The Real Deal - New York Real Estate News

Long Island Cheat Sheet: $40M Riverhead industrial park sale on the rocks, group wants drag race strip in Suffolk… & more

Posted: 22 Apr 2019 03:00 PM PDT

Riverhead could cancel $40M industrial park sale Officials in Riverhead are weighing whether to reevaluate and ultimately cancel the $40 million sale announced late last year of the Enterprise Park at Calverton, Newsday reported. One of the buyers, Luminati Aerospace, has run into financial troubles, a matter that Riverhead officials are considering hiring outside legal counsel to review. Luminati was recently sued by Stamford-based Hexcel Corporation, which claims that the aerospace company defaulted on conditions […]

De Blasio wants to ban “classic glass-and-steel skyscrapers”

Posted: 22 Apr 2019 01:30 PM PDT

Developers of shimmering glass-and-steel towers in New York have had a downright frightful day. As the city targets the mechanical void loophole favored by developers of Billionaires’ Row, Mayor Bill de Blasio appeared on “Morning Joe” on Monday to offer his two cents on efficient buildings of the future. The mayor said he wants to “ban the classic glass-and-steel skyscrapers” as part of the city’s “Green New Deal.” “If someone wants to build one of […]

Amid financial woes, Brookland Capital is selling another Brooklyn property

Posted: 22 Apr 2019 12:45 PM PDT

Another Brookland Capital property is changing hands as the prolific Brooklyn real estate company grapples with a host of financial troubles. Spruce Capital has acquired all the condo units at 544 4th Avenue in Park Slope from Brookland for $29.6 million, according to property records. The building includes 40 residential units and three commercial units. Representatives for Spruce and Brookland did not immediately respond to requests for comment. Brookland has been dealing with several financial […]

MassMutual inks lease at Vornado’s 90 Park

Posted: 22 Apr 2019 12:15 PM PDT

One of MassMutual’s sales offices is moving to a new home on Park Avenue. The insurance and financial services company is relocating the office to 90 Park Avenue from 530 Fifth Avenue, Crain’s New York reported. The new lease totals about 46,000 square feet, taking up most of the 17th and 18th floors in the nearly 1-million-square-foot tower. The firm chose the building in part because of the owner Vornado Realty Trust’s recent $80 million […]

Paul Simon’s Connecticut estate is on the market for $14M

Posted: 22 Apr 2019 11:41 AM PDT

Just don’t call Paul Simon a boy in a bubble. The singer has put his Connecticut estate on the market, and is willing to take a loss. The New Canaan property is asking $13.9 million — 16 percent less than what Simon paid for the property in 2002, the Wall Street Journal reported. William Pitt Sotheby’s International Realty’s Leslie Razook, who is listing the property with fellow agent Anne Krieger, said that the pricing was […]

Going private: Fed housing finance chief details plan to end Fannie-Freddie oversight

Posted: 22 Apr 2019 10:45 AM PDT

President Trump has not been shy about his desire to end the federal conservatorship of Fannie Mae and Freddie Mac. Now, he appears to have someone at the helm of the Federal Housing Finance Agency ready to put the plan in action. Newly installed FHFA chief Mark Calabria said he is working to re-privatize the two mortgage giants, which were brought under government control in 2008 following the housing market collapse, he said in an interview […]

WeWork shuffles C-suite executives amid international push

Posted: 22 Apr 2019 10:00 AM PDT

The co-working giant formerly known as WeWork is reorganizing its C-suite as it tries to build its international presence. The We Company promoted Eugen Miropolski to chief operating officer from managing director of Europe and Asia — excluding Japan. Miropolski will remain based in London, according to Recode. Its COO Jen Berrent was named co-president and will remain the company’s chief legal officer, reporting to CEO Adam Neumann. WeWork, which has had an international presence […]

The legislator is a landlord: A quarter of California lawmakers also collect rent

Posted: 22 Apr 2019 09:30 AM PDT

Along with voting on bills that include rent control caps and new protections for renters, one of the preferred side hustles for California legislators is collecting rent from tenants. At least 30 lawmakers — or 25 percent of the 120-member Legislature — own properties that generate income from renters, according to a CALmatters report. Many of those representatives rent out multiple homes, and receive at tens of thousands of dollars per year, the report showed. […]

Brooklyn’s luxury market just had its best week of the year so far: Stribling

Posted: 22 Apr 2019 09:00 AM PDT

Last week was the best week of the year so far for Brooklyn’s luxury market, as the borough saw 18 contracts signed for a total of about $53.6 million. The properties were split between nine townhouses and nine condos, and they went for an average price of about $3 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. […]

