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The Real Deal - New York Real Estate News |
| Posted: 14 May 2019 03:30 PM PDT Jersey City’s 90 Columbus 75% leased after 5 months on market Ironstate Development and Panepinto Properties’ 539-unit luxury apartment development at 90 Columbus in downtown Jersey City recently hit the 75 percent leasing mark, NJBIZ reported. The 51-story tower located steps from the Grove Street PATH station achieved that stabilization milestone on April 30 after a five-month leasing effort, according to ROI-NJ, which noted that leasing began in October 2018. The development is the fourth […] |
| Critics sue to block College Point homeless shelter Posted: 14 May 2019 03:00 PM PDT A group of residents in in College Point, Queens, is trying to stop the city from opening a homeless shelter in their neighborhood. The 20 locals want a judge to put a halt to City Hall’s plan to convert an industrial building at 127-03 20th Avenue into a homeless shelter. They argue that the city did not undertake any environmental or fair-share reviews for the site, according to the petition filed Tuesday in New York […] |
| This crowdfunding firm just picked the carcass of RealtyShares Posted: 14 May 2019 02:30 PM PDT The remnants of RealtyShares — the now-defunct crowdfunding platform — have been scooped up by another real estate firm. New York-based iintoo acquired RealtyShares’ assets, Inman reported. The move boosts the company’s portfolio size to $2.5 billion assets under management from $1 billion, according to the company. Current and former investors in RealtyShares will be able to access iintoo’s crowdfunding platform, the report said. The deal — terms of which were not disclosed — is […] |
| Kushner’s $16M Lower East Side hotel deal hits snag Posted: 14 May 2019 02:07 PM PDT Kushner Companies’ $15.7 million purchase of the Hotel on Rivington is on the rocks, according to documents filed in New York Supreme Court Tuesday morning. Kushner Companies is demanding that sellers Paul and Rena Stallings give back the $2.2 million deposit on Hotel on Rivington because of an alleged breach of the purchase agreement. A company spokesperson stated that Kushner Companies is under contract and has not closed due to the seller’s inability to fulfill […] |
| Joy Construction, Maddd Equities land $34M loan for Newark building Posted: 14 May 2019 01:10 PM PDT Joy Construction and Maddd Equities picked up nearly $34 million in funding to recapitalize their office building in Downtown Newark, according to sources familiar with the deal. The money, issued by French bank Natixis, is a five-year CMBS loan, and Joy and Maddd will use it to recapitalize the deal. They purchased the Newark property at 765 Broad Street in 2016 for $10.5 million, and other investors include Drew Katz and Newmark Knight Frank’s Justin […] |
| Manhattan’s hot office market, NYC’s multifamily malaise and more of the biggest CRE trends Posted: 14 May 2019 01:00 PM PDT Manhattan office leasing sets records On the coattails of another strong year for commercial office leasing in Manhattan, the start of 2019 saw 9.07 million square feet leased, according to data provided by Colliers International. Those first-quarter figures were a 20 percent year-over-year increase from 2018. “Fears of an interest rate increase have abated, and there is no shortage of available capital, foreign and domestic, interested in New York City assets,” said David Amsterdam, co-head […] |
| Prefab home builder Connect Homes closes $11M funding round Posted: 14 May 2019 12:15 PM PDT UPDATED, May 14, 11:32 a.m.: A startup that aims to streamline the process of developing modern, eco-friendly prefabricated homes closed its first round of financing. Connect Homes secured $10.8 million in a Series A funding round, the company said. The money will be used to build and expand on what it calls its patented modular technology. Brick & Mortar Ventures and Virgo Investments led the round. MetaProp — the New York-based venture capital fund and […] |
| Posted: 14 May 2019 11:30 AM PDT Office developers in San Francisco are finding they can lease the majority of their office properties well before they break ground, and in some cases, before they even get permits to build. The trend is a product of high demand from growing tech companies and a citywide annual cap on office development, according to the Wall Street Journal. Since 1986, the city has restricted new office development to 875,000 square feet each year. That isn’t […] |
| Thor Equities looks to sell BJ’s big-box store in Gravesend Posted: 14 May 2019 10:45 AM PDT Joe Sitt’s Thor Equities is looking to sell another one of its large retail properties in Brooklyn. The Midtown-based firm put the big-box retail store leased to BJ’s Wholesale Club in Gravesend up for sale with an asking price in the mid-$70 million range. “The store’s been open five years and it’s been performing very well,” Newmark Knight Frank’s Thomas Dobrowski, who’s leading the team marketing the property, told The Real Deal. The South Brooklyn […] |
| Starwood’s $500M Opportunity Zone fund is buying in LA Posted: 14 May 2019 10:00 AM PDT Starwood Capital Group is taking its Opportunity Zone fund to San Pedro. The Miami Beach-based firm has teamed up with Holland Partner Group on a 375-unit apartment building that Holland is developing at 550 S. Palos Verdes Street in Downtown San Pedro. Washington-based Holland Partner had purchased the 2.5-acre development site in mid-2017 for $24.5 million. The property is expected to be completed next year. Starwood announced the joint venture on Monday. Called 550 Harborfront, […] |
