The Real Deal - New York Real Estate News

Pied-à-terre tax to make a return in Albany, lawmakers say

Posted: 11 Sep 2019 03:57 PM PDT

Manhattan State Sen. Brad Hoylman is not backing down. Months after a tax on second homes was shot down amid fierce opposition from the real estate industry and concerns over how it would jive with the city’s property tax system, the senator says he’s committed to making the so-called pied-à-terre tax viable. “It’s still of great interest I think to my colleagues. I’m continuing to carry it,” he said. The bill is currently in committee […]

Industry City rezoning to proceed, WeWork boss Adam Neumann’s worth has plummeted: Daily digest

Posted: 11 Sep 2019 03:19 PM PDT

Every day, The Real Deal rounds up New York’s biggest real estate news. 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 6:19 p.m. The controversial rezoning of Industry City is set to get a greenlight. Brooklyn Councilmember Carlos Menchaca has reportedly reached a deal with the complex’s landlord, which is a partnership between Jamestown, Belvedere Capital and Angelo […]

WATCH: Inside the nearly completed 3 WTC

Posted: 11 Sep 2019 03:15 PM PDT

 A person standing on the 76th-floor terrace of 3 World Trade Center can see four states, at least three bridges and Larry Silverstein’s new apartment at 30 Park Place (sort of). The 5,300-square-foot terrace is 934 feet above ground and is up for grabs to whoever takes the attached 31,000-square-foot office space. One World Trade Center looks almost close enough to touch from the tower’s tallest terrace, which also provides a panoramic view of […]

At the Desk of: Rafael de Cárdenas

Posted: 11 Sep 2019 03:00 PM PDT

Architect Rafael de Cárdenas’ Noho office is carefully curated and seems more spacious than its 2,000 square feet. A selection of plants and art populate the chic three-room studio space occupied by his 10-person firm Architecture at Large at the iconic Cable Building, which sits at 611 Broadway and was designed by McKim, Mead & White. De Cárdenas, who founded the firm in 2006, started his career in fashion, designing men’s clothing for Calvin Klein, […]

On anniversary of 9/11, the World Trade Center office market is now helping propel Downtown

Posted: 11 Sep 2019 02:06 PM PDT

After the devastation of the Sept. 11 attacks, it was years before the city and developers could break ground on the 16-acre site. In the ensuing 18 years, the complex has come to include a memorial, museum, park, transportation hub, retail hub and office towers, most prominently 1 World Trade Center. The development process continues today, helped in part by the continued success of the Downtown office market. The skyscraper at 5 WTC has been […]

“If you want to evict your tenant, shut your mouth!”: How upstate landlords are navigating the new rent law

Posted: 11 Sep 2019 01:20 PM PDT

Landlords across New York are grappling with the effects of the new rent law, but upstate property owners don’t feel a particular kinship with their downstate counterparts. At a packed session on the new rent laws in a Utica casino this week, legal experts explained the new framework to apoplectic upstate landlords and reviewed their plan to counteract the new law with a legal challenge of their own. But the session also highlighted the tension […]

El Ad, Peebles land $450M condo inventory loan for Tribeca’s Clock Tower conversion

Posted: 11 Sep 2019 12:12 PM PDT

The developers behind the condominium conversion of Tribeca’s historic clock tower building landed a large inventory loan to cover the project’s unsold units. Mack Real Estate Credit Strategies provided a $450 million loan to the sponsors behind the conversion of 108 Leonard Street — a partnership between the El Ad Group and the Peebles Organization — sources told The Real Deal. Representatives for El Ad, Peebles and Mack could not be immediately reached for comment. […]

Inside billionaire Ken Griffin’s massive Palm Beach holdings

Posted: 11 Sep 2019 11:40 AM PDT

Hedge funder Ken Griffin’s recent $99 million purchase of a Palm Beach estate highlighted his insatiable appetite for ultra-luxury homes, but it also added to his growing collection of properties in one of South Florida’s glitziest towns. The deal brings the Citadel founder and CEO’s total investment in Palm Beach — an 18-mile long barrier island — to at least $350 million. Citadel is headquartered in Chicago but Griffin has strong ties to South Florida. […]

The Daily Dirt: Stellar’s role in NYC’s Opportunity Zones

Posted: 11 Sep 2019 10:45 AM PDT

This area of Hell’s Kitchen was one of many locations that Stellar Management lobbied to become an Opportunity Zone last year. It also sticks out. Census tract 135, which runs from West 50th Street to West 58th Street and from 10th Avenue to the Hudson River, doesn’t scream low-income and undercapitalized. The area’s mean household income was nearly $112,000 as of 2017, according to Census Bureau data. The neighborhood is also home to several luxury […]

