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| Attorney reveals workaround to $20 rental application fee cap Posted: 04 Dec 2019 02:10 PM PST Agents can circumvent a new law that caps rental application fees at $20. So says attorney Lisa Faham-Selzer, at least. Others aren’t so sure. But Faham-Selzer says a dual agency agreement she developed will allow agents and brokerage firms to continue collecting application fees as they did before Albany’s new legislation took effect. The cap on what real estate agents and owners can charge potential tenants for the processing of rental applications was introduced in |
| Posted: 04 Dec 2019 12:45 PM PST Rich Sarkis’ office has no imposing mahogany table or wall of photos featuring him with celebrities or industry powerbrokers. His white desk is largely barren, save for a few essentials. But Sarkis’ Midtown office is a long way from the tiny Chelsea space where he co-founded his company, Reonomy, back in 2013. The real estate data and analytics firm has grown massively since then. That growth has been fueled by some of the largest investors |
| Sapir Corp.’s stock drops in Tel Aviv Posted: 04 Dec 2019 12:12 PM PST The NoMo SoHo hotel owned by the Sapir Corp. saw its net operating income fall in the third quarter, dragging down the company’s overall performance in the third quarter. In the last week, Alex Sapir’s real estate company, which trades on the Tel Aviv Stock Exchange, saw its stock price fall by about 18 percent from its pre-earnings price of 508 shekels on Nov. 28 to 414.9 shekels as of Wednesday. It’s down from about |
| L+M to pay $25,000 penalty for unreported lobbying Posted: 04 Dec 2019 11:05 AM PST Ron Moelis’ L+M Development Partners has settled with the state’s Joint Commission on Public Ethics for unreported lobbying last year. L+M agreed to pay $25,000 to the regulatory agency as punishment for initially failing to disclose meetings with elected officials to influence government decisions on real estate and land use matters. According to JCOPE, as the ethics agency is known, L+M sought to procure amendments to zoning laws and tax credits as well as government |
| Lawsuit seeks to halt new EB-5 regulations Posted: 04 Dec 2019 11:01 AM PST Less than a month after the new EB-5 rules came out, a Florida regional center has filed a motion in federal court, seeking a temporary restraining order to halt enforcement. The company, Florida EB5 Investments, alleges the new requirements — which took effect Nov. 21 — violate the U.S. Constitution, were not properly reviewed for potential fallout and will end up killing business. The case could have far-reaching implications, with dozens of regional centers across |
| Progressives opposing Queens development target AOC Posted: 04 Dec 2019 10:03 AM PST No elected official is safe from the ire of New York City’s emboldened left — not even its standard-bearer, Rep. Alexandria Ocasio-Cortez. Groups opposing the 180-acre Sunnyside Yard development in Queens, including the Democratic Socialists of America, are targeting the de Blasio administration and the development’s steering committee, a roster of community leaders and elected officials including AOC. The groups are hoping to strike a nerve with a “massive Twitter storm” in response to a |
| Law firm exiting 666 Fifth Ave amid $400M overhaul Posted: 04 Dec 2019 09:18 AM PST One of the tenants at 666 Fifth Avenue is leaving the tower for Sixth Avenue. Law firm Akerman has signed a lease for about 100,000 square feet at Mitsui Fudosan America’s 1251 Sixth Avenue, sources told The Real Deal. Asking rent for the space was $95 per square foot and the lease is for a term of 15 years, according to a source. A spokesperson for Hines, which manages the property, confirmed the deal. A |
| Developers and brokerages are getting creative for Art Basel Posted: 04 Dec 2019 07:00 AM PST Yes, Art Basel is about the art. But there’s far more going on. This week, real estate and art converge in Miami as developers, brokerages, architects and hotels will showcase their luxury projects to the upscale crowd. Brokerage firms are sponsoring art fairs, condo projects will have parties and exhibits — one will include a flying car — architects are showcasing their work. Meanwhile, museums and hotels are offering soirees during the event: Art Basel |
| REBNY pivots on politics; Newark sues NYC for sending homeless Posted: 04 Dec 2019 06:02 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. REBNY pivots on political strategy. The Real Estate Board of New York, under first-year president James Whelan, is moving toward coalition-building and other tactics to reverse the industry’s fortunes in Albany and City Hall. [TRD] Even after concessions, Extell is slow to sell luxury condos. |
| In and around Newark’s Ironbound, projects proliferate Posted: 04 Dec 2019 05:30 AM PST There was the New Newark. And then the New New Newark. But now, as development ramps up in and around the city’s Ironbound section, one of New Jersey’s largest cities may finally, permanently, escape the need for another rebranding effort. Long known for its tidy streets and Portuguese and Brazilian restaurants, the Ironbound district is attracting more retail and office development than ever, sources said. “It’s no longer the best-kept secret in Newark,” said Lenny |
| Ryan Serhant’s must-have “three E’s” for every broker he hires Posted: 04 Dec 2019 05:00 AM PST Can you find something in common with a stranger and get his or her contact info? If not, this “Million Dollar Listing New York” star can’t work with you. Nestseekers International agent Ryan Serhant runs a 60-person team covering New York City, Miami and Los Angeles. Over that time, he’s hired quite a few brokers. And while you could first try playing his mobile app game “Agent Empire: New York” to get a taste for |
| REBNY starts singing a different tune Posted: 04 Dec 2019 04:30 AM PST Over the past few months, two occasional enemies on major real estate issues began quietly meeting. James Whelan, the newly minted president of the Real Estate Board of New York, and Gary LaBarbera, president of the Building and Construction Trades Council of Greater New York, revisited an idea both had floated a few times during their decade-plus of battling over wages and work rules: joining forces. This time, however, they actually negotiated in earnest. REBNY |
