The Real Deal - New York Real Estate News

PHOTOS: REBNY’s 123rd annual gala

Posted: 18 Jan 2019 02:00 PM PST

Lights! Camera! REBNY! Last night, the industry’s biggest names gathered for the Real Estate Board of New York’s annual gala at the New York Hilton in Midtown. Missed the event? Check out the above slideshow to see faces like CBRE’s Mary Ann Tighe, JLL’s Robert Knakal, Two Trees Management’s Jed Walentas and more. All photos by Adam Pincus of PincusCo

Is New York City headed for another foreclosure crisis?

Posted: 18 Jan 2019 01:30 PM PST

When Canadian fashion mogul Maurice Benisti’s company lent nearly $19 million to a buyer of a new apartment at Extell Development’s One57, there was no indication that the deal was doomed. But the entity reportedly linked to Sheri Izadpanah failed to pay back the mortgage by its due date of July 8, 2016, and an LLC tied to Benisti put the four-bedroom unit on the auction block in June 2017 — marking the first foreclosure […]

A month after his divorce, Harry Macklowe prepares to fight for a $1B office supertall

Posted: 18 Jan 2019 01:15 PM PST

Mere weeks after his fortune was split down the middle in a bitter divorce trial, Harry Macklowe is gearing up to get one final supertall over the line. The developer is close to filing plans for his ambitious Midtown office tower, a 1,500-plus-foot tower that would likely be the capstone to his dramatic 60-year career in New York real estate. Macklowe will submit plans next week, initiating the city’s public review process, Crain’s reported. The […]

Knotel has quietly inked 160K sf in leases since December

Posted: 18 Jan 2019 12:35 PM PST

Knotel, the flexible office space firm and WeWork arch-rival, has signed another four New York leases, joining the co-working space race of 2019. The firm, led by Amol Sarva, is the fourth co-working company to announce leases in Manhttan this week, and will take 76,000 square feet at new locations. Knotel, which launched in 2016, will take 35,600 square-feet at New School’s 36 West 14th Street, 24,660 square-feet at AION Partners’ 11 East 44th Street, […]

These are some of the most notable resi sales of the week

Posted: 18 Jan 2019 11:45 AM PST

Over the past week, New York City saw plenty of eye-catching residential deals. Take Shaun Donovan and Liza Gilbert: the former HUD secretary and his landscape-designer wife picked up a carriage house in Brooklyn for $2.3 million. And one hedge fund co-founder passed on his Lenox Hill coop to another hedge funder — for $9.5 million. But those weren’t the only transactions this week. Here’s are some other notable sales from around the city. Source: […]

Bank OZK signals appetite for big condo construction loans in 2019

Posted: 18 Jan 2019 11:00 AM PST

Bank OZK, among the most aggressive real estate lenders in the country, has signaled it could continue to make big construction loans in 2019. The news, which came as part of the Arkansas bank’s fourth quarter earnings report, comes amid a general nationwide slowdown in the housing market. During an earnings call on Friday, CEO George Gleason said the bank was seeing strong sales on the condo projects it was involved in, especially developments in […]

Breather taps former mattress startup executive for CEO role

Posted: 18 Jan 2019 10:45 AM PST

About four months after Breather CEO Julien Smith abruptly stepped down from his position as CEO, the flexible office space company has appointed his replacement. Bryan Murphy, a former eBay executive, has been named to the Montreal-based company’s top post. “It’s become clear to me that bringing on an executive with experience growing businesses to global magnitude would be the best thing for Breather,” said Smith, who remained chairman of the company’s board. Smith’s decision […]

Inside REBNY’s 2019 gala

Posted: 18 Jan 2019 10:20 AM PST

Would it be the Real Estate Board of New York’s annual gala without the boisterous schmooze fest drowning out the evening’s official program? In that regard, the 123rd annual gathering of real estate’s biggest names did not disappoint. Among the 2,000 attendees who converged on the New York Hilton in Midtown were Dan Tishman, who received the Harry B. Helmsley Distinguished New Yorker award, along with CBRE’s Mary Ann Tighe, Paul Massey of B6 Real […]

Hancock Park mansion once owned by Muhammad Ali seeks $17M

Posted: 18 Jan 2019 09:30 AM PST

In his book, “Muhammad Ali: His Life and Times,” Thomas Hauser describes a Hancock Park mansion that once belonged to the heavyweight boxing champion as “the most luxurious residence any heavyweight champion ever owned.” That property — a 14,500-square-foot Italian Renaissance estate — is now on the market for $17 million, the Wall Street Journal reported. The most recent sellers are Michael Lawson, a retired lawyer and chief executive of a national civil rights group, […]

