The Real Deal - New York Real Estate News

Buyer linked to multifamily landlord drops $9.2M on Gravesend manse

Posted: 16 Jan 2019 03:56 PM PST

A buyer linked to large multifamily landlord with a history of violations at its properties just paid $9.2 million for a stately mansion in the Gravesend section of Brooklyn, public records on Wednesday show. The buyer of 412 Avenue T was an LLC that lists Edel Family Management Corporation‘s Brooklyn location as its address and David Edelstein as its manager, according to the public record of the sale. An EFM representative reached by email said […]

Under pressure: Brookland Capital selling Marcy Ave resi building for $22M

Posted: 16 Jan 2019 02:30 PM PST

Days after Brookland Capital’s Boaz Gilad signaled that he might have to part with some of his properties to satisfy bondholders in Tel Aviv, SME Capital Ventures is closing in on one of his rental Brooklyn buildings, sources tell The Real Deal. SME is looking to purchase 691 Marcy Avenue, an eight-story, 41-unit rental building in Bedford-Stuyvesant for $22 million. Boaz Gilad’s Brookland Capital had purchased the site in 2014 for $4.5 million. In an […]

This startup is trying to make renting more safe — and just scored Series A funding

Posted: 16 Jan 2019 01:55 PM PST

A startup seeking to do away with rental fraud just closed on a Series A funding round. CheckpointID raised $1.5 million in a round led by RET Ventures, the company said in a statement. The capital will be used to grow the team as the firm seeks to meet increased demand from the multifamily industry. CheckpointID is an identity verification service that multifamily owners and operators can use with customers for apartment tours and move-ins. […]

Join The Real Deal’s Opportunity Zones workshop at Future City 2019

Posted: 16 Jan 2019 01:00 PM PST

One of the key architects of the Opportunity Zone legislation, Steve Glickman, will join Skybridge Capital’s Anthony Scaramucci and Youngwoo & Associates’ Young Woo, among others, at The Real Deal‘s Future City 2019 for a workshop exploring the ins and outs of the Opportunity Zone program. The workshop is among 20 that will be held at the event. Glickman was a senior economic advisor to President Obama and his firm, Develop Advisors, works with entities […]

NYC I-sales hit nearly $50B in 2018, breaking 2-year slump

Posted: 16 Jan 2019 12:30 PM PST

New York City’s investment-sales market broke its two-year slide in 2018, with deal volume growing by a third on the year to almost $50 billion. The five boroughs recorded $49.1 billion worth of sales in 2018, according to figures from Cushman & Wakefield. That was a 34.5 percent jump over $36.5 billion worth of deals in 2017. “The difference between 2017 and ’18 was the return of the big deals,” Doug Harmon, chair of Cushman […]

Westchester & Fairfield Cheat Sheet: Valhalla lease signed for $1.2B biotech center, Diageo ditches Norwalk for NYC … & more

Posted: 16 Jan 2019 12:00 PM PST

Developer inks Valhalla lease for new $1.2B biotech center A $1.2 billion biotechnology center is slated to rise in Valhalla, the Westchester County Business Journal reported. Westchester County Executive George Latimer signed a 99-year lease last week with developer John Fareri of Fareri Associates for 60 acres of land at the Grasslands Reservation, according to the outlet. That land for the so-called North 60 project, as well as 20 acres of adjacent land that Fareri […]

Missoni takes retail space at Thor Equities’ 680 Madison Avenue

Posted: 16 Jan 2019 11:30 AM PST

The luxury Italian fashion house Missoni has signed a lease for 3,800 square feet at Thor Equities’ 680 Madison Avenue. The asking rent was $1,200 per square foot, and the lease is for 15 years. The New York Post first reported the news. Missoni will occupy the ground floor of the building, which has 34,000 square feet of retail space overall and lies between 61st and 62nd Streets on the Upper East Side. The property […]

WeWork continues mid-size tenant push with 4 new Manhattan outposts

Posted: 16 Jan 2019 11:00 AM PST

WeWork has signed a handful of new leases for its growing mid-size tenant business. HQ by WeWork, which launched last August to provide office space for companies with 11 to 250 employees, is taking 165,000 square feet across six locations in New York and San Francisco, the company said Wednesday. In New York, the co-working company signed leases for 41,200 square feet at Chestnut Holding’s 49 West 27th Street; 28,500 square feet at Hilson Management […]

Meadow Partners considering co-op conversion for LIC luxury rental

Posted: 16 Jan 2019 10:20 AM PST

Amazon is coming, and Meadow Partners may cash in on the buying craze with a conversion of its two-year-old rental building in Long Island City, according to filings made with the state Attorney General’s office. The developer completed the Independent LIC, a 13-story, 48-unit building at 42-14 Crescent Street, in 2016. The building, just south of the Queensboro Bridge, includes studios, one-bedrooms, and two-bedrooms with an average rent of about $2,700. Meadow Partners had previously […]

California governor wants Silicon Valley to loan $500M to tackle housing shortage

Posted: 16 Jan 2019 09:45 AM PST

Developers in California could have a new source of capital for workforce. Gov. Gavin Newsom wants Silicon Valley tech companies to lend $500 million in low-interest cash to developers to build housing for middle-class Californians, according to the Los Angeles Times. Continuing his early push for more housing days after taking office, Newsom plans to match the $500 million with public money set aside for the development of workforce housing, creating a pool of $1 […]

