The Real Deal - New York Real Estate News

Large Brooklyn multifamily portfolio hits market

Posted: 28 Feb 2019 03:37 PM PST

Another large multifamily portfolio is up for sale as Albany lawmakers consider reforming the state’s rent-regulation laws. Brooklyn landlord Parkway Realty Group has put its nine-building, 291-unit Parkside Portfolio on the market with an asking price of $104 million, the brokers listing the properties told The Real Deal. “Given the political climate with regard to rent stabilization, some will say it’s too risky to jump into stabilized assets now,” said Adam Hess at Meridian Investment […]

Cuomo to Bezos: Baby, please don’t go

Posted: 28 Feb 2019 03:20 PM PST

Gov. Andrew Cuomo has been working furiously behind the scenes to bring Amazon back to New York. In the two weeks since Amazon announced its withdrawal from plans to build half of its “second headquarters” in Long Island City, Cuomo has had multiple phone calls with the company’s executives, including CEO Jeff Bezos, the New York Times reported. Sources told the publication that this appeared to be the first time that Cuomo and Bezos had […]

In legal back and forth, Mastroianni hit with new suit over EB-5 investments at Times Square project

Posted: 28 Feb 2019 01:49 PM PST

An EB-5 activist known for organizing Chinese investors filed a racketeering lawsuit against Nicholas Mastroianni and his regional center, U.S. Immigration Fund — the latest legal battle between the two parties. The complaint repeats allegations that USIF coerced EB-5 investors into redeploying money from a Manhattan project — an increasingly common practice as the government deals with a backlog of visa applications. Among a number of new claims is that the regional center colluded with […]

WATCH: Alicia Glen’s parting thoughts as she prepares to leave City Hall

Posted: 28 Feb 2019 01:00 PM PST

 New York City’s outgoing Deputy Mayor has a final message to real estate’s most powerful industry groups: Use “political muscle” on developing mass transit infrastructure. Glen, who announced in December she would leave the office, sat with The Real Deal for an exit interview on why she’s going, “complex politics,” and what she hopes to see the real estate industry take action on. She plans to step down sometime during the first week of March. […]

PG&E says it’s “probable” its equipment caused deadly Camp Fire

Posted: 28 Feb 2019 12:30 PM PST

Pacific Gas & Electric Co. is assuming blame for the worst wildfire in California history. On Thursday, the company said it is “probable” that its equipment caused the Camp Fire that killed 85 people at the end of 2018, the Los Angeles Times reported. The investigation into the exact cause is still ongoing. The revelation by PG&E was the latest fallout from last year’s deadly wildfires, which affected residents in Northern and Southern California. In […]

NYC’s next wave of dynasties

Posted: 28 Feb 2019 11:45 AM PST

New York City has a long, storied tradition of families shaping its skyline. Family-run businesses like the LeFrak Organization, Tishman Speyer, Rudin Management and the Durst Organization are local legends, known for taking on major development projects and holding on to some of the city’s largest assets across three or more generations. It’s not an easy time, however, for the family dynasties on the rise. A field once dominated by those well-established families is now […]

Starwood expects to boost offshore investing as US economy slows

Posted: 28 Feb 2019 11:00 AM PST

Starwood Property Trust’s Barry Sternlicht told analysts the real estate investment trust increased its offshore spending in 2018, particularly “in the beer-drinking countries” of Europe, and expects to continue investing internationally this year as the U.S. economy keeps slowing. On Thursday, the REIT, an affiliate of Miami Beach-based Starwood Capital, reported a drop in profits in 2018, a year in which it invested a record $11.6 billion, up 58 percent compared to 2017. In 2018, […]

Highgate-led partnership shopping Midtown’s huge Row hotel for sale

Posted: 28 Feb 2019 10:30 AM PST

As the city’s hotel market rebounds, the owners of the massive Row hotel in Midtown are looking to finish a cash-out plan they kicked off four years ago, before a glut of new rooms sent the hotel business into a slump. Highgate Hotels, the Rockpoint Group and NorthStar Realty Finance have put the 1,331-room Row hotel at 700 Eighth Avenue on the market with an asking price of around $220 million, sources told The Real […]

When it comes to Opportunity Zone sites, investors say buy now, plan later

Posted: 28 Feb 2019 10:00 AM PST

The rush to buy Opportunity Zones sites has already begun, but then what? Investors have started buying up properties and vacant land in designated Opportunity Zones sites around the country, even though some have no set plan about what they will build, according to the Wall Street Journal. In one example, McDougal Cos. bought an 8,000-square-foot former movie theater in an Opportunity Zone in Lubbock, Texas, but isn’t sure how it will convert the theater. […]

BIG Investors founder Albert Behin dies

Posted: 28 Feb 2019 09:15 AM PST

Albert Behin, founder of BIG Investors, died Feb. 20 while vacationing with his family in Mexico. He was 43. The cause of death was a heart attack. “I’ve been working with him now for close to 10 years, and our life is definitely going to be different and harder,” said his brother David Behin, a broker at Newmark Knight Frank. “I love him, and I miss him.” Behin founded BIG Investors in 2011, and amassed a […]

Follow The Real Deal’s Deal Sheet on Instagram!

