The Real Deal - New York Real Estate News

Landlords’ building emissions workaround is dead

Posted: 01 Apr 2021 04:49 PM PDT

A proposed workaround to the city’s emissions cap appears dead. The change, which would give property owners another option to offset their building emissions and avoid large fines, is not expected to be included in the state’s impending budget legislation, according to groups that have closely watched the issue. For the real estate industry, the result is a disappointment but not a surprise, given that the proposal was not supported by the Assembly or Senate

Hamptons estate asking $145M under contract, may set record

Posted: 01 Apr 2021 03:08 PM PDT

It should be worth the wait. After sitting on the market for nearly four years, the massive estate at 90 Jule Pond Drive is finally under contract, Bespoke Real Estate announced on Instagram. The property had spent almost two years asking $145 million after initially hitting the market in 2017 priced at a mind-numbing $175 million. The agreed-upon price was not disclosed, but Bespoke called it the highest ever paid for a single Hamptons property.

Landlord offering concessions to lease up Century 21’s old FiDi store

Posted: 01 Apr 2021 02:55 PM PDT

The Gindi family is shopping for a tenant to fill the 60,000-square-foot hole that Century 21 left behind — and it’s offering up a discount. The family’s ASG Equities is offering free rent while the space at 25 Church Street is being built out, Crain’s reported. The landlord is also putting walls back up to once again separate the property from 22 Cortlandt Street. After Century 21 filed for bankruptcy and closed its stores last

Hole in one: Pro golfer Dustin Johnson sells Palm Beach Gardens estate

Posted: 01 Apr 2021 02:00 PM PDT

The world’s No. 1 male golfer scored a hole in one with the sale of his Palm Beach Gardens estate, The Real Deal has learned. Professional golfer Dustin Johnson closed on the sale of his 13,293-square-foot mansion at 15106 Palmwood Road for $16.5 million, according to the Multiple Listing Service. The buyer is unknown. Johnson paid $5 million for the property in 2015 and renovated the waterfront estate, records show. It was built in 2009.

Construction spending fell slightly in February

Posted: 01 Apr 2021 01:30 PM PDT

Thanks to bad weather and pricier materials, construction spending fell slightly last month — though it’s still higher than it was last year. National construction spending dropped 0.8 percent to a seasonally adjusted estimated rate of $1.516 trillion in February, according to the Census Bureau’s monthly report. In January, spending hit a record rate of $1.528 trillion Winter storms in Texas, which slowed down construction projects, were partly to blame, along with soaring costs and

LT Burger to open in Westhampton

Posted: 01 Apr 2021 01:00 PM PDT

LT Burger will open a second Hamptons location just in time for the summer season. The restaurant chain, created by chef Laurent Tourondel, signed a lease at 115 Main Street in Westhampton, according to the building’s owner. It’s slated to open in May. Tourondel has two other restaurants in Sag Harbor — LT Burger and Sag Pizza — along with a several eateries in New York, Miami, London and other locations. The Main Street property

Related’s 15 Hudson Yards lands $108M condo inventory loan

Posted: 01 Apr 2021 11:45 AM PDT

After a rough year for luxury condo sales in Manhattan, Related Companies and Oxford Properties Group sewed up a loan for unsold condos at 15 Hudson Yards earlier this week, records show. The $107.5 million in financing, from Wells Fargo, is secured by 102 units at the luxury tower — 99 residential, two commercial and one storage. The agreement was first reported by PincusCo. The 285-unit condo previously received an $850 million construction loan from

A shrill in Cobble Hill: Eerie noise from condo tower haunts locals

Posted: 01 Apr 2021 11:00 AM PDT

In the otherwise quiet neighborhood of Cobble Hill, residents often hear a piercing howl that’s enough to make their teeth hurt. The shrill sound, which they liken to amplified fingernails on a blackboard, is emanating from Fortis Property Group’s luxury tower known as 5 River Park. The condo project at 347 Henry Street has been shrieking for months, disrupting the lives of residents who live within blocks of the building, Brooklyn Paper reported. The sound

Mortgage rates on second homes rise as Fannie, Freddie pull back

Posted: 01 Apr 2021 10:30 AM PDT

Purchasing a second home during the pandemic may have seemed like a good idea with historically cheap mortgages available, but new changes are driving rates up for some buyers. Fannie Mae and Freddie Mac have capped how many second-home loans it purchases, depriving many lenders of the government backstop they had been relying on to offer interest rates in the 3 percent range, the Wall Street Journal reported. Now, no more than 7 percent of

Iconic Tribeca poster shop’s storefront is for lease

Posted: 01 Apr 2021 09:45 AM PDT

An iconic Tribeca business may be looking for a new home. The retail space at 122 Chambers Street that’s occupied by Philip Williams Posters, a neighborhood mainstay for more than 40 years, is currently available for lease, according to a notice from Lee & Associates. Brokers Peter Braus and Cory Gahr are marketing the space, which measures 2,500 square feet. Cornerstone Management Systems owns the building. Lee & Associates declined to comment. Philip Williams Posters

