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The Real Deal - New York Real Estate News |
| AIG looks to sell Downtown headquarters Posted: 28 May 2019 04:30 PM PDT Insurance giant American International Group is looking to sell its Financial District headquarters ahead of a relocation to Midtown. AIG is shopping its 31-story office tower at 175 Water Street for sale with an asking price near $275 million, sources told The Real Deal. As part of a sale, AIG is looking to do a short-term leaseback with the new owner through the end of 2021 as the insurance company relocates offices to the Rockefeller […] |
| Brookfield seeks nearly $80M in tax breaks for 2 Manhattan West Posted: 28 May 2019 03:55 PM PDT It turns out Amazon could end up benefitting from some tax breaks in New York City after all – at least indirectly. Brookfield Property Partners’ Two Manhattan West – where Amazon is reportedly interested in leasing space as part of a requirement for more than 100,000 square feet – is seeking nearly $80 million in real estate tax exemptions, public records show. Brookfield filed an application with the New York City Industrial Development Agency seeking […] |
| Drive-by flipping: Companies hiring Uber drivers to spot homes ripe for sale Posted: 28 May 2019 03:52 PM PDT Hello, your flipper has arrived! Companies on the hunt for houses to flip in Chicago, Atlanta and Charlotte, North Carolina are getting help from an unexpected source — ride-share drivers. Uber and Lyft drivers cruise gentrifying neighborhoods to photograph houses with stacked up mail, abandoned cars in the yard or knee-high grass, all signs of distress that could mean a house is an attractive target for a flip. Some flipping companies pay the drivers up […] |
| Posted: 28 May 2019 03:30 PM PDT Developers set date for $80M Newark ‘Shaq Tower’ opening New Brunswick-based Boraie Development and Newark native and former National Basketball Association superstar Shaquille O’Neal have set June 20 as the date for the opening of their $80 million rental project in downtown Newark, NJ.com reported. The joint venture behind the so-called Shaq Tower, also known as One Rector Street, plans to deliver 168 units and 20,000 square feet of retail space. Studios in the building […] |
| Two Trees lands $85M refi for Dumbo’s 45 Main Street Posted: 28 May 2019 02:43 PM PDT JP Morgan has provided $85 million to refinance Two Trees Management’s office building at 45 Main Street in Dumbo, according to property records. The deal includes a new mortgage for $70 million. JP Morgan did not immediately respond to requests for comment, and Two Trees declined to discuss the financing. The building stands 12 stories tall and spans 475,000 square feet, and Bjarke Ingels’ architecture firm BIG-Bjarke Ingels Group signed a 50,000-square-foot lease at the […] |
| Making music together: Ellen DeGeneres buys Adam Levine’s Beverly Hills mansion Posted: 28 May 2019 02:30 PM PDT Ellen DeGeneres has been garnering more attention for her serious real estate moves than for the dance moves she shows off on her talk show. For her latest deal, DeGeneres and wife, actress Portia de Rossi, have been revealed as the buyers of Adam Levine’s $45 million Beverly Hills mansion, according to Variety. Levine and wife, the model Behati Prinsloo, listed the home for $47.5 million in April, and sold it earlier this month. The […] |
| Posted: 28 May 2019 01:30 PM PDT While Hampton weekenders were enjoying the off season, real estate players were transacting on the East End hospitality scene. And there are a number of new venues in the mix. For starters, Glamping has hit the Hamptons in the form of $300-a-night tents outfitted with stylish couches, books and showers. Last year, the Suffolk County Parks Department issued a request for proposals for a high-end campground — with the goal of drawing campers to a site […] |
| Opportunity Zones are now big business for lawyers Posted: 28 May 2019 01:00 PM PDT While it’s too early to tell whether the Opportunity Zones program will benefit the distressed neighborhoods it was designed to help, the legislation has already been a boon to at least one profession. A growing number of big law firms like Morrison Foerster and K&L Gates are setting “pop up” working groups of tax, real estate, and private funds lawyers to work on Opportunity Zone issues, according to Bloomberg. These law firms have found a […] |
