The Real Deal - New York Real Estate News

Large, low-key landlord snags UWS building for $100M+

Posted: 20 Nov 2019 03:47 PM PST

One of the city’s “silent giant” landlords is starting to get busy. The Olnick Organization, which owns thousands of rental apartments and more than 1 million square feet of commercial space across the tri-state area, closed earlier this week on the purchase of a 125-unit multifamily building on the Upper West Side for more than $100 million, sources told The Real Deal. The family firm, which began in the 1940s, paid $106.4 million to buy

Japanese firm lands $84M financing for Midtown East buy

Posted: 20 Nov 2019 03:34 PM PST

Shimizu Realty Development has entered the New York market, scooping up the United Nations-leased Albano building in Midtown East for $152 million, the firm announced. The buyer, a subsidiary of Tokyo-based construction giant Shimizu Corporation, also landed an $84 million loan from Sumitomo Mitsui Banking Corporation for the acquisition of the office building, records show. In a press release, Shimizu said the deal represents the firm’s plans to expand its real estate development business in

Keller Williams NYC is on the sale block

Posted: 20 Nov 2019 02:05 PM PST

Keller Williams NYC, whose cash-strapped Midtown office has churned through multiple leaders amid an exodus of agents, is on the sale block. Despite recent efforts to cut costs and right-size the firm, owners Ilan Bracha and Haim Binstock are nearing a deal to sell the franchise to Richard Amato, who owns several other Keller Williams offices in Nassau County, multiple sources with firsthand knowledge of the situation told The Real Deal. Bracha and Binstock launched

Michael Shah’s ex arrested for assault, but DA holding off

Posted: 20 Nov 2019 01:40 PM PST

Developer Michael Shah’s ex-girlfriend Bhavana Chamoli was arrested Wednesday on charges of assault and criminal mischief, but Manhattan District Attorney Cy Vance’s office has no plans at this time to prosecute her, authorities said. Shah had filed a police complaint against Chamoli early this month, accusing her of slapping him in the face and stomping on his left foot in July while wearing stiletto heels. He had been arrested in September when she called the

Fairway-anchored Bergen Beach shopping center sells for $85M

Posted: 20 Nov 2019 11:20 AM PST

A real estate investment trust has purchased a Fairway Market-anchored shopping center in southeast Brooklyn for $85 million. Federal Realty Investment Trust bought a trio of lots on Ralph Avenue in Bergen Beach that comprise the 147,000-square-foot Georgetowne Shopping Center, according to property records and the company. In addition to Fairway, the complex includes the discount store Five Below, Starbucks, Chipotle and others. The seller was an LLC tied to Sholom and Zuckerbrot Realty. The

TRD’s fall tri-state issue is live to subscribers!

Posted: 20 Nov 2019 10:30 AM PST

Welcome to the fall edition of The Real Deal‘s Tri-state magazine! Here’s an overview of a few of the highlights in the issue, which subscribers now have access to: — Our cover story, the Great Salt Shakeout, which looks at how the tri-state area’s home sales have been impacted since the Trump tax overhaul capped state and local tax deductions. — Staffer Georgia Kromrei takes us inside the lobbying efforts of a Westchester trade group

Small Talk: Our foolproof plan to get SoftBank’s investments back on track

Posted: 20 Nov 2019 08:15 AM PST

SoftBank Group CEO Masayoshi Son has recently admitted that he made several big mistakes when investing in U.S. tech companies, especially with (surprise!) WeSomehowStillExistWork. It turns out that telling the eccentric leader of a new company he is not being crazy enough can occasionally end up not being the best advice. As Son looks to restore the reputation of himself and his company, The Real Deal is here to help with some recommendations for investments

REBNY asks city to help landlords pay for lead abatement

Posted: 20 Nov 2019 06:45 AM PST

The Real Estate Board of New York is calling on the city to help landlords cover the costs of lead abatement in their buildings. In testimony submitted to the City Council this week, the trade group argued that changes to the state’s rent law hinders landlords’ abilities to pay for lead testing and mitigation. The group pointed to the law’s limiting of renovation costs that can be passed onto rent-stabilized tenants to $15,000 over 15

StreetEasy hikes prices, biz fears commercial rent control

Posted: 20 Nov 2019 06:10 AM PST

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 9:10 a.m. Video produced by Sabrina He Industry shudders as rent caps are aimed at commercial real estate. A City Council bill that would stabilize rents in retail spaces and create another rent guidelines board has landlords and

Sam Chang hit with $2M suit over Club Quarters hotels

Posted: 20 Nov 2019 05:15 AM PST

When Sam Chang thought he was finally out, the New York hotel market pulled him back in. The prolific hotel developer, who retired earlier this year to pursue pigeon racing, is facing a roughly $2 million lawsuit over breach of contract allegations at three Manhattan hotels. Club Quarters Management Company claims that Chang’s McSam Hotel Group owes it money under the terms of termination and purchase-and-sale agreements at Club Quarters’ Times Square, Wall Street and

The floundering retail market is about to get even worse

Posted: 20 Nov 2019 04:30 AM PST

UPDATE: Wednesday, Nov. 6, 2019, 3:20 p.m.: Discount retailers. Luxury department stores. Children’s stores. Home goods giants. The retailers that filed for bankruptcy so far in 2019 — and those on experts’ watch lists — have spanned the spectrum. And with an ever-growing list of stores in the red, the outlook for the real estate they occupy continues to be grim. While some retailers, like young-adult fashion chain Forever 21, plan to use bankruptcy filings

Why Compass, @properties and tech startups are diving into bridge loans

Posted: 20 Nov 2019 04:00 AM PST

Once the gatekeepers to sales listings, real estate agents are increasingly in front of another key aspect of the home-buying process: the financing. To help clients increase their purchasing power, a number of residential brokerages have launched bridge loan programs that let clients borrow money to pay for a new home before they sell their old one. In addition to boosting sales, the programs are a way for firms to distinguish themselves from the competition