The Real Deal - New York Real Estate News

State Street ditches New York City office buildings

Posted: 16 Aug 2021 04:03 PM PDT

State Street Corp. is planning to move out of its two Midtown office buildings. The Wall Street firm, known for commissioning the “Fearless Girl” statue in the Financial District, plans to close its offices at 1040 Avenue of the Americas and the 10th floor of 1290 Avenue of the Americas, the company said in a statement. State Street plans to sublease the space to other firms, according to the Wall Street Journal. The firm said

Ivan Lendl asking $16M for Connecticut mansion on 445 acres

Posted: 16 Aug 2021 03:04 PM PDT

Ivan Lendl has always been known as a private person. That probably helped his tennis career, in which he won eight Grand Slam singles titles, but isn’t doing much for publicizing his home listing. The legendary player listed his mansion in Cornwall, Connecticut, for $16.4 million back in March, but it has flown under the radar. The mansion is 18,000 square feet and sits on an enormous plot of land — 445 acres, according to

New NYC vaccine mandate to begin tomorrow

Posted: 16 Aug 2021 01:48 PM PDT

Two weeks after the city announced new vaccination requirements, the mandate is set to go into effect tomorrow. Mayor Bill de Blasio announced that the vaccine mandate would begin on Tuesday, August 17. Many indoor businesses will be required to check for proof of vaccination before allowing patrons to enter. “The Key to NYC sends a powerful message that vaccination will unlock our city’s potential, and we’ll stop at nothing to save lives and keep

Mintz, Levin takes 101K SF at SL Green’s 919 Third Avenue

Posted: 16 Aug 2021 01:45 PM PDT

Office vacancies may be at historic highs in Manhattan, but some companies are still investing big, despite the uncertain future of in-person working. Law firm Mintz, Levin, Cohn, Ferris, Glovsky and Popeo recently inked a deal to move its New York City headquarters. The company will be moving from 666 Third Avenue to SL Green’s 919 Third Avenue in Midtown Manhattan, according to the New York Post. The 20-year-lease covers three floors and part of

Joint venture closes $128M deal at 12 MetroTech Center

Posted: 16 Aug 2021 01:00 PM PDT

A subsidiary of Brookfield Property Partners has sold a downtown Brooklyn office condominium for $128 million. A joint venture between 60 Guilders and the hedge fund Davidson Kempner purchased the commercial condo at 12 MetroTech Center. The deal closed Aug. 10. The Real Deal first reported in May that the 186,000-square-foot condo was to be sold for approximately $700 per square foot. The acquisition involved $106 million in acquisition financing from Starwood Property Trust. Brookfield

Hedge funder bruised by shorting GameStop sells Tribeca condo

Posted: 16 Aug 2021 12:30 PM PDT

Leon Shaulov, founder of hedge fund Maplelane Capital, has found a buyer for his lofty Tribeca penthouse at 56 Leonard Street. The financier, whose fund suffered a 45 percent loss in January after shorting high-flying meme stock GameStop, could at least turn a profit on the home sale. He and his wife bought the 5,489-square-foot unit for $26.7 million in 2017 and was asking $34.5 million when the condo went into contract last week. Overall,

Aimco partners on Kushner’s $700M project, scores two big loans in South Florida

Posted: 16 Aug 2021 12:00 PM PDT

Apartment giant Aimco is partnering on the Kushner Companies’ massive downtown Fort Lauderdale development, The Real Deal has learned. The company also secured loans for two South Florida projects, according to its second quarter earnings report. Aimco reported a loss of $19.7 million in the quarter ending June 30. The Denver-based real estate investment trust, which stands for Apartment Investment and Management Company, took a 51 percent stake in the planned 3-million-square-foot, mixed-use project on

1 St. Mark’s Place heads for foreclosure

Posted: 16 Aug 2021 11:42 AM PDT

Madison Realty Capital has taken steps to foreclose on Real Estate Equities Corp.’s leasehold interest at 1 St. Mark’s Place in the East Village. The New York City–based Madison has owned the $48 million loan package backed by REEC’s East Village property since 2019. The real estate private equity firm acquired the debt from South Korean financial services firm Hana Financial group, which provided REEC $79.1 million of debt and sold the $48 million portion