Corcoran’s Charlie Attias jumps to Compass

Posted: 11 Sep 2019 09:30 AM PDT

Fall is the season of change and Charlie Attias is turning over a new leaf. The longtime broker at the Corcoran Group has jumped to Compass. His agent page has been removed from Corcoran and is now live on the VC-brokerage’s site. Attias did not respond to requests for comment. Attias speaks four languages and is known for representing overseas buyers. He’s handled transactions at lofty addresses including the Plaza Private Residences and closed $91 […]

Brodsky lands $144M BNY construction loan for Pacific Park building

Posted: 11 Sep 2019 09:25 AM PDT

The Brodsky Organization landed more than $140 million in construction financing from Bank of New York Mellon to develop of one of the Pacific Park apartment buildings it snapped up last year. The bank provided Brodsky with $144 million to develop the 336-unit rental building at 662 Pacific Street, property records filed with the city Wednesday show. A representatives for Brodsky was not immediately available for comment and a spokesperson for BNY declined to comment. […]

Here are the week’s top luxury sales

Posted: 11 Sep 2019 08:30 AM PDT

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

The Closing: Larry Silverstein

Posted: 11 Sep 2019 07:45 AM PDT

Larry Silverstein (photo by Max Dworkin) Just over 10 years ago, Larry Silverstein, president and CEO of Silverstein Properties, closed on the then-largest real estate transaction in the city’s history: a $3.25 billion, 99-year leasehold on the Port Authority’s 10.6 million-square-foot World Trade Center site. Seven weeks later, the buildings were destroyed in the Sept. 11 terrorist attacks, and Silverstein has spent the better part of the past decade focused on the rebuilding. His 52-story, […]

What Greenwich broker David Ogilvy learned at the dinner table growing up

Posted: 11 Sep 2019 07:00 AM PDT

In Greenwich, perhaps no name has been as synonymous with the luxury real estate market as David Ogilvy, the head of David Ogilvy & Associates, which he founded in 1985. The broker made headlines for closing the record-setting $120 million sale of Connecticut’s Copper Beech Farm in 2014. But the times, they are a-changin’, and amidst much consolidation of resi brokerages nationwide, Ogilvy announced in July that he would be selling his firm to Sotheby’s […]

Steve Mnuchin’s 740 Park pad just got another price cut

Posted: 11 Sep 2019 05:30 AM PDT

U.S. Treasury Secretary Steven Mnuchin has slashed the price of his family’s 6,500-square-foot luxe co-op on the Upper East Side to $27.5 million. Mnuchin put the home, located at 740 Park Avenue, on the market a year ago for $32.5 million. In January, the listing took an initial price cut down to $29.5 million. Warburg Realty and listing agents Judy Kloner and Carol Lederman declined to comment. An inquiry to Mnuchin’s press team was not […]

WATCH: Mary Ann Tighe on rebuilding Lower Manhattan after 9/11

Posted: 11 Sep 2019 05:00 AM PDT

CBRE tri-state CEO Mary Ann Tighe recalls running into Larry Silverstein on the evening of Sept. 11, 2001 and rebuilding Lower Manhattan following the terrorist attacks during a recent interview with The Real Deal‘s Hiten Samtani.

Tallying NYC’s top commercial lenders in a shaky market

Posted: 11 Sep 2019 04:30 AM PDT

In January, French investment bank Natixis agreed to provide a $95 million loan for 500 North Michigan Avenue, a 24-story office building on Chicago’s Magnificent Mile. The deal would be a relatively small notch in the belt for a commercial lender with increasing clout in major U.S. markets. But weeks later, the bank walked back its offer — a puzzling move in an industry where being able to deliver loans is crucial to reputation. Then […]

Meet the 400 landlords that are taking rent laws into their own hands

Posted: 11 Sep 2019 04:00 AM PDT

As bleary-eyed risk takers tried their luck on slot machines and blackjack tables at an Upstate New York casino on Tuesday morning, nearly 400 of the state’s landlords gathered across the hall, making a gamble of their own. Crammed into the Turning Stone Resort Casino’s sparkling Oneida conference room, the landlords and their representatives met to discuss the state’s radically shifted rent laws at an event called “Unify Upstate Landlords.” Albany-based trade group New York […]