The Real Deal - New York Real Estate News

Shuttered co-living company inks deal to hand over lease agreements

Posted: 01 Aug 2019 03:33 PM PDT

Just a few days after abruptly closing its doors, co-living start-up Bedly has inked an agreement for another company to take over some of its sublease agreements. Brooklyn-based Outpost Club will take over some of Bedly’s lease agreements at its Manhattan and New Jersey properties, the companies announced on Thursday. Bedly founder Martin Greenberg indicated that similar second deal at its other properties will be announced soon. The value of the agreement was not made […]

Move over Mountain of Beverly Hills, spec home developer lists “Malibu Series” portfolio for $500M

Posted: 01 Aug 2019 03:00 PM PDT

Scott Gillen has spent the past few years developing uber-luxury homes in Malibu, most of them on spec. Now, Gillen is putting 13 of those properties together, listing them as a single collection, dubbed “The Malibu Series.” Asking price for the lot? Half a billion dollars. Or, an average of around $38 million per home. It seems an odd time to list so many ultra high-end homes as a single portfolio, when the luxury market […]

Editor’s Note: August, Amazon and Arkansas

Posted: 01 Aug 2019 02:30 PM PDT

Summer is that time of year when New York is the most unloved. Many flee the city for any nearby body of water or spend weeks abroad in far-flung capitals. Manhattan can feel deserted, and the asphalt and concrete can seem endless, baking under the hot sun with no breeze. Assuming you’re reading this reclining in a deck chair or sprawled out on a towel in the sand, I’ll start off with some lighter beach […]

Lead-gen brokerage Elegran goes after Compass in new lawsuit

Posted: 01 Aug 2019 01:59 PM PDT

UPDATED, Thursday, August 1, 5:39 p.m.: The long list of lawsuits against SoftBank-backed tech brokerage Compass now has one more entry. The latest legal challenge comes from a fellow “tech-centric” brokerage, New York-based Elegran Real Estate, whose executives were found this week to be behind a massive network of knockoff building websites. The lawsuit, which Elegran filed on Wednesday against Compass and one of its former leasing managers, Zino Angelides, comes with a laundry list of […]

Michael Shvo gets zoning for 200-foot South Beach tower

Posted: 01 Aug 2019 01:30 PM PDT

New York developer Michael Shvo has obtained the zoning to build a 200-foot-tall tower in South Beach, and now another hotelier wants to get in on the action. On Wednesday, the Miami Beach City Commission unanimously approved an ordinance that will allow ground floor additions up to 200 feet tall for properties more than 115,000 square feet in size that are located between 16th and 21st streets along Collins Avenue in the Architectural Historic District, […]

Sam Chang picks up Chinatown parcel, Epstein’s plot for a baby-making ranch: Daily digest

Posted: 01 Aug 2019 01:00 PM PDT

Every day, The Real Deal rounds up New York’s biggest real estate news, from breaking news and scoops to announcements and deals. 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 p.m. Yass Queens: Corcoran opens first borough outpost The Corcoran Group opened a new office in Long Island City — a “strategic decision” based […]

Welcome to Queens: Corcoran opens first borough outpost

Posted: 01 Aug 2019 12:00 PM PDT

The Corcoran Group has planted its flag in Queens with the opening of an office in Long Island City. Led by president and CEO Pamela Liebman, Corcoran launched its new location at 47-34 Vernon Boulevard on Wednesday. The office will staff about 10 permanent agents. Liebman said in a statement that opening an office there was a “strategic decision” based on growing buyer demand for homes in the neighborhood. Corcoran’s new office is on the […]

Developer seeks $40M for Opportunity Zone site in downtown Newark

Posted: 01 Aug 2019 11:30 AM PDT

Less than two years after acquiring a 0.62-acre site in downtown Newark, a developer has tapped Meridian Capital Group to market it as a multifamily investment in one of the city’s many Opportunity Zones. An investment sales team led by David Schechtman, a senior executive managing director at Meridian, is advising Lakewood, New Jersey-based Acier Holdings as it seeks $40 million for the redevelopment site at 289-301 Washington Street. The 594-unit project, known as The Halo, will include […]

The Daily Dirt: Real estate and interest rate cuts

Posted: 01 Aug 2019 10:45 AM PDT

The Fed cut rates for the first time in a decade. Here’s what it means for real estate. For the first time since the 2008 financial crisis, the Federal Reserve on Wednesday reduced interest rates “in light of the implications of global developments for the economic outlook as well as muted inflation pressures,” the Federal Open Market Committee said in a statement. (Translation: The cut aims to help soften the blow of the U.S.-China trade […]

The Real Deal‘s August issue is now available to subscribers!

