The Real Deal - New York Real Estate News

Thor facing foreclosure on Harlem rental building

Posted: 12 Apr 2021 03:05 PM PDT

The coronavirus could soon claim another victim in Thor Equities’ real estate portfolio. East West Bank filed a lawsuit in New York State Supreme Court to foreclose on Thor’s mixed-use property at 17 West 125th Street in Harlem. The lender claims that Thor is delinquent on three loans totaling about $20 million. In 2015, California-based East West Bank provided three loans to Thor for the property: a $13.5 million acquisition loan, a $3.82 million building

Serhant goes to the dogs for 77 Greenwich rebranding

Posted: 12 Apr 2021 02:19 PM PDT

Ryan Serhant’s brokerage has snagged its first Manhattan takeover of a new development condominium. The 90-residence tower at 77 Greenwich Street is relaunching with Serhant’s new firm as “Jolie,” meaning the “pretty one” in French. The firm on Monday released a black-and-white marketing video interspersed with references to somewhat European tropes. The video follows Serhant, decked out in suspenders and a bow-tie, as he frolics through the building and surrounding Financial District with a small

Manhattan luxury market sees best week since 2013

Posted: 12 Apr 2021 01:15 PM PDT

Last week was remarkable for Manhattan’s luxury market in two respects. It was the best week for luxury contract signings since 2013, and the top deal was for a unit that had been lagging on the market since that year, according to Olshan Realty’s weekly report. Hedge funder Steve Cohen’s Midtown penthouse, which had been on the market since 2013, finally found a buyer after a stunning 74 percent discount. “[That was] certainly one of

Pizzeria featured in “Eat Pray Love” signs lease in Greenwich Village

Posted: 12 Apr 2021 12:45 PM PDT

New York pizza shops have some new competition. L’Antica Pizzeria da Michele has signed a lease in Greenwich Village. The pizzeria, featured in the book and film “Eat Pray Love,” has signed a 12-year lease at 2 Bank Street. L’Antica Pizzeria da Michele will occupy 2,800 square feet on the ground floor and 2,800 square feet on the lower level. Lee & Associates NYC’s Brad Schwarz and James Ficelman represented the landlord, Sky Management Corp.,

Stefan Soloviev, Sheldon Solow’s son, reorganizes family firm

Posted: 12 Apr 2021 12:27 PM PDT

Stefan Soloviev spent years running a cattle and wheat agricultural business out of New Mexico before stepping into a greater role at his father’s Solow Building Company. In recent years the East Hampton resident has been buying up farms and vineyards on the North Fork. Now, five months after the death of his father, Sheldon Solow, the real estate scion is reorganizing some of his varied ventures into a new holding company, the Soloviev Group.

$14M house topped Brooklyn’s luxury listings last week

Posted: 12 Apr 2021 11:19 AM PDT

After a slightly slower week, Brooklyn’s luxury real estate market got a boost — driven, in part, by one pricey property going into contract. Thirty contracts were signed last week for properties asking $2 million or more, with a total sales volume of $92.7 million. That’s up from 22 deals totaling $64 million the week before. Townhouses claimed the most expensive spots on the list, but more condos went into contract: There were 16 conjdo

Ai Weiwei–designed home sells for $5M

Posted: 12 Apr 2021 10:51 AM PDT

The first and only private U.S. residence designed by Chinese artist and activist Ai Weiwei has sold for nearly $5 million. Located at 708 New Forge Hallow in Taghkanic, New York, the three-bedroom, three-bathroom house is known as the Tsai Residence — for art collector Christopher Tsai, who originally commissioned the house. In 2013, Tsai sold the Columbia County home to unidentified buyers for $4.25 million. The home consists of four modules connected to each

“Inevitable”: Vornado will demolish Hotel Pennsylvania

Posted: 12 Apr 2021 10:28 AM PDT

Manhattan’s Hotel Pennsylvania is once again facing the wrecking ball. Vornado Realty Trust CEO Steven Roth told the REIT’s shareholders in his annual letter that the company plans to “permanently close and raze the hotel to create the premier development site in town,” Bloomberg News reported. “This decision was inevitable,” Roth said in the letter. “The Pennsylvania may have been a grande dame in its time, but it is decades past its glory and sell-by

CMBS special servicing rate declines in March

Posted: 12 Apr 2021 09:45 AM PDT

The rate of loans sent to special servicers continued to fall in March, showing signs of recovery in several sectors. The overall special servicing rate for commercial mortgage-backed securities in March was 9.42 percent, down 18 basis points from February, according to Trepp. The rate has been declining since the September 2020 peak of 10.48 percent, Commercial Observer reported. In March, 35 CMBS notes totaling $1.13 billion were sent to the special servicer, compared to

New bill would force co-op boards to explain rejections

Posted: 12 Apr 2021 08:18 AM PDT

State lawmakers are proposing rules to add transparency to co-op and condo boards’ application review process. A new Senate bill would require residential co-op and condominium boards that reject applications from prospective buyers to explain why in writing, the Wall Street Journal reported. Applicants are often frustrated as they have no idea why they got rejected and some sue, alleging discrimination. The bill is sponsored by Manhattan Democrat Brian Kavanagh, who heads the Senate housing

Agents named in discrimination exposé face discipline from state

Posted: 12 Apr 2021 07:00 AM PDT

A blockbuster investigation into housing discrimination on Long Island has led to disciplinary action for more than a dozen real estate agents. The Department of State, which licenses real estate agents and instructors, has sought to deny license renewals to three brokers based on allegations of housing discrimination cited in Newsday’s 2019 investigation, “Long Island Divided.” Those agents have appealed the denials, Erin McCarthy, spokesperson for the state agency, told Newsday, which first reported the

Developer Don Peebles downsizes in South Florida

Posted: 12 Apr 2021 05:30 AM PDT

Don Peebles purchased an oceanfront condo at his development in Miami Beach, as he makes residential moves in South Florida, The Real Deal has learned. The Peebles Corp. chairman and CEO and his wife, Katrina, paid $3 million for a three-bedroom, three-and-a-half-bathroom unit at The Bath Club, at 5959 Collins Avenue, Peebles confirmed. They are also selling a home in Wellington for $4 million. And they’re in contract to sell their longtime Coral Gables mansion

Compass stock drops, Better.com gets SoftBank investment

Posted: 12 Apr 2021 05:00 AM PDT

Compass stock shocks Compass finished its first full week as a public company with a bitter taste of the public market. Its stock closed at $17.31 per share, down 14 percent from its closing price of $20.15 on April 1, its first day of trading. The shares are now lower than the target price of $18 set before the IPO. The VC-backed brokerage downsized the public offering in the days leading up to its NYSE

LIC development site under contract

Posted: 12 Apr 2021 04:00 AM PDT

Veteran developer Peter Papamichael’s Vorea Group is in contract to buy a Hunters Point development site near the waterfront. The sales price is unclear, but records show Vorea put down a $2 million deposit for the western Queens lot at 2-33 50th Avenue. The seller is a self-storage company, the Fortress Corporation, which bought the site for an unknown sum in 1996 from Judson Realty. PincusCo first reported the contract. The property has a 95,750-square-foot