The Real Deal - New York Real Estate News

Treetop sells South Bronx development site because offer was too good to pass up

Posted: 29 Apr 2019 03:00 PM PDT

Domain Companies is the proud new owner of Treetop Development’s South Bronx development site. The firm paid a total of $38.5 million for the Mott Haven sites at 440 Exterior Street, 121 East 144th Street and 445 and 417 Gerard Avenue, according to property records. This marks a healthy profit for Treetop, which had paid $21.1 million for the sites in 2016, records show. Treetop was planning to construct an 11- and a 14-story building […]

Michael Shvo and partners are buying this South Beach hotel

Posted: 29 Apr 2019 02:41 PM PDT

Developer Michael Shvo and his partners are bulking up in South Beach. The partnership is under contract to buy the oceanfront Richmond Hotel, marking the group’s second purchase along Collins Avenue this year, sources told The Real Deal. In February, Shvo’s New York-based SHVO, Bilgili Holdings and Deutsche Finance America paid Tommy Hilfiger and the Dogus Group $103 million for the 83-room Raleigh Hotel. The property is next door to the Richmond Hotel. The Richmond, […]

Long Island Cheet Sheet: Nassau and Suffolk home sales fall, ‘Gatsby’-era Gold Coast manor hits the market… & more

Posted: 29 Apr 2019 02:00 PM PDT

Report finds dip in LI home sales, as prices and inventory rise Fewer people bought homes in Nassau and Suffolk counties during the start of 2019, but the median home price and inventory both rose, according to data published by Douglas Elliman. Closed home sales fell less than 1 percent from the start of 2018, to 5,659, but that decrease was also a 24.1 percent drop from the fourth quarter of last year. The median […]

At record-breaking 220 Central Park South, a unit just closed at $6,400 a foot

Posted: 29 Apr 2019 01:15 PM PDT

Add another deal to the list of high-priced closings at Vornado Realty Trust’s 220 Central Park South. Unit 36A sold for $19.9 million, according to records filed with New York City’s finance department. The anonymous buyer is listed in records as “Good Hearts, LLC.” According to the condominium offering plan, the apartment was priced at $21.5 million and spans just over 3,100 square feet. The closing price works out to $6,376 per square foot. Earlier […]

The We Company files initial paperwork for an IPO

Posted: 29 Apr 2019 12:23 PM PDT

The We Company, formerly known as WeWork, submitted a filing with the U.S. Securities and Exchange Commission that would allow it to go public, the company announced in a press release. The announcement gives voice to rumblings in recent months that the flexible-office giant, now valued at $42 billion, was considering an initial public offering, as other unicorns enter the public markets with lukewarm reception. Adam Neumann, the company’s CEO, told employees he had been […]

Here’s what the $10M-$20M NYC investment sales market looked like last week

Posted: 29 Apr 2019 12:00 PM PDT

In the world of New York City’s mid-market investment sales last week, a two-story hotel in the Bronx sold for $11 million and two mixed-use complexes traded in Manhattan, according to property records filed with the New York City Department of Finance. 1.) An entity tied to SDG Management Corp. shelled out $19.7 million for a six-story, mixed-use building at 3880 Broadway in Washington Heights, and a subsidiary of Arbor Realty Trust provided $15.81 million […]

One of Long Island’s last Gatsby-era mansions is hitting the market

Posted: 29 Apr 2019 11:23 AM PDT

Lands End Manor — one of the last Gatsby-era mansions on Long Island’s Gold Coast — is hitting the market for the first time in more than four decades. But the price is “upon request.” The value of the property, which dates back to 1926, is estimated to be north of $35 million, broker Dolly Lenz told Mansion Global. Lenz is handling the listing for the property. The estate’s current owners are Sherrell Aston and […]

No one home: Japan’s dwindling population means a housing oversupply

Posted: 29 Apr 2019 10:48 AM PDT

Japan’s birthrate was the lowest on record last year, so it’s reasonable to assume there would be more empty houses scattered throughout the country. But a new survey shows the problem is far greater than expected. Today, the number of vacant homes has jumped to 8.5 million, meaning 1 in 7 homes across the country is empty, Bloomberg reported. Japan’s inventory of vacant homes increased by around 260,000 since the government’s last twice-a-decade survey of […]

Samson lands $109M refi for Fifth Avenue office building

Posted: 29 Apr 2019 10:00 AM PDT

Samson Management and Rabina Properties secured $109 million from New York Community Bank to refinance their 19th-century office building in the Flatiron District. The financing for 110 Fifth Avenue includes about $14.7 million in new debt, according to public records filed Monday with the New York City Department of Finance. The deal replaces a $100 million debt package from the lender, which had been provided in 2014. Rego Park-based Samson, Scarsdale-based Rabina and New York […]

LA investment from Singapore could include Chinese cash in disguise, insiders say

