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The Real Deal - New York Real Estate News |
| Jack Terzi buying Downtown headquarters of Manhattan lawyers’ association Posted: 11 Apr 2019 03:00 PM PDT The New York County Law Association has found a buyer for its headquarters and inked a lease for a new home a few blocks away. The organization is selling the four-story, 89-year-old landmarked building at 14 Vesey Street to Jack Terzi for a price in the low $20 million range, according to a source. Meanwhile, it has signed a lease for office space at Fosun International’s 28 Liberty Streetin Lower Manhattan, once known as One […] |
| Posted: 11 Apr 2019 02:15 PM PDT Developer gets 6 years in prison for $58M Ponzi scheme A White Plains developer who pleaded guilty to defrauding investors at projects in Westchester, Manhattan and the Hamptons has been sentenced to six years in prison. Federal prosecutors accused Michael D’Alessio, the former president and CEO of Michael Paul Enterprises, of pouring more than $58 million in investor funds into shell accounts that he used to pay off money he owed — including gambling debts — and cash out […] |
| You think San Fran’s housing market is crazy now? Wait ’til the IPOs hit Posted: 11 Apr 2019 01:35 PM PDT What could push the already piping hot San Francisco housing market into the stratosphere? How about a surge of new millionaires and billionaires? The market is ramping up in anticipation of the wave of IPOs by Bay Area tech companies expected this year that could make a large number of stockholders super-rich overnight, according to the Wall Street Journal. Agents say buyers are moving quickly to scoop up homes in fear that a wave of […] |
| It may soon get easier to hit landlords with criminal harassment charges Posted: 11 Apr 2019 01:00 PM PDT The state Senate on Wednesday approved legislation that would make it easier for rent-regulated tenants to file criminal harassment charges against their landlords. The legislation — dubbed the Tenant Protection Act of 2019 — would create a misdemeanor level offense for tenant harassment, defined as actions that are intended to push the tenant out. Currently, the threshold for bringing charges is much higher: Tenants must prove that harassment led to physical harm. “As the law […] |
| JDS sells Far Rockaway beachfront complex for $33M Posted: 11 Apr 2019 12:35 PM PDT UPDATE, April 11, 4:15 p.m.: Michael Stern is cashing out on a sprawling complex of luxury properties in Far Rockaway, and he found a buyer with ambitious plans for the seaside community. For a price tag of $33 million, Teaneck, New Jersey-based Treetop Development acquired JDS Development Group’s newly built Saltmeadow development, which is comprised of 30 town homes with 60 luxury rental apartments along Beach 5th and Beach 6th Streets, property records show. Signature […] |
| Send the date: Share your real estate events with The Real Deal Posted: 11 Apr 2019 12:00 PM PDT 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. |
| Brokerages sue former owners of Battery Park Ritz-Carlton for unpaid commission Posted: 11 Apr 2019 10:45 AM PDT After putting in on the market in 2013, Millennium Partners and Westbrook Partners finally sold the former Ritz-Carlton at Battery Park City last fall. But legal headaches surrounding the property have continued to hound them. New York-based Luxury Property Group and Florida-based Real Estate Wealth Advisors say they introduced Urban Commons, a Los Angeles investment firm, to the sellers and remained involved in the sale throughout the negotiation process, but were never paid a commission […] |
| Posted: 11 Apr 2019 10:15 AM PDT When President Donald Trump announced in June that the United States would pull out of the Paris climate accord, New York developer Jonathan Rose sensed that something more than an environmental safety net was at stake. He saw retreating dollar signs. “Bottom line is, these are major economic opportunities,” he said, referring to technologies that promote energy efficiency, such as electric cars and solar energy. “We just ceded them to China.” Nearly 200 nations, including […] |
| Follow us on Facebook for up-to-the-minute coverage on everything real estate Posted: 11 Apr 2019 09:15 AM PDT Connect with The Real Deal on Facebook for breaking news, original videos, fun facts and more! |
| NoMad Ritz-Carlton secures $125M in EB-5 funds — but not from where you’d think Posted: 11 Apr 2019 08:30 AM PDT If Flag Luxury Group’s recent deal is any indication, EB-5 financing is alive and well — just so long as the investors aren’t Chinese nationals. Last week, the hotel and resi developer finalized a $125 million preferred equity investment using capital raised using the EB-5 investor visa program for its upcoming $500 million Ritz-Carlton hotel in NoMad. Flag’s founder, chairman and CEO Paul Kanavos declined to comment on questions on the structuring of the detail, […] |
