The Real Deal - New York Real Estate News

Formula One’s Lewis Hamilton snags another $40M penthouse

Posted: 09 Jan 2019 03:30 PM PST

British race car driver Lewis Hamilton is hitting the gas on another massive Manhattan condominium. The Formula One star recently snagged a $40.7 million penthouse at Related Companies’ 70 Vestry Street, the Wall Street Journal reported. The condo spans 6,547 square feet and has 3,000 square feet of outdoor space. The Robert A.M. Stern-designed building has attracted the likes of Tom Brady and Gisele Bundchen. Last month, Related chairman Stephen Ross picked up a unit […]

Congress to investigate Trump’s Florida property sale, Deutsche Bank loans

Posted: 09 Jan 2019 03:15 PM PST

The new Democratic majority in the U.S. House plans to investigate loans and real estate transactions that could tie President Donald Trump’s real estate empire to the Russian government. The House Intelligence Committee will look into Trump’s $95 million sale of a Palm Beach mansion to Russian billionaire Dmitry Rybolovlev in 2008, four years after he bought the property for $41 million, according to the New York Times. Democrats on the committee have suggested the […]

Westchester & Fairfield Cheat Sheet: Elmsford warehouse sold for $70.25M, CBRE and NKF take temperature of office leasing market … & more

Posted: 09 Jan 2019 03:00 PM PST

Mack-Cali sells Elmsford Distribution Center for $70.25M A six-building industrial park in Westchester has been sold by Mack-Cali Realty Corporation to Realterm Logistics for $70.25 million. The New Jersey-based real estate investment trust parted ways with the Elmsford Distribution Center on Warehouse Lane as part of a plan to shift its focus away from the flex-warehouse business. Tenants at the center, which is 98.3 percent leased, include the Barrie House Coffee Company, Pepperidge Farms and […]

One of South Florida’s largest resorts just hit the market, asking as much as $1B

Posted: 09 Jan 2019 02:45 PM PST

Brookfield Asset Management is looking to sell the Diplomat Beach Resort in Hollywood, the largest resort in Broward County and the second-largest in South Florida after the Fontainebleau Miami Beach. And the asking price is reportedly as much as $1 billion, or $1 million per key. Brookfield subsidiary Thayer Lodging Group hired Newmark Knight Frank and Hodges Ward Elliott to market the 1,000-room resort, according to Bloomberg. Thayer paid $460 million for the property in […]

Sotheby’s HQ is relocating to 650 Madison Avenue

Posted: 09 Jan 2019 02:30 PM PST

Sotheby’s International Realty is set to move its headquarters into new digs at 650 Madison Avenue by the end of the year. The brokerage will take 38,000 square feet across the building’s entire second floor, and is about 30 percent larger than its current headquarters at 38 East 61st Street, according to Crain’s. Its new space, at the foot of Billionaire’s Row, is in addition to two other Manhattan locations, one on the West Side and […]

Carmel Partners raises $1.3B multifamily fund

Posted: 09 Jan 2019 02:00 PM PST

Carmel Partners finished raising $1.28 billion for its latest U.S. multifamily fund. The San Francisco-based real estate investment firm secured commitments from more than 40 investors across Asia, Europe and the US, AltAssets.net reported. Carmel CEO Ron Zeff, who founded the company in 1996, said the new investment vehicle will “continue to pursue a multifamily value-creation strategy in our target markets.” The latest closing brings Carmel’s total funds raised to $5.5 billion since 2004. The […]

Meet the tech innovators attending Future City 2019

Posted: 09 Jan 2019 01:45 PM PST

Tech entrepreneurs in the real estate space including OnsiteIQ’s Ardalan Khosrowpour, ARX Solutions’ Gonzalo Navarro, Envelope City’s Cindy McLaughlin and Meridio’s Mo Shaikh, among others, will participate in The Real Deal’s Future City 2019 this month. They will take part in educational sessions on topics ranging from Blockchain’s impact on the industry to new tools for mining real estate data. These innovators will join a group of 200 C-level executives in the fields of development, […]

City sues Torkian Group over alleged illegal short-term rentals

Posted: 09 Jan 2019 01:20 PM PST

As part of an effort to crackdown on Airbnb, the city is now taking aim at the Torkian Group, claiming the landlord has continued to market and lease illegal short-term rentals despite previous warnings from officials. In a new lawsuit, the De Blasio administration claims there were 1,029 short-term rental deals in the landlord’s buildings between February 2015 and October 2018. The transactions involved 13 different apartments in 110 Greenwich Street, 311 West 50th Street […]