| Construction startup Katerra closing Phoenix factory Posted: 03 Dec 2019 03:15 PM PST Katerra, a Silicon Valley startup backed by SoftBank, has closed a large factory in Phoenix, weeks after one of its co-founders left the firm. The Menlo Park–based firm, which is valued at more than $4 billion, says it uses tech to deliver construction projects inexpensively. But it has a history of delaying or abandoning projects and in recent months has laid off hundreds of employees. The Phoenix factory, which was the company’s first, had been |
| Youngwoo’s latest development play is a vineyard in Argentina Posted: 03 Dec 2019 03:08 PM PST Just before the 2008 crash, developer Young Woo made a big investment in an unlikely venture: South American farmland. Woo and his partner Margarette Lee bought 2,000-acre plot of farmland less than an hour outside of Mendoza, Argentina, where Woo lived in his teen years. The site is part of a multimillion-dollar investment that’s only just starting to pay off. “We said things are too good,” Lee recalled and, anticipating a downturn, they decided to |
| Take that, Zillow: Hamptons firms’ listings site goes live this week Posted: 03 Dec 2019 12:51 PM PST As tension with Zillow builds over Hamptons real estate listings, some residential firms are launching their own consumer-facing portal. The group, dubbed the Hamptons Real Estate Association, plans for HamptonsRE.com to go live Thursday after several months of behind-the-scenes work, sources told The Real Deal. The nascent association was formed earlier this year and includes the Corcoran Group, Sotheby’s International Realty, Saunders & Associates, Brown Harris Stevens and Halstead. “The objective was to create a |
| Cuomo signs bill to lock up landlords who harass tenants Posted: 03 Dec 2019 11:20 AM PST Gov. Andrew Cuomo signed a bill Tuesday that makes it easier to incarcerate landlords for tenant harassment. The law expands the definition of harassment for rent-regulated tenants, prohibiting their landlords from creating “unsafe, disruptive or uninhabitable conditions” to push tenants out of their apartments. The measure also creates a related misdemeanor-level offense for harassing a rent-regulated tenant by making a home uninhabitable or risking the safety, health and comfort of the tenant. The legislation expands |
| Is real estate’s Bitcoin buzz just getting started? Posted: 03 Dec 2019 10:45 AM PST The real estate industry — much like the rest of the world — is still trying to figure out exactly how its connection to cryptocurrency should work. Since virtual money first broke through a decade ago, with the launch of Bitcoin, buyers and sellers of property are increasingly using crypto as a form of payment. And the range of digital coins has exploded in recent years, with about 3,000 different types being traded as of |
| Columbia, Normandy close on $205M purchase of 250 Church Street Posted: 03 Dec 2019 08:32 AM PST Columbia Property Trust and Normandy Real Estate Partners have closed on their $205.5 million purchase of 250 Church Street in Tribeca, broker Avison Young announced Monday. They have also nixed plans to make it a residential building. The Real Deal first reported in February that Normandy and Columbia were in contract to purchase the building from Norvin Properties. Norvin had filed plans in 2017 to convert the 16-story, 237,000-square-foot office building into a 107-unit residential |
| Convicted donor says de Blasio should have testified against developer Posted: 03 Dec 2019 08:05 AM PST Former Borough Park police liaison and Bill de Blasio donor Jeremy Reichberg, who was sentenced to four years in prison in May for his role in an NYPD corruption scheme, is appealing his sentence — and argues that the mayor should have been a witness in the case. Reichberg’s lawyer claims that “speculative assertions” from his former partner, real estate developer Jona Rechnitz of JSR Capital, “confused and inflamed” the jury, and that allowing de |
| Today’s Northern NJ office sales volume is double 2018’s Posted: 03 Dec 2019 07:00 AM PST The gateway to the Gateway City is about to get a makeover. Newark’s Gateway Center opened in 1972 promising urban renewal for a blighted city. Encompassing a mall, hotel and office space, it was built with the goal of keeping employees and shoppers on the premises. But today, the complex’s darker spaces are not integrated with each other or the streetscape, and the outdoor areas don’t get much use. As workplaces have evolved to offer |
| Real estate funds target mom-and-pop investors, behind the Playboy Club’s downfall Posted: 03 Dec 2019 06:15 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 9:00 a.m. More real estate funds are targeting individual investors. Jamestown, the company that sold Chelsea Market to Google last year, is marketing a $50 million fund aimed at mom-and-pop investors in the U.S. with a minimum investment |
| Carpenters union mulls ways to root out mob Posted: 03 Dec 2019 06:01 AM PST Until his arrest, carpenter Michael Dolphin rented out his Queens building to a mafia social club run by mobster “Bobby Glasses.” That’s according to a sentencing memorandum written by federal prosecutors detailing Dolphin’s years as a “servicer” to the club’s gambling machines. Prosecutors said he was not just handy with a hammer but a member of a crew run by his tenant. Bobby Glasses — real name Bartolomeo Vernace — was a captain for the |
| Buildings commissioner talks priorities in final de Blasio years Posted: 03 Dec 2019 05:15 AM PST Often regarded as one of the more thankless City Hall gigs, the commissionership of the Department of Buildings involves overseeing 1.1 million buildings and more than 45,000 active construction sites — and a sprawling, cumbersome bureaucracy. The agency faces constant pressure from politicians, contractors, developers, unions, community groups and advocacy organizations, many pushing conflicting agendas. Melanie La Rocca, who previously served as vice president at the School Construction Authority, stepped in as DOB commissioner in |
| The Playboy Club was a chance at redemption for Adam Hochfelder — here’s what went wrong Posted: 03 Dec 2019 04:30 AM PST UPDATED Tuesday, December 1, 2019 12:13 p.m.: Adam Hochfelder pulled up to The Real Deal’s New York office in his Bentley on a mission. Prior to that Friday morning in June, the real estate investor and developer had been calling TRD’s publisher multiple times a day from a rotating cast of phone numbers, worried about reporting on his latest project. Hochfelder — who went to prison in 2010 for bilking investors and lenders and was |
