The Real Deal - New York Real Estate News

Madison Capital buys Soho building for $206M

Posted: 30 Jul 2019 03:10 PM PDT

A group of investors led by Madison Capital has purchased an office building in Soho for about $206 million, according to property records and sources familiar with the deal. Invesco Real Estate sold the building at 130 Prince Street in a deal brokered by Evan Layne and Brett Siegel of Eastdil Secured. The property spans 88,000 square feet and stands five stories tall. Invesco and Madison did not immediately respond to requests for comment. Invesco […]

De Blasio administration says it financed 25K affordable housing units in fiscal year 2019

Posted: 30 Jul 2019 03:00 PM PDT

Mayor Bill de Blasio’s administration is about 25,000 affordable housing units closer to its goal. The city announced on Tuesday that it had financed 25,299 affordable housing units during fiscal year 2019, bringing its total to 135,437 since 2014. The administration’s goal is to create 300,000 units of affordable housing by 2026. “We are making tremendous progress in our goal to expand affordable housing in our city,” de Blasio said in a statement. The total […]

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call

Posted: 30 Jul 2019 02:35 PM PDT

As the retail apocalypse claims another victim, Vornado Realty Trust may be looking to offload one of its retail properties — or convert another one to offices. Fast-fashion brand Topshop closed all U.S. stores in June, and Vornado was the landlord at both of its New York locations. This put a dent in the firm’s second quarter earnings, and was a topic that came up early and often in Tuesday morning’s earnings call. “Overall, the […]

L+M and Invesco partner to buy 2,800 market-rate apartments

Posted: 30 Jul 2019 02:00 PM PDT

L+M Development Partners and Invesco have partnered to purchase a 2,800-unit portion of the Putnam portfolio from Brookfield Asset Management and Urban American for $1.2 billion. Ron Moelis’ L+M made the purchase through its workforce housing fund, a multi-investor development fund to target affordable development, according to the Wall Street Journal. “We think it’s a significant win for the City of New York and existing residents, and it happens to be completely aligned with the […]

Former Glenwood employee claims she was fired after rejecting supervisor’s sexual advances

Posted: 30 Jul 2019 01:30 PM PDT

A former part-time employee at Glenwood Management claims she was denied a full-time position and then fired from the company because she rejected her boss’ sexual advances. Karla Guzman Pinales filed a lawsuit against Glenwood and her former supervisor, Juan Montero, alleging that she was eventually fired after reporting instances of sexual harassment and after refusing Montero’s advances. Pinales worked at several Glenwood buildings, including the Tribeca Bridge Tower, Paramount Tower, the Lucerne and the […]

Retail landlords turn to e-sports, Amazon eyes Queens warehouse: Daily digest

Posted: 30 Jul 2019 01:00 PM PDT

Every day, The Real Deal rounds up New York’s biggest real estate news. We update this page at 9 a.m., 12:30 p.m., and 4 p.m. ET. Please send any tips or deals to tips@therealdeal.com This page was last updated at 4:00 p.m. Compass is back in the IPO spotlight. In an interview on CNBC’s Squawk Box, company boss Robert Reffkin during an interview acknowledged the likelihood of an IPO, but said thanks to patient […]

Billionaires’ rule the world, NYC real estate edition

Posted: 30 Jul 2019 12:30 PM PDT

As the overall luxury real estate market has sagged in New York City, the billionaire set is still on the make, sending handlers to scout out penthouses and townhouses and finalizing transactions left and right. Here’s a look at some key numbers surrounding the set of buyers who make top NYC developers and high-end sellers salivate. And for more on NYC’s billionaire buying frenzy read the full story here. 2,604 The number of billionaires worldwide […]

After $370M funding round, Compass back under IPO spotlight

Posted: 30 Jul 2019 12:00 PM PDT

After raising another $370 million, the only thing standing between Compass and an IPO is time. The New York-based brokerage — now valued at $6.4 billion — announced its latest round Tuesday, eliciting a new round of speculation as to when it may go public. Robert Reffkin, CEO and co-founder of the firm, acknowledged Tuesday that going public was in the cards. “Look, we’re likely going to have an IPO,” he said during an interview […]