Blackstone bigwig closes on Getty unit for his private art collection

Posted: 09 Jan 2019 12:45 PM PST

Tom Hill, the Blackstone Group billionaire, closed on a commercial condo at the Getty that will house his renowned art collection. Hill paid $29 million for the unit spanning the third and fourth floors of 501 West 24th Street, property records filed with the city Wednesday show. The Getty is a 12-story luxury boutique condo developed by Victor Group and Michael Shvo and designed by Peter Marino. Hill went into contract on the 6,500-square-foot unit […]

Inside HNA’s fast fall from grace

Posted: 09 Jan 2019 12:15 PM PST

The guest list for the China General Chamber of Commerce USA’s annual gala is a who’s who of Chinese and American business royalty. In mid-January, Blackstone’s Steve Schwarzman, Brookfield’s Ric Clark, Bank of China’s Xu Chen and Chinese Ambassador Cui Tiankai — to name a few — rubbed shoulders at the Ziegfeld Ballroom in Midtown. But the real star of the show was a man rarely seen on Manhattan’s black-tie party circuit: HNA Group’s chairman […]

What housing slowdown? Lennar’s stock rises after homebuilder reports uptick in potential buyers

Posted: 09 Jan 2019 11:45 AM PST

Lennar, the country’s biggest homebuilder, missed analysts expectations for sales and new home orders in the fourth quarter, but its stock still jumped. The reason: Lennar’s executive chairman Stuart Miller said that more potential buyers have been walking into their sales centers across the nation. It also didn’t hurt that the company reported a massive jump in end of year revenue, and while sales and home orders missed projections, both were still up from the […]

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

Posted: 09 Jan 2019 11:00 AM PST

In the world of mid-market New York City investment sales last week, Sterling National Bank shed another Queens building and HFZ Capital Group dropped $18.6 million for a property in NoMad, according to filings recorded last week with New York City’s Department of Finance. 1.) HFZ Capital Group picked up a five-story, mixed-use building in NoMad for about $18.6 million. The seller of 18 West 30th Street was Jamak Realty, Inc. The property is just […]

Coming soon: The Real Deal’s 2019 Data Book

Posted: 09 Jan 2019 10:15 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 […]

HNA, partners take financial loss on sale of 850 Third Avenue

Posted: 09 Jan 2019 09:30 AM PST

Investor Jacob Chetrit bought 850 Third Avenue from debt-laden HNA Group and its partners for $422 million. Chetrit and his sons, Michael and Simon, closed on the deal Tuesday afternoon, Bisnow reported. “We view 850 Third Ave. as a balanced investment, due to its existing strong tenant roster and the opportunity for future upside,” Michael Chetrit said in a prepared statement. HNA’s minority partners, MHP Real Estate Services and ATCO Properties & Management, also sold […]

Here’s how the government shutdown could affect the housing market

Posted: 09 Jan 2019 09:00 AM PST

The government shutdown has no end in sight, and many federal workers are going without pay. But they’re still facing rent and mortgage payments. An estimated 800,000 workers are furloughed or working without pay as the shutdown stretches into 18 days. And they owe about $438 million in mortgage and rent payments this month, Inman reported. “In many parts of the country, housing affordability is already stretched and a single missed payment can begin the […]

MHP, Banyan Street Capital purchasing Bronx post office from Youngwoo

Posted: 09 Jan 2019 08:30 AM PST

MHP Real Estate Services and Banyan Street Capital are buying the Bronx General Post Office for a price in the high $70 millions. The new owners will continue the plan of revitalizing the building at 558 Grand Concourse, located between 149th and 150th streets, with shopping and restaurant space, according to the New York Post. They are purchasing the property from Youngwoo & Associates and the Bristol Group. The building is located in an Opportunity […]

It’s not all about luxury: Chinese buyers now scooping up lower-priced homes

Posted: 09 Jan 2019 08:00 AM PST

While Chinese companies continue their retreat from commercial real estate in the U.S., it’s a different story when it comes to residential. Chinese consumers have been the top foreign buyers in both units and dollar volume of residential housing for six years, CNBC reported, citing data from the National Association of Realtors. And now, more middle-class buyers are buying lower-priced homes and often financing them with mortgages. Previously wealthy buyers were snagging high-end properties in […]