David Werner acquiring Harlem office leasehold for $60M

Posted: 01 Apr 2021 09:00 AM PDT

UPDATE, Apr. 1 2021, 1:55 p.m.: David Werner is betting on Harlem. The prolific real estate investor will acquire the 55-year leasehold of a Harlem office complex at 317 Lenox Avenue from Brookfield Asset Management. The deal is still pending, but is expected to close for approximately $60 million. The seven-story, 160,000-square-foot complex sits atop 100,000-square-foot retail space whose tenants include CVS and Marshalls. The property is controlled by a partnership led by Madison International

Brookfield taking pandemic-hit real estate arm private

Posted: 01 Apr 2021 08:40 AM PDT

Brookfield Asset Management reached an agreement Thursday to take its Covid-dinged real estate arm private by acquiring all of Brookfield Property Partners’ outstanding shares in a deal worth $6.5 billion. The Toronto-based asset manager already owns over 60 percent of Brookfield Property Partners shares, but in order to take the company private it had to buy out the remaining shareholders. The move takes Brookfield’s real estate wing off the public markets and away from scrutiny of

Feds subpoena Trump CFO’s personal bank records

Posted: 01 Apr 2021 08:32 AM PDT

The Manhattan district attorney’s investigation of the Trump Organization is heating up with a handful of new subpoenas. Prosecutors are seeking the personal bank records of the Trump Organization’s longtime chief financial officer, Allen Weisselberg, in hopes of getting him to cooperate in their criminal probe of the company, the New York Times reported. The D.A., Cyrus Vance, is investigating whether Trump manipulated property values in exchange for loans and tax benefits, which could justify

Momofuku Kāwi and Peach Mart close in Hudson Yards

Posted: 01 Apr 2021 07:50 AM PDT

David Chang’s Momofuku Kāwi has permanently shuttered in Hudson Yards after remaining closed throughout the pandemic. The restaurant, whose closure was first reported by Eater, is the latest retailer to pull out of the Shops at Hudson Yards. Peach Mart, a to-go concept from Momofuku, is also closed. “Kāwi was a special and deeply personal restaurant for Chef Jo [executive chef Eunjo Park] and everyone at Momofuku,” a spokesperson said in a statement to Eater.

Google will bring some employees back to offices this month

Posted: 01 Apr 2021 07:01 AM PDT

Some companies are making plans to get employees back in offices as more Covid-19 vaccines become available. Google employees across the U.S. will be allowed to return to the office as soon as this month, the New York Times reported. Re-openings will vary by state depending on the number of Covid-19 cases in the area, the publication reported. Offices will operate at a limited capacity, and workers will be required to wear masks, practice social

Compass makes public market debut at $7B valuation

Posted: 01 Apr 2021 06:36 AM PDT

With the push of a button, Robert Reffkin and Ori Allon rang the opening bell of the New York Stock Exchange on Thursday morning, kicking off trading on Compass’ first day as a public company. The co-founders, grinning and clapping, slung their arms around each other and bumped fists to mark the occasion. Late Wednesday, Compass priced its stock at $18 per share, 30 percent lower than it initially targeted. Compass’ IPO has been one

Manhattan office availability hits all-time high in Q1

Posted: 01 Apr 2021 06:00 AM PDT

Supply and demand for Manhattan office space continue to be misaligned in the new year — there’s too much of the former, and not enough of the latter. Office availability in the borough hit 16.1 percent in the first quarter of 2020, the highest number on record, according to Colliers International’s latest quarterly report. That’s a jump of 5.9 percentage points compared to the same time last year, and 1.8 percentage points higher than the

Commission-advance startup backed by Serhant launches in NYC

Posted: 01 Apr 2021 05:00 AM PDT

A fintech startup is borrowing some local starpower from celebrity broker Ryan Serhant to front agent commissions throughout New York City. RLTY Capital will purchase up to 80 percent of a commission from an agent on a pending deal and pay that cash out within 24 hours, according to the company, which launched services Thursday. Its backers include the venture arm of Serhant’s eponymous firm, Related Companies’ senior vice president Chris Schmidt and Elegran CEO

Here’s what tenants are paying at Vornado’s 909 Third Avenue

Posted: 01 Apr 2021 04:00 AM PDT

Since it was built in 1968, the 490,000-square-foot warehouse at 909 Third Avenue in Midtown has been home to the United States Postal Service’s main mail handling facility in New York City. The warehouse forms the base of a 32-story office tower designed by Emery Roth & Sons, giving the building — which occupies the block between 54th and 55th Streets — a unique shape. Vornado Realty Trust acquired the leasehold interest in the property