The Real Deal - New York Real Estate News

Jerry Wolkoff wants a new industrial building in Edgewood, former newspaper mogul’s Gold Coast mansion seeks $13M & more Long Island real estate news

Posted: 10 Jun 2019 03:30 PM PDT

Wolkoff eyes a 231K sf industrial building in Edgewood Gerald “Jerry” Wolkoff may not be worried about succession planning at his Edgewood-based G&M Realty, but the veteran Long Island developer is hoping to start construction in July on a 231,000-square-foot industrial building at his Heartland Business Center in Suffolk County, Long Island Business News reported. Wolkoff has applied for economic incentives from the Town of Islip Industrial Development Agency to help build the facility on a 20-acre parcel at 80 […]

Durst inks 55K sf of leases at 4 Times Square

Posted: 10 Jun 2019 03:00 PM PDT

The Durst Organization has leased up 55,000 square feet at its office tower at 4 Times Square. Music video hosting service Vevo inked a five-year lease for nearly 38,000 square feet in the 52-story building, the developer announced on Monday. For the past seven years, Vevo has sub-leased the 25th-floor space from law firm Skadden, Arps, Slate, Meagher & Flom. The latest deal represents a direct lease with Vevo. In a separate deal, National Cable […]

Zara Realty buys pair of Queens multifamily buildings for $80M

Posted: 10 Jun 2019 02:30 PM PDT

Zara Realty has purchased a pair of multifamily buildings in Flushing for $80 million, according to property records and sources familiar with the deal. Ken Subraj’s firm bought 140-60 Beech Avenue for $37.5 million, and 140-30 and 140-50 Ash Avenue for $42.5 million from Ilias Theodoropoulos, who has owned the Beech Avenue property since 2005 and the Ash Avenue property since 2008. The neighboring buildings span about 250,000 square feet and contain 266 apartments overall, […]

SoftBank’s hard drive: A by-the-numbers look at Masayoshi Son’s investments

Posted: 10 Jun 2019 01:45 PM PDT

SoftBank, one of the world’s most active investors in real estate startups since Masayoshi Son founded the company nearly 40 years ago, is still plowing ahead full speed. The telecommunications giant, which launched its $100 billion Vision Fund in late 2016, is looking to take the fund public and launch a second one of at least that size, the Wall Street Journal reported last month. Son, 61, has been using the fund — backed by […]

Kushner-backed Cadre raised $90M through anonymous offshore vehicle since 2017

Posted: 10 Jun 2019 01:00 PM PDT

Cadre has long drawn scrutiny for potential conflicts of interest as its co-founder and special adviser to the president Jared Kushner acts as international envoy overseas. A new report from the Guardian raises more such questions about the real estate startup. Since Kushner joined the Trump administration in 2017, Cadre has received $90 million in foreign funding through a Cayman Islands-registered entity run by Goldman Sachs, the publication reported, citing corporate filings and interviews. “It […]

Dan Neiditch was paid $705K by travel group tied to short-term rental scheme at Atelier condo: report

Posted: 10 Jun 2019 12:15 PM PDT

The Atelier, a luxury residential condominium on Manhattan’s Far West Side that has been at the center of an illegal Airbnb rental investigation, reportedly received payments from a travel agency that leased out short-term rentals in the building. Dan Neiditch, who is president of the tower’s condo board, and also runs his own brokerage River 2 River Realty out of the building to attract buyers, received $704,000 in two payments last year from the travel […]

One dead in helicopter crash at 787 Seventh

Posted: 10 Jun 2019 11:40 AM PDT

UPDATED, 4:46 p.m., June 10: A helicopter crash landed on the roof of 787 Seventh Avenue in Midtown Manhattan on Monday afternoon, according to law enforcement officials. The accident killed one person in the privately-owned helicopter, presumed to be the pilot and the only person in the helicopter, but Gov. Andrew Cuomo said that no one in the building was injured. The chopper was used for executive travel, according to Mayor Bill de Blasio. The […]

Brooklyn’s luxury market saw 19 contracts at above $2M last week

Posted: 10 Jun 2019 11:15 AM PDT

There were 19 contracts signed in Brooklyn’s luxury market last week for a total of about $50.3 million. The properties included eight condominiums and nine townhouses, and they went for an average price of slightly less than $3 million, according to the latest report from Stribling & Associates. The firm classifies luxury properties as all homes priced at $2 million or higher. The market was up from the previous week, when it saw 16 contracts […]

These are some of the most notable resi sales in NYC this week

Posted: 10 Jun 2019 10:30 AM PDT

New York City’s residential real estate world recently saw the sale of a record-breaking, nearly $80 million townhouse deal and the U.S. government picking up a penthouse at 50 United Nations Plaza. These are some other top deals that hit public records last week: Source: A TRD analysis of public records filed with the New York City Department of Finance from June 3 to June 7. 1.) Vanity Fair’s former editor officially closed on the […]

