jan 2019 02:00 PM PST

Harlem’s Victory One senior-housing building is about to get a neighbor. Camber Property Group and its partner Harlem Congregations for Community Improvement closed on roughly $79 million in financing for its Victory Plaza affordable housing project in the neighborhood, according to the company and property records. Wells Fargo is financing the project along with the city’s Housing Development Corporation and the Department of Housing Preservation and Development. HDC and HPD are both contributing about $7 […]

South Bronx multifamily portfolio trades for $24M

Posted: 04 Jan 2019 01:33 PM PST

A portfolio of apartment buildings in the Bronx sold for $23.75 million, amid a flurry of real estate sales in the borough this week. M.Z. Partners LLC, which appears to be linked to a Sid Borenstein, sold three Mott Haven buildings at 506, 514 and 520 Tinton Avenue, according to property filings. The anonymous buyers, which share the same address in Lakewood, New Jersey, are 520 Tinton L.P., 506 Tinton L.P. and 514 Tinton L.P. […]

Early e-commerce entrepreneur picks up 111 Murray pad for $14M

Posted: 04 Jan 2019 12:30 PM PST

His motto is “get it done.” And early e-commerce entrepreneur Bennett Carrocio did just that at 111 Murray Street, closing on an unlisted sponsor unit Friday for $14 million, city records show. The unit at Fisher Brothers, Witkoff Group and New Valley’s Tribeca condominium was not listed, but the offering plan shows Unit 57 West spans about 3,800 square feet and includes five bedrooms and 6.5 bathrooms. It was priced at $13.75 million. It’s perhaps […]

DOB commissioner to step down at the end of month

Posted: 04 Jan 2019 12:00 PM PST

Department of Buildings Commissioner Rick Chandler is stepping down at the end of this month. Chandler, 58, will retire February 1, he confirmed to The Real Deal on Friday. First Deputy Commissioner Thomas Fariello will take over as acting commissioner until the mayor appoints Chandler’s replacement. Chandler said he’s long planned to retire between the ages of 55 and 60. He doesn’t have immediate plans but is leaving the “door open” to future opportunities. “It’s […]

In the rough: Golf legend Jack Nicklaus accused of ousting homeowners board in power move

Posted: 04 Jan 2019 11:30 AM PST

Famed golfer Jack Nicklaus is facing allegations that he improperly fired board members of the homeowners association and excessively hiked up fees at his Bear’s Club golf resort in Jupiter. Nicklaus, who won more majors than any other golfer in history, is being sued by some of the residents at the Bear’s Club, which he developed, according to the Palm Beach Post. The suit filed in Palm Beach County Circuit Court alleges that in recent […]

Mattress startup Casper beds new office at 3 World Trade Center

Posted: 04 Jan 2019 11:00 AM PST

Casper Sleep, the e-commerce mattress seller whose ads blanket the subway, is getting into bed with a new landlord. The five-year-old startup signed a lease with Silverstein Properties to take 70,000 square feet at 3 World Trade Center, sources told The Real Deal. A spokesperson for the company confirmed the lease. The new office will put Casper within short distance of the World Trade Center mall, home to one of the retailer’s two brick-and-mortar stores […]

Spruce Capital Partners returns to UES with resi building

Posted: 04 Jan 2019 10:30 AM PST

Spruce Capital Partners got a taste of the Upper East Side five years ago with a condominium on 78th Street, and it’s back in the neighborhood with another project. The developer on Friday filed plans for a new 35,000-square-foot, 17-story residential building at 323 East 79th Street. It will house 15 units, most of which will occupy either a full floor or two floors, which suggests another condo. Spruce Capital did not immediately return a […]

TF Cornerstone gets roughly $700M in financing for LIC affordable housing project

Posted: 04 Jan 2019 09:45 AM PST

UPDATED, 2:15 p.m., Jan. 4: The city has provided TF Cornerstone with about $700 million in financing for its Hunters Point South development at 52-03 and 52-41 Center Boulevard. The package included a roughly $173.3 million mortgage from the Department of Housing Preservation and Development for 52-03 Center Boulevard, according to property records. The remaining $282.3 million in financing for that tower, which included bonds, was from the city’s Housing Development Corporation. HDC also provided the tower at […]

Reffkin tells staff that Compass “made mistakes” in 2018

Posted: 04 Jan 2019 09:15 AM PST

In many ways, Robert Reffkin had a blessed year. In 2018, Compass expanded from 37 markets to 122, raised $1.2 billion, hired over 1,000 employees and signed on almost 6,000 new agents, the brokerage head told staffers in a company-wide email. But Reffkin also admitted that in some areas, the company “fell short.” He highlighted the failed July launch of Powered By Compass, software the company had hoped to license to independent brokerages but was […]

Salma Hayek looking to build 17K sf Bel Air mansion on existing property

Posted: 04 Jan 2019 08:35 AM PST

Salma Hayek has big plans for her Bel Air home. The Mexican actress, who is married to French billionaire François-Henri Pinault, filed plans to build a 17,490-square-foot mansion to replace and more than double the size of her current home, The Real Deal has learned. Documents filed with the city last week show the owner of the Bel Air property, Metro BA4 LLC, laid out plans for a new two-story residence with 10,946 square feet […]

Is Uncle Sam still paying the rent?