Inside the tension behind the scenes at Keller Williams

Posted: 22 Apr 2019 08:30 AM PDT

On a recent early-morning flight to New Orleans, a flight attendant with an acute sense of comedic timing landed a zinger: “I am looking to sell a house, can anyone assist me?” The joke was met with immediate laughs from a group of Keller Williams agents, some in matching T-shirts, others carrying swag adorned with the company’s bright red logo — all headed to the firm’s annual “Family Reunion.” At this year’s mid-February conference, 17,000 […]

Natural History Museum gets court clearance for $383M expansion

Posted: 22 Apr 2019 08:00 AM PDT

The effort to stop construction on a new educational center at the American Museum of Natural History has likely come to an end. The New York State Supreme Court Appellate Division has dismissed an appeal to reverse an earlier court ruling that cleared the museum to start work on its $383 million Richard Gilder Center for Science, Education and Innovation, located within Theodore Roosevelt Park, according to Curbed. The Community United to Protect Theodore Roosevelt […]

Long-delayed North Brooklyn rezoning plan hits another roadblock

Posted: 22 Apr 2019 07:30 AM PDT

The city revived plans to rezone an industrial stretch of North Brooklyn last fall, when it published a plan for the rezoning two years behind schedule. But those plans could already be dead once again. City Council Member Antonio Reynoso, who represents part of the Industrial Business Zone stretching from Greenpoint to Bushwick along Newtown Creek, has come out against the plan, saying that it doesn’t contain enough restrictions for non-manufacturing uses whose expansion would […]

Manhattan’s luxury market saw uptick in contracts, dollar volume last week: Olshan

Posted: 22 Apr 2019 07:00 AM PDT

Manhattan’s luxury market saw 19 contracts signed last week for a total of about $139 million, according to the latest report from Olshan Realty. The contracts signed at $4 million or above were split between 12 condos, six co-ops and one townhouse. Total sales and dollar volume were both up from the week before, when 17 contracts were signed for about $127 million. The top contract last week was for a condo at 150 Charles […]

Trump administration toughens up rules for no-money-down home mortgages

Posted: 22 Apr 2019 06:30 AM PDT

The Trump administration is toughening up rules on national affordable housing programs due to concerns over risk to the roughly $1.3 trillion portfolio the government has in federally insured mortgages. The crackdown focuses on lenders for people who can’t afford the typical 3.5 percent down payment that Federal Housing Administration loans normally require, according to Bloomberg. The assistance enables four out of 10 FHA loans, and borrowers in these assistance programs become delinquent about twice […]

Private housing could be coming to NYCHA’s Fulton Houses in Chelsea

Posted: 22 Apr 2019 06:00 AM PDT

Mayor Bill de Blasio’s administration is considering partnering with private developers to tear down and rebuild some New York City Housing Authority properties. Officials want to take this approach at Chelsea’s Fulton Houses, as they believe the land there is valuable enough to net them a profit that would fund capital needs at the complex, where repairs are expected to cost $168 million over five years, according to Politico. Under the plan, workers would demolish […]

City targets building loophole used by Billionaires’ Row developers

Posted: 22 Apr 2019 05:45 AM PDT

Manhattan developers for years have boosted the heights of their towers by using a loophole in the city’s zoning laws. Developers have included what’s known as mechanical voids — unoccupied floors with mechanical and structural equipment — to dedicate more room at the top of a project, where residents will pay higher prices for better views. But now city officials are looking to close this loophole through rules that would make unusually large mechanical spaces […]

These are some of the most notable resi sales of the week

Posted: 22 Apr 2019 05:00 AM PDT

New York City’s residential sales last week saw a Broadway theater operator sell his Park Avenue co-op and a pair of designers behind a bohemian clothing line let go of their West Village townhouse for $9 million. Source: A TRD review of public records filed with the New York City Department of Finance from April 12 to April 19. 1. A full-floor co-op on the 13th floor of 4 East 72nd Street is off the […]

Willet be? The heavily industrial spot is back on track with a potential Opportunity Zone boost, but RE players remain wary

Posted: 22 Apr 2019 04:30 AM PDT

When former mayor Michael Bloomberg unveiled the city’s master plan for redeveloping Willets Point back in 2007, the real estate boom in nearby Flushing had barely started, and David Wright was the center of attention at Shea Stadium. Fast-forward 12 years, and a new version of that plan is just now beginning to take shape. After years of legal battles and delays, the city struck a deal with the Related Companies and Sterling Equities last […]

WATCH: Gary Barnett on the residential market, Brooklyn and discounts at One Manhattan Square

Posted: 22 Apr 2019 04:00 AM PDT

With leadership changes and and unheard of incentives, Gary Barnett has already had a headline-grabbing year. Two weeks ago, Barnett’s Extell Development made waves offering buyers a 10-year break on common charges at One Manhattan Square if they buy before July 4. The 815-unit tower is one month into closings with prices ranging from $1.2 million for a one-bedroom to at least $3.5 million for a three-bedroom unit. When asked why he did it, Barnett’s […]