The Real Deal - New York Real Estate News

CoStar reaches $11M settlement in copyright infringement suit against Xceligent

Posted: 22 Oct 2019 04:13 PM PDT

CoStar Group says it has settled its years-long copyright infringement claim against its bankrupt and now defunct competitor, Xceligent. The commercial real estate data conglomerate reached a $10.75 million settlement with its competitor’s insurer, according to court filings. That’s a fraction of the $450 million CoStar initially sought. The two firms were at loggerheads in 2017, after CoStar alleged Xceligent had stolen thousands of images and proprietary material from its commercial real estate listings platform.

RXR gets $400M+ from Goldman Sachs to refi Sixth Avenue building

Posted: 22 Oct 2019 03:18 PM PDT

RXR Realty has landed just over $421 million in financing from Goldman Sachs for 620 Avenue of the Americas. The funding consists of a $334.4 million refinanced loan and $87.1 million in new financing, according to property records. Representatives for RXR and Goldman Sachs did not immediately respond to requests for comment. The Chelsea building spans 760,000 square feet overall, and RXR took control of it in 2011 for more than $500 million. The company

“Nightmare” for landlords: Court OK’s class action against Harlem owner

Posted: 22 Oct 2019 01:34 PM PDT

New York’s highest court on Tuesday cleared the way for a group of tenants to pursue a class action lawsuit against a Harlem landlord accused of wrongfully inflating rents on stabilized apartments. Both landlord and tenant representatives say the latest decision will have far-reaching implications for similar class action lawsuits going forward. In a 4-3 decision, the state’s Court of Appeals ruled that a trial court shouldn’t have dismissed a 2016 lawsuit filed against Big

WeWork founder scrambled for $100M loan before $1.7B bailout

Posted: 22 Oct 2019 12:42 PM PDT

As WeWork hustled to secure a rescue package, its former CEO was under intense pressure to shore up his own finances. Last week Adam Neumann paid a $150,000 deposit to secure a $100 million loan to refinance his interest in a Chelsea development site, people familiar with the matter told The Real Deal. The move came as lenders, chief among them JPMorgan, were pressuring him to repay hundreds of millions of dollars that he had

WeWork’s cash flow troubles, selling NYCHA’s air rights and more: Daily digest

Posted: 22 Oct 2019 12:05 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 throughout the day. Please send any tips or deals to tips@therealdeal.com This page was last updated at 3:05 p.m. Video produced by Sabrina He Facebook wants to tackle California’s housing crisis. The company says it will provide $1 billion to build 20,000 housing units in the Bay Area and Silicon Valley.

Opportunity Zones, real estate’s next big thing, fails to attract much investment

Posted: 22 Oct 2019 11:00 AM PDT

Despite all the hype, investor interest in Opportunity Zone funds simply hasn’t materialized as fund managers had hoped. According to an analysis by Novogradac, a San Francisco-based accounting firm, 103 Opportunity Zone funds have raised just 15 percent of what fund managers expected. There are at least 285 Opportunity Zone funds in the United States, and many have not shared fundraising metrics, according to the firm, which advises investors on tax incentives. While Treasury Secretary

Backstage with Grant Cardone

Posted: 22 Oct 2019 10:15 AM PDT

Grant Cardone, the real estate investor, speaker, author and business consultant who has amassed more than 2.4 million Instagram followers, spoke about his investing philosophy backstage at The Real Deal’s sixth annual Miami Showcase & Forum.

Renderings revealed for 550 Madison’s renovated lobby

Posted: 22 Oct 2019 09:43 AM PDT

Olayan Group and its partners can see the finish line for 550 Madison Avenue’s major rehab. The local arm of the Saudi Arabian conglomerate has released renderings showing the new lobby, designed by Gensler. The central feature of the new entrance is a large rear window that frames a garden in the rear of the building. The lobby is about halfway done and the project is on track to wrap up by next year, according

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Posted: 22 Oct 2019 06:45 AM PDT

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Fisher Bros. wants to bring a 240-unit mixed-use project to LIC

Posted: 22 Oct 2019 05:15 AM PDT

Fisher Brothers is joining the Long Island City gold rush with plans to bring a 240-unit mixed-use project to the booming neighborhood. The firm pre-filed plans with the Department of Buildings on Friday for a roughly 255,000-square-foot project at 42-50 24th Street in Queens. The project will be split between about 40,000 square feet of commercial space and 216,000 square feet of commercial space, and it will stand 35 stories and 447 feet tall. The

New York developers hit restart button in Israel. But has the game reset?

Posted: 22 Oct 2019 04:30 AM PDT

When Silverstein Properties announced plans to raise roughly $50 million on the Tel Aviv Stock Exchange in early February, many eyebrows were raised. Israeli bonds issued by New York developers and other American companies had been in free fall since November 2018, when Boaz Gilad’s Brookland Capital suspended trading and announced that it would miss an $11 million principal payment due before the new year. Similar disclosures from other firms fueled the uncertainty, and the

What’s wrong with J-51? Plenty, landlord reps say

Posted: 22 Oct 2019 04:00 AM PDT

Developers usually flock to tax breaks. But there’s one program in New York that’s seeing increasingly less interest from the real estate community. In the past 10 years applications for J-51 dropped 69 percent, according to data collected by the city’s Department of Housing Preservation and Development. Within the past five years, the volume declined 37 percent, and 23 percent between fiscal years 2017 and 2018. Back in 2004, the city received 1,405 applications —