The Real Deal - New York Real Estate News

South Fork homes take nearly $20M in price cuts, billionaire halts construction on Southampton estate & more Hamptons real estate news

Posted: 05 Jul 2019 03:00 PM PDT

Water Mill, Southampton homes take roughly $10M price cuts The waterfront Listowel Estate in Water Mill has listed for $29.5 million after first coming on the market for $39 million in June 2017, according to the New York Post, which also noted that another Southampton home has had its price cut down to $28 million after first listing for $37 million last September. Listowel Estate, located at 258 Horsemill Lane, has a 12,000-square-foot home sitting on […]

In Beverly Hills, $30M bought David Geffen 1 acre — and a mansion blueprint

Posted: 05 Jul 2019 02:00 PM PDT

Another mega mansion may in the works now that entertainment mogul David Geffen has purchased one of the last buildable lots in Beverly Hills’ so-called “Billionaires Row.” Geffen paid $30 million for a 1-acre property that first listed for $39 million about a year ago, according to the Los Angeles Times. The property offers sweeping views, from Downtown to the Pacific Ocean. It sits among some of the more extravagant spec homes in Beverly Hills […]

Investors bet on restaurants’ move to delivery-only

Posted: 05 Jul 2019 12:15 PM PDT

Startups are trying out a new model for restaurants in the age of food delivery: shared kitchens in warehouse spaces with limited storefronts. The move could solve a quandary that has long plagued the restaurant industry: profit margins for delivery are thin, and restaurant space comes at a premium. But scrapping space for dine-in eaters and instead focusing on delivery only would allow restaurants to save on rent and meet growing delivery app demand. Some […]

Nike loses $1M grant for Arizona factory after recalling controversial sneaker

Posted: 05 Jul 2019 11:35 AM PDT

A new Nike factory in Arizona has become a pawn in a footwear controversy that’s dividing local politicians. After Nike heeded pitchman and former NFL quarterback Colin Kaepernick’s request to nix the new Air Max 1 USA sneaker, a Fourth of July-themed shoe, the company’s recently-approved $185 million factory in Goodyear, Arizona got dragged into the controversy, Reuters reported. The state’s Republican governor Doug Ducey, who vehemently opposed Nike’s decision to backtrack on its shoe […]

Ready, set, sell: Brooklyn design firm debuts showcase in East Hampton home

Posted: 05 Jul 2019 11:00 AM PDT

In an effort to show off its services for the real estate community on Long Island’s East End, ASH NYC, a design firm based in Brooklyn, staged a showcase of its work in a modern East Hampton home currently on the market at nearly $3.5 million. There are scheduled showings, but no regular Hamptons hours, ASH NYC’s director of staging Andrew Bowen told 27east. He added that a public viewing will hopefully lead to more business […]

Private developer’s NYCHA project in Mott Haven lands $79M in financing

Posted: 05 Jul 2019 10:30 AM PDT

A NYCHA program’s supportive housing project in the Bronx has landed more than $79 million in financing. The money is divided between about $1.5 million from the Breaking Ground Housing Development Fund Corporation, $2.7 million from the New York State Homeless Housing and Assistance Corporation, and $75 million from the New York City Housing Development Corporation, according to property records. The Homeless Housing and Assistance Corporation and HDC did not respond to requests for comment. […]

Massive NorCal property spanning 50k acres hits market

Posted: 05 Jul 2019 10:00 AM PDT

A massive ranch property in Northern California has hit the market for $74 million, making the the Mountain of Beverly Hills’ 157 acres still on the market look like a putting green. But unlike that development site, this 50,500-acre property is an active working ranch owned by N3 Cattle Company, according to the Wall Street Journal. It spans four counties and about 40 miles east of Oakland, and is home to 1,500 cows and 200 […]

Toll’s David Von Spreckelsen on landing Rem Koolhaas’ OMA

Posted: 05 Jul 2019 09:30 AM PDT

David Von Spreckelsen is the head of Toll Brothers City Living, the urban arm of the national homebuilder Toll Brothers. The company is currently selling out seven buildings in New York, including 91 Leonard, 55 West 17th Street and the 140-unit block-through site at 121 East 22nd, which sits at the corner of 23rd and Lexington Avenue. The last of those buildings officially opened last month and is currently selling units for between $1.7 million […]

Head of Deutsche’s I-banking arm to step down

Posted: 05 Jul 2019 09:00 AM PDT

The head of Deutsche Bank’s investment-banking arm is stepping down in what appears to be the beginning of a major shakeup at the embattled German bank. Deutsche Bank announced in a statement Friday that Garth Ritchie will leave the bank at the end of the month, Bloomberg reported. Ritchie, 51, took over as head of the investment-banking division last year, but during that time he was the subject of criticism. He and another Deutsche board […]

The city wants to transform old oil tanks into a waterfront park. Here’s why this architecture firm says oyster beds are a better alternative

Posted: 05 Jul 2019 08:00 AM PDT

Time is running out for a plan that would turn 10 idle oil tanks into oyster beds and a performance space on the Brooklyn waterfront. So far, the plan has had little traction with city officials, who are set to demolish the tanks by the end of the year. The demolition will allow the city to build a 30-acre waterfront park in Greenpoint and Williamsburg — a compromise reached with the community after a rezoning […]

Landlords take another hit: Cuomo signs expanded Loft Law

Posted: 05 Jul 2019 07:00 AM PDT

Tenants notched yet another victory at the end of June when Gov. Andrew Cuomo signed legislation to expand protections for tenants living in industrial spaces. The Loft Law, first enacted in 1982, required landlords of neglected properties in Lower Manhattan to bring their buildings up to code and convert them to regulated housing rather than kick out the artists who were already there when the surrounding area became desirable. Now, the law applies to industrial […]

NYC developer looks to double down on WWE’s new Connecticut home

Posted: 05 Jul 2019 06:00 AM PDT

The WWE could be getting some company at its new Stamford headquarters. Peter Duncan of Manhattan-based George Comfort & Sons sees the looming relocation of wrestling empire to the former UBS headquarters as the jumping off point for bigger plans. George Comfort became managing partner of the property last year following the $33 million sale of 677 Washington Boulevard in December 2017 to Beverly Hills-based AVG Partners. George Comfort took on operating and leasing responsibilities […]

New rents laws mean big changes for some brokers in the multifamily biz

Posted: 05 Jul 2019 04:30 AM PDT

With New York’s new rent laws jolting the real estate business, commercial and residential brokers that focus heavily on multifamily properties are feeling the pressure and quickly changing tactics. Two brokers, speaking on the condition of anonymity, singled out Rosewood Realty Group and Ariel Property Advisors as firms that could be hit especially hard by the host of new tenant protections — as both have been entrenched in areas with a heavy supply of rent-stabilized […]

Here’s what the $10M-$20M NYC investment sales market looked like last week

Posted: 05 Jul 2019 04:00 AM PDT

Multifamily investment sales in Manhattan and Brooklyn comprised last week’s mid-market investment sales, per records filed with the New York City Department of Finance. An entity linked to Blackstone Real Estate Advisors parted with 266 East 78th Street, a 16-story, 17-unit rental apartment building near Second Avenue in the Upper East Side, for $19.7 million. The property spans about 22,800 square feet, pricing the deal at roughly $866 per square foot. The buyer was another […]