The Real Deal - New York Real Estate News

The Yard expands into now-defunct Herald Square hotel

Posted: 09 Feb 2021 03:00 PM PST

The Yard is opening a new location out of a now-defunct Midtown hotel. The flex-office provider told The Real Deal that it has signed a management agreement with the owner of the former Courtyard by Marriott at 8 Herald Square, which is at the corner of West 35th Street and Sixth Avenue. The 76,000-square-foot building is already in the process of being converted into a flex-office space, with hotel rooms on the fourth and fifth

Condé Nast isn’t paying rent at 1WTC amid lease dispute

Posted: 09 Feb 2021 02:51 PM PST

Condé Nast is taking its lease disagreement at One World Trade Center to the next level. The magazine publisher, which leases 1.2 million square feet at the Financial District skyscraper, has not paid the $2.4 million it owes in rent for January, according to the Wall Street Journal. The media company has reportedly been looking for a way out of its lease since the summer, and hopes to move to a smaller office in Midtown

Rental payments improve in February after stimulus payments

Posted: 09 Feb 2021 12:45 PM PST

In the first week of February, 79.2 percent of renters in 11.6 million market-rate units paid all or some rent. That’s a slight uptick from last month, when 76.6 percent of renters made a payment by the first week of the month. It’s also an improvement from December, when landlords reported the lowest rent collection levels since the start of the pandemic. But compared to the same period last year, 216,479 fewer households paid rent

Widow of Eastdil’s founder buys waterfront Miami Beach spec home

Posted: 09 Feb 2021 11:45 AM PST

Linda Lambert, whose husband, Eastdil Secured founder Ben Lambert recently died, is relocating to a waterfront Miami Beach spec home that she just bought. Property records show developer James Curnin’s Clara Homes Allison LLC sold the six-bedroom, nine-bathroom house on Allison Island for $13 million. The 7,000-square-foot home sits on a 16,200-square-foot lot with 75 feet of waterfront. Oliver Lloyd of Douglas Elliman represented the buyer and seller. The buyer is permanently relocating to Miami

Andrea Olshan steps down as CEO of Olshan Properties

Posted: 09 Feb 2021 11:15 AM PST

Andrea Olshan, the CEO of the private real estate firm Olshan Properties, is stepping down from that role. She will become the company’s board chairperson, although details of what her new position entails were not immediately available. Olshan joined the company — founded by her father, Morton Olslan, in 1967 — 17 years ago. She has been CEO for nine years, managing the firm’s approximately 23 million-square-foot portfolio that includes hotel, retail, office and multifamily

Prosecutor pushes for more LLC transparency

Posted: 09 Feb 2021 10:30 AM PST

A month after a federal law required more transparency on real estate transactions, Manhattan District Attorney Cyrus Vance wants it expanded. Vance is requesting the Treasury Department mandate more reporting from special purpose entities — notably limited liability companies — which are commonly used in commercial real estate deals. Vance also asked Treasury on Monday to end anonymous, all-cash purchases of homes. He said the agency could do that by requiring Geographic Targeting Orders on

NY’s top prosecutors ramp up investigations into Trump’s business

Posted: 09 Feb 2021 10:05 AM PST

Both Manhattan and New York state’s top prosecutors are ramping up their investigations into former President Donald Trump’s business. The Manhattan District Attorney’s office is looking into Trump’s real estate company for possible criminal insurance and tax fraud and has increased its interviews with witnesses, Reuters reported. It has also hired forensic accountants, according to four people familiar with the probe who spoke with the publication. Meanwhile, Attorney General Letitia James is looking into whether

Dylan’s Candy Bar’s Upper East Side flagship is up for grabs

Posted: 09 Feb 2021 09:20 AM PST

UPDATED, Feb. 9 2021, 1:00 p.m.: Life isn’t looking too sweet for Dylan’s Candy Bar. The upscale sugar emporium’s Upper East Side flagship is closing, sources familiar with the store say. The property at 1011-1029 Third Avenue, which includes Dylan’s nearly 13,000-square-foot store, is listed for lease by Ripco Real Estate. Ripco’s Richard Skulnik, who is listed as one of the brokers for the site, confirmed that the property is available but declined to comment

JLL earnings fell 24% in 2020

Posted: 09 Feb 2021 08:46 AM PST

JLL’s earnings fell by nearly a quarter in 2020, driven by a sharp decline in leasing revenues. Adjusted EBITDA fell 24 percent last year to $860 million, the global brokerage announced Tuesday. The drop was led by a decline in fees from leasing activities, which plunged 26 percent to $1.8 billion. Fees from capital markets deals fell 11 percent to $1.3 billion. JLL CEO Christian Ulbrich said during the company’s fourth-quarter earnings call Tuesday morning

Vornado looks to dump Trump

Posted: 09 Feb 2021 08:00 AM PST

Vornado Realty Trust is seeking to end its partnership with the Trump Organization at two of the former president’s most valuable assets. Vornado executives have had discussions about buying out the Trump Organization’s 30 percent stake in a Midtown Manhattan office tower and its stake in a property in San Francisco’s financial district that the firms jointly own, the Wall Street Journal reported. A sale for the properties last year fell through and a refinancing

Court ends DA’s push to prosecute Manafort for mortgage fraud

Posted: 09 Feb 2021 07:23 AM PST

Manhattan District Attorney Cy Vance’s quest to prosecute Paul Manafort has come to an end. A New York Appeals Court said that it would not review a lower court ruling on the case, ending Vance’s push to charge Manafort with mortgage fraud, according to the New York Times. Former President Trump recently pardoned Manafort after the former campaign chair was convicted in federal court of similar charges in 2018. At the time, he was sentenced

These NYC neighborhoods lost housing in the past decade

Posted: 09 Feb 2021 06:15 AM PST

Despite the preponderance of new buildings that have risen in New York in the past 10 years, the city added only 206,000 housing units over that period of time — and in some upscale enclaves, housing was actually lost. A recent analysis from the Department of City Planning, first reported by The City, looked at all housing construction and demolition jobs approved by the Department of Buildings since 2010. The report looked at data through

Extell sells West 57th Street office to CBS

Posted: 09 Feb 2021 05:00 AM PST

Two mid-market deals were recorded last week for a total of nearly $45 million in transaction volume: one in Manhattan, and one in Brooklyn, both involving familiar players. CBS Broadcasting expanded its Midtown campus while developer Steel Equities acquired its third building on the East Williamsburg-Bushwick border. Here are more details of investment deals between $10 million and $30 million for the week ending Feb. 5. 1. Gary Barnett’s Extell Development sold a 24,000-square-foot office

Gap settles Midtown rent dispute with Axel Stawski

Posted: 09 Feb 2021 04:00 AM PST

Following a battle over unpaid rent at its Midtown Manhattan location, Gap has reached a settlement with the landlord. The apparel brand had withheld $530,334 in charges — including water and snow removal fees — incurred by its 1212 Sixth Avenue store, according to a complaint filed in the Southern District of New York by the landlord, an LLC registered to under-the-radar real estate mogul Axel Stawski of Manhattan-based Stawski Partners. In its response to

Simon Property Group suffers billion-dollar earnings hit

Posted: 08 Feb 2021 06:02 PM PST

In April 2019, amid a war with e-commerce, mall magnate David Simon told investors, “I think most of the bad news is behind us. But I can’t guarantee it.” He sure couldn’t. Simon Property Group had a rough year. The coronavirus pandemic accelerated store closures and devastated revenues for the mall landlord. “I do frankly want to turn the page on 2020,” the CEO said during an earnings call Monday. Over the course of the