| Don’t leave home without $21M: Amex exec’s widow sells townhouse Posted: 02 Dec 2019 04:00 PM PST Lisa Gilligan, whose late husband Edward was president of American Express, has sold the couple’s four-story Upper East Side townhouse for $21 million. Gilligan, who could not be reached for comment, is the sole member of seller Tite Street Partners LLC, property records show. The buyer is an entity whose president is Matthew C. Harris. Edward Gilligan purchased the mansion at 3 East 94th Street for $18.5 million in 2010, records show. It previously belonged |
| Can influencers and college students save Greenland’s Metropolis? Posted: 02 Dec 2019 02:00 PM PST It was two days before Halloween, and for Kimberly Lucero that meant a sales opportunity. Sporting a gothic dress, princess crown, ruby ring, and spider necklace with blood red paint on her chest and forehead, Greenland USA’s vice president of sales and marketing conducted a condominium tour. Lucero was showcasing units on the 12th floor of one of four towers that make up the Metropolis project, a 3.3-million-square-foot development three blocks south of the Staples |
| Charter school signed biggest retail lease in NYC last month Posted: 02 Dec 2019 01:45 PM PST Gyms and fitness clubs, usual mainstays on this list, were entirely absent from the top 10 largest retail leases made public last month. Ascend Charter Schools led the pack instead, more than doubling the square footage of the second largest lease on the list. November’s 10 biggest retail leases made public totaled 169,700 square feet, down 18,200 square feet from October’s total of 187,900 square feet. The largest retail lease inked in November was in |
| Atlas Capital buying West Village building for $80M Posted: 02 Dec 2019 01:35 PM PST The developer that sold the site of Google’s future Hudson Square headquarters last year is not done with the neighborhood. Atlas Capital Group is in contract to buy a large commercial building on the border of the West Village and Hudson Square, just a few blocks from the former St. John’s Terminal building that will house Google’s $1 billion office, sources told The Real Deal. The investment and development firm is paying $79.5 million for |
| These were NYC’s top office leases in November Posted: 02 Dec 2019 01:00 PM PST The November office leasing scene maintained October’s momentum, with just under 2.2 million square feet of deals in the ten largest leases. Just one deal by itself – Facebook’s gargantuan 1.5 million-square-foot lease at Hudson Yards – accounted for more than half of that total. Other big tenants on the list include consulting firms, private equity firms and accountants. The total square footage of November’s top 10 office leases just about equal October’s total, which |
| Editor’s note: The industry’s image problem Posted: 02 Dec 2019 12:06 PM PST It’s been a tough year for real estate – but a good time for lobbyists. The industry seems to have lost the thread when it comes to getting politicians and the public on its side. Amid the leftward political lurch at the city and state level, there have been stinging losses on rent reform, the proposed Amazon campus in Queens and a city law establishing carbon-emission limits for large buildings, among other defeats for the |
| Chetrit Group lands $112M refi for Hotel Bossert project Posted: 02 Dec 2019 10:30 AM PST The Chetrit Group has inked a major refinancing for the site of the Hotel Bossert, the long-delayed project that may finally open in the coming months. The firm landed a $112 million refinanced loan for 98 Montague Street in Downtown Brooklyn from Cantor Commercial Real Estate Lending, according to property records. The funding includes a $27.7 million gap mortgage. CCRE declined to comment, and representatives for Chetrit did not respond to a request for comment. |
| The Real Deal’s December issue is now available to all subscribers! Posted: 02 Dec 2019 10:00 AM PST The Real Deal’s December issue is now live, and digital subscribers are getting the first look at what’s inside. Subscribers now have access to stories including: – Our cover interview with HUD Secretary Ben Carson, who defended his controversial housing record – The frenzy of NYC tech office leasing — beyond Facebook and Amazon – Playboy’s problem with notorious real estate investor Adam Hochfelder – Our annual ranking of NYC’s top retail brokerages, which saw |
| Trulia hit with lawsuit over Premier Agent Posted: 02 Dec 2019 07:30 AM PST UPDATED: December 2, 1:42 p.m.: Trulia was slapped with a federal lawsuit assailing its Premier Agent advertising program as “unfair” and “deceptive,” and accusing it of diverting home buyers away from listing agents. According to the suit, which seeks class-action status, the Zillow Group subsidiary connects buyers with agents who “have no actual connection to the property being advertised, other than having paid defendant to be presented prominently next to the property.” The lawsuit, filed |
| He sold enough toothpaste to buy this tony Carnegie Hill pad Posted: 02 Dec 2019 06:52 AM PST Vornado Realty Trust’s 220 Central Park South has seen a string of luxury condo closings of late. But here are some other top residential sales in the city. Source: A TRD analysis of property records filed with the New York City Department of Finance from Nov. 20 to Nov. 30. 1. Three limited liability companies, all linked to the Witkoff Organization, bought three sponsor units at the developer’s own project, 111 Murray Street in Tribeca. |
| Black Friday e-commerce grew while brick-and-mortar slipped, another socialist is running in Queens Posted: 02 Dec 2019 06:27 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 9:00 a.m. E-commerce spiked while traditional shopping slipped on Black Friday. Visits to stores dropped by a combined 3 percent on Thanksgiving and Black Friday this year compared to last year, while online sales rose by 14.5 percent |
| Another socialist candidate targets NY’s housing market Posted: 02 Dec 2019 05:15 AM PST The Democratic Socialists of America are crashing Long Island City again. Zohran Mamdani, a foreclosure-prevention counselor and DSA member, aims to unseat Assembly member Aravella Simotas next year. The district touches parts of Astoria, Long Island City and Western Queens, and overlaps with the area represented by Rep. Alexandria Ocasio-Cortez, another DSA product. The young activist said he is running to decommodify housing. “The market can’t be the only way we determine if someone can |
