The Real Deal - New York Real Estate News

Luxury litigation: Adam America, Slate sue over delays and shabby construction at Dumbo condo project

Posted: 31 Jan 2019 03:30 PM PST

A year ago, in the midst of disputes between the developers and contractors, new owners began to move in to the condos at 51 Jay Street in Dumbo. Hoping to quickly resolve the issues, the developers turned to mediation — to no avail. Now, Slate Property Group and Adam America are taking the contractors to court. In a legal complaint filed Jan. 30, the developers accused DCHM — a joint venture between Danya Cebus Construction […]

Today is WeWork’s deadline to close on the Lord & Taylor building. Here’s what’s happening with the deal

Posted: 31 Jan 2019 03:19 PM PST

After paying millions to extend its closing deadline twice, WeWork Property Advisors seems poised to finally complete its $850 million purchase of Lord & Taylor’s Fifth Avenue flagship. As a part of the final deal, which has a deadline of Jan. 31, the retailer’s parent Hudson’s Bay Company is retaining a $125 million equity stake in the property, according to a source with knowledge of the arrangement. WPA — an investment vehicle managed by the […]

Home Depot moves forward with plans for 133K-sf store in Queens

Posted: 31 Jan 2019 03:02 PM PST

A Home Depot spanning 133,247 square feet is on its way to Queens. The company pre-filed plans for the store with the Department of Buildings on Wednesday at 59-02 Borden Avenue in Maspeth. The site is the current home of a Coca-Cola bottling plant, and Home Depot purchased it in 2017 for $63 million. Coca-Cola’s triple-net-lease at the 7.3-acre property expires in March 2020. Scott Rechler’s RXR Realty is also planning a major project in […]

These Southampton properties are now listed as a huge $73M compound

Posted: 31 Jan 2019 02:00 PM PST

Two Southampton properties are now being sold as one massive compound — with the sky-high price tag of $72.5 million. The properties at 359 Meadow Lane and 660 Halsey Neck Lane came on the market at different times over the last two years, Curbed reported. Now they’re being marketed together by Bespoke Real Estate as a compound that spans 12.2 acres. Previously the Meadow Lane property was asking $37.5 million and the Halsey Neck Lane […]

Video equipment rental giant signs 25K sf lease in Industry City

Posted: 31 Jan 2019 01:45 PM PST

VER Technologies, a major provider of film and television production equipment worldwide, is the latest media company to move to Industry City. The Los Angeles-based company announced today that it is moving its New York headquarters from Midtown Manhattan to the Brooklyn complex, where it will take up 25,000 square feet on the second floor at 147 41st Street. The space, located in Building 20 in the southeastern corner of the complex, will be used […]

Kassirer’s refinances another Harlem multifamily portfolio

Posted: 31 Jan 2019 01:15 PM PST

Another day, another refinancing of a Harlem multifamily portfolio owned by Isaac Kassirer’s Emerald Equity Group. The real estate firm landed roughly $90 million from LoanCore Capital to refinance nine apartment buildings along 117th Street between First and Park avenues, according to public records recently filed with the city’s Department of Finance. The deal includes a $44 million gap mortgage and a $4 million building loan. The financing replaces previous debt from New York Community […]

Marijuana exec scores Extell’s Carlton House townhouse for big discount

Posted: 31 Jan 2019 12:45 PM PST

A marijuana investor just snagged the townhouse at Extell Development’s Carlton House for less than half its original asking price. The home at 19 East 61st Street sold for $27.5 million, according to records filed with New York City’s Department of Finance. It was last asking $32.9 million, but had initially been listed at $65 million in 2014. The buyer is a trust tied to Jonathan Sandelman and Alicia Bona Sandelman. Jonathan is CEO of […]

De Blasio and Carson ink new deal for NYCHA oversight

Posted: 31 Jan 2019 12:10 PM PST

Housing Secretary Ben Carson visited New York Thursday to announce a new federal monitor for NYCHA, the city’s public housing authority that has settled federal litigation over mismanagement of tens of thousands of subsidized apartments. Mayor Bill de Blasio signed the settlement agreement at a press conference with Carson at the Jacob Javits Federal Building in Manhattan. The agreement allows HUD to install a monitor overseeing NYCHA’s management and requires the city to make an […]

Amazon won’t use the Opportunity Zone tax break for its LIC campus

Posted: 31 Jan 2019 11:00 AM PST

Amazon won’t be taking advantage of the Opportunity Zone tax break in Long Island City. The tech giant confirmed it won’t pursue the incentives for its planned campus in the Queens neighborhood, Bloomberg reported. “We will not be using the Opportunity Zone on this project,” Holly Sullivan, head of economic development at Amazon, told the City Council in a Wednesday hearing. The area in LIC where Amazon is planning its offices was designated as an […]

Merger mania: Real estate firms are buying each other up at record rates

Posted: 31 Jan 2019 10:15 AM PST

The recent bidding war for LaSalle Hotel Properties has played out like a high-stakes poker match. The price tag for the real estate investment trust — which owns 41 U.S. hotels — shot up nearly $2 billion in just 12 weeks. Pebblebrook Hotel Trust made an unsolicited offer for the rival company in late March, valuing it at roughly $3 billion. But as other potential buyers jumped into the fray, Pebblebrook increased its bid four […]

