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| Congress re-examines bill that would expose beneficial owners of LLCs Posted: 13 Mar 2019 03:15 PM PDT A bill that would require anonymous LLCs to disclose their beneficial owners is back on the table. Congresswoman Carolyn Maloney, of New York’s 12th congressional district, presented a draft of the Corporate Transparency Act of 2019 during a congressional hearing on Wednesday. Under the bill, corporations and LLCs would be required to disclose their beneficial owners to the Financial Crimes Enforcement Network, or FinCEN, which would then share that information with law enforcement and financial […] |
| Meatpacking District office project lands $40M construction loan Posted: 13 Mar 2019 02:45 PM PDT A boutique office building coming to the Meatpacking District has landed a roughly $40 million construction loan from G4 Capital Partners. The loan is for Noviprop and Plus Development’s 10-story, 34,364-square-foot project at 76 Eighth Avenue, and HFF arranged the financing, according to the brokerage. Noviprop is a family-run firm that’s held the site since the 1980s, records show, and Plus Development is a development firm with offices in new York, Los Angeles and Dubai. The […] |
| Posted: 13 Mar 2019 02:00 PM PDT Andy Cohen eyes oceanfront Amagansett property at nearly $6M Bravo talk show host Andy Cohen is planning on purchasing a waterfront property at 161 Marine Boulevard in Amagansett that was last listed for $5.9 million, according to Behind the Hedges. The site noted that former “Sex and the City” star Sarah Jessica Parker helped find the property for veteran East End denizen Cohen, a longtime resident of Sag Harbor. The 0.56-acre parcel is currently vacant, […] |
| With huge refi, Moinian to take complete control of 3 Columbus Circle Posted: 13 Mar 2019 01:33 PM PDT Moinian Group has closed on refinancing deal that will allow it to take full ownership of 3 Columbus Circle. The developer and investor landed a $595 million deal with JP Morgan and Deutsche Bank, Commercial Observer reported. The 10-year loan will carry a 3.91 percent interest rate. Moinian will use the financing to buy out Young & Rubicam, which owns a six-story office condominium at the building, the report said. Moinian will pay $266 million […] |
| But at the Belnord: Why HFZ’s UWS project is offering a rosier view of the market Posted: 13 Mar 2019 01:00 PM PDT While early sales for HFZ’s under-construction Downtown development — the XI — may be off to a slow start, the firm’s Upper West Side project, the Belnord, is offering a rosier view of the market. “There definitely seems to be demand for that building,” said Compass President Leonard Steinberg. Feldman picked up the landmarked, century-plus-old building, which occupies an entire city block between West 86th and 87th streets and Broadway and Amsterdam, for a cool […] |
| Seller who tried to flip two 56 Leonard penthouse pads will take a loss Posted: 13 Mar 2019 12:45 PM PDT An anonymous investor who paid $53 million for a pair of full-floor penthouses at 56 Leonard Street looks very likely to take a loss on his or her massive spread. An LLC called “South Shore Investments” went into contract for units on the 54th and 53rd floors of the Alexico Group-developed glass tower in 2013 and closed in 2017, paying $29.1 million for the larger penthouse on the 53rd-floor pad, and $23.98 million for the […] |
| Posted: 13 Mar 2019 12:15 PM PDT Brownstoner.com founder Jonathan Butler is cashing out on his first big real estate deal. Butler and his partners are in contract to sell the Crown Heights building that’s home to the Berg’n beer hall, an open-air Smorgasburg food market and events space to Asher Abehsera’s LIVWRK for around $60 million, sources told The Real Deal. Butler, who sold Brownstoner in 2015, declined to comment. His partners, BFC Partners and Goldman Sachs Urban Investment Group, could […] |
| SmarterAgent sues HomeAway over patent infringement Posted: 13 Mar 2019 11:45 AM PDT SmarterAgent, the platform that connects hundreds of multiple listings services, filed a federal lawsuit against short-term rental company HomeAway, accusing it of patent infringement with the creation of a digital travel guide application. SmarterAgent — which Keller Williams acquired in September — claims that HomeAway’s “Hospitality by Glad to Have You” steals its proprietory technology for the app that improves how location-based search queries are conducted. The lawsuit — filed in U.S. District Court in […] |
| Queens’ tallest resi tower lands $215M refi Posted: 13 Mar 2019 11:15 AM PDT The tallest residential tower in Queens (for now) just got more than $200 million in permanent financing. Long Island-based developer Heatherwood Luxury Rentals secured a $215 million loan from Morgan Stanley to refinance its 58-story luxury rental Tower 28 building in the Queens Plaza section of Long Island City. The newly constructed tower, which stands steps away from six different subway lines between the Queensboro Plaza and the Queens Plaza subway stations, offers “a swift […] |
| DA Vance indicts Manafort on pardon-proof mortgage fraud charges Posted: 13 Mar 2019 10:32 AM PDT Former Trump campaign chairman Paul Manafort was indicted in Manhattan on Wednesday on mortgage fraud charges, the same day a federal judge increased his overall jail sentence to 7.5 years. District Attorney Cyrus Vance Jr. charged Manafort with a scheme to defraud banks for million of dollars in loans, including falsifying business records, after a two-year investigation. Manafort was previously sentenced to a total of 48 months in prison on charges from Special Counsel Robert […] |
| Kushner Companies finds buyer for Puck building penthouse Posted: 13 Mar 2019 10:23 AM PDT It’s been a $57,000-a-month rental, but now it looks like Kushner Companies has found a buyer for one of the last remaining penthouses at the Puck building in Nolita. Penthouse III at the developer’s landmarked, six-unit building at 293 Lafayette Street is in contract for $18 million, according a source familiar with the deal. The apartment is a three bedroom, five-and-a-half -bath unit, with a gas fireplace in the living room, vaulted floors, and heated […] |
