The Real Deal - New York Real Estate News

Former Trump lawyer’s firm loses 15-lawyer real estate team to rival

Posted: 08 Apr 2019 03:00 PM PDT

Kasowitz Benson Torres, the law firm founded by President Trump’s former personal lawyer Marc Kasowitz, just lost 15 real estate lawyers to a Texas-based competitor. Vinson & Elkins, headquartered in Houston and with 13 offices worldwide, snagged three partners, three counsel, nine associates and three paralegals from Kasowitz as part of an expansion in New York City, New York Law Journal reported. The move was led by partners Wallace Schwartz, Adam Endick, and Julia Sanabria. […]

These were the 10 largest Manhattan real estate loans in March

Posted: 08 Apr 2019 02:30 PM PDT

The top 10 Manhattan loans recorded in March totaled $1.66 billion, 37 percent up from the month before. Seven of the top 10 were refinancing deals, with two office and two hotel refis topping the list. 1. Debt for Equity – $452 million (recorded amount) Blackstone’s EQ Office, formerly Equity Office, secured a $570 million refinancing package from Morgan Stanley for the Park Avenue Tower, sources told The Real Deal. The recorded value in city […]

Brooklyn and Queens condo inventory through February 2019

Posted: 08 Apr 2019 02:00 PM PDT

NEW DEVELOPMENT CONDO REPORT BROOKLYN Inventory expanded as developers filed more units than were purchased Developers filed 18 plans with 114 units The state approved 15 plans with 410 units valued at $530 million Buyers purchased 105 units valued at $99 million SUPPLY BROOKLYN NEW DEVELOPMENT CONDO SUPPLY MOST EXPENSIVE CONDO PROJECTS APPROVED IN BROOKLYN Source: TRData analysis of plans approved to sell by NYS Attorney General in February LARGEST PROJECTS FILED IN BROOKLYN Source: […]

“Yolanda,” LA’s “real estate yenta,” strikes deal with Variety parent company

Posted: 08 Apr 2019 01:30 PM PDT

It’s been a whirlwind year for James McClain, the former Compass employee and — formerly — hidden force behind celebrity real estate gossip blog, Yolanda’s Little Black Book. Less than a year after being outed as “Yolanda,” McClain has struck a deal with Variety’s parent company, Penske Media Corporation, to launch a new real estate news venture. McClain said his decision to sell the Los Angeles-focused blog was fueled by what he called its growing […]

Rust Belt revitalization: Cities using municipal bonds to redevelop shuttered plants

Posted: 08 Apr 2019 01:06 PM PDT

Struggling Rust Belt cities are working to turn around their fortunes by redeveloping vacant industrial plants — and are using a familiar, if risky, financing mechanism to jump start the process. Post-industrial cities in the Midwest and beyond are turning to local-government bonds to fund ambitious redevelopment projects, according to Bloomberg. The project could help the cities move beyond their manufacturing heydays, though the bond issuances and the bet on real estate could be a […]

Long Island Cheet Sheet: New LIRR station mulled for troubled $1B Belmont Park project, Oheka Castle moves closer to foreclosure… & more

Posted: 08 Apr 2019 12:30 PM PDT

LIRR station sought for Belmont Park project amid opposition Empire State Development (ESD), which is overseeing the $1.18 billion plan to build a retail and entertainment complex at Belmont Park in Nassau County, will expand its environmental review of the project to look into adding a full-time Long Island Rail Road station at the site, Newsday reported. The proposed transit line would be part of the LIRR’s main line, but no decision has yet been […]

These were the top 10 outer borough loans last month

Posted: 08 Apr 2019 11:45 AM PDT

Brooklyn was the place to be for outer borough lenders last month. The borough took seven out of the top 10 spots for the largest outer borough loans in March. It also grabbed the top overall spot thanks to a $200 million loan from Santander Bank for John Catsimatidis’ project at 86 Fleet Place in Downtown Brooklyn. Queens took two spots, including the No. 2 loan of $165 million from Morgan Stanley for Heatherwood Luxury […]

Shibber Khan locks down $79M refi at new LIC apartment building

Posted: 08 Apr 2019 11:00 AM PDT

Shibber Khan’s Criterion Group refinanced one of its new apartment complexes in Long Island City. New York Community Bank provided about $79.4 million to the Queens-based developer for its 194-unit Hunters Landing property at 11-35 49th Avenue, according to property records filed Monday. The deal includes a roughly $23.3 million gap mortgage. Criterion and NYCB did not immediately return messages seeking comment. Criterion filed plans in 2015 to construct the 12-story complex, located a couple […]

