The Real Deal - New York Real Estate News

Lower East Side retail condo next to Katz’s Deli trades for $89M

Posted: 17 Jul 2019 03:00 PM PDT

A retail condo next to Katz’s Deli on the Lower East Side just traded in a deal with some extra mustard on it. The developers behind 196 Orchard Street, Ben Shaoul’s Magnum Management and Michael Miller’s Real Estate Equities Corp., sold the retail portion of the building to the AR Global affiliate New York City REIT, sources told The Real Deal. The sale price is $88.75 million, which makes it the most expensive deal for […]

Meet Google’s partner on its monster real estate plan for the Bay area

Posted: 17 Jul 2019 02:41 PM PDT

UPDATED, July 17, 6:36 p.m. Eastern: Google has already found a partner for its most ambitious real estate project yet. On Wednesday, Google announced that it has tapped Australia-based construction giant Lendlease to co-develop $15 billion worth of master-planned communities in Silicon Valley. Under the terms of the agreement, Google and Lendlease will redevelop the tech company’s properties in Mountain View, Sunnyvale and San Jose, California, over the next 10 to 15 years. The firms […]

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

Posted: 17 Jul 2019 02:05 PM PDT

Mack-Cali offloads fully leased Paramus office building Garrison Investments and Onyx Equities announced Monday their acquisition of a 373,320-square-foot office building in Paramus, NJBIZ reported. A team from JLL that had previously been at HFF — the two brokerages completed their $2 billion merger on July 1 — represented the seller, Mack-Cali Realty, on the deal. The joint venture between Garrison and Onyx acquired a total of 20 acres — with the potential for future development — at 650 From Road in Paramus. JLL said […]

Here’s what the $20M-$30M NYC investment sales market looked like last week

Posted: 17 Jul 2019 01:15 PM PDT

From an industrial building in Queens to multifamily deals in the Bronx, these were New York City’s investment sales in the $20 million to $30 million range last week. 1. A single-story warehouse plus air rights traded in Long Island City for $25 million, according to Cushman & Wakefield, which represented buyer Alexandria Real Estate Equities in the transaction. The 52,500-square-foot property, located at 47-50 30th Street, was asking $25 million. The site yields 112,200 […]

Foreign investment in US homes plummeted to $78B over the past year

Posted: 17 Jul 2019 12:45 PM PDT

Foreign investment in residential real estate in the U.S. has taken a tumble. Foreign buyers purchased $77.9 billion worth of existing U.S. homes between April 2018 and March 2019, a 36 percent decline compared to the $121 billion recorded the previous year, according to a report from the National Association of Realtors released Wednesday. Buyers from China topped the list, outspending those from other countries for the seventh consecutive year with about $13.4 billion worth […]

Newcastle Realty was repeatedly accused of violating New York’s old rent laws. Now it says it’s leaving New York because of the new rent law.

Posted: 17 Jul 2019 11:50 AM PDT

The president of a real estate company that has been in hot water for allegedly breaking New York’s old rent laws now says her firm will leave the state because of its new rent regulations. Newcastle Realty Services president Margaret Streicker Porres wrote a letter to Gov. Andrew Cuomo on July 12 severely criticizing the recently enacted rent reforms, telling the governor that they are driving her company out of New York. “I will not […]

Manhattan office leasing through May 2019

Posted: 17 Jul 2019 11:15 AM PDT

OFFICE LEASING IN MANHATTAN • Midtown office leasing slowed down in May, totaling 1.25 million square feet, a 32 percent decrease from the month before. The availability rate dropped slightly to 10.6 percent, while the average asking rent fell from the previous month’s high, reaching $87.89. The largest deal in Midtown went to Time Warner Cable, which renewed 106,176 square feet at 1633 Broadway. • Leasing activity in Midtown South continued to climb in May […]

Here are the week’s top luxury sales

Posted: 17 Jul 2019 10:30 AM PDT

Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales.

