The Real Deal - New York Real Estate News

SoftBank looks to take over WeWork, NYC investigates WeLive: Daily digest

Posted: 14 Oct 2019 03:25 PM PDT

Every day The Real Deal rounds up New York’s biggest real estate happenings, from breaking news and scoops to announcements and deals. We update this page throughout the day, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com. This page was last updated at 6:25 p.m. Adobe is expanding to 109,000 square feet at 1540 Broadway. The software company renewed its 27,323-square-foot lease on the 17th floor of the building and added 81,972

Crowdfunding: Crowded out?

Posted: 14 Oct 2019 12:00 PM PDT

Crowdfunding was once touted as the next big thing — a way for average investors to get into the lucrative world of real estate and a way for platforms to tap a new spigot of funding. The space took off around 2013, when the U.S. Securities and Exchange Commission announced new rules allowing private companies to sell securities to the general public. That one small change — which was tucked into the 2012 federal JOBS

The Real Deal’s E.B. Solomont receives Front Page Award

Posted: 14 Oct 2019 11:00 AM PDT

The Real Deal senior reporter E.B. Solomont has won a Front Page Award from the Newswomen’s Club of New York. The organization, founded in 1937, recognizes the best journalism by women working in print, wire, broadcast and online media. Solomont won for her breaking-news story “Dottie Herman sells stake in Douglas Elliman for $40M.” Although Herman had already stepped back from the day-to-day operations at residential brokerage Douglas Elliman, the sale marked the end of

SoftBank’s problem solver faces his biggest challenge yet: WeWork

Posted: 14 Oct 2019 07:36 AM PDT

In late September, SoftBank Group’s Marcelo Claure took to Twitter to share his goals for the upcoming month. He wanted to beat his best running time, try a dish he had never had before, watch more soccer games, and figure out his daughter’s Halloween costume. A Twitter follower responded: Fix WeWork. Setting my goals for the month. What else should I add to my list for #October? ✅Beat my best running time ✅Try a dish

Opendoor not looking to replace all agents — just some: CEO

Posted: 14 Oct 2019 06:45 AM PDT

“I guess it’s good to be hated.” That was Opendoor CEO Eric Wu’s riposte to a question from Recode’s Kara Swisher about what real estate agents think of him. Opendoor is perhaps the startup most synonymous with iBuying, a practice that allows sellers to rapidly unload their homes online to companies that hope to make a profit off of reselling those homes. It’s a business that requires heaps of capital and has thin margins, but

WATCH: What Happened to The Watchtower?

Posted: 14 Oct 2019 05:30 AM PDT

One of Brooklyn’s largest pending projects is the redevelopment of the Watchtower site, which consists of five connected office and retail buildings along the Brooklyn waterfront. The architecture firm Gensler is designing the project, known as Panorama Brooklyn. The Real Deal’s Adam Pogoff interviewed company principals Amanda Carroll and Robert Fuller about the development. “It was very much an inward-facing complex,” Fuller said. “Our challenge was how to break down that barrier and sort of

Lawsuit over WTC design is whittled down

Posted: 14 Oct 2019 05:00 AM PDT

The copyright infringement suit over the design of One World Trade Center has survived an effort to kill it, but not by much. A recently unveiled judge’s ruling preserved three claims of a case that stems from an architectural student’s design years before 9/11 attacks that led to the massive tower’s construction. Georgia-based architect Jeehoon Park in 2017 sued four giants: architectural firm Skidmore Owings & Merrill, Tishman Construction and the tower’s developers, the Port

A-Rod is coming for NYC and SoFla real estate

Posted: 14 Oct 2019 04:30 AM PDT

Alex Rodriguez has seen both his professional and personal life covered exhaustively in newspapers across the country for decades now. But since retiring as the Yankees’ star third baseman in 2016 — and, according to Forbes, pocketing over $480 million during his 22-year, pro-baseball career — he’s become even busier. He’s now juggling regular media appearances with color commenting baseball games (he’s a broadcaster for Fox Sports and part of ESPN’s Sunday Night Baseball team)

The top 10 biggest real estate projects coming to NYC

Posted: 14 Oct 2019 04:00 AM PDT

A planned office project in Red Hook that Thor Equities decided to scale back was still large enough to top the list of the largest projects coming to New York in September. Joe Sitt’s firm had initially wanted to build an 800,000-square-foot office project at 270 Richards Street in Red Hook but has since decided to build a roughly 300,000-square-foot warehouse project there instead. The plan took the No. 1 spot on September’s list, followed