Ben Kallos wants to crack down on unsafe sidewalk sheds

Posted: 31 Jan 2019 09:45 AM PST

The city is cracking down on that scourge of New York City: unsafe sidewalk sheds. While sidewalk sheds are meant to protect pedestrians from falling debris at construction sites, a spate of accidents in which sidewalk sheds have done more harm than good, Council member Ben Kallos has introduced a bill to tighten safety regulations. Kallos’ told Gothamist that his office has found seven sidewalk shed incidents in which pedestrians were injured since 2017. These […]

Brookfield just finished raising its largest real estate fund to date

Posted: 31 Jan 2019 08:45 AM PST

Brookfield Asset Management’s $15 billion property fund is ready to roll. The firm has finished raising money for the fund, which is the largest ever for the company and the second largest in private real estate, just behind Blackstone Group’s $15.8 billion fund that closed in 2015, according to the Wall Street Journal. Blackstone is almost finished closing a $20 billion fund this year as well. Brookfield has already made 10 investments using more than […]

Maria Vullo is leaving DFS

Posted: 31 Jan 2019 08:00 AM PST

Maria Vullo, the name cursed by title insurance agents from Niagara Falls to Staten Island, is leaving the Department of Financial Services to serve on the board of the State of New York Mortgage Agency. Vullo, who is currently the superintendent of DFS, will leave the agency in February, and Gov. Andrew Cuomo has nominated his chief of staff Linda Lacewell to be her successor, according to POLITICO. Jill DesRosiers, Cuomo’s executive deputy secretary, has […]

Gulliver’s Gate lawsuit against Kushner is thrown out

Posted: 31 Jan 2019 07:15 AM PST

The small world of Gulliver’s Gate is in big trouble. A judge this week tossed out the retailer’s claim against its landlord Kushner Companies that it overpaid $1.8 million in rent at its 49,000-square-foot space at 216 West 44th Street, according to Commercial Observer. The exhibit, which features lilliputian versions of world monuments, opened in 2017. But by January 2018, the museum was two months behind on its rent at the 49,000-square-foot space. The miniature […]

Send the date: Share your real estate events with The Real Deal

Posted: 31 Jan 2019 06:30 AM PST

Each week, The Real Deal provides a roundup of the top real estate events in New York you need to know for the week ahead. Send conferences, panel events, networking opportunities and more to events@TheRealDeal.com. To search for future industry events or browse past ones, click here.

Alex Sapir is cutting his ties to New York — and just listed his West Chelsea apartment

Posted: 31 Jan 2019 06:00 AM PST

Alex Sapir, the formerly New York-based real estate mogul, has listed his West Chelsea apartment for $11.5 million. The five-bedroom pad at 447 West 18th Street, known as Chelsea Modern, spans 3,950 square feet and has views of the Hudson River. He bought the apartment in 2014 for $9.4 million, according to the New York Post. Sapir, who is the son of late Russian-born developer Tamir Sapir and now leads Sapir Corp., a publicly traded […]

Starwood’s CEO hates the Opportunity Zone program. Guess whose company just launched an OZ fund?

Posted: 31 Jan 2019 05:30 AM PST

Barry Sternlicht, the CEO of Starwood Capital Group, has been pretty public about his dislike of the Opportunity Zones program. But Miami Beach-based Starwood, which has 58 properties located in Opportunity Zones, has announced plans to raise $500 million for an Opportunity Fund to invest in low income areas designated by census tracts, according to Bloomberg. The Opportunity Zones program, introduced as part of the Trump administration’s tax overhaul in 2017, ensures tax deferments for […]

Manhattan condos and co-ops see worst annual sale decline in five years: Elliman

Posted: 31 Jan 2019 05:00 AM PST

The Manhattan residential market has bounced back from the dark days of the recession. But 2018 was a choppy year, and key metrics suggest a wave of fresh challenges ahead. A new report out today from Douglas Elliman tracks trends in the Manhattan residential market over the last decade. It found that annual sales of condos and co-ops saw the largest year over year decline since the financial crisis. It was the fourth sales decline […]

This month in real estate history

Posted: 31 Jan 2019 04:30 AM PST

1908: New Mutual Alliance building brings high finance to the LES The Mutual Alliance Trust Company’s third office building officially opened for business in the Lower East Side 111 years ago this month, the New York Times reported. The firm’s new outpost reportedly heralded the banking industry’s arrival in a neighborhood known more for its impoverished tenements than wealth management. The six-story building on Grand Street, designed by architect John Hamilton, cost the company $175,000 to […]

What the fight for a small hotel in Gowanus says about HTC’s future

Posted: 31 Jan 2019 04:00 AM PST

The New York Hotel and Motel Trades Council (HTC) is riding high these days. A few months after securing a City Council vote to restrict Airbnb in the city, New York’s largest hotel union received more good news last month when the Council voted to put a damper on hotel development in light manufacturing zones, where a growing number of the city’s hotels are built. Despite these recent successes, HTC still has an Achilles’ heel […]