The Real Deal - New York Real Estate News

Witkoffs buy condos at Ritz-Carlton Residences in Miami Beach

Posted: 07 Jun 2021 03:30 PM PDT

The Witkoff family purchased units at the Ritz-Carlton Residences, Miami Beach for nearly $11 million, combined. Property records show an entity led by Lauren Witkoff, who is married to developer Steve Witkoff, paid $5.8 million for unit 612 at the luxury condo development. Another entity, led by Steve’s son, Zach Witkoff, paid $5.1 million for unit S07. The developer, an affiliate of Lionheart Capital, sold the units. Lionheart and its partner Elliott Management completed the

Proptech firm Latch gains in first day of trading

Posted: 07 Jun 2021 03:05 PM PDT

Latch is attempting to unlock its potential in the public markets. On Monday, its first day of trading, the smart lock maker’s common stock rose 4.06 percent to $11.27. Latch is the latest real estate company to try its luck at raising money through a special purpose acquisition company. A SPAC provides an alternative to a traditional IPO and can be a windfall for company insiders. A number of property technology companies have jumped on

2 condos, 1 fat price: Buyer inks $158M deal on Billionaires’ Row

Posted: 07 Jun 2021 01:22 PM PDT

Now that’s what you call a two-for-one special. A buyer purchased two condos at 220 Central Park South for $157.5 million, the Wall Street Journal reported. Combined, it’s one of the biggest residential transactions New York City has ever seen. The buyer purchased a condo on the 60th floor for $82.5 million and a unit on the floor above for $75 million, the publication reported. Both of the units are resales. The identities of the

Brooklyn’s priciest rental will run you $30,000

Posted: 07 Jun 2021 12:30 PM PDT

Some high-end home seekers are setting their sights on Brooklyn’s rental market. A Brooklyn Heights townhouse rented for $30,000 a month on Friday, making it the priciest single-unit property the borough has seen since Miller Samuel began tracking these figures in 2008. The deal at 149 Clinton Street was handled by Compass listing agents David Fernandez and Andrew Appell. The team relaunched an effort to sell the property in the spring, asking about $11 million,

Manhattan townhouse deals reach record levels

Posted: 07 Jun 2021 12:17 PM PDT

Though the pace of luxury contract signings in Manhattan slowed slightly, last week still continued a hot streak for the borough. Between May 31 and June 6, 31 contracts with asking prices of $4 million or more were signed, according to Olshan Realty’s weekly report. That’s nine fewer than the previous week, but the 18th week in a row that 30 or more contracts were signed. There were 15 condo and 11 co-op contracts signed

Tenants, advocates, pols launch campaign against Greenbrook Partners

Posted: 07 Jun 2021 10:35 AM PDT

Elected officials, tenants and housing advocates have launched a divestment campaign against Greenbrook Partners after the landlord told residents their leases would not be renewed. Rather than target the firm directly, the activists aim to persuade the Texas Permanent School Fund to withdraw its $100 million investment from equity firm NW1, which used the money to fund Greenbrook Partners, Bklyner reported. After acquiring more than 50 multifamily buildings in Brooklyn in recent months, Greenbrook sent

Condo board to staff: Get vaccinated or get lost

Posted: 07 Jun 2021 09:30 AM PDT

An East Village condo building is demanding its employees get jabs to keep their jobs. The board of the Christodora House, an 83-unit condominium near Tompkins Square Park, has notified staffers that they have until June 15 to receive at least one dose of Covid-19 vaccine, or they will be looking for work, the New York Post reported. According to new guidance by the Equal Employment Opportunity Commission, employers are allowed to require workers to

Harlem’s National Black Theater revives $185M project

Posted: 07 Jun 2021 08:45 AM PDT

National Black Theater has brought in Dasha Zhukova’s real estate venture Ray on a years-long project to replace its Harlem home with a mixed-use development. The Harlem cultural institution — which told Black Americans’ stories that rarely appeared on mainstream stages — has for several years been planning a development for the site at 2033 Fifth Avenue at the corner of 125th Street. The now $185 million plan calls for a 21-story building that includes

Hotels’ recovery taking longer in NYC than elsewhere

Posted: 07 Jun 2021 07:05 AM PDT

Hotels in New York City are slowly rising from the pandemic wreck, but their road to recovery looks longer and harder than in other metro areas. Across the city, the occupancy rate for hotels that are open was 58.7 percent for the week ending May 29, according to lodging data provider STR. The rate was 87.2 percent in the comparable week in 2019. re title=”Read more”] Sonder takes lease for 76-key Gowanus Inn Blackstone, Starwood

Katerra files for bankruptcy

Posted: 07 Jun 2021 06:06 AM PDT

Even after shedding hundreds of millions of dollars in debt late last year and receiving a $200 million bailout, Katerra has resorted to bankruptcy in its struggle to survive. The company filed for protection under Chapter 11 on Sunday, listing liabilities between $1 billion and $10 billion and assets of just $500 million to $1 billion. Katerra secured $35 million in financing from a unit of SoftBank Group, its primary investor, to keep operating during

Vlad Doronin picks fight with Memphis Grizzlies owner over design of future Star Island mansion

Posted: 07 Jun 2021 05:30 AM PDT

A Miami Beach board meeting became heated as a dispute between developer Vlad Doronin and his billionaire neighbor, Memphis Grizzlies owner Robert Pera, was aired out in public. Doronin, through his attorney, was opposing his Star Island neighbor’s plans for a roughly 28,000-square-foot waterfront mansion at the Miami Beach Board of Adjustments meeting on Friday morning. Pera, founder of Ubiquiti Networks and chairman of the NBA team, was seeking a number of variances for the

WATCH: Here’s what Two Trees has planned for its Williamsburg “River Ring” site

Posted: 07 Jun 2021 05:00 AM PDT

Two Trees Management has ambitious plans for its Williamsburg waterfront site. Its “River Ring” project would feature two twisting towers designed by Bjarke Ingels Group, with 1,050 housing units, a public beach, tide pools, a park, a YMCA with an Olympic-sized pool, an onsite wastewater treatment plant and a microgrid energy system along the East River. The only problem: The developer has to go through the city’s intensive land use process in order to upzone

Here’s where the most self-storage space was built in the past decade

Posted: 07 Jun 2021 04:00 AM PDT

People in the self-storage industry often talk about the “four Ds” that drive demand for their business: death, divorce, dislocation, and downsizing (or disaster, or density, depending on who you ask). The past year has tragically delivered on a few of those, but has in the process made self-storage one of the more resilient sectors amid widespread economic uncertainty. Taking a longer view, last year capped off another decade of growth in the self-storage sector,