The Real Deal - New York Real Estate News

Exiled Chinese billionaire’s $300M lawsuit dismissed

Posted: 09 Oct 2019 03:26 PM PDT

A judge dismissed a $300 million lawsuit against Chinese developer SOHO China and principal Shiya Pan, according to court documents filed today. New York Supreme Court Judge Paul Goetz dismissed a complaint brought by Guo Wengui, an exiled Chinese billionaire and real estate developer who alleged he had been unjustifiably sued by Soho two years ago. The judge found no indication that the 2017 lawsuit had been “perversely utilized” by Soho for any other goal

Workable City, Rabina Properties pick up Greenpoint loft complex for $33M

Posted: 09 Oct 2019 03:20 PM PDT

A Greenpoint loft complex that had long been known for building violations traded hands for $33 million. Workable City Development and Rabina Properties partnered to buy 239 Banker Street, securing $24 million in financing from M&T Bank, according to property records filed with the city Wednesday. The four-story, 69-unit rental complex had once been a factory and was illegally converted into apartments. Josh Rabina, president of the family-run investment and development firm Rabina Properties, confirmed

Whistleblower lawsuit accuses carpenters’ union of brushing off claims of corruption, fraud

Posted: 09 Oct 2019 02:00 PM PDT

A former investigator with the New York City District Council of Carpenters claims he was fired after complaining about selective investigations of corruption in the union. Peter Marsalisi, who worked as a senior investigator with the union’s inspector general’s office, claims that union officials discouraged him from investigating certain cases “involving fraud, corruption and criminal activity.” For the union, which has been under federal supervision for more than 20 years, the inspector general’s office is

Here’s what the $10M-$30M NYC investment sales market looked like last week

Posted: 09 Oct 2019 01:00 PM PDT

Commercial condo units changed hands at a medical building in Midtown, and Toby Moskovits moved forward with her first project in the South Bronx. Here are the two New York City mid-market investment sales that were made public last week. 1. The medical company Surgicore purchased five commercial condo units at 305 East 47th Street in Turtle Bay for $17 million, according to property records. The firm bought the Manhattan properties from Thorne Lau Chin

Kuwaiti royal was defrauded of $160M investment in Mountain of Beverly Hills: lawsuit

Posted: 09 Oct 2019 12:00 PM PDT

The drama surrounding the 157-acre Mountain of Beverly Hills didn’t end when the land was sold in foreclosure for a fraction of its sky-high asking price. Now, the interior minister of Kuwait has filed suit, claiming he was defrauded out of a $163 million investment in the property by its former owner. Khaled Al-Sabah alleges that Victorino Noval — who owned the Mountain before it was seized in foreclosure — duped him into thinking he

Manhattan foreclosures soar 118%, driven by mortgage defaults

Posted: 09 Oct 2019 11:15 AM PDT

Residential foreclosures in Manhattan and Staten Island are skyrocketing — but the other boroughs are having better luck. Foreclosures in Manhattan and Staten Island saw 118 percent and 183 percent year-over-year increases, respectively, during the third quarter, according to a new report from PropertyShark. Even though the increase by percentage in Manhattan was very sharp, the increase by raw numbers was more modest. The borough saw 48 property foreclosures during 2019’s third quarter, up from

NYC is banking on Common to deliver affordable beds

Posted: 09 Oct 2019 10:30 AM PDT

New York City is jumping into bed with two co-living firms to build affordable housing. The city’s Department of Housing Preservation and Development said Tuesday it will work with Common and Atlanta-based PadSplit — along with each firm’s development partner — to create co-living units. The announcement is the result of a pilot program HPD launched last year, dubbed ShareNYC, offering developers public funds to create income-restricted units in co-living buildings. HPD selected three proposals

The Daily Dirt: Changes to rent law raise concerns at Nooklyn

Posted: 09 Oct 2019 08:15 AM PDT

A change to the state’s rent law has raised some questions about a brokerage’s financial health. In response to New York’s new rent stabilization law — which caps rental application fees at $20 — Nooklyn made a few changes. For one, the startup brokerage cut its fees from $100 to $9.29. To make up for this loss in revenue, Nooklyn also chopped brokers’ commissions and implemented a longer payment schedule. Though brokerages across the city

Trump’s tax returns, Amazon gets into proptech: Daily digest

Posted: 09 Oct 2019 06:18 AM 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 9 a.m. Produced by Sabrina He President Trump faces another hurdle in shielding tax returns. A federal judge in Manhattan rejected the president’s defense that he is immune from criminal investigation. Prosecutors are seeking eight years of tax returns

These highly leveraged real estate firms could feel the squeeze in a downturn

Posted: 09 Oct 2019 04:30 AM PDT

To back its risky instant home-buying program, Zillow Group opened two credit lines with Credit Suisse and Citibank over the past 14 months totaling $1 billion. The revolving debt pushed the Seattle-based company’s borrowing to a record level as its earnings fell nearly 75 percent in the first half of 2019 to just above $26 million. Zillow then doubled down last month, when its executives announced plans to sell $1.1 billion in corporate bonds to

More rent-law fallout: Landlords back off “absentee” tenants

Posted: 09 Oct 2019 04:00 AM PDT

Cases brought against rent-stabilized tenants who allegedly live elsewhere have become a thing of the past. The reason is the new rent law, according to its proponents and critics alike. Rent-stabilized apartments are required to be a primary residence. But enforcement is largely left to landlords, who can go to court to evict a tenant not living in a unit full-time. Landlords’ reward was a 20 percent rent increase and the chance to make renovations