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| Manhattan hotel at center of 1MDB fraud case lands $615M refinancing Posted: 05 Jun 2019 03:34 PM PDT Deutsche Bank and JPMorgan have loaned the Witkoff Group and his investment group $615 million to refinance the Park Lane Hotel, a Manhattan icon that’s linked to one of the biggest global fraud cases in history. The loan includes a small amount of new financing and replaces Wells Fargo as the agent, according to property records. Representatives for the Witkoff Group could not immediately be reached for comment. Dustin Stolly and Jordan Roeschlaub at Newmark […] |
| Your move, Senate: Cuomo dares legislators to pass rent reform bills Posted: 05 Jun 2019 03:20 PM PDT Gov. Andrew Cuomo said in a statement Wednesday that he is ready to sign all nine rent regulation reform bills — if the state Senate can just agree on them. “The senate said yesterday that they have the votes to pass the nine rent reform bills,” the governor said. “If they do not pass the bills today it means they cannot, and New Yorkers should know the respective positions so we can pass a new […] |
| New Zealand’s richest man buys condo at Ziel Feldman’s the XI Posted: 05 Jun 2019 02:35 PM PDT The richest man in New Zealand is buying a pricey pad at HFZ Capital Group’s “the XI,” a boost to a high-stakes project where sales are said to be slow. Private equity executive Graeme Hart, who has a reported net worth of more than $7 billion, is in contract for a $34 million penthouse at the property, the Wall Street Journal reported. If it closes at asking price, the five-bedroom, 5,783-square-foot unit will have gone […] |
| Posted: 05 Jun 2019 02:30 PM PDT Wilton agency joins HomeServices as broker consolidation comes to Connecticut Berkshire Hathaway HomeServices New England, New York and Westchester Properties has snapped up Wilton-based real estate firm Realty Seven, which was founded in 1978. As part of the merger, Realty Seven’s 22 agents will join Berkshire Hathaway. In a statement, Realty Seven owner and broker Peg Koellmer called the merger “the best opportunity to provide our team the resources and support to take client services […] |
| Estée Lauder chairman puts Manhattan home on market for $45M Posted: 05 Jun 2019 01:30 PM PDT Estée Lauder’s executive chairman has listed his Manhattan home for $45 million. William Lauder, grandson of the global cosmetics company’s founders, Estée Lauder and Joseph Lauder, bought the property at 778 Park Avenue in 2007 for $27.5 million, the Wall Street Journal reports, and brought in an architect to redesign it. The space is on the 14th floor of a co-op building and is more than 6,300 square feet with 14 rooms, including six bedrooms, […] |
| These were NYC’s top office leases in May Posted: 05 Jun 2019 01:00 PM PDT No particular sector dominated the NYC office leasing scene last month with large leases inked by everything from health insurers to law firms to online retailers. All in all, May’s top office leases made up more square footage than April’s. The top 10 totaled 2 million square feet, significantly more than in the previous month, which totaled 1.5 million square feet. However, the total still doesn’t quite measure up to May of last year, about […] |
| Yippee-ki-yay, Bruce Willis again cuts ask for $12M Westchester estate Posted: 05 Jun 2019 12:30 PM PDT Hollywood star Bruce Willis and his wife, model and actress Emma Heming, have lowered the asking price on their 22.6-acre Westchester County estate from $9.5 million to almost $8.7 million, LoHud reported, citing data from a local multiple listing service. The $9.5 million price tag on the nearly 9,000-square-foot mansion at 340 Croton Lake Road near Bedford Corners itself is a $3 million price chop from the $12.95 million that the property sought in January. Willis […] |
| Architect behind One Vanderbilt snags $5M condominium a few blocks away Posted: 05 Jun 2019 12:05 PM PDT The architect behind the One Vanderbilt skyscraper has locked down his own pad a short walk away. James and Alison von Klemperer picked up a 1,650-square-foot sponsor unit at HFZ Capital Group‘s 16 West 40th Street for $4.85 million, property records filed Wednesday show. The deal prices out to about $2,939 per square foot. An email sent to Kohn Pedersen Fox, the architectural firm of which James von Klemperer is president and design principal, was […] |
| CRE scorecard: New York City investment sales through March 2019 Posted: 05 Jun 2019 11:15 AM PDT INVESTMENT SALES IN MANHATTAN AND BROOKLYN Manhattan investment sales ended a three-month slide in April with $1.42 billion in deals recorded, a 30 percent increase from March but still 41 percent below the 12-month average. The month’s top sale went to Greystar, the country’s largest apartment manager, which picked up Equity Residential’s 800 Sixth Avenue rental tower for $240 million. Brooklyn’s investment sales market slowed down in April, with recorded deals totaling $496 million — […] |
| Here’s what the $10M-$20M NYC investment sales market looked like last week Posted: 05 Jun 2019 10:30 AM PDT New York City’s mid-market investment sales ran the gamut last week, from an athletic center in Bayside to a three-story office building in the East Village. Here are some of the sales made public from May 28 to 31. 1.) The Cofinance Group picked up 137 Second Avenue in the East Village for $18 million, said Bunny Escava of KSR NY, who brokered the sale with KSR’s Jeffrey Znaty and Ally Dayon for both parties. […] |
| A powerful New York hotel union is going to back de Blasio’s presidential bid Posted: 05 Jun 2019 10:00 AM PDT Mayor Bill de Blasio’s presidential campaign may not have much support from the real estate industry, but at least one powerful union wants him to get the nation’s top job. The New York Hotel Trades Council plans to endorse de Blasio for president in an event at its midtown headquarters on Wednesday afternoon, according to Politico. It will be the first union endorsement de Blasio’s campaign receives. His first endorsement came from the mayor of […] |