| Renderings revealed: Beckham group’s Miami stadium Posted: 11 Apr 2019 08:00 AM PDT Inter Miami CF, the Major League Soccer team owned by David Beckham, Marcelo Claure, Jorge and Jose Mas and their partners, unveiled new renderings of its future home. Miami Freedom Park would be the permanent home for the team. The Beckham group is pursuing another site in Fort Lauderdale for a temporary stadium, where the owners would spend more than $60 million to redevelop the now-closed Lockhart Stadium. Inter Miami, also known as Club Internacional […] |
| Jersey City’s Soho Lofts sell for $264M Posted: 11 Apr 2019 07:30 AM PDT AEW has officially sold Jersey City’s Soho Lofts for $263.8 million. The owner sold the 377-unit apartment building to Mack-Cali Realty Corp., according to NJBIZ. HFF marketed the property exclusively and procured the buyer in Mack-Cali, a Jersey City-based real estate investment trust that is refocusing its business on assets in New Jersey. The Soho Lofts are located at 273 16th Street between Hoboken and Jersey City, right next to Interstate 78 and the Holland […] |
| Keller Williams’ killer tech strategy? Copy Redfin. Posted: 11 Apr 2019 07:00 AM PDT Keller Williams is seeking to copy Redfin’s tech to beat the brokerage at its own game. Keller Williams President Josh Team noted that the real estate industry is seeing an “arms race” — and the company is looking at Redfin because “they’re doing some really great things. The brokerage thinks it can “copy the technology of Redfin before Redfin can take the market share,” Inman reported. Team compared the strategy to Google Plus, the social […] |
| China’s biggest developer may spin off its property management business Posted: 11 Apr 2019 06:30 AM PDT China Vanke, the country’s biggest developer by market capitalization, is considering an IPO. The company is weighing a Hong Kong listing of its property management business, Bloomberg reported. The firm has spoken with advisers about a share sale that could raise as much as $1 billion. The offering could happen next year. Vanke would join other Chinese developers — including Country Garden Holdings — in spinning off their management units. That business tends to face […] |
| Westchester real estate breaks a bad streak Posted: 11 Apr 2019 06:00 AM PDT The Westchester sales market may have a rosier outlook. After a string of declines, prices and home sales trended higher in the first quarter, according to Douglas Elliman’s latest market report. The number of sales climbed 9.2 year-over-year, while the median sales price rose 6.4 percent to $463,000. At the same time, inventory ticked up 0.4 percent. “It is an improvement, but we’ll see if it’s sustained,” said Jonathan Miller, CEO of appraisal firm Miller […] |
| The city struck a $173M deal with landlords who have a laundry list of housing violations Posted: 11 Apr 2019 05:38 AM PDT Mayor Bill de Blasio struck a $173 million deal with two landlords that have more than 400 housing code violations. City records show that 17 of the 21 buildings the administration bought to provide affordable housing have problems that are “immediately hazardous,” the New York Post reported. That includes mice and roach infestations, peeling lead paint, water leaks and broken locks. One four-story walk-up in Crown Heights has 56 open violations. A resident there noted […] |
| Why Brooklyn and Queens buyers are “camping out” Posted: 11 Apr 2019 05:00 AM PDT “When the sales market dips, the rental market is up,” said Steven James, president and CEO of New York City for Douglas Elliman, summing up the firm’s most recent reports for Brooklyn and Queens. The two outer boroughs saw dropping sales prices and rising inventory, in line with similar trends in Manhattan. On the other hand, the number of new leases being signed in both Brooklyn and Queens was up, suggesting that potential buyers are […] |
| Posted: 11 Apr 2019 04:30 AM PDT Manhattan’s rental market improves The luxury sales slump continues to be a silver lining for Manhattan’s rental market. Rents rose in February as would-be buyers took refuge in rentals, according to a Douglas Elliman report. The median net effective rent rose 4.1 percent year-over-year, to $3,297, the second straight monthly increase in Manhattan. The share of new leases with concessions was 41.6 percent, compared to 47.6 percent a year earlier. “The rental market is turning, […] |
| Manhattan tenants are pushing back against landlords’ raising rent Posted: 11 Apr 2019 04:00 AM PDT As landlords get more aggressive with pricing, more Manhattan tenants aren’t sticking around. In March, the borough saw a 21 percent jump in new leases, according to Douglas Elliman’s latest rental market report. That indicates that more tenants are choosing to opt for new leases rather than renew existing ones, as landlords push for higher rents, said Jonathan Miller, CEO of appraisal firm Miller Samuel and author of the report. “It’s not a big rush […] |
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