The Real Deal - New York Real Estate News

On Long Island, home prices jump in June

Posted: 15 Jul 2019 03:00 PM PDT

Home prices rose last month on Long Island as the number of pending home sales dipped and inventory has continued to rise. The median closed sale price climbed to $405,125 in Suffolk County, up 8 percent from June 2018, according to Newsday, which cited data from the Multiple Listing Service of Long Island. While Suffolk’s luxury market has recently sagged, demand for affordably priced homes in Suffolk has surged, experts said. “I’ve been working with […]

Prologis in talks for giant warehouse portfolio, after Blackstone’s monster deal

Posted: 15 Jul 2019 02:30 PM PDT

Prologis is in advanced talks to acquire a $4 billion warehouse portfolio, a month after getting outbid by Blackstone in a far larger industrial deal. Investors are increasingly drawn to warehouse properties, which attract major e-commerce firms, and are typically shielded from drastic market swings. In the fourth quarter of 2018, warehouse vacancy rates were at 7 percent, the lowest point since 2000, during the dot-com boom. This portfolio, Industrial Property Trust, spans 37.6 million […]

Jeffrey Epstein will stay in jail for now as judge postpones decision on bail

Posted: 15 Jul 2019 01:30 PM PDT

Financier Jeffrey Epstein will have to sit in jail until later this week to find out if he can serve under house arrest at his $77 million Upper East Side mansion while he awaits trial on federal sex trafficking charges. Epstein had a bail hearing on Monday, during which a federal judge said he needed more time to make his decision on the matter of bail, according to the Associated Press. He will remain in […]

This Westchester development site just hit the market seeking nearly $30M

Posted: 15 Jul 2019 01:00 PM PDT

A limited liability company has hired Paul Massey’s B6 Real Estate Advisors to market a commercial building and a 16,610-square-foot lot two blocks from the New Rochelle train station in Westchester County. The move comes amid a surge of development in New Rochelle, a New York City suburb that earlier this month announced plans for Westchester’s largest new hotel in 20 years. Thomas Donovan, a former vice chairman of capital markets at Cushman & Wakefield, is […]

These real estate execs are donating big this campaign season

Posted: 15 Jul 2019 12:00 PM PDT

As the campaign season heats up, a preliminary list of second-quarter Federal Election Commission contributions reveal a number of real estate executives and developers made donations of varying amounts. The Real Deal gathered the data from the FEC’s website and ordered the donations by dollar amount, from highest to lowest. The data does not include state and local contributions, and only captures donations filed before Friday, July 5. The final deadline to file donations is […]

Hispanic buyers prop up U.S. housing market

Posted: 15 Jul 2019 11:15 AM PDT

A sluggish housing market is receiving a much needed jolt from Hispanic first-time home buyers. The homeownership rate for Hispanics grew more during the past several years than for any other race or ethnic group, including whites, according to the Wall Street Journal. Since 2015, overall homeownership rate has risen 3.3 percentage points. During the past decade, Hispanics made up 63 percent of new U.S. homeownership, despite only accounting for 18 percent of the total […]

NYC’s top rent-stabilized apartment owners

Posted: 15 Jul 2019 10:30 AM PDT

With Albany rendering rent-regulated apartments radioactive in New York, The Real Deal ranked the players who own the most of those suddenly less-desirable units. Check out the list below and read the full story on the pummeling the industry took in the state’s capital here. Blackstone Group Total rent-stabilized units: 11,807 Biggest rent-stabilized property: Stuyvesant Town in Manhattan with 8,659 regulated units LeFrak Total rent-stabilized units: 9,891 Biggest rent-stabilized property: LeFrak City in Corona, Queens […]

Fort Greene townhouse tops Brooklyn luxury sales last week

Posted: 15 Jul 2019 09:35 AM PDT

A restored 1850s townhouse in Fort Greene topped Brooklyn’s luxury residential sales last week. The six-bedroom property, which asked $3.9 million, was one of 15 contracts signed between July 8 and July 18, according to the latest Compass report. The sales were worth a combined total of $38.9 million. The market was up from the previous week, when 9 contracts were signed for a total of about $24.8 million. The second most expensive contract was […]