| LI’s middle market home buyers face major shortage Posted: 02 Dec 2019 04:30 AM PST Melanie Mazzeo, a Douglas Elliman agent who sells mostly within the Harborfields Central School District in Huntington, said she recently closed on a four-bedroom ranch house on Suan Court for $779,000 — roughly 7 percent over the asking price. That came on the heels of five strong offers that drove up bids, she noted. Buyers across Nassau and Suffolk looking to upgrade from entry-level homes purchased just a few years ago are diving into much |
| RedSky and partner to sell several properties amid “uncertainty” over valuations Posted: 02 Dec 2019 04:00 AM PST The investment firm backing most of Williamsburg’s prime retail real estate said it will look to sell several properties over the next two to three months. And the company has taken on a more active role managing the portfolio amid concerns that it could be difficult to cash out at projected values. JZ Capital Partners changed course on Wednesday and announced it would not take a significant write-down on the real estate portfolio it owns |
| “I hope that everyone comes back”: Evicted co-working firm reopens Sixth Avenue space Posted: 29 Nov 2019 01:30 PM PST A week after being evicted from a Sixth Avenue office building, a co-working firm has told its members to return. Corporate Suites says it has settled a nonpayment dispute with its landlord at 1001 Sixth Avenue. The firm’s tenants received an unwelcome visit last Friday from the New York City Marshal, who instructed dozens of people to clear two floors in the building. One business owner previously told The Real Deal he was given 15 |
| Bahamian islands owned by late coal billionaire ask $30M Posted: 29 Nov 2019 12:30 PM PST A group of private islands in the Bahamas that hosted President Richard Nixon will hit the market for nearly $30 million. The nine islands were owned by the late billionaire Chris Cline, who died in a helicopter crash in July on his way off the property. Cline’s estate is selling the Bahamian compound, which is made up of 277 acres in the Abaco Islands, the Wall Street Journal reported. Cline was killed over the summer |
| Art gallery linked to lone mid-market sale in NYC this week Posted: 29 Nov 2019 11:53 AM PST Only one mid-market sale was made public in New York’s investment market this week, as activity was slower than usual because of the Thanksgiving holiday. The deal was for a one-story warehouse in Queens, which an LLC linked to the art gallery David Zwirner bought for $12 million. The seller was an LLC linked to Clive Green. The property is located at 19-40 Hazen Street in Astoria and spans about 78,000 square feet. David Zwirner |
| Home prices accelerate nationally as owners stay longer Posted: 29 Nov 2019 11:00 AM PST The pace of rising home prices quickened in September and existing home sales ticked up 1.9 percent. Average home prices in cities across the nation rose 3.2 percent compared with the same period in the previous year, the Wall Street Journal reported. The year-over-year rise in August had been 3.1 percent. The gains mark a two-month departure from a long period of slowing growth in home prices. The gains were more moderate — just 2.1 |
| Rent freeze in Berlin ends calls for expropriation, but may spark disinvestment Posted: 29 Nov 2019 09:30 AM PST Berlin’s rent freeze may spark disinvestment, according to the city’s largest landlord. Deutsche Wohnen CFO Philip Grosse said in an interview with Bloomberg that the firm is holding off on construction in Berlin, and instead will look to other cities to make new investments. The company said earlier this month that limits on raising rents and potential mandated rent cuts put cash flow at risk. The damage done to its bottom line, the landlord calculated, |
| Massive Far Rockaway apartment complex nabs $107M loan Posted: 29 Nov 2019 08:45 AM PST A trio of apartment buildings in Far Rockaway have landed $107 million in refinancing. New York Community Bank provided Alma Realty with the new debt, according to property records. The buildings are located at 107-10 Shore Front Parkway, 106-20 Shore Front Parkway and 106-10 Shore Front Parkway, and they have a total of 770 residential units. The deal includes about $16.6 million in new financing. Representatives for Alma Realty and NYCB did not respond to |
| Millennials head west for housing, and institutional investors follow Posted: 29 Nov 2019 08:00 AM PST Millennials in search of more affordable digs are heading west, swapping Brooklyn for Boulder. And institutional investors are taking the hint. Apartment building rental income nearly doubled between 2004 and 2018 in the eight Mountain States, according to a report from Trepp that examined properties in eight states, as cited in the Wall Street Journal. Net operating income grew by 7.33 percent in 2018 in those states of Arizona, Colorado, Idaho, Montana, New Mexico, Nevada, |
| Disgraced casino mogul Wynn to pay $20M to settle shareholder suit Posted: 29 Nov 2019 07:39 AM PST Disgraced casino mogul and billionaire Steve Wynn is now set to pay $20 million in damages to settle a shareholder lawsuit after alleged sexual misconduct. The damages that Wynn will pay, with an additional $21 million from insurance carriers for Wynn Resorts employees, must be approved by a Las Vegas judge, according to the Los Angeles Times. Wynn has repeatedly denied any wrongdoing in connection with the allegations. The founder and former chief executive and |
| New resi sale record in Red Hook, DJ Khaled eyes UES townhouse Posted: 29 Nov 2019 07:35 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 10:35 a.m. Cuomo issued a warning to Con Edison. The governor said on Tuesday that the utility company may face the same threats the state put on National Grid if ConEd doesn’t end its own ban on |
| Why this developer isn’t worried about selling off his spec mansions Posted: 29 Nov 2019 07:00 AM PST Andy Todd is not afraid of a soft luxury market. But that may be because his ultra-luxe Greystone on Hudson development in Tarrytown has had a banner year, closing on nine homes, all priced at $5 million and up. Branded as a modern-day Gilded Age Millionaire’s Row, the 23-estate speculative development is located on the same stretch where the Lehmans, the Astors and the Rockefellers once lived. And the properties — think the Great Gatsby |
| FEMA aid slow to reach Puerto Rico, Virgin Islands Posted: 29 Nov 2019 05:00 AM PST Puerto Rico and the U.S. Virgin Islands have been slow to receive recovery aid following Hurricanes Maria and Irma, according to a new examination of FEMA records. Of more than 9,000 requests to fund long-term recovery projects in Puerto Rico, the Federal Emergency Management Agency has only funded 190. And in the Virgin Islands, only 218 such projects of more than 1,500 requests have received funding, according to the New York Times. Both hurricanes Irma |