E-scooters could raise real estate prices, startup executive says

Posted: 17 Jul 2019 10:00 AM PDT

E-scooters could mean a boost in real estate values in congested U.S. cities. This is the assertion of David Richter, the chief business officer at e-scooter startup Lime, which has deployed thousands of scooters in cities across the country. Speaking at a conference hosted by Fortune Tuesday, Richter said that the rise of e-scooters, coupled with an increase in bicycle use and ride-sharing, could drive down traffic from traditional car use. In turn, urban planners […]

EXCLUSIVE: Fifth Wall’s Brendan Wallace on his firm’s $500M tech fund

Posted: 17 Jul 2019 09:00 AM PDT

Brendan Wallace has been everywhere these days. The co-founder and managing partner of Fifth Wall Ventures — a venture capital fund focused on bridging the gap between real estate and technology — has taken up the cause of reviving the beleaguered retail sector. And while he’s been sounding off in the media about the firm’s efforts to pair mammoth retail REITs with innovative tech and online brands, he’s also attracted the attention of the tabloids, […]

“A big, big, big success,” NYC Finance Department says of new system that overcharged building owners on property tax

Posted: 17 Jul 2019 08:15 AM PDT

A new payment system introduced by New York City to streamline property tax payments has instead caused headaches for residents and building owners. The Property Tax System, which is overseen by the city’s Finance Department, overcharged building owners who were eligible for the 421a tax abatement, according to the New York Post. The issue came to light after some owners realized they were incorrectly billed in June. The new system was rolled out at the […]

Real estate tech investor Fifth Wall launches $500M fund

Posted: 17 Jul 2019 07:19 AM PDT

UPDATED, July 17, 12:31 p.m.: Venture capital firm Fifth Wall closed on a $503 million fund focused on investments in real estate technology. Known as Fund II, it is the largest fund launched to date with a focus on real estate technology investment, the firm said Wednesday. In addition to local investors including CBRE, Cushman & Wakefield and Equity Residential, Fifth Wall attracted investors from France, Spain, the United Kingdom, Japan and Singapore. RELATED STORY: Fifth […]

What the industry is saying about the federal rent law challenge

Posted: 17 Jul 2019 06:45 AM PDT

A lawsuit filed late Monday night by the Rent Stabilization Association and the Community Housing Improvement Program comes just one month after Gov. Andrew Cuomo enacted a radical expansion of tenant protections. Since then, everyone with an attorney and a checkbook has been poring over those changes— but the 125-page complaint is the result of many months of research to not just strike the recent amendments to the rent law, but to challenge the very […]

Banks see uptick in mortgages, but remain wary ahead of potential Fed interest rate cut

Posted: 17 Jul 2019 06:00 AM PDT

Spurred by low interest rates, consumers are taking out more mortgages, bolstering the profits of banks’ consumer divisions. But forecasted cuts by the Federal Reserve have Wall Street trading down. Wells Fargo, JPMorgan Chase and Citigroup each recorded a rise in second quarter profits in their consumer divisions, according to the Wall Street Journal. Consumer mortgages originations jumped at each of the banks, as did credit card spending. This was largely driven by low unemployment, […]

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

Posted: 17 Jul 2019 05:30 AM PDT

In what amounts to the largest lease in Northern New Jersey so far this year, Everest Reinsurance has inked a deal for 315,000 square feet at the Warren Corporate Center in Somerset County. The Bermuda-based reinsurance company is set to relocate from its current home at 77 Martinsville Road in Liberty Corner just down I-78 to an 820,000-square-foot, five-building office park in nearby Warren owned by Vision Real Estate Partners and Rubenstein Partners. Samuel Morreale, a […]

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

Posted: 17 Jul 2019 05:00 AM PDT

Among last week’s New York City investment sales, two Greenwich Village apartment buildings got new owners, and a rehabilitated Bushwick building and a Yorkville property sold for roughly $11 million each. Here are the details on the deals made public last week. 1.) Renaissance Properties sold 227 Waverly Place, a six-story rental apartment complex in Greenwich Village, for $17.6 million to an entity called Sinkokigyo K.K., property records show. Renaissance had owned the building since […]

The Closing: Jumaane Williams

Posted: 17 Jul 2019 04:30 AM PDT

Jumaane Williams is New York City’s sixth public advocate, a role that has infuriated many local real estate players since at least 2010 — when the office began publishing its “100 worst landlords” list on Bill de Blasio’s watch. Under Williams, the office will continue to publish the list (with a few potential changes for those who clear their violations) while finding other ways to hold landlords accountable for how they manage their properties. The […]

Meet the landlords trying to dismantle the new rent regulations

Posted: 17 Jul 2019 04:00 AM PDT

One of the landlords suing New York City and a state agency over the state’s new rent law was sued last summer for allegedly violating the state’s rental laws. A pair of tenants sued the Mycak family’s company Vermyck LLC in 2018, accusing the landlord of violating the J-51 program by not providing them a rent-stabilized lease when they moved into 28-30 34th Street in Astoria. Vermyck is now one of the plaintiffs in the […]