The Real Deal - New York Real Estate News

Vornado’s 220 Central Park South closes another pricey condo

Posted: 31 Oct 2019 02:40 PM PDT

The hits keep coming at 220 Central Park South. Property records filed Thursday show that an anonymous buyer picked up a 47th-floor unit for $61 million in late September. The filing comes days after another major sale was recorded at the Vornado building for a $55 million unit just two floors below. According to the condo declaration, unit 47A has five bedrooms, six bathrooms and two powder rooms. At 6,591 square feet, it prices out

Data Alert: What’s going on with i-sales in Manhattan and Brooklyn?

Posted: 31 Oct 2019 02:30 PM PDT

Investment sales in Manhattan and Brooklyn Manhattan investment sales hit a two-year low in August with $995 million in deals recorded — 52 percent down from June and 59 percent below the 12-month average. The borough’s largest deal was Savanna’s $180 million buy of the office building at 360 Lexington Avenue from AEW Capital Management. Brooklyn’s investment sales market slowed down less dramatically, with $550 million in deals recorded in August, a 14 percent drop

LoanCore lends Taconic, Nuveen $181M on West End Campus buy

Posted: 31 Oct 2019 01:23 PM PDT

LoanCore Capital lent $181 million to Taconic Investment Partners and Nuveen to finance their purchase of “West End Campus” that used to be part of the ABC portfolio. The Washington, D.C.-based real estate investment trust provided the financing for the buyers’ $230 million purchase of the campus from Silverstein Properties, property records filed with the city Thursday show. The deal closed on Wednesday. A representative for LoanCore was not immediately available to comment. Silverstein hired

Stribling’s old offices up for sale, WeWork sued over pregnancy discrimination

Posted: 31 Oct 2019 12:55 PM PDT

Every weekday The Real Deal rounds up New York’s biggest real estate news. 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 3:55 p.m. Adam Neumann accused of pregnancy discrimination. A complaint filed by Medina Bardhi with New York’s Equal Employment Opportunity Commission accuses the former WeWork CEO of demoting her twice after she revealed she was pregnant, and referring

Broker confidence declines for another quarter: REBNY

Posted: 31 Oct 2019 12:30 PM PDT

An unfriendly regulatory environment has pushed brokers’ confidence down for the second straight quarter. But things are still better than they were a year ago. Brokers reported an average confidence score of 5.84 out of 10 points during the third quarter of 2019, according to the Real Estate Board of New York’s Broker Confidence Index. That was down 12 percent from the quarter prior, but still up 23 percent from the same quarter a year

“Chocolate” building near new Wegmans satisfies sweet tooth for free-market deals

Posted: 31 Oct 2019 12:00 PM PDT

The new Wegmans at the Brooklyn Navy Yard isn’t the only place in the neighborhood to feed a chocolate fix. The former Tootsie Roll factory turned loft-style apartment building in Clinton Hill sold for $67.25 million to a partnership of Fairstead and Meadow Partners, sources told The Real Deal. The sale price for the Chocolate Factory Lofts at 275 Park Avenue comes close to recouping the $68 million that sellers the HK Organization and Brickman

Robert Reffkin’s stock agreement at Compass comes to light

Posted: 31 Oct 2019 11:11 AM PDT

In 2012, Robert Reffkin paid just $335.50 for his stake in a nascent firm known as Urban Compass. Today those shares — made public in a recent court filing — are worth $517.5 million based on Compass’ latest funding round in July. And while Reffkin’s stake was likely diluted over the years, the CEO’s original stock amounts to roughly 8.5 percent of what is now a $6.4 billion firm. Such agreements are typically held close

It’s over for Barneys: Luxury retailer to be sold, stores closed

Posted: 31 Oct 2019 10:42 AM PDT

Its official: Barneys will been sold to Authentic Brands Group and B. Riley for about $270 million. The deal, approved by Judge Cecilia Morris in bankruptcy court Thursday morning, means that ABG, a brand merchandiser, will own the luxury department store’s intellectual property. It also will allow the new owner to partner with rival department store Saks Fifth Avenue to use Barneys’ name in its stores. It also means that, most likely, the new owners

Brooklyn binge: Rabsky Group plans to bring 65-unit project to Williamsburg

Posted: 31 Oct 2019 10:15 AM PDT

Rabsky Group is beefing up its presence in Brooklyn even more with plans to build a roughly 73,000-square-foot mixed-use building in Williamsburg. The firm pre-filed plans for the project at 58 Union Avenue with the Department of Buildings on Tuesday. It will include residential, commercial and community space and stand seven stories tall with 65 residential units. Simon Dushinsky and Isaac Rabinowitz’s Rabsky Group purchased the Union Avenue site from Pfizer in 2012 for $12.75

How to get away with [selling a] murder [house]

Posted: 31 Oct 2019 09:15 AM PDT

Los Angeles might be just as famous for its grisly murders as it is for its movie industry. Tourists can take true-crime tours of the Beverly Hills mansion where the Menendez brothers fatally shot their parents in 1989, the site where the mutilated body of Elizabeth Short (the “Black Dahlia”) was dumped in 1947 or the East L.A. neighborhoods once terrorized by serial killer Richard Ramirez, aka the Night Stalker. And sometimes real estate is

Financier at center of 1MDB fraud case agrees to give up hundreds of millions of dollars

Posted: 31 Oct 2019 08:05 AM PDT

Fugitive financier Jho Low will stop fighting for assets valued between $650 million to $900 million in the massive 1MDB scandal. He has given up his claim to assets including luxury apartments, jets, yachts and artwork that prosecutors claim he bought with stolen money, according to the New York Times. The settlement will likely impact the Time Warner Center along with multiple homes in Los Angeles. “The message in this case is simple: The United

Chicago office landlords must solve a 2M sf problem before it’s too late

Posted: 31 Oct 2019 07:30 AM PDT

Office landlords in the Central Loop are worried. About 2 million square feet of space is projected to become vacant within the next three years. And they face stiffer competition than ever before — no longer are they just competing with one another, they’re fending off owners with new product in fast-growing submarkets like the West Loop. “This is causing building owners in the Central Loop to come together and talk about ways in which

WATCH: Howard Lorber in concert(!)

Posted: 31 Oct 2019 05:30 AM PDT

Howard Lorber plays to his own tune. Specifically, “Swans on the Lake” — the only one he knows. The Douglas Elliman chairman’s talent emerged Tuesday at a press preview and broker tour of 111 West 57th Street, the newest luxury condo building on Billionaires’ Row. Developed by Michael Stern’s JDS Development Group, Kevin Maloney’s Property Markets Group and Spruce Capital Partners, the project is nearing completion. Last year Elliman took over marketing and sales from

How to sell a haunted listing

Posted: 31 Oct 2019 05:00 AM PDT

Compass agent Micha Hendel wants the record set straight: The listing at 136 Clinton Avenue isn’t haunted. Ever since the current owners bought it in 1996, no poltergeists, ghouls, or other-worldly characters have materialized on the historic Clinton Hill property — a Greek Revival constructed in the early 1830s that’s currently on the market for $3.6 million. Still, once rumors of hauntings get out, they can be tough to escape. In this case, the lore

A-Rod is coming for NYC and SoFla real estate

Posted: 31 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)