| Control freaks: Institutional players take over landlords’ war on rent caps Posted: 29 Nov 2019 04:00 AM PST When Steve Kessner began buying East Harlem rental buildings in the 1980s, like most landlords of rent-stabilized apartments, he played the long game. Keeping maintenance and renovation costs to a minimum, Kessner made modest but steady returns on his 47 properties, many of them run-down and rat-infested, and one of which he bought for just $5. But when New York state lawmakers added ways to boost rents on stabilized housing in the 1990s and 2000s, |
| Power lunch: Barry Sternlicht, Ziel Feldman and Aurora execs talk shop at Pastis Posted: 28 Nov 2019 01:00 PM PST It was drizzling when four development pros recently wedged into a half-moon-shaped banquette at Pastis in the Meatpacking District. Amid the din of an animated lunch crowd, The Real Deal sat with Starwood’s Barry Sternlicht, HFZ Capital’s Ziel Feldman and Aurora Capital’s Bobby Cayre and Jared Epstein, listening in during their unscripted conversation. Keith McNally’s iconic French bistro — a trendy eatery favored by celebrities and New York foodies — reopened after a five-year hiatus |
| Flipped off: The inside story of Coca-Cola’s botched building sale Posted: 28 Nov 2019 11:00 AM PST UPDATED, Oct. 10, 2019, 1:44 p.m: Coca-Cola’s real estate division must be feeling flat. The soft-drink giant had sold its iconic building at 711 Fifth Avenue in August to Nightingale Properties and Wafra Capital Partners for $909 million. But last month, in an unusual twist, Wafra sold its stake in a deal valuing the property at $937 million. Coca-Cola had left tens of millions of dollars on the table. Making matters worse, the new buyer was |
| “That’s the best you can do?” Eliot Spitzer and Eran Chen on their recent project Posted: 28 Nov 2019 09:00 AM PST Architects and developers need each other, but their dynamic often puts them at odds. Developer and former New York Gov. Eliot Spitzer sat down with his architect Eran Chen to discuss finding common ground and chemistry as they worked on their recently completed rental complex along Williamsburg’s waterfront, 420 Kent Avenue. Chen’s firm, ODA, has designed a handful of new buildings along Brooklyn’s waterfront, including 10 Jay Street for Glacier Global Partners and Triangle Assets, |
| Revealed: Corcoran’s “hacked” files Posted: 28 Nov 2019 07:00 AM PST One third of the Corcoran Group’s gross commissions last year came from just 37 of its 1,239 brokers. The New York firm gave at least one top agent a $120,000 marketing budget. And, besieged by well-funded rivals who’ve poached top producers, Corcoran has shelled out sums as high as $275,000 for agents to use at their discretion. These are some of the revelations gleaned from documents leaked to every Corcoran agent last month, and analyzed |
| Analysis: Here’s what the new rent law will do to the average stabilized apartment Posted: 28 Nov 2019 05:00 AM PST UPDATED, June 18, 11:41 a.m.: The new rent bill that was signed into law on Friday has already been described as “devastating” and “disastrous” for New York City’s real estate industry. But what specifically does it mean for certain multifamily landlords? The new legislation touches on a wide range of rent-related issues, from vacancies and improvements to condo conversions and mobile homes. To illustrate the practical impact of these changes, The Real Deal took a |
| Yankees seek $900M refi for stadium Posted: 27 Nov 2019 01:45 PM PST The Yankees may have found their sweet spot, at least when it comes to interest rates. The Bronx Bombers are asking the New York City Industrial Development Agency to issue $900 million worth of tax-exempt bonds so the team can refinance bonds it used to build its 1.3 million-square-foot stadium. The IDA will take up the application at its December meeting. Representatives for the Yankees and the IDA could not be immediately reached for comment. |
| Dynamic Star CEO buys Queens Plaza site for $28M Posted: 27 Nov 2019 01:30 PM PST The chief executive of Dynamic Star has purchased a building in Long Island City for $27.5 million. The property, a former Eagle Electric building at 23-10 Queens Plaza South, was acquired by AAGS Holdings LLC, an entity controlled by Gary Segal, who has developed at least four other buildings in Queens Plaza with Dynamic Star, his real estate firm. The seller was a partnership led by Kevin Maloney’s PMG Holdings. Segal said he plans to |
| Biotech billionaire pays $26M for 220 CPS pad Posted: 27 Nov 2019 01:15 PM PST The founder of a major Chinese biotech company is the latest billionaire to call 220 Central Park South home. Records show an entity linked to Li Ge, chairman of WuXi Biologics, forked over $26.2 million for a 54th-floor pad at the limestone tower. The deed was signed by Li’s wife, Ning Zhao. The billionaire, who is worth an estimated $5.1 billion, according to Forbes, earned a PhD in organic chemistry from Columbia University and co-founded |
| Soccer superstar Lionel Messi scores Porsche Design condo Posted: 27 Nov 2019 12:50 PM PST Lionel Messi, considered by many to be the world’s greatest soccer player, bought a condo at Porsche Design Tower in Sunny Isles Beach for $5 million. Messi bought unit 4705 in the 60-story luxury oceanfront condo tower at 18555 Collins Avenue, according to sources. It was sold by Gil Dezer’s Dezer Development and was brokered by Dezer Platinum Realty. The sale closed on Monday, sources said. Messi, 32, is a forward for FC Barcelona. He |
| Real estate mogul Stanley Black says longtime partner bilked him out of millions Posted: 27 Nov 2019 12:30 PM PST Prominent real estate investor Stanley Black is suing his business partner of 34 years, Robert Barth, claiming Barth defrauded him out of $8 million in a Beverly Hills mansion sale. Black filed the explosive lawsuit Thursday in Los Angeles County Superior Court, alleging Barth concocted an elaborate scheme to siphon millions of dollars for himself through a maze of limited liability companies. Black founded Beverly Hills-based Black Equities Group in 1985 along with his son |
