The Real Deal - New York Real Estate News

StreetEasy offers agents a way to avoid Premier Agent — for $333 a month

Posted: 22 Jan 2019 03:49 PM PST

New York City agents will soon be able to opt out of StreetEasy’s controversial Premier Agent program — to the tune of $333 per listing per month. The Zillow-owned portal informed brokerage heads on Tuesday that it plans to introduce a new initiative, dubbed Agent Spotlight, through which agents can pay to post sales listings, sources said. Those listings will only feature the listing agent’s name and photo, and will not display contact information for […]

Hamptons Cheat Sheet: Dick Cavett’s Montauk estate seeks $34M after price cut, Riverhead building height restrictions opposed … & more

Posted: 22 Jan 2019 03:15 PM PST

Dick Cavett slashes Montauk home’s price by nearly $15M The celebrated talk show host Dick Cavett has reduced the price of his iconic oceanfront home in Montauk by nearly $15 million, bringing the ask down to $33.95 million, Curbed reported. Known as Cavett’s Cove, the nearly 20-acre property at 176 Deforest Road first came on the market in June 2017 at $62 million, but was cut down to $48.5 million in August 2018. Cavett bought […]

Last call! Join the architect of the Opportunity Zone program at Future City 2019

Posted: 22 Jan 2019 02:45 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 […]

SL Green looks to sell News Building in Midtown

Posted: 22 Jan 2019 02:30 PM PST

SL Green Realty is considering selling the Art Deco “News Building” in Midtown, which could hit the market with an asking price in the area of $1 billion. The Marc Holliday-led real estate investment trust recently took pitches from brokers to take out the 1.2 million-square-foot office tower at 220 East 42nd Street, sources told The Real Deal. While it appears that SL Green has not yet awarded the assignment, sources said brokers offered pricing […]

Torkian ups debt on new rental development in Midtown

Posted: 22 Jan 2019 02:00 PM PST

The Torkian Group just snagged a refinancing of the Solari, its newly constructed luxury Midtown rental tower. AIG provided the firm with $135 million to refinance the 41-story, 223-unit tower at 42 West 33rd Street, according to records filed with the city on Tuesday. The financing package includes a $30 million gap mortgage and consolidates a $105 million construction loan Bank Leumi provided in 2015. The debt is now spread among three of AIG’s subsidiaries. […]

Is Tyler Whitman the latest star of MDLNY?

Posted: 22 Jan 2019 01:48 PM PST

Tyler Whitman — a broker at startup firm Triplemint — may be the newest cast member of Bravo’s “Million Dollar Listing: New York.” There’s no official word from the network just yet, but consider the evidence: Sources said he told his team just before Christmas that he was joining the show. He subsequently tagged two Bravo producers in an Instagram post announcing major news in 2019. Then, on Jan. 8, Triplemint CEO David Walker emailed […]

Macklowe: Tower Fifth would be New York’s only “21st-century building”

Posted: 22 Jan 2019 01:30 PM PST

Recently-divorced octogenarian Harry Macklowe is chasing another chance to forever alter the Manhattan skyline. Plans for his Midtown office tower show an ambitious project that aims to be the second-tallest building in the Western Hemisphere. The supertall, named Tower Fifth, would stand at 1,551 feet tall. The project, poised to be a coda to Macklowe’s career, would be 216 feet shy of One World Trade Center’s roofline (and 1 foot taller than Gary Barnett’s forthcoming […]

GFP, Northwind seek new equity partner for FiDi office overhaul

Posted: 22 Jan 2019 01:00 PM PST

With a big tenant lined up to anchor their repositioning of the former Guardian Life headquarters in the Financial District, the Gural family and the Northwind Group are looking to bring a new equity partner on to the project. GFP Real Estate and Ran Eliasaf’s Northwind are looking to sell somewhere between 60 and 80 percent of the equity in the property formerly known as 7 Hanover Square. “We’re looking to bring an institutional LP […]

