The Real Deal - New York Real Estate News

Hurricane Dorian spared South Florida but will still cost developers and contractors

Posted: 03 Sep 2019 02:48 PM PDT

Most general contractors are back to work in South Florida, after securing and shutting down their job sites last week in anticipation of Hurricane Dorian’s arrival. While South Florida escaped the storm’s wrath, developers and contractors saw their costs rise as the days ticked by. The once-Category 5 storm, now a Category 2, devastated the northern Bahamas in recent days, but its core stayed offshore of the United States, bypassing much of the tri-county area. […]

Duplex at the Pierre hits the market again, asking $60M

Posted: 03 Sep 2019 02:00 PM PDT

A duplex at the Pierre may be fit for a princess. But it’s been a hard sell for anyone else. Princess Firyal of Jordan has listed a 14-room duplex, which spans the 30th and 31st floors of the storied co-op at 795 Fifth Avenue, for sale once again. The asking price for the latest listing ⁠— which went live today ⁠— is $60 million. The property first appeared back in 2014 asking $70 million. The […]

Another legal door closes for jilted investor at 111 West 57th Street

Posted: 03 Sep 2019 01:47 PM PDT

Yet another attempt by an investor to reclaim its stake in one of Manhattan’s tallest new towers has been thrown out by a federal appeals court judge. A RICO claim brought by AmBase Corporation against developers and lenders at 111 West 57th was dismissed Tuesday in the United States Court of Appeal for the Second Circuit, court filings show. The under-construction tower, which will stand 1,428 feet above Midtown, is one of three new ultra-thin, […]

Brodsky Org buys rental building from church for $57M

Posted: 03 Sep 2019 01:30 PM PDT

The Brodsky Organization just bought the Morningside Heights property it developed a massive rental building on four years ago. The Cathedral of St. John the Divine has sold 400 West 113th Street to the developer for $57 million, according to property records. Brodsky in 2015 constructed the 15-story, 428-unit rental, Enclave at the Cathedral, that sits on the site. It currently has just two active listings on StreetEasy: a one-bedroom unit for $4,340 per month […]

Fashion designers cancel shows at the Shed because of Stephen Ross’ Trump ties, foreign buyers see big real estate losses: Daily digest

Posted: 03 Sep 2019 12:47 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 in real time, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com This page was last updated at 3:47 p.m. Home price growth is speeding up again, thanks to older millennials. That’s according to data firm CoreLogic, which is predicting an even larger gain for […]

These were the top 10 NYC retail leases in August

Posted: 03 Sep 2019 12:15 PM PDT

Apparel and accessories retailers—from luxury watches to sporting goods—secured a big chunk of last month’s top leases. However, the largest lease last month was inked by a fitness club, gyms being a mainstay on these lists. August’s 10 biggest retail leases made public totaled 291,100 square feet, up 113,500 square feet from July’s total of 177,600 square feet. The largest retail lease in August was inked in Dumbo. The total is also more than double […]

Lawsuit: Pet Smart’s animal excrement is stinking up this $11K-a-month apartment

Posted: 03 Sep 2019 11:30 AM PDT

When a family agreed to pay $11,000 a month for an apartment at 10 Madison Square West in 2017, they could not have imagined that the luxury pad would soon be filled with a mix of toxic smells and gases from animal waste, a new lawsuit claims. Plaintiffs Howard and Meg Kahn, along with their children, now want $3 million in damages. The Kahns and their landlords Cheolsoon and Christina Jang, who rented the apartment […]

The Real Deal’s September issue is now available to subscribers!

Posted: 03 Sep 2019 10:00 AM PDT

The Real Deal’s September 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 package on Fredrik Eklund and John Gomes’ expansion to LA and Miami — and whether their national model can lead the way for the floundering brokerage business – How today’s unprecedented global turmoil is impacting foreign buyers appetite for investment in NYC’s commercial and residential markets – […]

Brookfield lands $184M refinancing for Manhattan West retail

Posted: 03 Sep 2019 09:30 AM PDT

Brookfield Property Partners refinanced the retail at Manhattan West that will be home to Whole Foods and Peloton with a large loan from M&T Bank. Brookfield landed $184 million in financing for the retail at the Far West Side complex, property records filed with the city Tuesday show. Representatives for Brookfield and M&T could not be immediately reached for comment. Whole Foods signed a lease in 2017 for 60,000 square feet at property, and is […]

Harry Black: The developer behind the Flatiron, the Plaza Hotel and One Times Square

Posted: 03 Sep 2019 08:00 AM PDT

In this episode of “People that built New York City,” we travel back to the beginning of the 20th century, when developer Harry S. Black turned his vision into surviving classics of New York’s real estate landscape. Amongst his formidable works are the iconic Flatiron Building, the Plaza Hotel and One Times Square, where the New Year’s Eve ball drop is held. However, the man didn’t live to witness the impact of his legacy. Watch […]

Why high-end inventory has nearly doubled in the Hamptons since 2018

Posted: 03 Sep 2019 04:30 AM PDT

When a seven-bedroom waterfront mansion in Water Mill was listed three years ago, its sellers expected to quickly find a buyer willing to shell out an asking price of $24.75 million. But anyone watching the market knows how this story goes. It took a lot of patience and a price reduction down to $14.5 million to sell the home at 64 Holly Lane, said Sotheby’s International Realty agent Beate Moore, who had the listing. That […]

Real estate on the high seas: A dive into the world of yacht brokerage

Posted: 03 Sep 2019 04:00 AM PDT

Early in August, reports surfaced that luxury developer Miki Naftali was being sued for $725,000 in Florida for allegedly stiffing yacht broker Scott Goldsworthy out of a commission on a deal to buy a megayacht from Italian shipbuilder Baglietto. It was the latest installment in a saga that started with Naftali requesting a declaratory judgement in New York Supreme Court, stating that Goldsworthy wasn’t entitled to a commission in the first place. Understanding the boat […]