| NAR inks partnership with Crexi Posted: 14 May 2019 08:30 AM PDT A year-and-a-half after the National Association of Realtors’ commercial tech partner, Xceligent, shut down, NAR is partnering with another real estate platform. And it’s not the CoStar Group. NAR, the largest trade association in the U.S. with more than 1.3 million residential and commercial real estate members, finalized an agreement with the Commercial Real Estate Exchange Inc., known as Crexi, according to a release. Crexi is a venture-back commercial real estate marketplace and technology platform […] |
| Trump presidency is not helping business at Trump Tower Posted: 14 May 2019 07:45 AM PDT With most recent condominium sales going for a loss, and with an office vacancy rate twice the Manhattan average, the last few years have not been kind to business at Trump Tower. Enhanced security measures introduced since the beginning of Trump’s presidency, as well as a lack of substantial upgrades and the Trump name itself, have combined to make the Trump Organization’s crown jewel one of Manhattan’s least desirable luxury properties, Bloomberg reported. “I don’t […] |
| Florida Legislature passes bill that could boost foreign investment in real estate Posted: 14 May 2019 07:15 AM PDT The Florida Legislature recently passed a bill that would make remote online notarizations legal, a move that could speed up foreign and out-of-state real estate investment in the Sunshine State. Florida’s House of Representatives and Senate approved House Bill 409, which now heads to Gov. Ron DeSantis’ desk. If DeSantis signs it into law, Florida would become one of only a few states that accepts remote electronic notarizations, joining Virginia, Indiana, Minnesota, Nevada, Texas, Vermont […] |
| Human rights watchdog has FiDi lease denied… by the Chinese government? Posted: 14 May 2019 06:30 AM PDT Human rights watchdog group Amnesty International U.S.A. was ready to join the lower Manhattan office leasing wave — until the Chinese government said no. Amnesty International was about to sign a lease for its new headquarters at 88 Pine Street in the Financial District, also known as Wall Street Plaza, when the landlord informed the organization that the building’s new owner had vetoed the deal, the New York Times reported. “[The landlord’s] response was along […] |
| That was fast: RE/MAX and Redfin put kibosh on lead-referral partnership after 2 months Posted: 14 May 2019 06:00 AM PDT Just two months into a new lead-referral partnership between RE/MAX and Redfin, the deal has already been called off. The reason? Redfin’s announced last week that it is rolling out a pilot program, “Redfin Direct,” according to Inman, which would allow consumers to make direct offers on homes, cutting out buyers’ agents from the process. “That program goes against every value RE/MAX has had for more than 45 years,” RE/MAX CEO Adam Contos said in […] |
| De Blasio donor with ties to JSR’s Jona Rechnitz gets 4 years in prison for NYPD corruption scheme Posted: 14 May 2019 05:30 AM PDT Four months after being found guilty in a corruption scheme involving several police officers and public officials, former Borough Park police liaison and de Blasio donor Jeremy Reichberg has been sentenced to four years in prison, the Wall Street Journal reported. Reichberg’s partner in the scheme, real estate developer Jona Rechnitz of JSR Capital, was a key witness in the trial, having pleaded guilty to honest-services wire fraud in 2016. Reichberg was found guilty on […] |
| Here’s what the $10M-$20M NYC investment sales market looked like last week Posted: 14 May 2019 05:00 AM PDT In the world of New York City’s mid-market investment sales, an apartment complex in Greenwich Village trades hands and Barone Management parted with a portion of its Dyker Heights development site. 1.) Barone Management sold a parcel on 13th Avenue in Dyker Heights to the New York School Construction Authority for $17.5 million, property records show. The plot sits within Barone’s 140,000-square-foot development site at 6301 12th Avenue, which Barone acquired in 2018 for $37.5 […] |
| Ground-up giants: The city’s 30 leading general contractors Posted: 14 May 2019 04:30 AM PDT This month, The Real Deal ranked the top 30 general contractors doing ground-up construction work. Check out the chart below: Source: TRD analysis of initial new building (NB) permits issued between April 1, 2018 and March, 31, 2019, by the NYC Dept. of Buildings. New building construction was ranked by square footage. The data includes work permitted by the DOB and excludes work approved by other agencies. It only includes work where the general contractor is specifically […] |
| New details emerge as Fredrik Eklund’s legal beef with Bob Knakal continues Posted: 14 May 2019 04:00 AM PDT The latest chapter in the legal feud between top brokers Fredrik Eklund, partner John Gomes and Bob Knakal provides a window into how referral business gets done — and how quickly things can fall apart — at the highest echelons of residential and commercial new development. The years-long spat between the trio of star brokers recently spilled out into public view because of a 2017 sales commission at 25 Mercer Street that Warburg Realty’s Ana […] |
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