Fallen angels: Biker gang clubhouse to be converted to rental apartments

Posted: 10 Jun 2019 09:45 AM PDT

The former clubhouse of the Hell’s Angels will soon be home to well-heeled yuppies paying $3,500 for one of the 22 normal East Village apartments, and the investor is betting the building’s past won’t make a difference to potential 20-something renters. Striking another blow to New York City’s former reputation as a rough-and-tumble metropolis, the motorcycle gang’s storied former headquarters at 77 East Third Street in the East Village formerly known as the “Church of […]

Long Island’s hotel market could be headed for a downturn

Posted: 10 Jun 2019 09:00 AM PDT

The hotel market on Long Island is expected to take a significant downturn in the next four years, becoming one of the worst in the country, according to a new study released by Ten-X Commercial, a real estate sales platform. The company put Long Island in the top three of its list of “sell markets,” Long Island Business News reported. Local hotels had a 75 percent occupancy rate in the first quarter of 2019, up […]

Curtain closes on the Four Seasons at 280 Park

Posted: 10 Jun 2019 08:15 AM PDT

If the Four Seasons can’t make it, who can? That’s the question weighing on the minds of many high-end restaurateurs and landlords following the news that the power lunch institution is going to close for good on Tuesday. The Four Seasons was betting on being able to pull in enough customers to fill their 299-seat dining room, but fell short. Even on the final Saturday the Four Seasons was open, some tables were empty, according […]

There were 20 deals last week in Manhattan’s luxury market: Olshan

Posted: 10 Jun 2019 07:30 AM PDT

Manhattan’s luxury market saw 20 contracts signed last week for a total of about $160 million, according to the latest report from Olshan Realty. It marked the seventh straight week with twenty or more sales. The contracts signed at $4 million or above were split between nine co-ops, nine condos and two townhouses. That was the first time in six years that co-ops caught up with condos sales. Sales volume and dollar volume were both […]

Investment bank takes two full floors at Rockefeller’s 1271 Sixth Ave

Posted: 10 Jun 2019 07:00 AM PDT

Rockefeller Group, which undertook at $325 million renovation of the former Time & Life Building, has signed on a tenant to take the last two full floors of the Midtown tower. Approaching the completion of upgrades on 1271 Sixth Avenue, Greenhill & Co. signed a lease for 78,000 square feet on the 48-story building’s 20th and 21st floors, Crain’s reported. The investment banking firm will relocate from Tishman Speyer’s 300 Park Avenue. The deal follows […]

Rentals reign for Fairfield investors

Posted: 10 Jun 2019 06:15 AM PDT

Multifamily development is dominating the commercial real estate market in Fairfield County, much to the astonishment of some industry veterans. The asset is attracting buyers from as far away as California and the Middle East, many of whom are attracted by the relatively low cost of entry and favorable yields. Moreover, demand for rentals in cities such as Stamford and Danbury is keeping investors interested. That bears out in the numbers. Six of the 10 […]

Uncle Sam buys $16M penthouse at 50 UN Plaza — one flight down from the UK’s pad

Posted: 10 Jun 2019 05:30 AM PDT

The United States is officially an owner at 50 United Nations Plaza. The U.S. Mission to the United Nations picked up a 37th-floor sponsor penthouse at the Turtle Bay tower for $15.85 million, according to a public record posted Friday afternoon. For the full-floor, roughly 5,900-square-foot home, that comes out to $2,689 per square foot. It was not immediately clear if the new purchase was for the same unit Uncle Sam had already been renting, […]

These were the 10 largest Manhattan real estate loans in May

Posted: 10 Jun 2019 05:00 AM PDT

The top 10 Manhattan loans recorded in May totaled $3.41 billion, nearly double the prior month’s total. Two massive office refis totaling $2 billion – and both involving Wells Fargo – accounted for most of that dollar volume. All in all, six of the month’s top ten deals were for the refinancing of office space. 1) The Refinanced Companies – $1.1 billion The Related Companies, in a joint venture with the Abu Dhabi Investment Authority […]

Can eXp’s virtual world work in New York?

Posted: 10 Jun 2019 04:30 AM PDT

In 2015, eXp Realty CEO Glenn Sanford boarded a 43-foot motor coach and set off from Bellingham, Washington, to barnstorm the country. Over the course of 11 months at “lunch and learn” sessions in hotels, country clubs and local Realtor association offices, Sanford pitched brokers in 28 states (and two Canadian provinces) on the benefits of virtual brokerage. When the financial crisis hit, Sanford — known for his soft-spoken and laid-back style in an industry […]

“Lies and deceptions”: Ex-director of REIT company Elevated Returns sues CEO

Posted: 10 Jun 2019 04:00 AM PDT

The former managing director of Elevated Returns, an asset-management company that specialized in single-asset real estate trusts, claims he was fed a “string of lies and deceptions” by CEO Stephane De Baets, who allegedly stiffed him on compensation. In a lawsuit filed in New York’s Supreme Court, Jason Kirschenbaum claims he poured “significant time, resources and his own money” into a partnership with De Baets and Thosapong Jaruthavee, a Thai billionaire also known as “Mr. […]