Breaking down Jared Kushner’s Chris Christie vendetta

Posted: 16 Jan 2019 09:00 AM PST

New Jersey Gov. Chris Christie has had quite the week. First he was removed as the head of President-elect Donald Trump’s White House transition team. Now, his allies are being booted too. At the helm of that effort? None other than real estate developer Jared Kushner, Trump’s son-in-law and close consigliere. Kushner is reportedly throwing Trump’s transition efforts into disarray by pushing out personnel who were tapped by Christie, Bloomberg reported. Former House Intelligence Committee […]

Spaces continues its co-working rollout with big lease deal at 31 Penn

Posted: 16 Jan 2019 08:30 AM PST

Spaces, another co-working company that is increasingly gobbling up New York office space, has signed a big lease deal at 31 Penn Plaza. The firm, led by CEO Martijn Roordink, is a division of Regus parent company IWG, which has had a decades-long presence in New York. The latest lease spans almost 84,000 square feet across the ninth through 11th floors in the building. Asking rents in the building are reportedly $68 per square foot, […]

This watchdog group wants states to ban dual agency

Posted: 16 Jan 2019 08:00 AM PST

The practice of dual agency is too confusing to be allowed in the real estate industry. Or, so says one watchdog group. The Consumer Federation of America is calling for states to ban the practice and make disclosures less confusing, Inman reported. Buyers and sellers often don’t understand the role their broker plays, the group said in a report. “Today, many homebuyers and sellers do not know whether their agent is representing their interests, those […]

Equity Residential to part with 800 Sixth for $240M

Posted: 16 Jan 2019 07:30 AM PST

Equity Residential has finally gone into contract to sell 800 Sixth Avenue for $240 million. Greystar, the country’s largest manager of apartments with over 150,000 units, has agreed to buy the 266-unit, 36-story residential rental building, according to the New York Post. Equity, founded by Sam Zell, sought to limit its exposure to Manhattan’s West Side amid a soft rental market. It also listed 505 West 54th Street in Hell’s Kitchen, and sold 101 West […]

Hundreds of Sears stores could remain open after Lampert wins auction for firm: report

Posted: 16 Jan 2019 07:00 AM PST

Hundreds of Sears stores could remain open if a bankruptcy judge approves Chairman Edward Lampert’s $5 billion bid for the ailing retailer. The Sears Holdings board picked Lampert’s offer over competing bids from liquidators after weeks of negotiations and two days of closed-door discussions in New York, sources told Bloomberg. The board was poised last week to ask the court for permission to liquidate before pivoting at the last minute and agreeing to give Lampert […]

Development dreams? Laboz family has amassed $76M of property on Downtown Brooklyn block

Posted: 16 Jan 2019 06:30 AM PST

United American Land just bought four buildings on a Downtown Brooklyn block from retail investor Jeff Sutton, paying $22 million for the small portfolio. The purchase at first appears innocuous, but if you zoom out on a map, it’s clear that the Laboz family, which owns the firm, has amassed a portfolio that makes up half of the buildings on the block over, according to real estate news website PincusCo. Over the last two decades […]

Here’s what the $20M-$30M NYC investment sales market looked like last week

Posted: 16 Jan 2019 06:00 AM PST

New York City investment sales within the $20 million to $30 million range included the Greater Jamaica Development Corporation selling its 168th Street parking lot and Rybak Development acquiring four Yorkville walk-ups, according to Department of Finance filings made public last week. 1.) BRP Companies picked up a lot that will be the site of its new Queens development for $20.5 million. The Greater Jamaica Development Corporation was the seller of the parking lot at […]

Adam Neumann still raking in millions by leasing office space to WeWork: report

Posted: 16 Jan 2019 05:40 AM PST

The We Company’s CEO Adam Neumann is still personally buying buildings that are leased to the company’s co-working arm, WeWork, stoking conflict of interest concerns among some of the company’s investors. The setup has reaped Neumann millions in landlord payments from his own company, according to the Wall Street Journal. The Real Deal reported the first deal of this type last March, in which Neumann partnered with fashion designer Elie Tahari to buy a stake […]

This real estate sustainability startup just closed on a $19M funding round

Posted: 16 Jan 2019 05:00 AM PST

Measurabl — a data management startup that’s worked with commercial real estate firms on sustainability goals — closed $18.7 million in Series B funding. Sway Ventures, which participated in Measurabl’s Series A, led the latest funding round. Other participants included Camber Creek, which led the startup’s Series A round; Building Ventures; Concrete Ventures; and S&P Global and Constellation Energy Technology Ventures, the venture investing arm of Exelon Corporation. The latest infusion brings Measurabl’s total raise […]

Hudson, Related land “complex” financing package for next Riverwalk building

Posted: 16 Jan 2019 04:30 AM PST

Hudson Companies and Related Companies secured about $123 million in debt from a trio of public agencies and a bank to build the next phase of their Riverwalk development on Roosevelt Island. Various government agencies and Citigroup’s community capital division provided the financing for the 340-unit residential project, which will consist entirely of affordable rental units. The New York City Department of Housing Preservation and Development provided a $20.29 million permanent subsidy loan, while the […]

Sales slump as tax law kicks in, uber-luxury is doing just fine and more of the biggest trends in resi right now

Posted: 16 Jan 2019 04:00 AM PST

Home sales slump across NYC as tax law kicks in Manhattan and Brooklyn saw home sales decrease each quarter for the last year amid a region-wide sales dip, according to data cited by Bloomberg. An analysis by The Real Deal found that residential sales volume fell by 11.3 percent year over year in Manhattan during the third quarter, while the median sales price slid 4.5 percent, to $1.1 million. The factors leading to the downturn […]