| Deerfield to pay $345M for Aby Rosen’s 345 Park Avenue South Posted: 28 May 2019 12:30 PM PDT Deerfield will pay $345 million for RFR Realty’s 345 Park Avenue South, and it is seeking roughly $97.4 million in city tax breaks for the deal, according to a cost/benefit analysis of the transaction from the city’s Industrial Development Agency. The firm plans to convert most of the space in the 12-story building into lab space for the life sciences industry, which New York has historically had trouble attracting. It should provide the city with […] |
| A Harlem prison with Central Park views is closing down — and developers are ready Posted: 28 May 2019 12:00 PM PDT For decades, white collar criminals and drug offenders have stood atop the Lincoln Correctional Facility and enjoyed sweeping vistas of Central Park. Now, the 72,000 square-foot Harlem prison at 31-33 West 110th Street is set to close — giving developers a rare opportunity to seize a property with Central Park frontage, according to the New York Daily News. “It’s prime, trophy real estate, and it’s exactly what everyone wants,” Mae Bagai, a broker at Sotheby’s […] |
| Posted: 28 May 2019 11:30 AM PDT Billy Joel’s Oyster Bay office available for less than $2K per month The Piano Man’s longtime Oyster Bay office can now be rented for $1,975 a month, according to Newsday. Billy Joel used the space at 34 Audrey Avenue for 15 years before movin’ out in April, the building’s owner Terry Sciubba told the outlet. (Sciubba is also a broker with Sherlock Homes Realty in Sea Cliff.) The structure was built in 1904 and dubbed […] |
| City tapped De Blasio donor to take over foreclosed properties Posted: 28 May 2019 11:00 AM PDT Frank Carone’s RiseBoro Community Partnership and Nancy Lepre’s Avante Contracting were among groups that gave at least $100,000 to political campaigns, including Mayor Bill de Blasio’s presidential campaign, and were chosen to take over properties the City foreclosed on as part of the third-party transfer program. Many of the foreclosures were in gentrifying neighborhoods. Carone holds significant sway over appointments of judges who then hear the foreclosure cases, and can rule in favor of the […] |
| Hotel chains like Marriott are launching new brands. Not everyone is happy Posted: 28 May 2019 10:30 AM PDT Big hotel companies are developing new brands at a fast pace, a strategy that is not sitting well with some property owners. Since 2013, five of the biggest publicly traded hotel operators in the world have launched 16 new brands, including five over the past year and a half, according to the Wall Street Journal. It reflects a push by the big companies to develop new products to market to hotel owners and collect fees […] |
| CompStak opens Chicago office, expands in LA after funding round Posted: 28 May 2019 10:00 AM PDT Fresh off a $12 million funding round, real estate data platform CompStak is in expansion mode, with new offices in Chicago and Atlanta. Along with the additional cities, the company will also expand its footprints in Los Angeles and New York, it announced Tuesday, seeking to bulk up its data exchange program. CompStak Exchange allows brokers, appraisers and data teams to upload property and transaction data to its platform, where it can be exchanged for […] |
| TF Cornerstone lands financing for Pacific Park dev sites Posted: 28 May 2019 09:30 AM PDT M&T Bank loaned nearly $75 million to TF Cornerstone for the developer’s newly acquired Pacific Park sites, according to property records filed with the city on Tuesday. The fee and leasehold mortgage covers two parcels at 595 and 615 Dean Street, about two blocks from the Barclays Center in Prospect Heights. The Elghanayan family’s TF Cornerstone, known for developing properties in Manhattan and Queens, plans to construct two towers on the site that will have […] |
| Savanna in contract to buy Midtown East office building Posted: 28 May 2019 09:00 AM PDT Savanna is in contract to buy a Midtown East office building for more than $180 million. The private equity real estate firm signed a hard contract to buy 360 Lexington Avenue from AEW Capital Management, sources told The Real Deal. The price is in the low $180 million range, or around $720 per square foot. Representatives for Savanna and AEW Capital Management declined to comment. AEW Capital, the real estate investment arm of French investment […] |
| Brooklyn’s resi market saw 20 contracts close above $2M last week: Stribling Posted: 28 May 2019 08:30 AM PDT There were 20 contracts signed in Brooklyn’s luxury market last week for the second week in a row, an indication that the market may have reached a turning point after slowing throughout the year. The properties were worth about $63.6 million overall and were split between 10 townhouses, seven condos and three co-ops. They went for an average price of about $3.2 million, according to the latest report from Stribling & Associates. The firm defines […] |