| TF Cornerstone lands $484M refi for Midtown rental tower Posted: 13 Mar 2019 09:30 AM PDT With help from a state housing agency, TF Cornerstone has closed on a large refinancing deal for the Max, its massive luxury rental building in Midtown. The company closed on $484 million in financing for the 1,028-unit project at 606 West 57th Street, Commercial Observer reported. The debt, provided by the New York State Housing Finance Authority, refinances a $380 million mortgage from 2014 by the same source. The agency plans to issue $104 million […] |
| Legislature moves forward with expanding prevailing wage requirements Posted: 13 Mar 2019 09:00 AM PDT Both houses of the New York legislature backed proposals to extend prevailing wage requirements to certain private developments, a move that could give a significant competitive boost to the city’s construction unions. Legislation to define “public works” was included in both the state Senate and House’s one-house budget resolutions — further signaling that changes are likely to be approved this year. Though attempts to pass similar legislation has failed in previous years, Gov. Andrew Cuomo […] |
| Follow The Real Deal on Instagram Posted: 13 Mar 2019 08:30 AM PDT Stay up to date with breaking industry news, the best in NYC architecture and the hottest projects around by following us on Instagram. |
| Debate over Chicago megaproject shines light on developer’s lack of diversity in top ranks Posted: 13 Mar 2019 08:00 AM PDT About 10 minutes into a three-hour City Council zoning committee hearing on Sterling Bay’s plan for Lincoln Yards, senior counsel Shelly Burke took to the microphone. What followed was not an overview of the $6 billion project, but an update on the firm’s efforts to boost diversity in its ranks. Burke, the company’s newly-appointed director of community engagement and diversity compliance, described the developer’s new training and hiring programs she said would “create workforce opportunities […] |
| Inside the Hudson Yards financing playbook Posted: 13 Mar 2019 07:30 AM PDT After four months of negotiating to buy a 44 percent stake in 10 Hudson Yards, a twist of fate kept Christoph Donner stranded in Los Angeles on the day of the closing. “I was dialed in via email and phone,” the top real estate executive for Allianz said, recalling the culmination of the German insurer’s largest-ever real estate investment in the United States. But if the closing was anticlimactic for Donner, the deal itself was […] |
| Wilf family scores $91M mortgage for mysterious Midtown compound Posted: 13 Mar 2019 07:00 AM PDT Plans may be TBD, but the Wilf family picked up financing to refinance its growing Midtown Manhattan compound. The family behind Skyline Developers paid $75 million last week for 9 West 54th Street and 10 West 55th Street, a 22,500 square feet space if the two buildings were converted to a single family home. The firm paid $20 million for the 54th Street property, and $55 million for the 55th Street property, records show. Goldman […] |
| A bunch of teenagers are helping develop one of NYC’s hottest neighborhoods Posted: 13 Mar 2019 06:30 AM PDT Who’s building up the South Bronx waterfront? Sure, $160-billion real estate developer Brookfield Properties is at the helm. But there are also a group of 50 high school and undergraduate students from the Bronx making some calls. The students are partnered up with executives from Brookfield, teaching them about site design, deal analysis, construction financing and how to market projects, according to the Wall Street Journal. “The bonding happens because they are competing together,” private […] |
| Here’s what the $10M-$20M NYC investment sales market looked like last week Posted: 13 Mar 2019 06:05 AM PDT Sherr Equities buys in Soho and the Brodsky Organization sells in Hell’s Kitchen. Here are the details on New York City’s mid-market investment sales last week. 1. A five-story, eight-unit apartment building at 489 Broadway in Soho traded for about $19.9 million. Sherr Equities bought the property, also known at 444 Broome Street, from Yukah LCC, with Tak Jan Yu as its member, according to property records. Morgan Stanley provided a $19 million mortgage for […] |
| Posted: 13 Mar 2019 05:30 AM PDT Housing and Urban Development Secretary Ben Carson said the agency will give preference to developers and investors who build affordable housing in federal Opportunity Zones when it comes to certain grants. In an interview with The Real Deal on Tuesday, Carson said HUD will give added weight to proposed affordable developments in the Opportunity Zones, looking to make that construction a more competitive option for builders. But he acknowledged the agency could not mandate the […] |
| Cooling West Coast housing markets tilt field back toward buyers Posted: 13 Mar 2019 05:00 AM PDT Buyers looking for homes in cities like Seattle, San Jose and Oakland this spring will have more negotiating power than they did during previous years, thanks to surging inventory tugging prices down across the western United States. Home sales hit 11-year lows in Southern California and in the San Francisco Bay area in January, and prices in the Denver and Portland areas fell this year for the first time since 2012, according to Bloomberg. And […] |
| Posted: 13 Mar 2019 04:30 AM PDT There’s nothing particularly modest about Ziel Feldman’s megaproject rising on 11th Avenue along the High Line — except maybe the pace of early sales. Nearly six months after it officially launched in September, deals at the twin-towered, Bjarke Ingels-designed development, “the XI,” are reported by brokers to be slow. It’s a problem that is by no means unique to Feldman’s HFZ Capital Group — the entire high-end residential market is sluggish. But it’s certain to […] |
| Core Development claims its property managers fleeced firm of rent money Posted: 13 Mar 2019 04:00 AM PDT Landlords usually go after tenants for not paying the rent. But in a new lawsuit in New York, a prominent landlord alleges that its own property-management firm is bilking it of rent money. Josh Guberman’s Core Development Group is suing Nick Spaho and Fation Spaho, and Core Management NY, the management company the two run, for allegedly not collecting or not remitting about $420,000 in rents and fees, not including approximately $600,000 in applicable penalties […] |
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