The Real Deal - New York Real Estate News

Tensions run high between landlords and state Assembly committee at rent regulation hearing

Posted: 02 May 2019 04:14 PM PDT

In what one state lawmaker referred to as a “brave” move, a landlord accused of harassing rent stabilized tenants appeared before a state housing committee Thursday to testify in favor of the very programs his company is accused of abusing. Amir Sobhraj, financial controller of Zara Realty in Queens, spoke before the state Assembly Housing Committee on Thursday in defense of Major Capital Improvements, Individual Apartment Improvements and other programs that the legislature has proposed […]

Knotel gobbles up 80K sf more in Financial District’s 110 William Street

Posted: 02 May 2019 03:30 PM PDT

In its bid to scale, Knotel is pushing further into the Financial District and has tripled its square footage at 110 William Street. The New York-based flexible office space company increased its footprint in the 32-story building to 117,000 square feet, up from the 36,000 square-foot floor plate that it signed for in August last year, the company said Thursday. The firm will take floors seven and eight, in addition to its existing space on […]

Diplomatic estate in North Castle heads to auction, former NFL quarterback unloads Greenwich home and other Westchester & Fairfield real estate news

Posted: 02 May 2019 02:30 PM PDT

North Castle estate to be auctioned off after diplomat’s divorce The consul general and tourism ambassador of the Seychelles, an Indian Ocean island nation known for its robust offshore financial services sector, is selling his 7.9-acre estate in North Castle. Seychelles’ government shelled out $2.2 million in 2016 for the property at 1503 Old Orchard Street on behalf of Consul General Justin Etzin back in 2016, the New York Post reported. But Etzin and his wife, Latvian model Lana […]

Macerich’s tough Q1 comes amid store closures, redevelopment plans

Posted: 02 May 2019 02:00 PM PDT

Macerich continues to feel the bite of the retail rattlesnake as the mall landlord posted declines in first quarter revenue and funds from operation compared to the same time last year. It has been dealing with store closures — particularly Sears — and tenant bankruptcies across its portfolio, while trying to redevelop other lagging properties. The Santa Monica-based real estate investment trust’s net income for the quarter was $7.8 million, an improvement on the $33.6 […]

B6 Real Estate Advisors signs on Wells Fargo exec to head up debt division

Posted: 02 May 2019 01:30 PM PDT

Paul Massey’s B6 Real Estate Advisors hired a Wells Fargo executive to lead the burgeoning brokerage’s debt practice. Joseph Tufariello, whose title will be president of the capital advisory division, will focus on financial management, business development, recruitment and product management, B6 told The Real Deal. Massey said he has known Tufariello for a long time and that he will be a strategic partner in the firm taking a bite out of New York City’s […]

Winick broker accused of “fraudulent scheme” involving sex worker in new suit

Posted: 02 May 2019 01:00 PM PDT

A Winick Realty Group broker misled a female sex worker by promising to save her from eviction in exchange for her services, a new lawsuit alleges. Instead of helping her, he is accused of stealing from her home. Ross Burack, 29, is said to have met the woman — identified in court records as Sharoken Khoshaba —through a “web site used by men to seek for-hire sexual encounters.” The two engaged in consensual sex, for […]

Resi scorecard: Manhattan condo inventory through March 2019

Posted: 02 May 2019 12:15 PM PDT

NEW DEVELOPMENT CONDO REPORT MANHATTAN • Inventory contracted as developers filed fewer units than were purchased • Developers filed three plans with a total of 57 units • The state approved five plans with 224 units valued at $801 million • Buyers purchased 148 units valued at $542 million SUPPLY MANHATTAN NEW DEVELOPMENT CONDO SUPPLY MOST EXPENSIVE CONDO PROJECTS APPROVED Source: TRData analysis of plans approved to sell by the NYS Attorney General in March […]

Tel Aviv Stock Exchange sees first U.S. real estate debut since last year’s crash

Posted: 02 May 2019 11:30 AM PDT

Investors on the Israeli stock exchange appeared to sour on U.S. real estate companies last year, after several firms saw their bond values collapse amid troubling disclosures. But a recent offering shows Tel Aviv might still have some appetite left for American bonds. Dallas-based Westdale Asset Management debuted on the Tel Aviv Stock Exchange last week with a $140 million (or 500 million shekel) bond offer, raised with an interest rate of 4.8 percent, Commercial […]

New York private equity group leads $800M refi for Sears

Posted: 02 May 2019 10:51 AM PDT

A New York-based private equity group is betting big on Sears, after Edward Lampert’s multibillion-dollar takeover of the ailing retailer from bankruptcy earlier this year. HPS Investment Partners, a former subsidiary of JPMorgan, led a group of investors in providing Sears with an $800 million refinancing package, secured by a national portfolio of Sears and Kmart stores, The Real Deal has learned. The deal closed in April and was recently filed in public records. HPS […]

These were the top 10 NYC retail leases in April

Posted: 02 May 2019 10:00 AM PDT

Blink Fitness went on a leasing spree last month, securing three of the top spots on this list. The rest of the list features an eclectic mix of schools, wineries, virtual golf simulators and salon rental companies. All together, April’s top 10 retail leasing deals totaled less than March’s in terms of square footage. The 10 biggest retail lease deals signed last month totaled 178,200 square feet, down 15,900 square feet from March’s total of […]

It’s the SALT tax, stupid: Here’s why luxury home sales have surged

Posted: 02 May 2019 09:30 AM PDT

After a rush of high-end residential sales to start 2019, the pace of those so-called “tax refugees” moving to South Florida has slowed but it’s not going away. In Miami Beach in particular, nine single-family homes sold for a combined $120 million in the first quarter, according to The Real Deal’s analysis of multiple listings service data. The data tracked all sales on homes $5 million and up. That’s a sharp increase from the five […]