Fire, flood and profit: Real estate investors are chasing crises

Posted: 30 Jul 2019 11:30 AM PDT

In the wake of natural disasters, some real estate investors are finding opportunity for profit. So-called “disaster investors” are buying up properties damaged by floods, wildfires, hurricanes and other catastrophic events — and flipping them for a gain. The practice is becoming increasingly common as the number of natural disasters climbs in the U.S, the Wall Street Journal reported. Last year saw the fourth-most natural disasters since 1980, causing an estimated $1 billion in damages, […]

The Daily Dirt: Compass brokers promise to not bring trade secrets with them

Posted: 30 Jul 2019 08:00 AM PDT

Compass keeps getting accused of stealing from its competitors. The company has a policy that might help combat such claims. New hires at Compass are required to sign an agreement stating that they won’t bring proprietary or confidential data over from their old firms, Erin Hudson reports. While a rarity among real estate brokerages in New York, such agreements are commonplace in Silicon Valley. Tech start-ups and other companies looking to rake in venture capital often […]

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Posted: 30 Jul 2019 07:30 AM PDT

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Corcoran begins new lead-gen push via Facebook ads

Posted: 30 Jul 2019 06:45 AM PDT

UPDATE Tuesday, July 30, 1:02 p.m.: The Corcoran Group is officially embracing lead generation. The brokerage is launching an exclusive partnership with Swedish firm AdFenix beginning August 1 that will automatically create Facebook ad campaigns for every new listing on Corcoran’s website, and use an algorithm powered by artificial intelligence to target potential homebuyers. Agents will also gets ads for themselves and their teams through the partnership, which is entirely paid for by Corcoran. Through […]

Tribeca Associates acquiring Midtown South’s historic Textile Building

Posted: 30 Jul 2019 05:45 AM PDT

Could this be the final curtain for the showrooms at Midtown South’s famed Textile Building? The company that’s owned 295 Fifth Avenue in one form or another for nearly 100 years is in contract to sell the ground lease on the historic building that’s home to more than 150 textile showrooms, sources told The Real Deal. Manhattan Properties Company is selling the leasehold on the 20-story building fronting the full block along Fifth Avenue between […]

REBNY attempts to guide landlords through changes to rent law

Posted: 30 Jul 2019 05:00 AM PDT

As landlords wait on the state to provide additional guidance on changes to the rent law, the Real Estate Board of New York has issued new guidelines that reflect some of these reforms. On Monday, REBNY released a new lease template for its members, partially in response to the new rent law, dubbed the Housing Stability and Tenant Protection Act of 2019. The template reflects new limits on security deposits and fees landlords can charge […]

Who are Jeff Bezos’ new neighbors?

Posted: 30 Jul 2019 04:30 AM PDT

Developer Robert Gladstone’s luxury condo 212 Fifth Avenue got a major boost last month when Amazon CEO Jeff Bezos closed on an $80 million deal for three units in the building. The day news of the sale broke, Madison Equities, Gladstone’s firm, declared the 48-unit building completely sold. Property records show that condos in the building were priced from $3.7 million — for a two-bedroom on the 12th floor — to $51.5 million for the […]

Elegran revealed as creator of fake building websites

Posted: 30 Jul 2019 04:00 AM PDT

Top executives of Elegran Real Estate are the masterminds behind a sprawling network of copycat lead-generation websites, an investigation by The Real Deal has found. When TRD first exposed a sprawling network of sites for New York luxury residential buildings in May, the identity of those operating the websites remained a mystery thanks to domain registration privacy services. The sites, masquerading as the official websites for high-end developments such as the Time Warner Center, The […]

Compass valued at $6.4B after Series G

Posted: 30 Jul 2019 03:20 AM PDT

Compass just added $370 million to its coffers. The New York-based brokerage announced the Series G on Tuesday, which sources said values the company at $6.4 billion, up from $4.4 billion after the prior funding round. Founded in 2012, Compass has now raised more than $1.5 billion from investors to date. The latest round — which the company said would further its tech investments — includes a mix of new and prior investors including SoftBank’s […]