The Real Deal - New York Real Estate News

Jay Kriegel, Related senior adviser and ex-mayoral chief of staff, dies

Posted: 05 Dec 2019 02:30 PM PST

Jay Kriegel, a senior adviser at Related Companies and former chief of staff to Mayor John Lindsay, has died of cancer at age 79, a Related spokeswoman confirmed. Kriegel had a lengthy career in New York City and served as Lindsay’s chief of staff from 1966 to 1973. His accomplishments during his tenure included opening the city’s Washington office, creating the Civilian Complaint Review Board and serving as the city’s first director of the Criminal

Inside Halstead’s festive re-creation of Studio 54

Posted: 05 Dec 2019 02:30 PM PST

UPDATED Thursday December 5, 2019, 5:51 p.m.: There was no sign of the struggling residential market at Halstead’s annual holiday party — only optimism, camaraderie and glitter. Tables with casino games (no real money was involved), a decadent candy table and a station dishing out freshly roasted chestnuts were among the highlights at the residential brokerage’s 2019 party. As it was a year ago, the event was held in the landmarked halls of Guastavino’s, a

Catsimatidis scores approval for $300M tower in Florida

Posted: 05 Dec 2019 01:55 PM PST

Greek billionaire John Catsimatidis landed approval for what could become the tallest condo tower on the west coast of Florida. Catsimatidis’ Red Apple Group received site plan approval from the St. Petersburg’s Development Review Commission on Wednesday for a $300 million mixed-use project, the Tampa Bay Times reported. The project would include a 45-story condo building, 20-story hotel, roughly 20,000 square feet of office space, and an over 800-space parking garage. Miami-based Arquitectonica is the

Check out Manhattan’s latest condo inventory stats

Posted: 05 Dec 2019 12:34 PM PST

New development condo report Manhattan • Inventory contracted as developers filed fewer units than were purchased • Developers filed three plans with a total of 84 units • The state didn’t approve any plans for sale • Buyers purchased 128 units valued at $546 million Supply Demand

Breather bloodbath: Flex-office startup fires 17% of staff

Posted: 05 Dec 2019 11:19 AM PST

UPDATED, Dec. 5, 2019, 4:52 p.m.: Breather, an on-demand workspace company, fired almost a fifth of its staff Thursday. The Montreal-based firm, which provides office space across 10 different cities and has more than 100 employees, laid off at least 18 staffers, The Real Deal has learned. In a post on LinkedIn, Breather’s director of research, Anja Jamrozik Otto shared that she and others were leaving the company. A person familiar with the matter said

All Year’s Israeli bonds tumble on $41M loss

Posted: 05 Dec 2019 10:53 AM PST

Since the market meltdown in Tel Aviv, Yoel Goldman’s All Year Management has spent all year managing the worries of bondholders. But the developer’s latest earnings report has investors on edge again. All Years’ British Virgin Islands–registered bond-issuing entity suffered a stunning $40.8 million loss in the third quarter, an earnings report released on Thanksgiving revealed. That brought the company’s total losses for the year to $52.4 million — a dramatic reversal from its $76.9

And you get an incentive! Extell offers to pay carrying costs at Brooklyn’s tallest tower

Posted: 05 Dec 2019 10:51 AM PST

Extell Development is offering yet another incentive for buyers — this time, in Brooklyn. The developer will pay carrying costs for those who buy one- to three-bedroom units at its first Brooklyn tower, Brooklyn Point at 138 Willoughby Street. For one bedroom apartments, Extell will cover three years worth of charges, while buyers of two or three-bedroom units won’t have to pay for five years, according to the tower’s website. But there’s a catch: Only

The Midtown South home of Facebook, Buzzfeed asks up to $800M

Posted: 05 Dec 2019 10:50 AM PST

The owner of one of the hottest techie buildings in Midtown South is looking to sell the 675,000-square-foot office property for as much as $800 million. Orda Management Corp. put the mini-campus it redeveloped several years ago at 225 Park Avenue South – and filled with the likes of Facebook and Buzzfeed – up for sale, sources told The Real Deal. Orda, led by the father-and-son team of Morton and Thomas Silver, is looking to

Big Real Estate facing new limits on NY state campaign contributions

Posted: 05 Dec 2019 08:15 AM PST

New York is about to slash the amounts that real estate donors and other large contributors can give to candidates for governor and other statewide offices. The state’s Public Finance Commission released a set of recommendations Sunday to lower the limit on contributions to statewide candidates to a quarter of the current ceiling. The commission recommended a limit for statewide candidates of $18,000, down from $70,000, between primary and general elections. For candidates for state

Five priciest homes new to market include 1897 townhouse

Posted: 05 Dec 2019 07:34 AM PST

While most New Yorkers were preparing for Thanksgiving last week, some agents and their clients listed homes ranging from about $7.5 million to just under $9 million. Combined, the top five listings in New York City totaled $41.3 million. Here’s a look at the most expensive ones between Nov. 25 through Dec. 1, according to an analysis of StreetEasy and Compass data. 1. The Residences at the Ritz-Carlton Penthouse | Battery Park City | $8.975M

Five ways that Albany could punish real estate in 2020

Posted: 05 Dec 2019 06:45 AM PST

Real estate interests got a butt-kicking in Albany this year — but state legislators might not be done. The new legislative session starts next month, and it’s an election year. With some incumbents likely to push pro-tenant bills to ward off liberal or socialist challengers, real estate industry insiders still reeling from June’s rent-law overhaul don’t expect the leftward lurch to stop anytime soon. “It’s scary,” an executive at a large New York City multifamily

WeWork’s Dock 72 location off to slow start, Keller Williams product chief is out

Posted: 05 Dec 2019 06:00 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 a.m. WeWork has been slow to lease out space at new its new Navy Yard location. The embattled co-working company has reportedly leased just 40 percent of office space since Rudin Management Company and Boston Properties’ building

How healthcare is saving Long Island’s office & retail markets

Posted: 05 Dec 2019 05:15 AM PST

Traditional retail may indeed be dead. Big local companies such as Newsday may have recently downsized to offices with smaller footprints. And sure, millennial workers could actually be ditching Long Island in droves, as some experts say. But there’s a bright spot amid all that doom and gloom. Downsizings in the office market have led to an uptick in leasing activity, as other companies move into nicer vacated spaces. In fact, leasing activity for the

Sizing up Stellar’s dueling worlds, from OZ plays to class-action lawsuits

Posted: 05 Dec 2019 04:30 AM PST

Stellar Management has kept a notably low profile for most of its roughly 35-year existence, especially compared to some other New York landlords like Blackstone, LeFrak and the Related Companies. But the investment and management firm has become increasingly hard to ignore. The company has its hands in everything from the multifamily market to ground-up development to Opportunity Zones. But views on Stellar vary widely — to the point that the one company can sound

Flushing project bigger than November’s next five largest combined

Posted: 05 Dec 2019 04:00 AM PST

After a quiet October, large projects in Manhattan came back with a vengeance last month. Developments in the borough made up half of the 10 largest projects filed with the city in November, including the second, third and fourth place spots. But the largest project overall was a massive development planned for Flushing, while the top Manhattan entry was a mixed-use project planned for Billionaires’ Row. It has as many square feet as the list’s