Nordstrom is expanding its footprint in Manhattan

Posted: 02 May 2019 09:05 AM PDT

Nordstrom is making a bigger push into Manhattan. In addition to the seven-story flagship store Nordstrom plans to open near Columbus Circle in the fall — upscale department store chain is adding two smaller outposts in the West Village and Upper East Side, the New York Times reported. The move is part of its new Nordstrom Local chain. The two smaller stores will be for online pickups and returns and will not carry merchandise, the […]

City still has no plans for the languishing New York Wheel site

Posted: 02 May 2019 08:30 AM PDT

Six months after the New York Wheel was nixed, the city still has no plan for the vacant site. The NY Wheel has still not terminated its lease agreement with the city, the Staten Island Advance reported. It has accrued financial fees, including $2.3 million in deferred rent payments plus interest. During an unrelated press conference this week, Mayor Bill de Blasio said the New York Economic Development Corp. is leading planning efforts for the […]

WeWork hits the summit of Downtown Chicago’s office landscape

Posted: 02 May 2019 08:00 AM PDT

After renovating the amenities floor a few years ago at 515 North State Street, landlord Beacon Capital Partners noticed the space was sparsely used. Then WeWork took five floors in the building. “Before WeWork moved in, it was always a little empty,” Beacon Capital’s Greg O’Neal said at a recent co-working forum. “Then WeWork moved in and it’s been animated down there. It just feels like a whole new experience.” The co-working giant’s impact on […]

Realogy struggles as competitors “seem fine with losing money”

Posted: 02 May 2019 07:35 AM PDT

Sacked by market headwinds and competition from rivals “who seem fine with losing money,” Realogy lost $99 million during 2019’s first quarter — nearly 48 percent more than last year’s loss of $67 million. On Thursday, the New Jersey-based conglomerate reported overall revenue of $1.1 billion for the quarter, a 9 percent decline. Transaction volume also dropped 9 percent, compared to an industry-wide drop of 4 percent, according to the National Association of Realtors. During […]

Congestion pricing could boost home values

Posted: 02 May 2019 07:00 AM PDT

Not only will congestion pricing make driving in the city more expensive, but it may raise the prices of homes, too. Research suggests the move — which was aimed at easing traffic and raising revenue for the subway system — may boost residential real estate values in the pricing zone, the Wall Street Journal reported. “You would expect house prices to increase because you have much less traffic around your house after the congestion charge,” […]

These are the developers looking to buy air rights from NYCHA

Posted: 02 May 2019 06:30 AM PDT

Developers are now spending thousands of dollars on lobbying to buy air rights from the beleaguered New York City Housing Authority. Amid a push to raise capital, NYCHA has an estimated 80 million square feet of air rights up for grabs. And Madison Realty Capital, Maddd Equities and Real Estate Equities Corporation are among those spending lobbying dollars, PincusCo reported. In January, Madison Realty Capital hired one of the city’s most active government lobbying firms, […]

To keep pace with rivals, Industrious acquires co-working firm

Posted: 02 May 2019 06:00 AM PDT

New York-based flexible office firm Industrious has acquired another firm in its expansion quest. Industrious, which partners with landlords to manage office space in revenue sharing agreements, said Thursday it had acquired TechSpace, a California-based firm with seven locations. The firms declined to disclose the acquisition price. Industrious said there are no current plans to rebrand TechSpace locations. The move signals an effort by Industrious to grow alongside its competitors, which are expanding at breakneck […]

Moët Hennessy may move New York HQ to 7 WTC

Posted: 02 May 2019 05:30 AM PDT

Moët Hennessy may be moving its New York headquarters to 7 World Trade Center. The French liquor giant is in talks with landlord Silverstein Properties to take a 90,000-square-foot spread, Crain’s New York reported. Plus, Skidmore, Owings and Merrill made a deal in the same building. Moët Hennessy is currently at 85 10th Avenue in West Chelsea. Meanwhile, SOM, the designer of 7 WTC, will relocate from 14 Wall Street to a roughly 90,000-square-foot space […]

Brokers in cabs: An interview with Compass’ Brian Lewis

Posted: 02 May 2019 05:00 AM PDT

In the first episode of The Real Deal‘s new series “Brokers In Cabs,” Compass‘ Brian Lewis explains why he thinks the perception of brokers is evolving, how real estate agents are like therapists, but more importantly: how to price homes in spring 2019. Lewis said he’s optimistic, but that because the market fell last summer, the new key to pricing is “hard to hear.” Watch the full video above to see Lewis’ thoughts on pricing, […]

Inside real estate’s surveillance state

Posted: 02 May 2019 04:30 AM PDT

The Edge in Amsterdam is widely considered the smartest building in the world. Since the 15-story office property opened four years ago, its 28,000 sensors have collected roughly 55 terabytes of data on everything from the air’s CO2 levels to workers’ daily coffee orders. If that information were stored as music files, it would play continuously for more than 100 years. And the more info the glass-encased building collects, the smarter it gets. “We think […]

Landlord featured in REBNY campaign deregulated units, had cooking gas shut down for nearly 2 years

Posted: 02 May 2019 04:00 AM PDT

For nearly two years, tenants at 940 Amsterdam Avenue didn’t have cooking gas. Blaine Morris, a Columbia student, lived at the building from August 2016 to August 2017. During that time, she had cooking gas for only three months. “The gas went out in November 2016, and I moved out August 1, 2017. We didn’t have gas that entire time. I ran into my neighbor the following year, in November, and she said it was […]