Harry Macklowe’s brother Lloyd has sold his Fifth Avenue co-op for $5M

Posted: 15 Jul 2019 09:00 AM PDT

Art world power couple Lloyd and Barbara Macklowe have sold their Fifth Avenue co-op, according to property records. The brother of Harry Macklowe and his wife sold their unit at 900 Fifth Avenue for $5.35 million. The unit contained one of the top collections of French art nouveau furniture and Tiffany lamps, according to a 2015 Wall Street Journal piece on the home. It spans 2,580 square feet and contains three bedrooms. Harry Macklowe and […]

Locals had a dark nickname for Jeffrey Epstein’s Caribbean island

Posted: 15 Jul 2019 08:30 AM PDT

Jeffrey Epstein liked to call his Caribbean island of Little St. James Little St. Jeff’s. Locals gave it another, far darker name: “Pedophile Island;” and sometimes, “Orgy Island.” The financier, who has been charged with trafficking girls as young as 14, would come to his island as an escape from his daily life, according to Bloomberg. A former employee told the site that he would host young women on the island and bring them over […]

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Posted: 15 Jul 2019 07:45 AM PDT

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Brookfield’s Staten Island Mall anchor tenant, Sears, is closing up shop

Posted: 15 Jul 2019 07:00 AM PDT

Sears’ well-publicized struggles have reached Staten Island. The famed retailer served as an anchor tenant at the Staten Island Mall for 46 years but will close for good in mid-September, according to the Staten Island Advance. Sears had announced in October that it filed for Chapter 11 bankruptcy and would be closing multiple stores but said at the time that the Staten Island location would stay open. After its acquisition of General Growth Properties, Brookfield […]

Not a single Manhattan resi property above $10M went into contract last week

Posted: 15 Jul 2019 06:30 AM PDT

Manhattan’s luxury market once again saw only nine contracts signed last week, this time for a total of $51.25 million. That continued the drastic slowdown from last week, which followed 10 straight weeks of 20 or more sales, according to Olshan Realty. The contracts signed at $4 million or above were again split between seven condominiums and two co-ops. Sales were the same as the week before, while dollar volume dropped slightly from about $53.9 […]

Con Ed still searching for answers in Manhattan blackout

Posted: 15 Jul 2019 06:00 AM PDT

The cause of Saturday’s Manhattan blackout is still up in the air. Engineers examined power equipment on Sunday to figure out what sparked the massive blackout, with Con Edison focusing mainly on a transmission substation in Midtown that was de-energized on Saturday night prior to the power outage, according to the Wall Street Journal. It will likely take several days to determine the cause, but officials have ruled out a cyber attack, a terrorist attack […]

These are the most notable luxe residential sales around NYC this week

Posted: 15 Jul 2019 05:30 AM PDT

Some pretty luxe residential deals have popped up in New York City’s property records over the past couple of weeks, as buyers looked to save some money ahead of the July 1 imposition of new mansion and transfer taxes. One Real Housewife sold her long-time home for $4 million. After sitting on the market for four years, a penthouse at 1110 Park Avenue finally sold, albeit it at a 50 percent discount. And developer William […]

How Anna Karlin designed the interiors of Extell’s One Manhattan Square

Posted: 15 Jul 2019 05:00 AM PDT

When Anna Karlin set out to design the interiors of Extell Development’s One Manhattan Square, she immediately dove into the buyer pool at the $1.9 billion condominium project. “The design process for a project like this is that I will develop the characters first,” she said. “So we made sure that we really went quite deep into the character development of who lives in each apartment. And then the design follows really easily from that.” […]

Real estate’s rent law reckoning: Who’s getting hit hardest, and who’s escaping New York?

Posted: 15 Jul 2019 04:30 AM PDT

Before climbing into bed on June 11, Robert Nelson found himself bracing for a “horror show.” The leaders of the state Senate and Assembly had just announced that they’d reached an agreement to radically tilt rent regulations in favor of tenants, curbing how landlords in the city could increase rents on roughly 1 million stabilized apartments. “My heart dropped. I was in disbelief,” Nelson said. “That was a really poor night’s sleep. I don’t think […]

Go big or go home? Why small hotel development in NYC may be a thing of the past

Posted: 15 Jul 2019 04:00 AM PDT

The M1 Hotel Text Amendment adopted by City Council last December, which requires a special permit for the construction of hotels in most light manufacturing zones, was widely expected to have a chilling effect on hotel development in New York City. Six months down the line, those predictions appear to have been validated – at least for certain segments of the market. An analysis by the The Real Deal of Department of Buildings filings for […]