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The Real Deal - New York Real Estate News |
| Virtual brokerage eXp’s revenue jumps 220% to $500M Posted: 18 Mar 2019 02:30 PM PDT After more than doubling its agent count, virtual brokerage eXp Realty’s revenue soared 220 percent in 2018 — hitting a “record” $500.1 million, the company reported Monday. But its net loss — $22.4 million — remained relatively steady compared to 2017’s net loss of $22.1 million. “In the past year, eXp has grown in extraordinary ways in both financials and size,” CEO Glenn Sanford said in a statement. EXp went public last year, trading at […] |
| Compass tweaks listings platform in hopes of gaining competition’s “trust” Posted: 18 Mar 2019 02:00 PM PDT Compass has developed a reputation over the years as cutthroat, but the brokerage wants competing agents to know it won’t hide their identities on its listing platform. The brokerage’s website now prominently displays listing agent details for every listing regardless of which firm the broker is from. Compass said the change promotes greater transparency. “We hope other brokerages will appreciate the transparency and trust of always showing their listing agents,” CEO Robert Reffkin said in […] |
| Garmin co-founder Min Kao lists 15 CPW penthouse for $55M Posted: 18 Mar 2019 12:55 PM PDT The co-founder of GPS maker Garmin is moving — on from his penthouse at 15 Central Park West, that is. Min Kao, who purchased the 41st-floor condo from developer William Lie Zeckendorf, has listed the unit for $55 million. Records show he paid $40 million for the 4,000-square-foot spread in 2011. At the time, the purchase price worked out to a record $10,000 per square foot. Zeckendorf — who developed the “limestone Jesus” with his […] |
| Sam Boymelgreen wants to turn a Gowanus printing plant into an office building Posted: 18 Mar 2019 12:30 PM PDT Sam Boymelgreen is the latest developer to bet that Brooklyn office market will finally take off. Boymelgreen, the son of controversial builder Shaya, on Monday filed plans to convert a former printing plant at 255 Butler Street in Gowanus into a four-story office building that would span 95,000 square feet. It’s a big change from what he envisioned in 2014, when he filed for a 162-key hotel at the location, on which he has a […] |
| New Opportunity Zone funds seek to ensure investments help distressed areas Posted: 18 Mar 2019 11:30 AM PDT Investors are hoping to raise billions of dollars for Opportunity Zones projects across the country, but critics worry little of that money will go to the troubled neighborhoods the federal tax incentive initiative was meant to help. Now, the philanthropic Kresge Foundation is partnering with two investment firms that are launching Opportunity Zone funds, in an effort to ensure development projects go to communities most in need. The Michigan-based foundation is partnering with Fort Lauderdale-based […] |
| Outside agents notch a victory over Opendoor. But it may be short-lived. Posted: 18 Mar 2019 11:00 AM PDT Over the last decade, agents have been squeezed by the proliferation of online listings portals and automated valuation models. Now, with well-funded “iBuyers” poised to tighten the screws and reduce the agents’ role in the homebuying process, some brokers are fighting back against automation. Speaking at a Silicon Valley conference called Startup Grind, Opendoor CEO Eric Wu revealed that the iBuying company had removed the “Buy It Now” button from its website and app, following […] |
| Posted: 18 Mar 2019 10:30 AM PDT Multifamily portfolio buy gets $275M in Freddie Mac financing The Federal Home Loan Mortgage Corporation, better known as Freddie Mac, gave $275 million in financing to Fairfield Properties for its $473 million purchase of seven garden apartment properties in Nassau and Suffolk counties, the Commercial Observer reported. Melville-based Fairfield got a 150-year, fixed-rate debt deal under the lender’s Green Advantage program. CBRE Group’s Jason Gaccione, Shawn Rosenthal, Maxi Leachman and David Webb negotiated the deal. […] |
| The Real Deal South Florida’s spring issue is now available to all subscribers Posted: 18 Mar 2019 10:00 AM PDT The Real Deal South Florida’s Spring issue live, and digital subscribers to TRD are getting the first look at what’s inside. Subscribers now have access to stories including: A juicy inside look at Douglas Elliman’s Alexander Brothers team, fresh off a victory lap on few headline-grabbing (and controversial) deals A ranking of the top residential brokers of Miami-Dade County A sit-down with Louise Sunshine, who opined on Fort Partners’ Four Seasons projects AND her adventures in […] |
| Related’s Hudson Yards: Smart City or Surveillance City? Posted: 18 Mar 2019 09:15 AM PDT In a scene from “Gattaca,” the dystopian 1997 film set in the “not too distant future,” dozens of people are seen entering the Gattaca Aerospace Corporation headquarters using their genetic fingerprint to pass security clearance. It may seem like a far-flung sci-fi reference, but at Hudson Yards, the gargantuan “smart city” that officially opened Friday on the Far West Side, there are elements of art-meets-life. “We said, ‘What should technology be able to do at […] |