| Compass to Realogy: You can’t sue us Posted: 27 Nov 2019 11:45 AM PST Five months after Realogy hit Compass with a bombshell lawsuit, the SoftBank-backed defendant is looking to resolve things outside of a courtroom. In a Nov. 25 motion, Compass asked a New York judge to stay the legal proceedings and compel the two companies to seek arbitration. The brokerage’s motion argues that the majority of Realogy’s accusations pertain to the Corcoran Group, its successful New York City-based subsidiary. Because both Compass and Corcoran are members of |
| Arts-and-crafts retailer AC Moore to close all 145 stores Posted: 27 Nov 2019 11:00 AM PST It’s AC no Moore, as another retail chain falls victim to challenges sweeping the industry. New Jersey-based arts-and-crafts retail chain AC Moore will be closing all of its 145 stores across the country, and up to 40 will see their leases taken over by a larger competitor, the Michaels Companies. AC Moore’s parent company, Nicole Crafts, announced the decision on Monday, the New York Post reported. “Unfortunately, given the headwinds facing many retailers in today’s |
| Big landlords are funding small ones’ rent-law challenge Posted: 27 Nov 2019 10:30 AM PST Though small landlords are the face of a federal lawsuit challenging New York’s rent law, large ones are quietly bankrolling it. Small owners Dino, Dimos and Vasiliki Panagoulias as well as entities tied to Michael Vinocur and Jack Moy, filed a complaint this month challenging the constitutionality of the new rent law — the second suit of its kind. However, the plaintiffs’ law firm, Covington & Burling, acknowledged that “a coalition of owners” is backing |
| Silverstein’s lending biz could get a boost from the weak luxury condo market Posted: 27 Nov 2019 10:00 AM PST Silverstein Properties is looking to double its lending business next year to more than $1 billion. The firm is focusing on inventory loans in the luxury condo market at neighborhoods such as Tribeca, Gramercy and Midtown East, according to Bloomberg. The firm is in negotiations for roughly $700 million worth of such loans, which are generally used as temporary lifelines for developers looking to pay off construction debt without lowering prices while dealing with slow |
| Isaac Chetrit lands $210M refi for Garment District office building Posted: 27 Nov 2019 09:15 AM PST Isaac Chetrit has landed a $210 million refinancing from Morgan Stanley for 1412 Broadway, according to sources familiar with the deal. Chetrit purchased the 415,000-square-foot, 24-story Garment District office property from Harbor Group International in 2014 for $250 million. The new debt replaces a $160 million loan Wells Fargo provided on the property in 2016. David Hayum and Tal Savariego of Meridian Capital Group brokered the deal with Morgan Stanley. He and Morgan Stanley did |
| Trump Tower occupancy rates depended on who asked Posted: 27 Nov 2019 07:59 AM PST President Donald Trump’s firm, the Trump Organization, reported much higher occupancy rates for Trump Tower’s commercial spaces to potential lenders than to tax authorities, ProPublica found. Over three consecutive years, the occupancy rate for the future president’s signature building was reportedly recorded as 11, 16 and 16 percentage points higher to its lender than it was to city tax officials. In documents submitted to the lender, Ladder Capital, for periods ending December 2011 and June |
| A veritable bonanza of real estate events. Well, two, actually Posted: 27 Nov 2019 06:30 AM PST Next week brings two more real estate events. Host: CREW New York Date: Dec. 3 Time: 11:30 a.m. to 1 p.m. CREW New York is holding its holiday luncheon at Club 101, 101 Park Avenue. It includes a panel discussion on the big changes in the New York City retail market over the past four years and their effect on trends going into the new decade. Speakers include Diana Boutross of Cushman & Wakefield and |
| Trump Tower discrepancy exposed; Christie’s agent allegedly hit female Lyft passenger Posted: 27 Nov 2019 06:13 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. Documents show the Trump Organization reported different numbers — higher ones to lenders, lower ones to tax officials — for Trump Tower. The occupancy rate of its commercial space was listed as 11 to 16 percentage points higher over three consecutive years in filings |
| How Westchester home flippers manage to turn huge profits Posted: 27 Nov 2019 05:15 AM PST For Danielle Longhitano, a listing for a co-op unit in White Plains served as the launching pad for a new career. After procuring the one-bedroom for $310,000 in September 2011, she set to work renovating it with her architect-husband, Niall Duggan, and contractor-brother-in-law Ian Duggan. After the team gutted the kitchen and bathroom, added custom built-ins and crown moldings and refinished the hardwood floors, the updated unit at 20 North Broadway hit the market. Longhitano, |
| The floundering retail market is about to get even worse Posted: 27 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 |
| Williamsburg whiz kids facing major markdown on $1B retail portfolio Posted: 27 Nov 2019 04:00 AM PST The developer that brought the first Apple store to Brooklyn and bet big on the borough’s retail market is in for some humbling news. RedSky Capital’s partner on the $1 billion portfolio they share is about to write down the value of that real estate by as much as a third. The partner, Manhattan-based investment firm JZ Capital Partners, is bowing to the reality that prime Brooklyn retail rents have sunk and some RedSky projects |
| Christie’s agent accused in viral Instagram post of assaulting woman in Lyft Posted: 26 Nov 2019 03:19 PM PST A Christie’s International Real Estate agent has been accused by a woman on social media of getting into a fight with her in a shared Lyft ride. On Instagram early Monday Jasmine Yvette accused a man — identified in the comments as Cristiano Moura — of “beating me up and biting me” and referring to her as “one of them uneducated ignorant black bitches.” A representative for Christie’s International Real Estate acknowledged the incident in |
| Another villa unit at 220 Central Park South sells for $47M Posted: 26 Nov 2019 01:29 PM PST The villa portion of Vornado Realty Trust’s 220 Central Park South is now half sold out, as an anonymous buyer has closed on the unit below Sting’s penthouse for $46.5 million. The buyer entity, 220 CPS International LLC, is associated with two attorneys. The buyer’s attorney is named as Alejandro García-Villalpando of Akerman LLP, who has bar admissions in both New York and Mexico. Meanwhile, the sole manager of the LLC itself is Robert R. |