Posted: 28 Feb 2019 08:30 AM PST

Shaya Sonnenschein and Shaya Ackerman of Meridian Capital Group represented the owner, Marx Development Group. The loan was issued by Mack Real Estate Credit Strategies. #commercialrealestate #nycrealestate #trdny #trddealsheet #nyc #nycloans #trdloans A post shared by The Real Deal’s Deal Sheet (@trddeals) on Jun 20, 2018 at 10:17am PDT The Real Deal’s Deal Sheet is on Instagram! Our latest social media channel features snaps of retail and office leases, financing acquisitions and commercial and residential […]

Silverstein Properties adding 6 more land parcels to its Astoria holdings

Posted: 28 Feb 2019 08:01 AM PST

Silverstein Properties is buying six more land parcels in Astoria. The parcels are located on three blocks in the southwestern part of the neighborhood by Steinway Street and 35th Avenue, according to PincusCo. None of the contracts included a purchase price or closing date. The properties are located at 35-42 41st Street, 35-33 41st Street, 35-45 41st Street, 42-11 Northern Boulevard, 35-10 43rd Street and 35-18 43rd Street. Silverstein now controls 13 parcels across three blocks […]

Elliman’s profits plunge 75% in 2018 amid resi market slowdown

Posted: 28 Feb 2019 07:35 AM PST

Stung by a slowdown in the residential market, Douglas Elliman pocketed $5.2 million in 2018 profits — a quarter of last year’s net income — parent company Vector Group reported Thursday. The New York-based brokerage, led by Howard Lorber, reported total revenue of $754.1 million in 2018, up 4.4 percent year over year. During the fourth quarter, the brokerage lost $2.6 million, compared to net income gain of $900,000 in 2017’s fourth quarter. Revenue remained […]

Small homeowners are getting caught up in the Airbnb crackdown

Posted: 28 Feb 2019 07:00 AM PST

As the city seeks to tackle unregulated hotels with its crackdown on short-term rentals, one- and two-family homes are facing enforcement measures, too. Owners of 139 single and two-family homes received 718 violations from the city in 2018, Politico reported. In the previous year, the city issued 781 penalties at 162 sites. While that figure pales in comparison to the number of tickets issued to multifamily buildings, it illustrates how small homeowners have not been […]

This state poised to be first to impose sweeping rent control

Posted: 28 Feb 2019 06:30 AM PST

Oregon is poised to become the first state to implement statewide rent control. Lawmakers passed a measure that would impose limits across the state on how much landlords can raise rents, the New York Times reported. The legislation would limit increases to 7 percent annually plus the change in the Consumer Price Index, which measures inflation. Some newer and smaller buildings would be exempt, the report said. The move comes as states and cities across […]

The Amazon effect created a surge in condo contracts in LIC

Posted: 28 Feb 2019 06:00 AM PST

While it may have been short-lived, the Amazon effect created a spike in contracts in Long Island City. Between Sept. 13 and Nov. 12, LIC and Astoria had a total of 79 contracts signed for homes, the New York Post reported. Between Nov. 13 and Feb. 13, right before Amazon pulled out, contracts rose to 157. The higher number of contracts pushed up dollar volume. During the September-to-November time frame, the dollar value of contracts […]

Zillow said megamansion was sold. Developer says no, and sues listings giant

Posted: 28 Feb 2019 05:30 AM PST

Bruce Makowsky’s Bel Air spec megamansion, dubbed “Billionaire,” seemingly has it all. There are 21 bedrooms, 21 bathrooms, two champagne rooms, a 40-seat home theater and a moat-like canal around the property. The only thing it doesn’t have is a buyer, but until recently that’s not what Zillow was showing. Now, the Los Angeles developer is suing the listings giant, alleging it had falsely reported the $150 million on-the-market mansion as sold. Makowsky filed the […]

The city values Ken Griffin’s record-setting $238M penthouse at $9M. Here’s the math behind that

Posted: 28 Feb 2019 05:00 AM PST

Billionaire Ken Griffin set a record with his $238 million condo — but New York City values the property only at $9.4 million. The city’s property tax system requires all condos and co-ops to be assessed as if they were rental buildings, the Wall Street Journal reported. Assessors look at rental income at nearby buildings to estimate a condo’s value. So Griffin’s effective tax rate comes out to about 0.22 percent. The tax rate is […]

Alpine, NJ: The little town with a big reputation

Posted: 28 Feb 2019 05:00 AM PST

Alpine has long been synonymous with luxury real estate in Northern New Jersey. Located on the bluffs above the Hudson River just north of New York City, the town has quite a gaggle of famous homeowners among its 1,800 residents. Tracy Morgan, Lil’ Kim and Chris Rock, as well as Trump administration adviser Kellyanne Conway, call Alpine home (or second home) these days. Jay-Z, Stevie Wonder and Eddie Murphy also once lived there. Alpine occupies […]

This month in real estate history

Posted: 28 Feb 2019 04:30 AM PST

1900: Plans filed for NYC’s then-largest office building The Alliance Realty Company assumed the title deed for two plots in the Financial District, the New York Times reported 119 years ago this month. The deal cost Alliance about $1.8 million. The 20-story Broad Exchange Building was built over the next two years at a cost of $3.25 million. At the time, it would become the city’s largest office building. The Wall Street Journal reported that Broad […]