The We Company launches its first no-membership-required space

Posted: 22 Jan 2019 12:30 PM PST

The We Company octopus has grown yet another tentacle, after it launched a no-membership-needed service that allows people to book desk space on demand. The firm, until recently known as WeWork, announced on Tuesday the launch of a combined retail and co-working venture called Made By We. Similar to its single dedicated retail spot at 205 Hudson Street, Made By We features a market where We Company partners can sell curated products. It will also […]

How ground leases became “ticking time bombs” for iconic properties

Posted: 22 Jan 2019 12:00 PM PST

When the Abu Dhabi Investment Council and Tishman Speyer decided to put the iconic Chrysler Building up for sale this month, the four-fold rent hike they saw last year certainly contributed to the decision. After paying $7.75 million in 2017, the building’s owners saw their rent bill balloon to $32.5 million last year. That number will rise to $41 million in 2028 and $55 million by 2038. The owners’ current ground lease with Cooper Union, […]

US home sales plummet, adding to fears of 2019 slowdown

Posted: 22 Jan 2019 11:30 AM PST

The number of homes sold dropped sharply in December, raising fears that 2019 will be marked by a continued slowdown in the U.S. housing market. Sales of existing homes dropped 10.3 percent last month compared to the same time in 2017, and 6.4 percent from November, according to a report from the National Association of Realtors, cited in the Wall Street Journal. Many markets saw double-digit declines in existing home sales, including much of California, […]

Bondholders accuse Yoel Goldman’s All Year Management of breaching securities law in suit

Posted: 22 Jan 2019 10:48 AM PST

Yoel Goldman’s Israeli bondholders are alleging he misappropriated company funds, which they say caused their bonds to lose value, according to a lawsuit filed in Israel. The suit accuses Goldman of putting $3.7 million worth of funds that should have gone to his company All Year Management into different company accounts that he controls. The Israel Securities Agency — Israel’s equivalent of the Securities and Exchange Committee — had required All Year to correct financial […]

Purplebricks is backtracking on its disruptive brokerage model

Posted: 22 Jan 2019 10:01 AM PST

Discount brokerage Purplebricks is taking a more traditional approach in the U.S. The company is changing its business model to offer sellers varying listing fees, which are only charged if and when a home is sold, Inman reported. The modified approach, which launches Tuesday, aligns the Purplebricks more with traditional business models, in which agents are paid when a deal closes. “These changes have been informed by customer and agent feedback and are designed to […]

Mike Fabbri, strategist turned agent, jumps to Nest Seekers

Posted: 22 Jan 2019 09:07 AM PST

Mike Fabbri — a digital strategist turned agent who most recently called the Corcoran Group home — has migrated to Nest Seekers International. Fabbri, who previously did stints at Douglas Elliman and Compass, is joining “Million Dollar Listing: New York” star Ryan Serhant’s 50-person team, he said. “It was about getting to the next level and building my business,” he said. Fabbri’s business (and life) partner, Scott Francis, is staying at Corcoran. “It was a […]

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

Posted: 22 Jan 2019 08:30 AM PST

Manhattan trades comprised recent mid-market New York City investment sales, according to filings recorded last week with New York City’s Department of Finance. 1.) Extell Development Company picked up two four-story apartment buildings on the Upper East Side for a total of $14.85 million. The seller of 1639 and 1641 First Avenue, between 85th and 86th Streets, was the estate of William Purdy. In April the developer picked up 1637 First Avenue for $16 million. […]

Calling all subscribers: Tune into our conference call on elevator accidents this Thursday, Jan. 24

Posted: 22 Jan 2019 08:00 AM PST

Join The Real Deal’s editorial staff on Thursday, Jan. 24 at 2:30 p.m. for our next subscribers-only conference call. TRD’s managing web editor James Kleimann will talk to reporters Kathryn Brenzel and David Jeans about our January cover story–a seven-month investigation on elevator accidents in New York. The group will discuss exactly what has impeded the safety of the city’s elevators in recent years, and more. Do you have questions about the future of co-working? […]

A micro-unit development is coming to 11 Essex Street

Posted: 22 Jan 2019 07:35 AM PST

A 17-unit building is being planned for 11 Essex Street, 10 years after tenants were vacated from the property. The new owner plans to tear down the current building and replace it with an 11-story project that caters to young professionals, according to Bowery Boogie. The project will be split between 13 one-bedroom three two-bedroom micro-units and a full-floor penthouse unit. TRA Studio will design the building, which will include bike storage space and an […]

