The Real Deal - New York Real Estate News

David Marx lands $202M refi for Hudson Yards hotel

Posted: 25 Oct 2019 03:25 PM PDT

David Marx’s Marx Development Group secured a $202 million refinancing for its Hudson Yards hotel, which is scheduled to open next month. Mack Real Estate Credit Strategies provided the debt for the 29-story Courtyard by Marriott at 461 West 34th Street, according to a public record filed Friday. The deal includes a new $76.5 million gap mortgage. Mack did not immediately return a request for comment. A representative from Marx was not available Friday evening.

CW Realty buying Williamsburg assemblage for $39M

Posted: 25 Oct 2019 01:25 PM PDT

Cheskie Weisz’s CW Realty is purchasing a massive Williamsburg assemblage for about $39 million, according to sources familiar with the deal. The firm is buying the full blockfront on Hope Street between Keap and Rodney Streets, along with space on Keap and Rodney Streets themselves, from multiple sellers including Heatherwood Luxury Rentals. The assemblage has 475 feet of street frontage overall, and CW Realty plans to build a 145-unit seven-story rental building on the site

At the desk of: Martin Piazzola

Posted: 25 Oct 2019 01:00 PM PDT

Martin Piazzola started his career as an accountant, but he quickly realized it wasn’t a good fit. “It was too predictable,” said the AvalonBay Communities executive, whose 22nd-floor Midtown Manhattan office overlooks the city. After earning an MBA from New York University in 1987, he worked briefly for the now-defunct Xerox Realty Corp. before being recruited by Park Tower Realty, where he analyzed potential ground-up office development projects in New York and Washington D.C. (He

Trump Organization might sell its controversial Washington D.C. hotel

Posted: 25 Oct 2019 12:20 PM PDT

The Trump Organization may sell its Trump International Hotel in Washington D.C., following years of criticism that the family is disregarding ethics laws by continuing to profit from it during Donald Trump’s presidency. The company has hired JLL to market the hotel and is party looking to sell it because of the ethics criticism the family has faced, Eric Trump told the Wall Street Journal. Several groups have said they are interested in buying it,

Acadia plows ahead with $122M retail investment in Soho

Posted: 25 Oct 2019 11:15 AM PDT

Soho has been one of Manhattan’s more troubled retail corridors in recent years. But, anticipating a rebound, Acadia Realty Trust has been scooping up storefronts in the neighborhood, particularly along Greene Street. In its third-quarter filing Thursday, the real estate investment trust said it had closed on another $25.1 million of its previously announced plans to acquire some $122 million worth of retail assets along Greene Street. The new acquisitions cover seven properties with an

Sale prices in these NYC neighborhoods took a hit last quarter

Posted: 25 Oct 2019 10:30 AM PDT

Sellers are loathe to cut asking prices, but some have been closing deals at hefty discounts, particularly in trendy locales. A StreetEasy report found that median sales prices in choice Manhattan and Brooklyn neighborhoods dropped by roughly 20 percent in the third quarter. In most areas, however, median listing prices remained quite a bit higher. In Tribeca, the median sales price was $2.3 million, 36 percent lower than in the third quarter a year ago.

UrbanDigs wants to be like “eharmony for real estate” with new lead-gen play

Posted: 25 Oct 2019 10:21 AM PDT

Real estate data firm UrbanDigs is getting into the lead-generation game. A new service, dubbed “Sell My Apartment,” connects sellers with three potential sales agents within a matter of hours, said founder Noah Rosenblatt. “Kind of like eharmony for real estate is where we’re heading.” He said the service is a way to help sellers connect with a qualified agent, and for agents it’s a way to get a foot in the door. Each agent

Mark your calendars: These are NYC’s top real estate events next week

Posted: 25 Oct 2019 08:15 AM PDT

Check out these upcoming real estate events! Host: PERE Date: October 29 to October 30 Time: 8 a.m. to 12:30 p.m. PERE is hosting its PERE America event at Convene, 117 West 46th Street. It includes networking sessions and discussions that analyze the strengths and weaknesses of different real estate investment strategies. Among the speakers are Josh Freed of Proximity Space and Jamie Hodari of Industrious. Host: Bisnow Date: October 30 Time: 7:30 a.m. to

The American Dream mall opens today. How viable is it?

Posted: 25 Oct 2019 07:30 AM PDT

Life, liberty and the pursuit of shopping. So goes the American Dream — the mall-slash-amusement park in New Jersey’s Meadowlands that has weathered three developers, two designs and one calamitous recession. Indeed, the first phase of the $5 billion, 3 million-square-foot complex is finally poised to open in late October with a portion of the shops and restaurants launching alongside several nonshopping attractions, including an indoor ski slope dubbed Big Snow America, according to the

Angelo Gordon taps new real estate exec after $2.75B fund raise

Posted: 25 Oct 2019 06:45 AM PDT

On the heels of raising its largest fund to date, Angelo Gordon is bringing on a new real estate executive. Cory Elbaum will start at the beginning of next year’s second quarter as the company’s managing director of U.S. real estate focusing on the New York, New Jersey and Connecticut markets, according to sources familiar with the move. Elbaum will report to Angelo Gordon’s co-chief investment officer Adam Schwartz and co-portfolio manager of U.S. real

WeWork drives $5B SoftBank writedown, Barneys’ auction is canceled: Daily digest

Posted: 25 Oct 2019 06:12 AM 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 9:00 a.m. Video produced by Sabrina He WeWork’s biggest backer is taking a $5 billion writedown. The losses in SoftBank’s Vision Fund are being driven by WeWork and Uber, which has performed dismally since going public. SoftBank, which had

Join The Real Deal at its Chicago Showcase & Forum

Posted: 25 Oct 2019 05:15 AM PDT

The Real Deal’s annual Chicago Real Estate Showcase & Forum brings together the top names in the Chicago real estate industry. Mark your calendars for Tuesday, Nov. 5th and join us at Venue Six10 for a morning of programming, networking and viewing the latest real estate projects and products. Purchase tickets here Along with Lowe and Wong, this year’s panelists include Jennifer Ames of Engel & Volkers Chicago, Luxury Living Chicago Realty Co-Founder Aaron Galvin

Ranking NYC’s top real estate law firms

Posted: 25 Oct 2019 04:30 AM PDT

The calls began almost as soon as the new rent laws passed. Overnight, the sweeping regulations — which Gov. Andrew Cuomo signed in June — vastly restricted what landlords could do with rent-regulated apartments. And those landlords, crushed from a stinging political defeat and given no grace period to adjust to the new rules, turned immediately to their lawyers. Luise Barrack, managing member of the law firm Rosenberg & Estis, said her firm started fielding

REBNY rolls out ground rules for selling new development

Posted: 25 Oct 2019 04:00 AM PDT

Amid a surplus of new development inventory, there’s a new standard brokerage agreement that should, in theory, make life easier for buyers’ brokers. The document, known as the universal new development brokerage agreement, standardizes contractual terms between developers and outside brokers. As of Oct. 1, signing it became mandatory for any developer that wishes to list its sponsor units on the Real Estate Board of New York’s Residential Listing Service. REBNY president Jim Whelan explained