| Evictions down in wake of New York rent law Posted: 26 Nov 2019 12:10 PM PST Since the state legislature took a hacksaw to New York’s rent law in June, New York City has seen a precipitous decline in eviction proceedings. Evictions filed against tenants for nonpayment fell by more than 35,000, or 46 percent, following the law’s enactment in June, compared with the same period in 2018, the Wall Street Journal reported. Eviction cases not involving nonpayment of rent also declined, but only by 12 percent. New York City’s supervising |
| Tenant harassment bill hits governor’s desk Posted: 26 Nov 2019 11:36 AM PST Back in April — two months before overhauling New York’s rent stabilization law — the state legislature passed a bill that expands the definition of what is considered criminal tenant harassment. But in the seven months since, the governor hasn’t signed it. Now, with a little more than a month to go before the end of the year, the bill has landed on Gov. Andrew Cuomo’s desk. Under state law, he has until December 7 |
| Elizabeth Warren slams WeWork rescue package, investors scrutinize SoftBank’s bookkeeping Posted: 26 Nov 2019 10:23 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 1:23 p.m. Brooklyn-based Golden Gate Management has purchased a one-story warehouse at 34 Steuben St., 11 months after filing plans to replace it with a nine-story, 110-foot building. The firm paid $4.9 million for the 10,100-square-foot property |
| Here’s how much Facebook is paying at Hudson Yards Posted: 26 Nov 2019 09:56 AM PST Shortly after Facebook snapped up 1.5 million square feet across three Hudson Yards office buildings, the developers are cashing out with a massive new loan on one of the towers. A joint venture between Mitsui Fudosan America, Related Companies and Oxford Properties secured a $1.245 billion loan from Wells Fargo, Deutsche Bank and Morgan Stanley last week, using the 1.4 million-square-foot 55 Hudson Yards as collateral, according to a rating document published by Kroll Bond |
| NYC firms push deeper into ‘burbs in hunt for marketshare Posted: 26 Nov 2019 06:15 AM PST UPDATED Nov. 22 3:20 p.m. As the ring around New York City attracts more and more buyers — many of them priced out of Manhattan and Brooklyn — Gotham’s residential brokerages have grown increasingly aggressive (and strategic) about moving into the burbs. The firms all have their own strategies for which tri-state areas to target and how to get a foothold. Some have doubled down on the Hamptons, where high-priced luxury deals are the golden |
| Love, hate, and real estate: Bloomberg’s record may polarize voters Posted: 26 Nov 2019 04:00 AM PST Michael Bloomberg’s candidacy for president has an obvious appeal to the business community but not to the left-leaning voters expected to decide the Democratic primary for president. His record on real estate issues shows why. As mayor from 2002 through 2013, Bloomberg’s pro-development policies were credited by business interests for powering New York City’s comeback and denounced by critics for increasing homelessness and inequality. Even decisions that seemed moderate or progressive at the time no |
| SoftBank-backed Katerra co-founder leaves company’s board Posted: 25 Nov 2019 02:32 PM PST One of Katerra’s co-founders and board members has quietly left the construction tech startup amid reports of layoffs and abandoned projects. Fritz Wolff, who also heads his family’s eponymous private equity firm, the Wolff Company, is no longer a board member but “maintains an advisory role as a co-founder of Katerra,” a company spokesperson confirmed on Monday. Wolff disappeared from Katerra’s website sometime in the past month. He could not immediately be reached for comment. |
| National Grid backs down, WeWork is getting its $3B tender offer Posted: 25 Nov 2019 01:30 PM 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 4:30 p.m. National Grid has relented in its standoff with Gov. Andrew Cuomo. The utility company had for months refused to activate gas hookups for returning and new customers on Long Island and in parts of New York |
| City marshals evict co-working firm from Midtown tower Posted: 25 Nov 2019 01:09 PM PST WeWork isn’t the only co-working firm that’s struggling. Tenants of Corporate Suites, a firm that subleases office space in a half-dozen locations across Midtown, were evicted from its offices at 1001 Sixth Avenue on Friday morning. According to one business owner who was present, he and other Corporate Suites tenants were told by New York City marshals to pack their belongings and exit the premises within 15 minutes. “People were nervous. It’s people’s livelihood, you |
| SquareFoot hires former Savills president Posted: 25 Nov 2019 12:27 PM PST Michael Colacino, the former president of Savills, has landed a gig at a proptech firm. The industry veteran, who spent more than two decades at Savills, will join online commercial brokerage SquareFoot, as president. SquareFoot, which launched in 2013, recently announced a $16 million Series B funding round, which Colacino participated in. The firm has raised $29 million in total, from investors including RRE Ventures, Rosecliff Ventures and Triangle Peak Partners. Jonathan Wasserstrum, SquareFoot’s CEO, |
| Another $60M condo closes at 220 Central Park South Posted: 25 Nov 2019 12:05 PM PST Another buyer has dropped almost $60 million on a 46th-floor unit at Vornado Realty Trust’s ultra-luxury development, 220 Central Park South. The purchaser was CPV46LLC, which has the address of a St. Petersburg, Fla. home owned by Frederick and Janine Arnold. The price tag was about $59.6 million for the condominium. A message left with the Arnolds was not immediately returned. The five-bedroom, two-bathroom pad, #46A, measures 6,591 square feet. The deal pencils out to |
| Criterion’s next self-storage site will be in Upper Manhattan Posted: 25 Nov 2019 10:30 AM PST Shibber Khan’s Criterion Group is continuing its self-storage development, with plans now to bring a three-story warehouse to Upper Manhattan. The Queens-based company, through a limited liability company, pre-filed an application with the Department of Buildings for a self-storage facility at 2924 Eighth Avenue. The building will measure almost 110,000 square feet, according to the application. Khan did not immediately respond to a request for comment. Criterion is in the market for a construction loan |
