The Real Deal - New York Real Estate News

A Williamsburg assemblage once slated for an office and retail development is on the market for $65 million, The Real Deal has learned. The parcel at 87 Wythe Avenue is a combination of a 37,000-square-foot renovated retail space and 22,400 square feet of vacant land, which could give way to a 53,000-square-foot building. It was assembled several years ago by Cayuga Capital Group, led by Jacob Sacks and James Wiseman. The developers acquired three lots

The lengthy legal battle to prevent the construction of four massive towers in Two Bridges has come to an end. The New York Court of Appeals declined to hear cases from two community groups to stop new development projects planned for the Lower Manhattan neighborhood. The rejection comes a few months after the Appellate Division overturned two decisions by a Supreme Court judge. The Appellate Division’s decision was unanimous, which meant the groups had to

Governors Island could soon be home to nearly 4 million square feet of new development. The City Council on Thursday voted in favor of rezoning the south end of the island, which will allow for the construction of university space, hotels, offices, research facilities and retail across 34 acres. New development would be located within two areas that are home to vacant Coast Guard buildings and former barracks, which would be demolished. Ahead of Thursday’s

The New York migration of restaurants lives on in South Florida. Major Food Group secured a partnership with billionaire Michael Dell’s Boca Raton Resort & Club, while Gallaghers Steakhouse of New York paid $16.2 million for a property, also in Boca Raton. The New York restaurant groups made both announcements this week. Major Food Group, led by founders Mario Carbone, Rich Torrisi and Jeff Zalaznick, has been on a tear since opening Carbone in South

A mansion that has served the Brooklyn Society for Ethical Culture for three-quarters of a century has hit the market, asking $30 million. The single-family home at 53 Prospect Park West was designed by architect William Tubby in 1900. Seven years later, Tubby returned to the property to add an extension with a sun room and billiard room. Brownstoner first reported the listing. The now 5,724 square-foot building was commissioned by financier William H. Childs.

If you bought a new home in April, you may be waiting a bit to move in. The number of homes sold in April that have yet to begin construction rose by 16.5 percent to 325,000, Bloomberg News reported, citing data from the U.S. Census Bureau. That’s the highest that number has been since 2006. Supply-chain challenges and rising costs of materials — especially lumber — are to blame. In the first quarter, backlog units

The Wing is attempting a comeback. The co-working space catered toward women fully re-opened its New York City locations on Wednesday, the Commercial Observer reported. The company also announced a spate of new, more diverse faces to its board of directors: Robbin Mitchell of Boston Consulting Group will join the board, along with Sheila Lirio Marcelo, the former CEO of Care.com, the publication reported. The company has also launched an advisory board to guide the

Google will build it, and mostly likely they will come. The tech behemoth received the green light from San Jose city officials to develop its 80-acre mega-campus with residential, office and retail space, according to the San Francisco Chronicle. The spot is about 15 miles east of the company’s Mountain View headquarters. Four years in the making, the multibillion-dollar project would include 4,000 housing units, 7.3 million square feet of office space, 500,000 square feet

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro, a one-stop real estate terminal with all the data and market information you need in one place. Arriving summer 2021. Residential brokerages scrambled to keep their businesses intact as Covid-19 flipped New York City upside down. Some doubled down on recruiting and M&A while others made big staff cuts to stay afloat. Now, several top

Adam Neumann’s golden parachute is the gift that keeps on giving. As part of his exit package from the flex-office company, Neumann received an approximately $245 million stock award in February, a benefit that other early shareholders didn’t receive, Wall Street Journal reported. That benefit was a part of a renegotiation of Neumann’s 2019 deal to leave the company he co-founded. In addition to the stock, Neumann received $200 million in cash, as well as

The Kushners have reached into their pockets to fend off rival developers eyeing a mall the firm owns in Monmouth, New Jersey. Kushner Companies bought a $110 million defaulted loan covering its 1.5 million-square-foot Monmouth Mall at an auction attended by several big New Jersey developers. Those firms were angling to buy the loan as a way of taking control of the property, sources familiar with the sale told The Real Deal. The developer owns the

The Small Business Administration is dishing out rent relief to restaurants, but many figure to go hungry. The demand for federal pandemic relief has far exceeded the amount of money available, so some restaurants, bars and other food businesses might not receive it, the New York Times reported. Restaurants could apply for relief starting May 3, and applications closed on Monday. The Small Business Administration received more than 372,000 requests totaling $76 billion, but the

UPDATED, May 27, 3:05 p.m.: The Bronx is no longer burning, but its industrial market is red hot. Maryland-based Realterm Logistics has bought a South Bronx warehouse for $38 million from the recycling company Parallel Products. The 35,681-square-foot property, at 900 East 138th Street, is close to the Bruckner Expressway and the East River. Parallel Products purchased the site as vacant land for $5.2 million in 2006, according to PropertyShark. Realterm has been on a

“Nobody minds living in a 50-year-old apartment building –– an office, not so much.” Nathan Berman of Metro Loft Management, a developer with plenty of experience in converting older office buildings into new apartments, sat down with The Real Deal to discuss the past, present and future of office-to-residential conversions. Those conversions have been pitched lately as a solution to two different problems — the affordable housing crisis and the floundering office market. Metro Loft

Steep discounts can still be found in Manhattan’s surging luxury market — at least if you’re buying from the U.S. Marshals. Earlier this month, authorities offloaded a condo caught up in the 1Malaysia Development Berhad scandal for roughly half of what it was sold for nearly a decade ago, property records show. U.S. Marshals closed a deal on the unit, located in the Park Laurel at 15 West 63rd Street, for $16.8 million on May