The Real Deal - New York Real Estate News

Tiger Woods’ ex-wife sells North Palm Beach mansion for $29M

Posted: 11 Sep 2020 02:15 PM PDT

Swedish model Elin Nordegren, ex-wife of golfer Tiger Woods, sold her North Palm Beach mansion to Rockstar Energy Drink founder Russell Weiner for $28.6 million. Property records show Nordegren sold the 23,000-square-foot estate at 12520 Seminole Beach Road to Weiner, the billionaire founder of his energy drink company. Weiner is worth $3.7 billion, according to Forbes. The property hit the market in 2018 for $49.5 million with Cristina Condon and Todd Peter of Sotheby’s International

Traub Capital pays $75M for LIC cosmetics plant

Posted: 11 Sep 2020 01:45 PM PDT

Traub Capital paid $75 million for a manufacturing plant in Long Island City, part of the private equity firm’s recent acquisition of cosmetics maker Mana Products. The three-story, 215,000-square-foot facility is located at 27-11 49th Avenue in the Hunters Point section. Traub’s deal to buy LIC-based Mana was reported earlier this month. Mana, which manufactures beauty products for a variety of brands, has owned the building for over 20 years, property records show. The property

Turnbridge Equities scores $105M loan, new partner for Bronx logistics site

Posted: 11 Sep 2020 01:30 PM PDT

UPDATED, Sept. 11, 6:08 p.m.: New York developers are continuing to flock to industrial even as the pace of other commercial deals has slowed. Turnbridge Equities has entered into a joint venture with Dune Real Estate Partners to develop a last-mile distribution center on a 14-acre site at 980 East 149th Street in Hunts Point, the companies announced. The partners also secured $105 million in pre-development financing from J.P. Morgan for the project, dubbed the

19 years after 9/11, does Lower Manhattan still need subsidies?

Posted: 11 Sep 2020 01:15 PM PDT

In the nearly 20 years since the tragic Sept. 11 attacks, much has changed in Lower Manhattan. One constant, though, is a series of multimillion-dollar tax incentives designed to aid its recovery by attracting office tenants and encouraging the rehabilitation of older buildings in the area. As part of this year’s state budget, Gov. Andrew Cuomo and the legislature renewed three Lower Manhattan tax breaks. One exempts tenants who are paying an annual rent of

Five vintage videos TRD viewers loved this week

Posted: 11 Sep 2020 12:30 PM PDT

This week, TRD viewers were looking back on a few favorite videos. From the opening of Hudson Yards to peeking inside the Robert A.M. Stern Architects workshop to exploring the 10 oldest apartment buildings in NYC, these were our top 5 videos on YouTube. The 10 oldest surviving apartment buildings in NYC Long before housing options ran the gamut from ground floor studio apartments to and skyrise penthouses, there were only two type of NYC

Brookfield looks to shed self-storage portfolio for $1.3B

Posted: 11 Sep 2020 12:05 PM PDT

Brookfield Asset Management is looking to shed a self-storage portfolio that spans 23 states. The Canadian asset manager — the parent of Brookfield Property Partners — is looking for private suitors in order to offload Simply Self Storage for $1.3 billion, according to Bloomberg. Brookfield purchased the storage company in 2016 and more than doubled its footprint from 90 locations to over 200 in two years. In 2018, it sold off a $1.3 billion portion

Knotel wants out at 10 Manhattan locations

Posted: 11 Sep 2020 11:30 AM PDT

Knotel is looking to get out of 10 Manhattan locations with lease commitments of more than $16 million as the company clashes with landlords over unpaid rent. The flex-office startup, valued at $1.6 billion in August 2019 but thought to be worth substantially less now, is offering nearly 375,000 square feet of space up for sublease, according to marketing materials reviewed by The Real Deal. Most of the leases commenced within the last 18 months

