The Real Deal - New York Real Estate News

No Amazon, no problem: TF Cornerstone plans 1,400 apartments in LIC

Posted: 15 Dec 2020 04:27 PM PST

Opponents kept Amazon out of Long Island City, fearing it would bring thousands of millennials to the area. They might be coming anyway. TF Cornerstone has filed an application to build two massive apartment buildings in Long Island City: a 575-unit, 34-story apartment building at 55-01 Second Street and an 812-unit, 39-story building at 2-10 54th Avenue. The buildings will total 1.43 million square feet, according to filings with the Department of Buildings. SLCE is

Vanbarton takes control of Prodigy Network’s William Street hotel

Posted: 15 Dec 2020 04:05 PM PST

Vanbarton Group has taken control of a Manhattan hotel building backed by investors in the near-defunct crowdfunding platform Prodigy Network. The mezzanine lender held a UCC foreclosure auction for interests in the entity that owns the 84 William Street hotel in November, according to marketing materials reviewed by The Real Deal. Vanbarton won the auction through a credit bid, meaning it bid using the debt it was owed, a source familiar with the matter said.

E&M Management cashes in on Canarsie property

Posted: 15 Dec 2020 03:20 PM PST

One of New York City’s biggest residential landlords turned a hefty profit on a long-held property. Irving Langer’s E&M Management sold the 86,800-square-foot building at 633 East 104th Street for $51.3 million, according to property records. The deed was recorded with the city on Friday. The company purchased the building in 2004 for $12.5 million. The deal for the five-story property was done through E&M Associates, and the seller was Canarsie Hotel. In the most

Madison Realty Capital to give Toledano tenants $1M in rent credits

Posted: 15 Dec 2020 02:35 PM PST

Madison Realty Capital has agreed to give more than $1 million in rent credits to tenants of Raphael Toledano’s East Village portfolio — once it takes over the 15 buildings. The private equity firm settled claims that when it issued Toledano $124 million to acquire the properties, it knew or should have known that the landlord’s business plan hinged on aggressively and illegally deregulating apartments. Last year, Toledano agreed to pay $3 million to settle

Retail magnate Peter Nygard hit with sex-trafficking indictment

Posted: 15 Dec 2020 01:20 PM PST

Canadian retail magnate Peter Nygard is being indicted for allegedly running a sex-trafficking ring. Federal prosecutors are also bringing Nygard up on charges of racketeering and other crimes against women, the New York Times reported. The U.S. attorney’s office in Manhattan said over a 25-year period, Nygard used the power of his company “to recruit and maintain adult and minor-aged female victims for NYGARD’s sexual gratification and the sexual gratification of his friends and business

Alex Rodriguez and Adi Chugh join $650M hotel fund

Posted: 15 Dec 2020 12:34 PM PST

Retired baseball superstar Alex Rodriguez found his latest real estate investment. Rodriguez’s A-Rod Corp and joint venture partner Adi Chugh of Maverick Commercial Properties are investing in CGI Merchant Group’s $650 million Hospitality Opportunity Fund. The two partners will help CGI with its investment strategy, expand its debt capital market capabilities and aid in acquiring trophy properties, according to a press release. The hotel market has been hit especially hard during the pandemic, with some

State Senate pushing blanket eviction moratorium: sources

Posted: 15 Dec 2020 12:25 PM PST

UPDATED, Dec. 15 2020, 4:38 p.m.: The New York state legislature is a house divided when it comes to extending protections against eviction. The state Senate is pushing a blanket moratorium on all residential evictions for an indefinite period, according to sources, but the state Assembly opposes the measure. The move to block all residential evictions would be a departure from the legislature’s approach in recent months. Lawmakers have ceded control to Gov. Andrew Cuomo,

Former Norwalk home of TikTok stars Charli and Dixie D’Amelio sells

Posted: 15 Dec 2020 11:45 AM PST

The former Norwalk home of TikTok stars Charli and Dixie D’Amelio has sold for $914,000 after two months on the market, according to Variety. It’s where Charli D’Amelio recorded and posted her first TikToks in the summer of 2019. Since then the teenage sisters have moved from Connecticut to Los Angeles with their families and become social media royalty, earning a collective $6.9 million through merchandise sales, advertising and other revenue streams. Marc and Heidi

Sale-leasebacks increasingly target struggling homeowners

Posted: 15 Dec 2020 11:00 AM PST

Sale-leaseback deals are becoming an increasingly popular investment option as homeowners struggle to pay their mortgages, with many facing the prospect of having to sell. Some companies are investing in that corner of the single-family home rental business, tapping into a property’s value while keeping a steady rent flow by not forcing out the seller, according to Business Insider. One such company, EasyKnock, is going all in. The firm is now armed with a $500

