The Real Deal - New York Real Estate News

Check out NYC’s biggest investment sales deals

Posted: 12 Dec 2019 03:00 PM PST

Investment sales in Manhattan and Brooklyn Manhattan investment sales held strong in October with $2.83 billion in recorded deals, a 15 percent increase from the month before and 17 percent higher than the 12-month average. The borough’s two largest deals went to L+M Development Partners and Invesco Real Estate, which closed on four properties worth $820 million from Brookfield’s Putnam rental portfolio. Brooklyn’s investment sales, meanwhile, fell in October. The borough saw $567 million in

Two Trees unveils bold plan for Williamsburg towers, beach

Posted: 12 Dec 2019 02:10 PM PST

Two Trees Management has revealed an ambitious plan for two towers and a beach on an undeveloped section of Williamsburg’s waterfront. The 3.5-acre site, formerly owned by Consolidated Edison, will get 1,000 residential units and a new recreation area if the Brooklyn-based developer gets its way, according to a press release. Two Trees, which also plans to create three acres of protected water by building two piers, bought the property at auction for about $150

Real estate agents facing subpoenas after failing to appear at hearing

Posted: 12 Dec 2019 01:20 PM PST

Dozens of real estate agents and executives are facing subpoenas after failing to turn up to a hearing probing accusations of discriminatory practices. “There’s an easy way and a hard way to do things,” Democratic State Sen. James Skoufis tweeted Thursday. “It’s unfortunate these 67 individuals chose the hard way.” The hearing, which stemmed from a Newsday investigation revealing widepsread housing discrimination in Long Island, was reportedly attended by just one executive. “The remaining 67

WeWork tries to escape leases — and eviction

Posted: 12 Dec 2019 12:49 PM PST

After word of mass layoffs and a shift toward austerity, the inevitable is happening: WeWork is quietly trying to back out of leases. Executives at the embattled co-working company have been negotiating with landlords to find a way out of agreements it signed in up to 100 buildings around the world, The Information reported. Meanwhile in New York, Chestnut Holdings is trying to boot WeWork from a Midtown building, according to Crain’s. The landlord alleged

Glenwood Management makes rare sale with Upper East Side deal

Posted: 12 Dec 2019 10:45 AM PST

When Glenwood Management’s Leonard Litwin died at age 102 in April 2017, he said in his will that his heirs should avoid selling any of the company’s buildings. But the firm apparently saw that as more of a guideline than a rule. Glenwood has decided to make a rare departure with one of its buildings, as Hirschfeld Properties’ Elie Hirschfeld bought the company’s office property at 207 East 94th Street for $28.5 million, according to

At 220 CPS, buyer joins $100M club

Posted: 12 Dec 2019 09:52 AM PST

New York City’s $100 million club has a new member. An unknown buyer just shelled out that amount for a four-bedroom penthouse at 220 Central Park South, the Wall Street Journal reported. The deal is the third in New York City to top nine figures. Earlier this year, hedge funder Ken Griffin paid a record $238 million for the top penthouse at 220 Central Park South. In 2014, Michael Dell paid $100.47 million for a

VTS to focus on retail customers in 2020

Posted: 12 Dec 2019 09:45 AM PST

VTS is shopping for new retail customers. The New York City-based prop-tech company is primed to roll out a package of software tailored to retail landlords early next month, according to CEO Nick Romito. The move signals a renewed effort from VTS to reel in major retail owners, fresh off the company’s $20 million acquisition of PropertyCapsule in October. Romito called it a “significant” investment that qualified as the company’s largest for a single new

Atlas Capital pays $240M for LA Times’ printing plant in Downtown

Posted: 12 Dec 2019 09:00 AM PST

Atlas Capital Group has purchased the Los Angeles Times’ printing plant in Downtown for $240 million. The building contains about 660,000 square feet of manufacturing and distribution space, along with about 15 acres of open space mainly used for loading trucks and parking. The seller was a partnership led by Harridge Development Group, according to the Times. The entire site spans 26 acres on Olympic Boulevard alongside the Santa Monica freeway, and Harridge purchased the

It will make you laugh, it will make you … cringe: Blackstone’s latest holiday video

Posted: 12 Dec 2019 08:30 AM PST

What’s Blackstone Group missing? That’s the question Jon Gray, the company’s CEO, posed in an unusual holiday video released Thursday. The answer: A mascot. The hulking grey “Mr. Stone,” with his grey skin, wild eyes and office-appropriate suit and tie, takes a while for some staff to warm to at the outset of the more-than-six-minute video. But as it wears on, he’s got them dancing and jumping around office tables and holding signs with his

WeWork dials 911 — layoffs in New York City, that is

Posted: 12 Dec 2019 08:00 AM PST

Layoffs at WeWork will total more than 900 in New York City, according to a filing by the company this week. The co-working giant announced last month it would lay off about 2,400 employees across the company. The filing to New York state, which was required because of the high number of positions to be cut, specified that 911 New York employees will be affected — all in Manhattan except for seven in Queens. WeWork

Small Talk: How to survive and thrive during Real Estate Holiday Party Season

Posted: 12 Dec 2019 07:15 AM PST

Congratulations on successfully making it to another round of Real Estate Holiday Party Season, a very special time of year when some of the world’s biggest companies shower their employees, clients and minor European royalty figures with free food and alcohol, if only to remind everyone that they can afford to do so. Whether you’re a host or a guest, here are some tips on how to make sure you stand out this year. (Stand

Startup founders who sold to WeWork try to pick up the pieces

Posted: 12 Dec 2019 06:57 AM PST

Three startup founders who sold their companies to WeWork have learned some painful lessons since the office-space firm spun into a ditch this summer. One saw his business die. Another managed to regain control of his creation. And the third is trying to do the same thing, but a rival might grab it first. In recent months, after abandoning plans for a public offering and announcing a drastic restructuring of the company, WeWork’s leadership said

Manhattan rents hit highest level in more than a decade

Posted: 12 Dec 2019 05:05 AM PST

As rental rates across the boroughs increased, Manhattan saw a near record month. Median rental prices on the island reached $3,600 in November — an 8.5 percent year-over-year increase, according to Douglas Elliman’s latest rental report, authored by appraisal firm Miller Samuel. It’s the highest level recorded in more than a decade, and the second-highest ever recorded. “Higher end of the market has softened up, and we’re still seeing buyers on the sales side camping

The Playboy Club was a chance at redemption for Adam Hochfelder — here’s what went wrong

Posted: 12 Dec 2019 04:30 AM PST

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 back in court on another fraud charge

The 10 biggest Brooklyn retail leases of 2019

Posted: 12 Dec 2019 04:00 AM PST

Gyms dominated Brooklyn leasing this year. The top 10 retail leases for the borough this year included three new Blink Fitness locations, with a fourth just missing the cut. On top of that, fitness center Life Time’s first Brooklyn outpost and a new Brooklyn Boulders in Williamsburg mean that fitness tenants made up half of the borough’s largest deals this year — up from three such tenants in last year’s ranking. Despite the strong showing