NYC real estate execs to de Blasio: Bring this city back

Posted: 11 Sep 2020 10:04 AM PDT

Some of the biggest names in New York City real estate implored Mayor Bill de Blasio to take “immediate action” to improve public safety, cleanliness and the city’s quality of life. The letter, drafted by pro-business group Partnership for New York City, was signed by 163 business leaders, including many of New York’s biggest developers and landlords. The letter, first reported by the New York Times, acknowledged the city’s success in containing the coronavirus, but

Maison Kayser files for bankruptcy with plans for sale

Posted: 11 Sep 2020 09:53 AM PDT

Days after firing its New York staff, the owner of bakery chain Maison Kayser has filed for bankruptcy, with a plan to save the company. Cosmoledo LLC said in its Chapter 11 bankruptcy petition that it had agreed to sell its assets to restaurant investor Aurify Brands, according to Bloomberg. “The Covid-19 pandemic and indefinite timeline for the resumption of full-capacity indoor dining in New York City have had a devastating impact on our business,”

Shopify grabs Soho retail space vacated by Google

Posted: 11 Sep 2020 09:00 AM PDT

Shopify is taking over a Soho storefront in a sublease from Google. Google had leased the space at 131 Greene Street in 2014 but abandoned it after spending a reported $6 million on structural renovations and running a pop-up holiday store in 2018. The now 8,200-square-foot store is mid-block between Houston and Prince streets and includes a sunken half-level in the rear. Sources said Michael O’Neill, Jason Greenstone and Taylor Reynolds of Cushman & Wakefield

Mortgage rates notch new low

Posted: 11 Sep 2020 07:40 AM PDT

Mortgage rates sank to an all-time low — again. The average rate for a 30-year fixed-rate mortgage dropped .07 percentage points for the week ending Sept. 10, reaching 2.86 percent — a new low since Freddie Mac began conducting the survey in 1971. This time last year, the mortgage rates averaged 3.56 percent. Fifteen-year mortgages declined, too, to an average of 2.37, while five-year mortgages were up 18 percentage points to 3.11. Sam Khater, Freddie

iBuyer Opendoor eyes $5B IPO via blank-check firm

Posted: 11 Sep 2020 05:45 AM PDT

Instant-homebuying startup Opendoor may be jumping on the SPAC bandwagon. The venture-backed company is in advanced talks to go public through a merger with Social Capital Hedosophia Holdings Corp. II, reported Bloomberg. The deal would value Opendoor at $5 billion, and is set to be announced in the next few weeks. Founded in 2013, Opendoor buys homes online for cash and aims to sell them for a profit after making modest repairs. The San Francisco-based

CMBS delinquencies fell, but hold the applause

Posted: 11 Sep 2020 05:00 AM PDT

The delinquency rate for CMBS loans has fallen for two consecutive months. Save the party supplies for later, though, because there is still no reason to celebrate. Many CMBS lenders have offered forbearance to struggling borrowers during the downturn. When loans enter forbearance, their status is changed to “current” from “delinquent,” even if the borrower cannot pay on time. Given the surge in such arrangements, the delinquency rate does not reflect commercial real estate distress

Backers of big Queens megaprojects say city needs the jobs, homes

Posted: 11 Sep 2020 04:30 AM PDT

For Eric Benaim, losing Amazon still hurts. It’s been 19 months since the tech giant canceled plans for a 25,000-job campus in Long Island City, where Benaim’s brokerage is based. But now he has another chance, as developers have targeted the ex-Amazon site for up to 15 buildings of 37 to 64 stories, mostly commercial but also with 100 percent affordable housing, cultural space, job-training centers, as many as three public schools and seven acres

The biggest loans of the slowest month: August’s real estate lending

Posted: 11 Sep 2020 04:00 AM PDT

August was an odd month in New York City’s real estate lending market. The 10 largest Manhattan loans recorded in July totaled just $428 million, the lowest total this year and less than half of July’s figure. That was less deal volume than in the outer boroughs, where the 10 largest loans totalled $673 million, just a slight decrease from the month before. Citywide, the top 10 real estate loans recorded last month totaled $824