| REBNY is donating more than ever. But so are its independent-minded constituents Posted: 05 Jun 2019 09:30 AM PDT After midterm elections led to the ouster of many of the Real Estate Board of New York’s favorites in the State Senate, the industry’s trusty political lobbying arm is playing catch up to influence the Assembly ahead of the June rent laws showdown in Albany. And the trade group appears to also be jockeying with its own constituents for a seat at the negotiating table. Campaign finance records show that REBNY has donated at least […] |
| Is Purplebricks being sold? A German company just bought millions of shares for a few dollars Posted: 05 Jun 2019 09:00 AM PDT Purplebricks, the flailing U.K.-based brokerage that has pulled out of Australia and is reviewing its U.S. operations, may have just received a lifeline. Axel Springer, the German media company behind Business Insider, said Monday that it would buy 43.7 million shares, doubling its stake in the company to 26 percent, according to Inman. In announcing the investment, which it paid a few dollars to executives for, Alex Springer said Purplebricks is a “the hybrid real […] |
| Institutional buyer bags North Jersey apartment complex for $59M Posted: 05 Jun 2019 08:15 AM PDT A garden-style apartment community in Union County was sold Monday in a $58.5 million deal, GlobeSt first reported. The sale of the 232-unit New Providence Gardens was brokered by Livingston-based brokerage Gebroe-Hammer Associates, which said an unidentified institutional buyer had acquired the complex from a private investment group. The property at 43 Gales Drive in New Providence, built in 1951 and proximal to the 109,000-square-foot, Acme Market-anchored Village Shopping Center, is also located less than […] |
| Kushner Cos. pays $39M for Soho retail condo, continuing buying spree Posted: 05 Jun 2019 07:30 AM PDT Kushner Companies has acquired a Soho retail condominium, continuing a buying spree that includes a major residential portfolio last month. Kushner paid $39 million for the 31,500-square-foot space at the base of 285 Lafayette Street, according to the New York Post. The deal pencils out to around $1,400 a square foot on a blended average. The seller was Ashkenazy Acquisition Corp. and Centurion Realty, which broke even on the sale. Ashkenazy Acquisition and Ralph Tawil’s […] |
| Cuomo’s office questions whether Senate Democrats have votes for rent reform bills Posted: 05 Jun 2019 06:48 AM PDT State Senate Democrats who said Tuesday they have enough votes to pass a series of rent-reform bills were met with skepticism by the governor — and condemnation by Republicans. A spokesperson for Gov. Andrew Cuomo’s office told Politico that “a legislative body has the votes for a piece of legislation when they pass the bill. If the senate has the votes, they should pass the bills today.” New York’s rental laws are set to expire […] |
| Puerto Rico’s governor touts $120M deal, OZs to hotel investors Posted: 05 Jun 2019 06:15 AM PDT Puerto Rico Gov. Ricardo Rosselló is trying to entice investors to the island’s hotel sector with a flagship $120 million deal and new tax credits. On the second day of New York University’s International Hospitality Industry Investment Conference, Rosselló spoke to hundreds of attendees about tax credits and how private development can piggyback off of federal aid money that the island will receive as it recovers from the aftereffects of Hurricane Maria in 2017. “We’re […] |
| Financier Philip Falcone sells UES townhouse for record $80M Posted: 05 Jun 2019 05:47 AM PDT UPDATED, 1:15 p.m, June 6: Another month, another record luxury real estate sale in New York. Financier Philip Falcone and his wife have sold their Upper East Side townhouse for $80 million, according to the Wall Street Journal. The double-wide property, which the couple purchased in 2008 for $49 million, has reportedly undergone a massive renovation that expanded the property to 30,000 square feet, and added a swimming pool and move theatre to its basement. […] |
| North Jersey gems — a look at the top 10 priciest listings on the market Posted: 05 Jun 2019 05:00 AM PDT In New Jersey, you go big or go home. High-end house hunters looking for ample amounts of green space and close proximity to Manhattan are still heading to the Garden State, even if sales fell 4 percent in the North Jersey suburbs during the first quarter of 2019, according to a Rand Realty market report. The residential brokerage attributed the decline in deluxe home trades to low inventory and the ongoing effect of the state […] |
| Why CEO churn in the resi business is hitting new highs Posted: 05 Jun 2019 04:30 AM PDT As the housing market nationwide sputters along, many real estate firms are accelerating deal flow in one key area: their C-suites. Since the start of last year, more than a dozen newly minted chief executives have seized control of the country’s largest residential companies, and some like Keller Williams’ Gary Keller and Zillow Group’s Richard Barton are taking a second shot at the job. At Realogy — the massive brokerage conglomerate that’s seen its market cap […] |
| The state of new development, according to those who build and sell it Posted: 05 Jun 2019 04:00 AM PDT Prices in the luxury market are slipping, inventory levels are swollen, and Amazon has turned its back on Queens. But despite these challenges, the New York new development market is still ripe for opportunity, according to top executives who live, breathe, build and sell it. At The Real Deal‘s 12th annual showcase, developers MaryAnne Gilmartin and Michael Shvo were joined by architect Vishaan Chakrabarti and brokerage boss Elizabeth Ann Stribling-Kivlan on a panel to discuss […] |
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