The Real Deal - New York Real Estate News

Square Mile lends $430M on redevelopment of FiDi office tower

Posted: 03 Oct 2019 02:40 PM PDT

The team redeveloping the 1980s-era Guardian Life building in the Financial District into modern offices plans to start construction next week after landing $430 million in financing. The Gural family’s GFP Real Estate, Northwind Group and TPG Real Estate Partners closed on the construction loan with Square Mile Capital, the developers told The Real Deal. “We have always believed in the re-emergence of Downtown as a place where leading tenants want to be,” GFP co-CEO

Harry Macklowe just got $192M closer to building his Midtown skyscraper

Posted: 03 Oct 2019 01:51 PM PDT

Harry Macklowe just landed a massive refinancing package for his massive Midtown skyscraper plans. The octogenarian’s company Macklowe Properties landed a roughly $192 million refinancing from Fortress Investment Group for three parcels at 17 East 47th Street, 5 East 51st Street and 12 East 52nd Street, according to property records. The 51st Street and 52nd Street parcels are part of the assemblage Macklowe has been putting together for an office building dubbed “Tower Fifth” that

Meeting-space companies banking on New York, landlord accused of beating tenant with cane amid racist rant: Daily digest

Posted: 03 Oct 2019 11:45 AM 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 2:45 p.m. Meeting-space companies are banking on New York. British company Etc.venues is taking 30,000 square feet at 601 Lexington Avenue as part of an expansion into New York’s

WeWork’s landlords buckle up

Posted: 03 Oct 2019 11:00 AM PDT

For New York City landlords needing a quick fix to fill empty office space, WeWork has been a go-to tenant for years. Now, with the office-space company in turmoil, those property owners suddenly feel a lot less secure. Some are turning to WeWork competitors to line up options in the event they need to suddenly fill space. “Many conversations are high-level,” said Katharine Lau, senior director of real estate at Industrious, an office-space company that

The Daily Dirt: Inside the Corcoran “hack”

Posted: 03 Oct 2019 08:15 AM PDT

Companies typically keep broker splits under wraps. A recent leak offered a rare look into how one of the city’s biggest firms pays its brokers. Last month documents detailing broker splits, marketing budgets and gross commission income were leaked to every Corcoran Group agent. Reporters E.B. Solomont and Erin Hudson took a deeper look at the materials, which Corcoran claimed had been hacked and were inaccurate. (The reporters kept names out of it and focused on

Here are the week’s top luxury sales

Posted: 03 Oct 2019 07:30 AM PDT

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

Virtual firm eXp jumps into iBuying craze

Posted: 03 Oct 2019 06:21 AM PDT

Virtual brokerage eXp Realty is getting into the instant-homebuying game. The fast-growing firm said Thursday it will join the ranks of Redfin, Zillow, Keller Williams and Opendoor by offering sellers the chance to instantly offload their property to buyers. Through Express Offers, eXp agents will submit properties “to a number of institutional buyers,” the company said. The program is available in California, and eXp said it plans to open in 10 more states by the

How rent control battles are playing out across the US

Posted: 03 Oct 2019 05:30 AM PDT

Days before Christmas in 2016, Karen Harvey was making plans for the holiday with her daughter when a piece of paper slid under her apartment door. It was an eviction notice. Harvey and 200 other tenants in Philadelphia’s Penn Wynn apartment complex were told they would have to be out by March. “I was crushed. I felt like I’d been kicked in the face,” said Harvey. “The prospect of having to move in three months

These were the top 10 NYC retail leases in September

Posted: 03 Oct 2019 05:00 AM PDT

On the NYC retail leasing scene last month, gyms and restaurants continued to secure some of the largest deals in town, accounting for four of the 10 spots on this list. The top dog, however, was Ikea’s first Queens location, which beat out the next largest lease by more than 100,000 square feet. September’s 10 biggest retail leases made public totaled 187,900 square feet, down 35 percent from August’s total of 291,100 square feet. The

Panic at Prodigy

Posted: 03 Oct 2019 04:30 AM PDT

In 2011, Rodrigo Niño was weighing his own mortality. The real estate executive, originally from Colombia, had been diagnosed with stage three melanoma. After two surgeries, his only choice, he later recounted in a heavily produced video, was to “venture into the unknown.” Niño, who is tall and thin with wavy gray hair, flew to Peru and traveled into the jungle, where he spent two weeks taking ayahuasca, a traditional brew and spiritual medicine known

De Blasio official thinks rent board will be kinder to landlords

Posted: 03 Oct 2019 04:00 AM PDT

A de Blasio administration housing official seemed to speculate Wednesday that the city will approve larger rent increases than in the past to compensate for rent-limiting changes to state law. Louise Carroll, commissioner of the city’s Department of Housing Preservation and Development, said small rent increases allowed by the city’s Rent Guidelines Board — which even froze regulated rents for two consecutive years — aren’t an indication of how it will act going forward. “It’s