The Real Deal - New York Real Estate News

Worker killed at Lam Group construction site, Uber signs WTC lease: Daily digest

Posted: 24 Oct 2019 03:24 PM PDT

Every weekday The Real Deal rounds up New York’s biggest real estate news. We update this page at 9 a.m. and throughout the day. Please send any tips or deals to tips@therealdeal.com This page was last updated at 6:24 p.m. A construction worker was killed while riding an elevator at the Lam Group’s under construction hotel at 1227 Broadway. He was reportedly riding the elevator when he dropped his phone and was somehow fatally injured.

Former housing czar Alicia Glen might launch a real estate firm

Posted: 24 Oct 2019 02:01 PM PDT

After years of being the City Hall go-between for developers, former housing czar Alicia Glen might soon join their ranks. Glen is putting together a fund that focuses on residential development and possibly affordable housing, Crain’s reports. The former deputy mayor is reportedly in the process of securing a capital partner and has already tapped her former chief of staff Carolee Fink and deputy chief of staff Caitlin Lewis to work at her firm, according

L+M, Invesco close on Putnam portfolio with $823M in Wells Fargo financing

Posted: 24 Oct 2019 01:04 PM PDT

L+M Development Partners and Invesco Real Estate have closed on their purchase of Brookfield’s Putnam portfolio thanks to about $823 million in financing from Wells Fargo, according to sources familiar with the deal. “The purchase of this portfolio of properties will help preserve the affordability of hundreds of rental units in New York City,” Wells Fargo’s head of government-sponsored enterprise Mark Beisler said in a statement. The money is an agency loan with Fannie Mae

Scaramucci slashes his sights on his Opportunity Zone fund

Posted: 24 Oct 2019 12:55 PM PDT

Anthony Scaramucci’s SkyBridge Capital initially sought to raise $3 billion in Opportunity Zone funds to invest nationwide through a REIT, but so far said he has only raised about $30 million. And he has reduced his target to $300 million. “A lot of people misplaced and outsized the demand for what we thought we could achieve,” said Scaramucci, the keynote speaker at an NAIOP South Florida event at the Ritz-Carlton in Fort Lauderdale Beach on

By the numbers: Breaking down national housing agendas from the far left

Posted: 24 Oct 2019 12:00 PM PDT

Just a few months after New York passed historic reforms that infuriated landlords and thrilled tenants — with California following suit — several Congress members and presidential candidates are throwing their weight behind even more aggressive proposals. Mostly promoted by Democrats on the far left, those policies include the mid-September doozy from U.S. Sen. Bernie Sanders calling for nationwide rent control under his $2.5 trillion housing plan. Despite more than two dozen states prohibiting limits

Savanna’s Bruckner Building goes into contract for $65M

Posted: 24 Oct 2019 11:13 AM PDT

Savanna has gone into contract to sell the Bruckner building for $65 million, The Real Deal has learned. The landlord is selling its South Bronx waterfront building at 2417 Third Avenue to ZG Capital Partners, according to people familiar with the matter. The deal, which works out to around $369 per square foot, is expected to close by the end of the year. Savanna and Hornig Capital Partners have owned the 176,000-square-foot Mott Haven property

Connecticut firm launches workforce housing fund targeting tri-state area

Posted: 24 Oct 2019 10:35 AM PDT

Connecticut-based OneWall Partners is launching a $50 million preferred equity fund to attract investors to the workforce housing sector in the Northeast. The Nova Appian Preferred Income Fund I will be focused on New York, New Jersey, Pennsylvania and Connecticut. It will target areas that are close to transit for commuters, who are overwhelmingly opting to rent homes instead of buying them. The workforce sector has attracted $375 billion of investment in the last five

WATCH: Ben Carson dives into Opportunity Zones

Posted: 24 Oct 2019 09:30 AM PDT

Appearing at The Real Deal’s sixth annual Showcase & Forum last week, Secretary of Housing and Urban Development Ben Carson spoke about Opportunity Zones. He used his time at the event at Miami’s Mana Wynwood to talk primarily about his agency’s work involving the federal program, which provides tax benefits to developers who invest in thousands of distressed areas across the country.

WATCH: Don Peebles on why developers love Miami’s volatility

Posted: 24 Oct 2019 07:45 AM PDT

At The Real Deal’s sixth annual Miami Showcase & Forum, Don Peebles, a South Florida-based developer with projects across the country, spoke about the Miami real estate market’s volatility and why that’s good for developers.⁣

Amid slow sales, developers give buyers a break on mansion taxes

Posted: 24 Oct 2019 06:45 AM PDT

New York State’s “mansion tax” was meant to target buyers of luxury product. Now, some developers are coughing up the cash instead. At 100 Barclay Street in Tribeca, Ben Shaoul’s Magnum Real Estate is covering the increased mansion and transfer taxes for buyers who close before Thanksgiving. Ekstein Development Group had offered to pay those taxes on all condos purchased at its 30E31 NoMad before Sept. 30. Another advertisement last month promised prospective buyers at

Construction spending expected to hit nearly $190B between 2019 to 2021: report

Posted: 24 Oct 2019 05:00 AM PDT

Total construction spending this year through 2021 in New York City is expected to reach $189.5 billion, according to a new report by the New York Building Congress. The group’s annual Construction Outlook report estimates that spending will hit $61.5 billion by the end of this year, $65.9 billion in 2020 and $62.1 in 2021. Government-funded infrastructure is expected to make up the biggest chunk in the next three years, with spending projected at $67.9

How mobile homes became a billion-dollar, recession-proof industry

Posted: 24 Oct 2019 04:30 AM PDT

Mobile homes are no longer just a necessity for the poor. They’ve increasingly become a must-have for some of the world’s richest private equity players. A 2016 investor pitch from manufactured housing owner and operator RHP Properties boasted that its portfolio of 33,000 lots — stretching across seven states — had “low cash flow volatility and steady year-over-year rent increases” as well as minimal capital expenditures. The pitch apparently worked on Brookfield Asset Management, which

Lightstone leads $8M funding round for appraisal startup Bowery Valuation

Posted: 24 Oct 2019 04:00 AM PDT

Bowery Valuation, a tech-enabled appraisal startup, has raised $8 million in a funding round led by real estate firm Lightstone Group. The New York-based startup, run by former appraisers Noah Isaacs and John Meadows, has raised $27 million since its founding in 2015. Nine Four Ventures and Greenspring Associates also participated in the firm’s latest round, which follows the company’s $12 million Series A earlier this year. Lightstone Group, led by David Lichtenstein, has dabbled