| Brooklyn’s luxury market saw 15 contracts signed last week Posted: 18 Mar 2019 08:30 AM PDT There were 15 contracts signed in Brooklyn’s luxury market last week for a total of about $54.5 million. The properties were split between nine townhouses, four condominiums and two-cops, and they went for an average price of about $3.6 million, according to the latest report from Stribling & Associates. The firm defines the borough’s luxury market as all homes priced at $2 million or higher. Both numbers were up from the week before, when the […] |
| There were almost 30 deals last week in Manhattan’s luxury market Posted: 18 Mar 2019 08:00 AM PDT Manhattan’s luxury market saw 27 contracts signed last week for a total of about $202 million, according to the latest report from Olshan Realty. The contracts signed at $4 million or above were split between 23 condos, three co-ops and one townhouse. The number of contracts increased by 12 from the week before, and the dollar volume increased by about $84 million. The top contract last week was for a condo at 320 West 12th […] |
| A court case could kill plans for a $21M penthouse at the Clock Tower building Posted: 18 Mar 2019 07:30 AM PDT A historic clock known as New York’s Big Ben is at the center of a court fight involving plans to build a roughly $21 million penthouse at 108 Leonard Street. The Elad Group and partner Peebles Corp. plans to turn the building, also known as 346 Broadway, into more than 140 apartments, and the most expensive unit would be the penthouse, according to the New York Times. However, the building’s landmarked clock is supposed to […] |
| How Marriott plans to collect an extra $400M in revenue a year Posted: 18 Mar 2019 07:00 AM PDT Marriott is in expansion mode. The hotel giant plans to open more than 1,700 hotels over the next three years. The hotel company expects to add between 275,000 and 295,000 rooms to its portfolio by 2021, according to the Wall Street Journal. It could take in $400 million in fee revenue from the new rooms that year, and up to $700 million annually when stabilized. The plan assumes that comparable hotel revenue per available room […] |
| Target is taking over the old Toys ‘R’ Us space at a Brooklyn shopping complex Posted: 18 Mar 2019 06:30 AM PDT A Target will replace the former Toys ‘R’ Us and Babies ‘R’ Us spaces at a shopping center in deep Brooklyn. The store will move into a 90,000-square-foot space across two stories at the Caesar’s Bay Shopping Center in Gravesend, according to the New York Post. Other tenants in the complex include Modell’s, Best Buy and Kohl’s. Gazit Horizons and Surrey Equities own and manage Caesar’s. They made a deal with Kohl’s to take back […] |
| When it comes to retail, “real estate in New York is fundamentally broken” Posted: 18 Mar 2019 06:00 AM PDT As New York’s retail sector adjusts to shifting consumer behavior, disruptors and veterans alike see opportunity, albeit in different places. At 92Y’s “City of Tomorrow” summit on Saturday, traditional players like Cushman & Wakefield’s Joanne Podell and Brookfield Properties’s Mark Kostic spoke alongside the heads of companies that cater to online brands looking for physical space, Appear Here’s Josh Yentob and Showfields’ founder Amir Zwickel. From the get-go, the need for physical space was not […] |
| Stellar Management’s partially-built townhouse returns to market asking $30M Posted: 18 Mar 2019 05:30 AM PDT How much would you pay for an incomplete townhouse? Stellar Management is asking for $29.5 million for an unusually wide townhouse at 134 East 74th Street, between Park and Lexington Avenues. The house is being offered for sale “as-is,” or rather, unfinished, as listing photographs show parts of the property are still under construction. “85% of this storybook dream has already been written,” the listing reads, “The rest is ready for the new owner to […] |
| Posted: 18 Mar 2019 05:00 AM PDT Left in the lurch by Amazon, Savanna managing partner and founder Chris Schlank had strong words for the state’s top political leaders. “It was incredibly, incredibly, incredibly poorly handled by [Andrew] Cuomo and [Bill] de Blasio,” Schlank said Saturday during a panel discussion at the 92Y’s “City of Tomorrow” Summit. It was only a week before Savanna was set to sign a 1.5 million-square-foot lease with Amazon at One Court Square in Long Island City, […] |
| The Closing: Anthony Scaramucci Posted: 18 Mar 2019 04:30 AM PDT Anthony Scaramucci may be best known for his 11 tumultuous days as President Donald Trump’s White House communications director, before he got the axe from then-Chief of Staff John Kelly in July 2017. That was the first time Kelly and Scaramucci had met. The fast-talking 55-year-old financier, whose recent appearance on “Celebrity Big Brother” lasted just six days, now has his eyes on the real estate industry. His hedge fund, SkyBridge Capital, plans to raise […] |
| Pied-à-terre tax would go “a long way toward killing the market,” brokerage execs warn Posted: 18 Mar 2019 04:00 AM PDT With momentum building for a pied-à-terre tax in the upcoming state budget, the city’s residential brokerage chiefs are warning that the fee on second homes would harm an already-shaky luxury market. In particular, they predicted that the tax would have a chilling effect on the new development market, which has attracted a disproportionate number of investors and second-home buyers, including foreign buyers. “It seems some people who are for this think people are coming here, […] |
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