| Eliot Spitzer’s 420 Kent nabs $386M refi Posted: 28 May 2019 08:00 AM PDT Eliot Spitzer’s Spitzer Enterprises has landed a $386 million refinancing package for its luxury multifamily development at 420 Kent Avenue on the Williamsburg waterfront. The loan came from KKR Real Estate Finance Trust, and Meridian Capital Group negotiated the refinancing, according to Commercial Observer. The large rental project is located on a 2.8-acre site between South 8th and South 9th Streets. It spans 1.5 million square feet and includes three glass towers with 857 units, […] |
| State of the market: Real estate execs talk demand, pricing and more at TRD showcase Posted: 28 May 2019 07:15 AM PDT At The Real Deal‘s 12th annual New York Showcase and Forum, speakers covered everything from shifting political headwinds and Amazon’s cancelled HQ2 plans to co-working‘s ability to withstand a downturn. In between the day’s six panels, TRD interviewed some of the industry’s top brass to talk about the state of the market. To hear their thoughts on demand, pricing and more, watch the video above. |
| Ryan Serhant is heading to LIC Posted: 28 May 2019 06:30 AM PDT Ryan Serhant is heading back to where he started. The top broker and reality television star is returning to Long Island City, where he first cut his teeth in sales, with two new condo projects and plans for a new office. The first is a 109-unit condo called Hero, at 24-16 Queens Plaza South, which will launch sales in June. The project consists of studios, one- and two-bedrooms with prices starting at $500,000, according to […] |
| REITs’ investments in the American mortgage market are skyrocketing Posted: 28 May 2019 06:05 AM PDT Real estate investment trusts are betting big on the country’s mortgage market. REITs that buy residential home loans upped their portfolios of mortgage bonds to $308 billion over the past 12 months through March, an almost 28 percent increase. This was the biggest stockpile in six years, according to the Wall Street Journal, citing data from Inside Mortgage Finance. Most of the growth was driven by Annaly Capital Management and AGNC Investment Corp. REITs have […] |
| There were 23 deals last week in Manhattan’s luxury market: Olshan Posted: 28 May 2019 05:30 AM PDT Manhattan’s luxury market saw 23 contracts signed last week for a total of about $221 million, according to the latest report from Olshan Realty. The contracts included a tie for the most expensive deal of the year so far. The contracts signed at $4 million or above were split between 12 condos, eight co-ops and three townhouses. Sales volume and dollar volume were both down from the week before, when the market saw 27 deals […] |
| After LIC debacle, Amazon sizing up Brookfield buildings for new office: report Posted: 28 May 2019 05:05 AM PDT Amazon isn’t done with New York City quite yet. Months after pulling the plug on a plan to bring part of its second headquarters to Long Island City, the online retail giant is on the prowl for more office space on the west side of Manhattan, the New York Post reported. The company is in talks with Brookfield Properties regarding its newly built One Manhattan West, and nearby Two Manhattan West, which is slated to […] |
| Day in the life of: Marty Reasoner Posted: 28 May 2019 04:30 AM PDT Marty Reasoner spent 15 seasons in the National Hockey League as a forward, where he was one of the guys responsible for getting the puck across the goal line. These days, the retired hockey pro is scoring points in a different arena. A managing partner at middle-market commercial real estate lender ACRES Capital, Reasoner, 42, heads up the firm’s origination business, focusing on building the brand, nurturing relationships and, of course, finding deals. Since he […] |
| Has #MeToo changed real estate? Posted: 28 May 2019 04:00 AM PDT The sexual misconduct allegations against Richard Meier offer a telling case study for the #MeToo movement. In many ways, the mixed messages the case sent is indicative of how the movement has unfolded in the New York City real estate industry over the last year and a half. On the one hand, real estate firms are taking sexual harassment more seriously — not only because they’ve been forced to comply with new legislation, but also […] |
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