| Local landlords pulling strings, but could end up in knots Posted: 25 Nov 2019 10:00 AM PST On a weekly radio program in October, Jeff Hanley made an appeal to his suburban audience. “The changes to the rent laws affect landlords and managers of thousands of rent-stabilized units in Westchester, Rockland and Nassau counties,” said Hanley, associate executive director of the Building & Realty Institute. “We represent virtually every sector of the building, realty and construction sector on a 24/7 basis,” he added from his broadcast perch in Westchester, where the local |
| Bloomberg v. Trump: Real estate edition Posted: 25 Nov 2019 09:15 AM PST Despite their many differences, Donald Trump and Michael Bloomberg do have a few things in common. Both are billionaires, both may be vying for the same office now that Bloomberg is considering a presidential run, and both men have a penchant for luxury residential properties. The former New York City mayor and registered Democrat has built a townhome empire on Manhattan’s Upper East Side, while President Trump prefers the vertical life at his Trump Tower |
| Co-heads of Newmark’s debt team host holiday bash Posted: 25 Nov 2019 08:15 AM PST The heads of Newmark Knight Frank’s debt team kicked off the holiday season early with a party in the Meatpacking District last week. Dustin Stolly and Jordan Roeschlaub hosted the bash at the newly reopened Pastis Thursday night, joined by some 400 guests. “Pastis is probably the hottest restaurant in the city right now,” said Stolly. “We’ve had a great year and we wanted to bring everyone together to celebrate.” Newmark heavyweights Barry Gosin and |
| Qatar state fund drops $91M on property near UN Posted: 25 Nov 2019 07:33 AM PST The Qatar Investment Authority is again a Big Apple buyer. It paid $91 million through an LLC for five commercial spaces at 809 First Avenue, also known as 809 United Nations Plaza, property records show. The building also serves as Qatar’s permanent mission to the U.N. The seller was the Institute of International Education. A JLL team of Ken Siegel, Peter Riguardi, Clint Olson and Bob Knakal brokered the deal. The brokers couldn’t be reached |
| No more delays: SoftBank launching WeWork stock tender offer this week Posted: 25 Nov 2019 06:54 AM PST For WeWork’s investors, better late than never. SoftBank’s $3 billion tender offer to WeWork is set to launch this week, following weeks of delays, according to Reuters. Masayoshi Son’s firm was expected to launch its offer earlier in November but delayed the move while it tried to make technical revisions to the offer documents. The $3 billion offer for WeWork shares includes up to $970 million for those owned by co-founder Adam Neumann. Last week, |
| The bill that won’t die: Will commercial rent control finally pass? Posted: 25 Nov 2019 05:15 AM PST For decades, city officials have periodically floated the idea of controlling commercial rents. Now, a new bill seeks to model such regulations after residential rent stabilization. City Council member Stephen Levin recently introduced the Commercial Rent Stabilization Act, which would create a board to determine annual rent increases for small retail spaces, along with certain offices and manufacturing sites. The legislation has already drawn the ire of the real estate industry and skepticism from City |
| Is NYC’s townhouse market in trouble? Posted: 25 Nov 2019 04:30 AM PST As a percentage of the city’s housing stock, townhouses aren’t just small, they’re minuscule. But they’ve attracted outsized attention in recent months. Most notably, this summer, a 48-foot-wide limestone mansion on East 67th Street sold to hedge-fund mogul John Griffin for $77 million — the highest price ever paid for a residential townhouse in New York City. While that blockbuster deal set a new benchmark, sources say it’s not reflective of what’s going on in |
| Big sale sparks debate about how far multifamily market has plunged Posted: 25 Nov 2019 04:00 AM PST Last week’s sale of a huge rent-stabilized portfolio at a steep discount has real estate insiders buzzing about how much multifamily property values have dropped since drastic changes to New York’s rent law in June. The 539-unit Kestenbaum family portfolio in Rego Park was unloaded for $129.5 million, or 38 percent less than its original listed price — and $60 million short of what sources said was offered a year ago. “The Rego Park Queens |
| Co-founder Chris Kelly to leave Convene Posted: 22 Nov 2019 02:13 PM PST Convene’s co-founder is leaving. Chris Kelly, who also serves as vice chairman, will resign from the flexible office provider by the end of the year, according to Commercial Observer. He will still advise the startup. Convene has raised $260 million since its founding in 2009. Its backers include RXR Realty, the Durst Organization and Brookfield Asset Management. Kelly announced the decision Friday at a company meeting. He said he had been thinking about stepping down |
| Chetrit nabs $200M refi for huge Jamaica project Posted: 22 Nov 2019 02:08 PM PST UPDATED, 5:25 p.m. Nov. 26: The Chetrit Group has landed $200 million in construction refinancing for its planned multifamily redevelopment at Jamaica’s Mary Immaculate Hospital site, according to sources familiar with the deal. The funding comes from Square Mile Capital in a deal that was brokered by Henry Bodek of Galaxy Capital Group. The project will be a four-building, 481-unit complex at 150-13 89th Avenue in Queens, and Hill West will design it. Bodek declined |
| Gowanus trade biggest of six mid-market investment sales this week Posted: 22 Nov 2019 02:00 PM PST Six mid-market investment sales in New York City were made public this week. The most notable was a nearly $30 million deal in Gowanus, with Avery Hall Investments buying 204 Fourth Avenue ahead of an anticipated neighborhood rezoning. Here are the details. Avery Hall Investments bought 204 Fourth Avenue in Gowanus from gas station chain Speedway for $29.75 million. Avery Hall is partnering with Gindi Capital at the site. They plan to build a 17-story |
| It’s bankruptcy time for Michael Lichtenstein LLC in Williamsburg Posted: 22 Nov 2019 12:33 PM PST Michael Lichtenstein has filed for Chapter 11 bankruptcy at an apartment building in Williamsburg, but said he plans to withdraw the application shortly. Lichtenstein, the president of Heritage Equity Partners and a frequent partner of developer Toby Moskovits, filed the claim for 227 Grand Avenue through the entity MY2011 Grand LLC. He did so independently of his partnership with Moskovits and his role at Heritage Equity Partners, he said. The property has between $10 million |
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