The Real Deal - New York Real Estate News

After failing to meet his own deadline, Queens council member returns thousands in real estate donations

Posted: 19 Aug 2019 02:37 PM PDT

Council member Jimmy Van Bramer says his campaign cut checks to various developers and landlords on Monday, following criticism that he hadn’t lived up to his promise to return thousands in donations from the real estate industry. In a tweet on Monday afternoon, Van Bramer — who plans to run for Queens borough president — said he returned thousands of dollars worth of donations from developers and included images of four cashier checks. The checks […]

The Airbnb crackdown continues: City targets three more buildings

Posted: 19 Aug 2019 02:00 PM PDT

The city’s crackdown on Airbnb has claimed three more Manhattan buildings. The city hit the trio of buildings and their landlord with a lawsuit on Monday over allegedly using Airbnb to advertise illegal short-term rental units in the properties, located at 54 West 39th Street, 208 West 30th Street and 62 Grand Street. Landlord Slavik Gofman runs the corporate entities that control all three buildings, according to the suit. Gofman and his companies formed at […]

Rotem Rosen seeks $103M from Tamir Sapir’s estate

Posted: 19 Aug 2019 01:01 PM PDT

Five years after his death, the family of real estate mogul Tamir Sapir is fighting over his fortune. Rotem Rosen — Sapir’s former son-in-law — is seeking $103 million for his work on behalf of the family’s real estate empire, according to court documents, which cite a “falling out” between Rosen and Alex Sapir, his former business partner, brother-in-law and executor of Tamir Sapir’s estate. Rosen, who was once CEO of the Sapir Organization, claims […]

Silverstein sells part of ABC campus, FiDi condo glut is dragging prices down: Daily digest

Posted: 19 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 4:00 p.m. Silverstein is selling part of the ABC Campus. Taconic Investment Partners is paying approximately $220 million for the properties at 125 West Side Avenue, […]

The Real Deal’s Summer Tri-State issue is live for subscribers!

Posted: 19 Aug 2019 12:00 PM PDT

The Real Deal’s Summer2019 Tri-State issue is now live, and digital subscribers to TRD are getting a first look at what’s inside. Subscribers now have access to the following stories: — Our cover story on the much ballyhooed upcoming opening of the American Dream mega-mall in East Rutherford, NJ. — Our deep dive into the plans New York landlords are making to chase higher cap rates up in Northern New York, and why eviction laws and local activism on rent […]

The construction giants catching a Windy City windfall

Posted: 19 Aug 2019 11:00 AM PDT

Two of Chicago’s leading developers and contractors teamed up in late April to break ground on one of the city’s biggest projects. Executives from JDL Development and Power Construction joined local officials and industry insiders at the former site of Holy Name Cathedral’s parking lot — which JDL is turning into the massive mixed-use development project One Chicago. Prepared remarks could be faintly heard over the din of heavy machinery beginning work on the planned […]

Families that made New York City: The legacy of the Rockefellers

Posted: 19 Aug 2019 07:45 AM PDT

Watch the video above for the pilot episode of The Real Deal’s “Families that made New York City” series, where we revisit the history behind the city’s most iconic properties. In this episode, we take a look at America’s first billionaire, John D. Rockefeller, and his descendants, detailing how — and to what extent— they have shaped New York City. Voice-over by Adam Pogoff

The economy may be starting to slow. Real estate is taking notice

Posted: 19 Aug 2019 05:15 AM PDT

The yield curve inversion and threats of an escalating trade war recently sent markets into a tizzy last week. If those economic jolts are going to hit the real estate industry hard, it largely hasn’t happened yet. But that doesn’t mean there aren’t red flags waving in the wind and questions over long-term growth aren’t lurking in the background. “This is the tenth inning of a nine-inning game,” Time Equities Chairman and CEO Francis Greenburger […]

Brokers vs. the market: Six resi players on navigating NYC’s new battlefield

Posted: 19 Aug 2019 04:30 AM PDT

It’s been a difficult few years for the New York City residential brokerage world. Tech pressures have risen, venture capital-backed competitors have stormed the market, and profit margins have been paper-thin. But that already hard environment has grown even more difficult in the last few months. In June, Albany passed the most sweeping package of rent-regulation reforms in recent memory — a move that was billed as a way to ease the affordable housing crisis […]

These resi brokers killed it during a historic month for NYC luxury real estate

Posted: 19 Aug 2019 04:00 AM PDT

UPDATE Monday August 19, 2019, 5:59 p.m.: June was the best month for New York City’s luxury market in… maybe ever! Over 600 homes traded at over $2 million during the month, as buyers and sellers rushed to complete deals before a series of new taxes kicked in on July 1. To determine which brokers worked around the clock and made a killing, The Real Deal crunched the numbers on the 25 biggest resi deals […]