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

Posted: 22 Jan 2019 07:00 AM PST

Updated, Jan. 22, 3:50 p.m.: New York City investment sales within the $20 million to $30 million range last week included the Lightstone Group picking up a Bronx apartment complex and a Queens industrial property selling for more than double its price just a year ago. 1.) The Sheridan Court Mews, located at 201 East 164th Street in the Bronx, traded for $24.5 million last week, according to a source. The Lightstone Group bought the […]

Keller Williams CEO Gary Keller personally poaches Berkshire Hathaway’s #1 agent

Posted: 22 Jan 2019 06:31 AM PST

Oh, it’s on. After a personal phone call with Keller Williams CEO Gary Keller, Berkshire Hathaway’s top agent Mike McCann and his 25-person team is defecting to Keller Williams Philly, a local Keller Williams franchise. McCann and his team closed 793 transactions for $361 million in sales volume in 2017, making him Berkshire Hathaway’s top agent according to Real Trends, as well as the number one agent in Pennsylvania and 22nd in the nation. Known […]

Macy’s love of Queens has given Rob Speyer 867,000 reasons to smile

Posted: 22 Jan 2019 06:00 AM PST

Macy’s is expanding its lease at Tishman Speyer’s the JACX complex in Long Island City by more than 50 percent, adding 300,000 square feet to its existing 567,000. The 1.1-million-square-foot office-and-retail development at 28-10 Queens Plaza South is now fully leased, with Macy’s accounting for more than 70 percent of leased space. The company’s lease includes all 22 floors of the project’s east tower, 11 floors of the west tower for its Bloomingdale’s division, and […]

WATCH: MaryAnne Gilmartin talks bad behavior and her upcoming “She-building”

Posted: 22 Jan 2019 05:30 AM PST

L&L MAG co-founder MaryAnne Gilmartin talks about the company’s first year, upcoming projects — including a “She-building” with all women — and calling out bad behavior. Check out the video above for more of her conversation with The Real Deal from the 2019 REBNY Gala red carpet.

City Planning names new chief lawyer

Posted: 22 Jan 2019 05:00 AM PST

The Department of City Planning has tapped land use and environmental law expert Susan Amron as its new general counsel. Amron, who most recently headed the environmental division of the city’s Law Department, starts on Tuesday, city officials told The Real Deal. She replaces Anita Laremont, who back in August was named the agency’s executive director, the No. 2 position at the department. Laremont had been promoted to replace former executive director Purnima Kapur, who […]

By the numbers: The climate catastrophe

Posted: 22 Jan 2019 04:30 AM PST

Though climate change is a political football in Washington, its ramifications for real estate developers and investors nationwide are becoming increasingly real. The now-notorious Camp Fire in California in November was the state’s deadliest wildfire ever, claiming more than 85 lives and destroying about 15,000 structures. And nine of California’s 10 worst fires have occurred since 2000, with two of them in 2018. Extreme weather has only grown more extreme of late. The aftermath of […]

New York landlords rush rent hikes ahead of housing reforms

Posted: 22 Jan 2019 04:00 AM PST

For Iván Contreras, it’s normal to hear complaints about sudden rent increases from his neighbors; usually a couple of new people each month will reach out. But so far in January, Contreras, a housing organizer in Queens with community group Woodside on the Move, said it’s closer to a couple per day, all coming to him with notices from the state that their landlords performed “Major Capital Improvements,” or MCIs, and now want to increase […]

Resi brokerage that wants to kill the broker raises $45M in Series C

Posted: 22 Jan 2019 03:00 AM PST

A startup that aims to cut out traditional residential real estate brokers has raised $45 million in its latest funding round. REX, or Real Estate Exchange, announced the Series C funding round Tuesday, bringing its total funding to $75 million since it launched in 2015. The Los Angeles-based startup provides a platform, RexHomes, where customers can buy and sell residential property at a flat 2 percent brokerage fee, compared with broker fees on traditional multiple […]