Posted: 29 Apr 2019 09:15 AM PDT

There’s no disputing that the super-charged investment boom in L.A. trophy projects from Chinese players is in the rearview mirror. Wanda Group has sold off its $1.2 billion One Beverly Hills project, while Oceanwide Real Estate has halted construction on its billion-dollar development amid refinancing issues. And today the flow of Chinese capital has been reduced to a relative trickle. In late 2016, the Chinese government imposed a series of new rules aimed at curbing […]

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

Posted: 29 Apr 2019 08:30 AM PDT

A professional athlete, a Peruvian business executive and a real estate CEO — these were some of the buyers and sellers in New York City’s luxury market last week. Here are the details. Source: A TRD review of public records filed with the New York City Department of Finance from April 19 to April 26. 1. Peruvian billionaire Carlos Rodriguez-Pastor sold a condominium at 181 East 65th Street, also known as the Chatham Condominium, for […]

Airbnb, RXR are converting a portion of Rockefeller Center

Posted: 29 Apr 2019 08:02 AM PDT

Scott Rechler’s RXR Realty and Airbnb are partnering to convert 10 floors of 75 Rockefeller Plaza into residential space. The companies hope to open the space in about a year, and the rooms will be located on the higher floors of the building, which stands 32 stories tall, according to the Wall Street Journal. RXR and Airbnb are also in talks to open a roughly 150-unit facility at 47 Hall Street in Brooklyn, which RXR […]

Brooklyn’s luxury market saw 14 contracts above $2M signed last week: Stribling

Posted: 29 Apr 2019 07:30 AM PDT

There were 14 contracts signed in Brooklyn’s luxury market last week worth about $41.5 million overall. The properties were split between 10 townhouses, three condos and one co-op, and they went for an average price of about $2.9 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 figures were down from the week before, when the market […]

Warren Buffet’s HomeServices to open in Dubai amid international push

Posted: 29 Apr 2019 06:45 AM PDT

Warren Buffett’s Berkshire Hathaway HomeServices, now the largest residential brokerage in the United States, is opening its doors in the Middle East. The brokerage will open an office in Dubai under the flag Berkshire Hathaway HomeServices Gulf Properties, according to Bloomberg. The new location will be led by CEO Phil Sheridan and Chairman Ihsan Husein Al Marzouqi, and have a team of 30 advisers and support staff. HomeServices has been acquiring other brokerages across the […]

There were 25 deals last week in Manhattan’s luxury market: Olshan

Posted: 29 Apr 2019 06:05 AM PDT

Manhattan’s luxury market saw 25 contracts signed last week for a total of about $187 million, according to the latest report from Olshan Realty. The contracts signed at $4 million or above were split between 19 condos and six co-ops. Total sales and dollar volume were both up from the week before, when 19 contracts were signed for about $139 million. The top contract last week was for a penthouse unit at 130 West 12th […]

Governors Island head forced out of role as Alicia Glen to take over site

Posted: 29 Apr 2019 05:45 AM PDT

Michael Samuelian has been pushed out of his role overseeing development plans on Governors Island thanks to former Deputy Mayor Alicia Glen. Glen left City Hall in March after spending five years as deputy mayor, and she plans to take the reins of redevelopment on the island herself, according to Politico. She had expressed regret when leaving her old post that she hadn’t been able to accomplish more on Governors Island and decided to take over […]

Marriott to enter home-sharing business

Posted: 29 Apr 2019 05:00 AM PDT

Marriott will take on Airbnb and other home-sharing companies by starting a new home-rental business of its own. The company —which owns the Ritz-Carlton, Sheraton and W Hotels brands — could unveil details about the plan by next month, according to the Wall Street Journal. It has already launched a pilot program in Europe. The program would let home-rental guests earn and redeem loyalty points just like they do when staying at other Marriott properties. Other […]

The Closing: David Kramer

Posted: 29 Apr 2019 04:30 AM PDT

David Kramer is the president of Hudson Companies, one of the city’s largest affordable housing developers. The firm, which employs 50-plus people in its Greenwich Village office, ranked as the fourth most active developer in the five boroughs in 2018, with 1.9 million square feet across 10 projects, a recent tally by The Real Deal showed. Hudson has gained a reputation for pursuing large-scale projects since Kramer took the helm in 2011. Outside of affordable […]

Fredrik Eklund and John Gomes throw shade at Bob Knakal amid commission dispute

Posted: 29 Apr 2019 04:00 AM PDT

Douglas Elliman is trying to sidestep a payment to Warburg Realty by calling foul on the Real Estate Board of New York’s arbitration process, rehashing a past spat between Bob Knakal and the top resi agent team of Fredrik Eklund and John Gomes. It all started after Elliman was ordered to pay rival residential brokerage Warburg $244,380 in January after REBNY’s arbitration committee considered the case of a $8 million condominium sale at GDS Development’s […]