JDS sues 111 West 57th contractor, insurer over shoddy work and “blunderbuss requests”

Posted: 15 Dec 2020 10:20 AM PST

Fool me once, shame on you; fool me twice, you’re fired — and see you in court. That’s the approach JDS Development is taking toward a contractor once employed at 111 West 57th Street, its luxury residential skyscraper on Billionaires’ Row. In a lawsuit filed last week in New York State Supreme Court, the developer claims contractor Copper II failed to properly install the HVAC system at Steinway Tower, blowing deadlines and causing water damage

Billionaire Ken Griffin parting with Faena House penthouses in Miami Beach at a loss

Posted: 15 Dec 2020 09:32 AM PST

Billionaire hedge fund manager Ken Griffin is bidding adieu to the ultra luxury Faena House in Miami Beach. Griffin sold his larger penthouse for $35 million and is in contract to sell his second penthouse, which is on the market for $12.5 million, according to the Multiple Listing Service. He paid $60 million for both units in 2015. At the time, the sale was considered a record for residential real estate in South Florida, but

Future of Fannie, Freddie privatization is uncertain

Posted: 15 Dec 2020 09:00 AM PST

It’s unclear if the Trump administration will achieve its goal of ending the government’s involvement in Fannie Mae and Freddie Mac before President-elect Joe Biden takes office. Treasury Secretary Steven Mnuchin said in an interview with the Wall Street Journal that he’s unlikely to support a consent order that would end the government’s conservatorship of the mortgage-finance giants before President Donald Trump leaves office. Instead, Mnuchin said he is focused on ways for Fannie and

The best luxurious gifts to give this holiday season

Posted: 15 Dec 2020 07:45 AM PST

Note: These items are independently selected by our team. However, TRD may receive a commission when you purchase products through affiliate links. Things may be different in New York for this year’s holiday season, but Midtown is still lit up for the holiday season. Hanukkah is already underway, Christmas is right around the corner, and next Monday marks the official start of winter. If you’re still in need of holiday gifts, take inspiration from the

Restaurants brace for another hit: snowstorms

Posted: 15 Dec 2020 06:48 AM PST

New York restaurants are bracing for another shut down — and it’s not the indoor dining ban that Gov. Andrew Cuomo put into effect this week. A major snowstorm may hit the city this week, and if there’s significant precipitation, restaurants will be forced to close their outdoor dining setups under new guidance issued by the Department of Sanitation, the New York Post reported. Sanitation has created two separate alerts for inclement weather: “snow alert”

Commercial real estate’s looming distress problem

Posted: 15 Dec 2020 05:56 AM PST

Covid-19’s effect on commercial real estate will continue long after 2020 comes to a close. About $126 billion worth of properties within the sector — hotels, offices and retail spaces, to name a few — will sell at distressed prices by 2022, Bloomberg News reported, citing data from CoStar Group. That’s higher than what came onto the market in the two years following the Great Recession in 2008. Sales of these troubled assets could hit

Real estate’s glittery holiday parties on hold due to Covid

Posted: 15 Dec 2020 05:12 AM PST

Fried Frank’s annual holiday bash typically draws about 1,000 clients and friends to Cipriani, where they stand elbow to elbow sipping cocktails and snacking on hors d’oeuvres. But this year may be one for the Grinch. Planning for the firm’s annual holiday bash typically starts a year in advance. But last month, the white-shoe law firm officially pulled the plug on its celebration, seen by many as the industry’s unofficial start to the holiday season.

What to make of Stephen Ross betting $1M on mayor’s race

Posted: 15 Dec 2020 04:30 AM PST

After 12 years of loving Michael Bloomberg and seven despising Bill de Blasio, some titans of real estate are ready to splurge on a pro-business mayoral candidate. But which one? And can real estate’s money make a difference anyway? Don’t count on it. First, the news: Related Companies Chairman Stephen Ross just poured $1 million into a campaign fund to influence the city’s 2021 elections for mayor and City Council, the New York Times reported

Trump GoFundMe update: $6K raised, $2.994M to go

Posted: 15 Dec 2020 04:00 AM PST

A fundraiser seeking to raise $3 million to buy President Donald Trump’s childhood home has received thousands of dollars in donations, but it’s still far from that lofty goal. To be precise, the GoFundMe campaign, which launched Nov. 23, has raised just $6,528 — so it still has approximately $2.994 million to go. “What we’re selling here isn’t real estate. We’re selling something with intangible value,” said Misha Haghani, principal of Paramount Realty USA, which