Posted: 04 Jan 2019 08:00 AM PST

Could the government shutdown hit commercial landlords’ wallets? The General Services Administration is the largest public real estate organization in the nation, providing space for more than 1.2 million federal workers, according to Bloomberg News. The greater New York metro area is second only to the areas around Washington, D.C. and Virginia in terms of square footage leased by the GSA. The federal government leases more than 6 million square feet in the area spanning […]

Zeckendorfs carve up $130M penthouse at 520 Park Avenue

Posted: 04 Jan 2019 07:35 AM PST

The penthouse at 520 Park Avenue — once seeking $130 million — was among several trophy apartments seeking nine-figure sums when it hit the market in 2014. But that was then, this is now. In recent months, Zeckendorf Development quietly joined the ranks of developers opting to split once-massive penthouses into two or more smaller units. In 520 Park’s case, what was once planned as a 12,398-square-foot triplex is now being offered as a simplex […]

Auto detailer pitches Greenwich Village property as megamansion opportunity

Posted: 04 Jan 2019 07:00 AM PST

The era of the Greenwich Village megamansion appears to still be in full swing. A parking garage in the West Village billed as one of the neighborhood’s last megamansion opportunities has hit the market with asking price of nearly $50 million. The building at 332 West 11th Street has 13-foot ceilings, 50 feet of frontage and additional buildable space that can accommodate a “setback penthouse with an incredible outdoor space,” according to Curbed. The property’s […]

Manhattan’s office leasing market had a record year in 2018

Posted: 04 Jan 2019 06:30 AM PST

Though other real estate sectors struggled in 2018, it was a record-setting year for Manhattan’s office-leasing market. Leasing activity – which includes new deals and expansions – hit 32.4 million square feet last year, the highest annual total since 2000, according to CBRE. At the turn of the century, Manhattan saw 33.1 million square feet of deals, and over the past 10 years the average has been 25.8 million square feet. Last year’s total surpassed […]

Meet the designers attending Future City 2019

Posted: 04 Jan 2019 06:00 AM PST

Architects and designers including Pininfarina’s Paolo Trevisan, Kobi Karp Design’s Kobi Karp, interior designer and TV host Taylor Spellman, Danny Forster & Architecture’s Danny Forster and SOMA Architects’ Michel Abboud will participate in The Real Deal’s Future City 2019 this month. They will take part in educational sessions on topics ranging from innovations in home and office design to new trends in construction. The designers will join a group of 200 C-level executives in the […]

National Cheat Sheet: Amazon’s Whole Foods plans store expansion, Sears fights for survival, US firms see Israeli bond troubles … & more

Posted: 04 Jan 2019 05:30 AM PST

Amazon looks West to open new Whole Foods stores Amazon plans to open a spate of new Whole Foods stores across the country, the Wall Street Journal reported. The e-commerce giant is looking at suburban areas for its new stores and has been scouting sites in Idaho, Utah and Wyoming, the outlet reported. There are currently around 475 Whole Foods stores in the U.S., with future locations slated for other areas like West Los Angeles. […]

Real estate community and hipsters rejoice over canceled L train shutdown

Posted: 04 Jan 2019 05:00 AM PST

There’s a unique sense of relief when a subway train that’s “being held momentarily” finally starts rolling forward. And it was with a similar rush of comfort that Brooklyn real estate players welcomed the news Thursday that the L train shutdown won’t be as bad as originally thought. “Even with all the planning and the additional ferry service and additional bus service, it would have been very challenging for the 200,000 plus commuters,” said Toby […]

Beyond Hudson Yards: A look at the megaprojects shaping cities across the globe

Posted: 04 Jan 2019 04:30 AM PST

As the largest private real estate development in the United States, Hudson Yards is a project every New York development company would dream of having its name on. At 18 million square feet, the Related Companies’ $20 billion development on Manhattan’s Far West Side will be larger than all of downtown San Diego. But it’s not the only megaproject out there. This month, The Real Deal looked at some other major developments across the globe, […]

The Long View: How mortgage banks created the co-working lease

Posted: 04 Jan 2019 04:00 AM PST

Andrew Ross Sorkin, author of the book “Too Big To Fail,” recently wrote an opinion piece in the New York Times arguing that WeWork might be just that: too big to fail. In September, the co-working giant became Manhattan’s biggest office tenant with 5.3 million square feet. The company now has such clout in the market, Sorkin argued, that landlords couldn’t afford to kick it out over unpaid rent in the event of a serious […]