Your DIY project didn’t turn out quite right? You’ve got company

Posted: 18 Jan 2019 08:50 AM PST

Do-it-yourself projects by homeowners are a multi-billion-dollar growth area within the U.S. economy and the bread and butter of corporate giants like Lowe’s and Home Depot. And for good reason: When done right, DIYs are great, saving you money and time. They can even be fun and give you a sense of pride in what you’ve accomplished. But they can also be rolling disasters when they go off the rails. David Pekel, president and CEO […]

WeWork is too big to avoid public responsibilities: Sam Zell

Posted: 18 Jan 2019 08:01 AM PST

Adam Neumann, CEO of the recently rebranded We Company, is facing more blowback for leasing he has ownership interest in to WeWork. Billionaire real estate investor Sam Zell said WeWork’s size gives them “public responsibilities, including governance,” in an interview with Bloomberg television Thursday. The Equity Group Investments founder was referring to reports that The We Company’s CEO Adam Neumann is still personally buying buildings that are leased to the company’s co-working arm, WeWork, first […]

WATCH: Prominent Miami condo developer talks President Trump, Russian buyers and why millionaires are moving south

Posted: 18 Jan 2019 07:30 AM PST

Here’s what you need to know about the state of the luxury real estate sector from CNBC. Dezer Development’s Gil Dezer dabbled in topics like President Trump, Russian buyers and Florida’s beneficial tax laws in an appearance on CNBC’s Squawk Box on Thursday. Dezer, whose projects include the Porsche Design Tower and the planned Residences by Armani/Casa in Sunny Isles Beach, appeared on the show for a segment on South Florida’s luxury real estate market. […]

Infamous Podolsky brothers being investigated for tax fraud: report

Posted: 18 Jan 2019 07:05 AM PST

They served five years probation for grand larceny and coercion in the 1980s. But now it looks like the Podolsky brothers may have been committing financial crimes too. Manhattan federal prosecutors are investigating whether hoteliers paid by the city to house the homeless hid money to evade taxes. Amsterdam Hospitality Group, the firm led by brothers Stuart and Jay Podolsky, allegedly hid money in attorney escrow accounts, sources familiar with the federal investigation told the […]

Wedding-planning startup Zola settles down at 7 WTC

Posted: 18 Jan 2019 06:30 AM PST

Break out the champagne. Wedding-planning startup Zola just inked an 11-year lease on a 30,000 square-foot office at Larry Silverstein’s 7 World Trade Center. The five-year-old company, which offers tools like online gift registry and customizable invites to help to simplify the wedding-planning process, will take over an entire floor of the building, according to Bloomberg. It’s a step up from their previous 12,500 square-feet offices at 150 Broadway. The move follows a year of […]

President Trump told Michael Cohen to lie to Congress about Trump Tower Moscow timeline: Buzzfeed

Posted: 18 Jan 2019 05:55 AM PST

President Trump told his former personal attorney Michael Cohen to lie to Congress about when negotiations ended on Trump Tower Moscow in order to obscure Trump’s involvement, according to a bombshell news report published Thursday night. Two federal law enforcement officials told Buzzfeed News that Michael Cohen told the office of the special counsel Robert S. Mueller III about the lies after investigators gathered evidence from Trump Organization witnesses, internal company emails, text messages and […]

National Cheat Sheet: Sears avoids liquidation, warehouse vacancies hit 18-year low, Blackstone plans massive real estate fund … & more

Posted: 18 Jan 2019 05:00 AM PST

Sears dodges liquidation after board accepts chairman’s bid All of the remaining assets of Sears Holdings Corporation have been acquired by chairman Edward Lampert for $5.2 billion, according to various news reports. The board of the bankrupt company accepted Lampert’s auction bid in lieu of competing proposals from liquidators, Bloomberg reported. The decision came after “two days of discussions… to determine whether Sears would be worth more dead or alive,” according to the outlet. The […]

15 Hudson Yards has $800M in contracts: Related Companies

Posted: 18 Jan 2019 04:30 AM PST

More than two years after launching sales at 15 Hudson Yards, Related Companies said the 285-unit condominium is now more than 60 percent sold — with contracts totaling $800 million. But in a slow market, there’s still a ways to go for the development, which has a total projected sellout of $1.7 billion. On Wednesday, Related showcased the tower’s 40,000-square-foot amenity space, which is spread over the building’s 50th and 51st floors. The lower level […]

How it can go wrong: The perils of elevator rides in NYC

Posted: 18 Jan 2019 04:00 AM PST

At least 22 people have been killed in passenger elevators or shafts in New York City since 2010. In that same span of time, there have been more than 500 incidents, 48 of which led to serious injuries, according to the city’s Department of Buildings. The following incidents involve mechanics and passengers, and illustrate the perils of elevator rides in NYC. SUNY Downstate Medical Center Brooklyn — Dec. 25, 2010 Debra Jordan was visiting a […]