Posted: 01 Aug 2019 10:00 AM PDT

The Real Deal’s August issue is now live, and digital subscribers are getting the first look at what’s inside. Subscribers now have access to stories including: – Our cover story on the trouble that NYC’s most important construction lender, Bank OZK, is facing – The unvarnished first-person accounts of how six residential players are dealing with the new (and unprecedented) financial squeezes in the market – The copycat investments the Blackstone Group’s $19 billion e-commerce […]

WeWork’s Adam Neumann solicits offers for building he leases to his own $47B company

Posted: 01 Aug 2019 09:15 AM PDT

Adam Neumann (the WeWork landlord) is going to find out out how much a building mostly leased to Adam Neumann (the WeWork CEO) is worth. In an effort to avoid potential conflicts of interest ahead of parent firm the We Company’s debut on Wall Street, Neumann is putting a property that he owns as a personal investment in Greenwich Village up for sale on the open market, sources told The Real Deal. The 11-story building […]

Saudis backed Colony Capital’s digital infrastructure deal, says report

Posted: 01 Aug 2019 08:40 AM PDT

Colony Capital reportedly partnered up with a sovereign wealth fund from Saudi Arabia as it sought to invest in digital infrastructure after the 2016 presidential election. The investment firm’s founder and CEO, Thomas Barrack, is a longtime friend and supporter of President Donald Trump, having served on his transition team, as well as an advocate of strengthening relations between the kingdom and the U.S. Following the 2016 election, Bloomberg reports that Colony partnered with another […]

BHS’ top Downtown agent jumps to Compass

Posted: 01 Aug 2019 07:45 AM PDT

Fresh off a $370 million funding round, Compass has hired Brown Harris Stevens’ top Downtown broker. Rachel Glazer and her four-person team have joined the SoftBank-backed firm and will work out of the 110 Fifth Avenue office starting today, the company said. As BHS’ top Downtown broker for several years running, Glazer consistently sells between $80 million and $100 million a year, Compass said. She logged $92.8 million in sales in 2017, according to research […]

Here are the week’s top luxury sales

Posted: 01 Aug 2019 07:30 AM PDT

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

Here are Amazon’s current office and warehouse holdings in NYC — and where it could set up shop next

Posted: 01 Aug 2019 06:30 AM PDT

New York City real estate was bombarded with Amazon news this July, heating up speculation over the e-commerce behemoth’s plans for the city in the wake of its Long Island City debacle. As it stands, Amazon has reportedly been eyeing three prominent office properties in Manhattan for further expansion, as well as at least two new industrial sites in Brooklyn and Queens. This map shows how those new possibilities fit into the company’s existing New […]

“Like TurboTax”: Nestio launches online leasing

Posted: 01 Aug 2019 05:30 AM PDT

The idea of renting an apartment with the click of a button just got a little more real. Residential listings startup Nestio — which provides real-time inventory management to big landlords — is rolling out an online leasing platform for renters, the company announced Wednesday. Dubbed “Funnel by Nestio,” the mobile-first tool automates the application for prospective renters by giving them a link that they can use to plug in their bank information — and […]

Trouble in the land of OZK: Why NYC’s most important construction lender may be on shaky ground

Posted: 01 Aug 2019 05:00 AM PDT

As Bank of the Ozarks’ private jet lifted off from Little Rock, Arkansas, Dan Thomas geared up for another day of dealmaking. As vice chair of the bank, he oversaw one of the country’s largest construction lending operations and had become a financial messiah for major condo developers in New York, Los Angeles and Miami. Seated shoulder to shoulder with him that morning was his boss, George Gleason. Over 14 years, the duo had built […]

Charted: How real estate stocks have performed so far this year

Posted: 01 Aug 2019 04:30 AM PDT

On Wednesday, the Fed announced it would lower interest rates for the first time since 2008. The announcement, which experts predict could make real-estate deals more profitable, followed a strong year to date for stocks in the sector. By mid June, a quarter of the 32 real-estate companies on the S&P 500 were reportedly trading at their highest levels in the past year. In July, after Federal Reserve Chairman Jerome Powell hinted at a possible […]

Fredrik Eklund and John Gomes dish on their plans for LA — and NYC

Posted: 01 Aug 2019 04:00 AM PDT

The rumor mill has been working overtime when it comes to Fredrik Eklund’s recent move to Los Angeles. Is he over the crazy pace of New York life? Is he Douglas Elliman’s not-so-secret weapon for growth in California? Season 8 of “Million Dollar Listing New York,” which debuts tonight, promises to reveal some of the pushes and pulls behind Eklund’s transition to West Coast life. But the most significant conversations about the decision — and […]