Here are the quiet tricks NYC retail landlords use to boost rent rolls

Posted: 08 Apr 2019 10:16 AM PDT

UPDATED, Sep. 21 , 3:13 p.m.: In New York City’s retail world — which serves residents’ around-the-clock needs from late-night pad thai to Gucci loafers — there are two types of “facades”: the tens of thousands of actual storefronts and the well-concealed side deals between landlords and retail tenants. One of those deals took place in early 2013, when the Carlyle Group was looking to sell its 27-story office building at 650 Madison Avenue, which […]

More than a quarter of this Queens DA candidate’s donations are from real estate players

Posted: 08 Apr 2019 09:00 AM PDT

In her run for district attorney, Queens Borough President Melinda Katz has vowed to hold developers and construction firms accountable for safety issues. But that hasn’t stopped real estate developers from donating to her campaign. More than $250,000 of the roughly $1 million Katz collected through Jan. 11 came from developers and other industry players, The City reported. That makes her the race’s top recipient so far of real estate-related donations. Her donors include David […]

Midwood, EJS ink $95M construction loan for UES condo project

Posted: 08 Apr 2019 07:47 AM PDT

Midwood Investment and EJS Real Estate have landed a $95 million construction loan for their luxury condo project on the Upper East Side, the companies announced Monday. The loan comes from Bank OZK for the planned development at 150 East 78th Street. The 15-story project will include 25 condos and ground floor retail space, and it was designed by Robert A.M. Stern Architects and Ismael Leyva Architects. The development should be completed by early 2021. […]

Brooklyn’s luxury market saw 13 contracts signed last week

Posted: 08 Apr 2019 07:00 AM PDT

There were 13 contracts signed in Brooklyn’s luxury market last week for a total of about $36.9 million. The properties were split between nine townhouses and four condominiums, and they went for an average price of about $2.8 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. Contract volume was the same as the week before, but dollar […]

Manhattan luxury breakdown: 27 deals were inked last week

Posted: 08 Apr 2019 06:30 AM PDT

Manhattan’s luxury market saw 27 contracts signed last week for a total of about $213 million, according to the latest report from Olshan Realty. The contracts signed at $4 million or above were split between 14 condominiums, 11 co-ops and two townhouses. Total sales and dollar volume were both up from the week before, when 21 contracts were signed for about $196 million. The top contract last week was former General Electric chairman and CEO […]

If owners abandon the malls, these investors are screwed

Posted: 08 Apr 2019 06:00 AM PDT

Commercial mortgage-backed securities could face high losses if struggling mall loans are not refinanced before maturing in 2020. The strongest risk would be if borrowers abandon the malls to avoid foreclosure, according to Bloomberg, citing data from a research note written by Fitch analyst Huxley Somerville. “When a mall goes bad, potential losses can exceed 60 percent of the loan amount,” Somerville wrote, “and the potential for zero recoveries is very real and have already […]

Thor Equities takes another retail bodyblow

Posted: 08 Apr 2019 05:45 AM PDT

Joseph Sitt’s real estate troubles have come to a head at 115 Mercer Street. Sitt’s Thor Equities has defaulted on loan payments for the Soho building, and a special servicer has taken over the firm’s $37 million mortgage on the building, according to the Wall Street Journal. The firm has also been negotiating with the Kooples, a fashion retailer, on a new lease for the property. Kooples said last year that it was expecting much […]

Winter Properties plans trio of expensive resi units at West Village conversion

Posted: 08 Apr 2019 05:13 AM PDT

A three-story West Village commercial building may soon be converted into a residential property — with just three units. And for the developer to turn a profit, they’ll have to be very expensive. Winter Properties wants to turn the roughly 21,100-square-foot property at 771-775 Washington Street into a “three family residence” and add on about 3,600 square feet, according to an application filed with the city’s building department. Winter picked up the building, home to […]

Seeing green: Why some real estate players think cannabis could be the next big thing

Posted: 08 Apr 2019 04:30 AM PDT

Churchill Real Estate Holdings’ Justin Ehrlich made a name for himself as a New York developer snapping up distressed Downtown buildings during the financial crisis and turning them into luxury condos. But lately, his focus has been on another high-growth business: cannabis. In addition to his property dealings, Ehrlich is a partner in Loudpack, an umbrella company of brands that sells a popular line of vaporizers, among other products. He’s also a partner in Greenwolf […]

Zeckendorf’s lobbying effort signifies REBNY’s waning clout in Albany

Posted: 08 Apr 2019 04:00 AM PDT

William Lie Zeckendorf’s trip last month to Albany, where he and his lobbyist pushed back against the proposed pied-à-terre tax, illustrated a rare split in the real estate industry’s presence at the state capital. And it could portend more difficulties as the industry jumps into the next debate over rent regulations. As the newly elected Democratic majority in Albany starts to roll out its agenda, insiders say the Real Estate Board of New York’s influence […]