These were the 10 largest Manhattan real estate loans in December

Posted: 09 Jan 2019 07:30 AM PST

The top 10 Manhattan loans recorded in December totaled just under $3 billion, continuing a five-month streak of increasing deal volume. For the first time since May, December saw a single deal break the billion-dollar mark – and as was the case in May, that loan also went to a Times Square megaproject. 1) The Times Are A Changin’ – $1.13 billion After scoring a $2 billion acquisition loan this spring for its project at […]

C-suite shakeup: Gary Keller is back at the helm at Keller Williams

Posted: 09 Jan 2019 07:00 AM PST

Gary Keller is returning as CEO of his namesake brokerage Keller Williams, replacing John Davis. Davis, who held the role for almost two years, will “no longer hold any official responsibilities or roles” at Keller Williams headquarters, Inman reported. Josh Team, who served as chief innovation officer, will be promoted to president. Davis was with Keller Williams for more than 20 years. He took over as CEO in April 2017 and has headed the company’s […]

Want to own a Corcoran office? You’ll need at least $153K

Posted: 09 Jan 2019 06:33 AM PST

It will cost between $153,350 and $518,000 to open a Corcoran Group franchise, according to newly-filed public documents. In a franchise disclosure form filed with the Federal Trade Commission, the New York brokerage said the initial franchise fee to open a new office is $35,000 (plus $10,000 for each additional office). Corcoran said this fall it would franchise its name as it seeks to expand to “global megacities” and leisure markets starting with Miami. The […]

Abu Dhabi Investment Authority’s stake in 330 Madison is up for sale

Posted: 09 Jan 2019 06:05 AM PST

Abu Dhabi Investment Authority is planning to part with its majority stake in 330 Madison Avenue. The sovereign wealth fund is looking to sell its ownership in the office property, the New York Post reported. Minority owner Vornado Realty Trust will keep its 25 percent stake. CBRE’s Darcy Stacom and Bill Shanahan are marketing the deal. The Post noted that the stake was hitting the market “at pricing expected to reach nearly $1 billion.” The […]

Rockpoint Group lands $430M loan for One Dag Hammarskjöld purchase

Posted: 09 Jan 2019 05:30 AM PST

Rockpoint Group tapped Wells Fargo and Brookfield Asset Management to finance its $600 million purchase of the One Dag Hammarskjöld office tower in Midtown East. Wells Fargo and Brookfield teamed up to provide Rockpoint with $430 million in debt to for its purchase of the 815,000-square-foot tower, sources told The Real Deal. The Boston-based private equity fund closed on its purchase of the 1970s-era building from Ruben Companies Tuesday. Representatives for Rockpoint and the lenders […]

Abu Dhabi government fund, Tishman Speyer put Chrysler Building on the market

Posted: 09 Jan 2019 05:00 AM PST

In the face of higher costs and increased competition, Manhattan’s landmark Chrysler Building is for sale. The owners, an Abu Dhabi government fund and developer Tishman Speyer, have hired CBRE to market the tower, the Wall Street Journal reported. The iconic building has been competing with newer office towers that are equipped with modern amenities like outdoor terraces and fitness centers. While estimates vary, several investors said the building could be hard-pressed to sell for […]

Splitting the difference: How resi brokerage teams divvy up commissions

Posted: 09 Jan 2019 04:30 AM PST

Commission splits are always a high-octane conversation in the residential brokerage world. And in this competitive market — one in which firms are being squeezed every which way — companies are facing increased pressure to lure and retain top-producing agents. Upping their splits is one quick and dirty way to do that. But not all agents hammer out their splits with the companies they work for. Many have those negotiations with their team leaders. And […]

Fading beauty? In a sea of new dev, UES co-ops have fewer takers

Posted: 09 Jan 2019 04:00 AM PST

Upper East Side co-ops have long been part of a prestigious and exclusive club — with their prime location and often stringent board approvals. But in a landscape of brand-new projects and high-end amenities, co-op listings on the UES are languishing on a gilded shelf. A glut of product across Manhattan and even Brooklyn has led some demand to shift away from UES co-op listings — especially as more people are opting for the latest […]