Central Park Tower duplex hits market at $150M

Posted: 16 Aug 2021 11:00 AM PDT

An opportunity to live at the top of Billionaires’ Row is available for a lucky buyer with $150 million to spare. A duplex in Central Park Tower on West 57th Street has hit the market with the nine-figure listing price. It is the highest duplex in the Extell Development tower, according to Bloomberg. The apartment is located on the 127th and 128th floors of the building. It comes with eight bedrooms, nine bathrooms, a 30-foot

Brooklyn continues comeback with 26 luxury deals

Posted: 16 Aug 2021 10:30 AM PDT

Brooklyn’s luxury market saw more contracts signed last week — but for less money. Twenty-six contracts asking $2 million or more were signed from Aug. 9-15 as the luxury market continued its comeback from the slow July. Fifteen of those deals were condominiums, 11 were townhouses. The asking prices for those contracts totaled $75.8 million, slightly lower than the previous week’s $82 million across 25 contracts. The median asking price for a home this time

Michelle Pfeiffer and David E. Kelley Flip Pacific Palisades mansion

Posted: 16 Aug 2021 09:45 AM PDT

It took only a month for Michelle Pfeiffer and David E. Kelley to flip a Pacific Palisades home. The couple found a buyer at their $25 million asking price for the 10,300-square-foot mansion, according to the Los Angeles Times. The couple bought the property a year and a half ago and put the property on the market last month. They paid $22.5 million for the property at 1116 Napoli Drive in January 2020. It had

Bankrupt Winick being forced to sell stake in brokerage

Posted: 16 Aug 2021 08:55 AM PDT

Bankrupt brokerage mogul Jeff Winick is being forced to sell a majority stake in his eponymous retail brokerage — a palpable symbol of how far New York City’s once high-flying retail brokerage market has fallen. A 63 percent stake in Winick Realty Group is up for sale, according to a notice published by Maltz Auctions. The auctioneer is seeking offers for an immediate sale and is willing to “discuss and explore creative structures to any

Construction tech startup Agora raises $33M in Series B

Posted: 16 Aug 2021 08:37 AM PDT

After a year of big revenue and staff growth, construction tech startup Agora is getting a big influx of cash in a Series B funding round. The $33 million round was led by Tiger Global and included 8VC, DST, Tishman Speyer, LeFrak, Jerry Yang, Kevin Hartz and Michael Ovitz, TechCrunch reported. The startup helps clients to speed processing orders for construction materials and to manage those materials. With the pandemic sending construction material markets into

Office building emissions soar as owners crank up ventilation systems

Posted: 16 Aug 2021 07:35 AM PDT

In the name of safety, office landlords are cranking their ventilation systems to keep Covid at bay. An unintended but predictable consequence, however, is a rise in carbon emissions from office buildings. A new report from Hatch Data analyzed carbon emissions from commercial buildings across the country. The software company predicts commercial buildings will use around 44 billion kilowatt hours of additional energy per year when pre-Covid occupancy returns, according to the Commercial Observer. In

Hyatt Hotels buys Apple Leisure Group for $2.7B

Posted: 16 Aug 2021 06:18 AM PDT

Hyatt Hotels is buying Apple Leisure Group, an asset-light resort operator, from two private equity firms, with an eye toward increasing the percentage of revenues and earnings generated from fees. The hotel operator agreed to buy the company from KKR & Co and KSL Capital Partners for $2.7 billion in cash, Reuters reported. Hyatt expects about $2.2 billion of the purchase to be funded by new debt and $1 billion in cash. The rest, around

Gym, tan, flip: Snooki sells NJ beach house

Posted: 16 Aug 2021 05:30 AM PDT

Nicole “Snooki” Polizzi won’t be yelling that the “cabs are here” at her New Jersey beach house anymore, after selling the property in Brick. The “Jersey Shore” star sold the 4,792-square-foot home for $740,000, according to the New York Post. That’s twice what she and her husband Jionni LaValle paid for it in November 2015, before undertaking an expansion. The couple sold it earlier this year, according to the report. The home was featured in

A NoMad rental for $363 a month — courtesy of Loft Law

Posted: 16 Aug 2021 05:00 AM PDT

How to nab a NoMad loft for less than $400 a month? Suss out a loophole in the city’s arcane Loft Law. A complaint filed Tuesday alleges that Christopher Gelinas — the second-floor tenant of a loft building at 35 West 26th Street — was charged $4,000 a month more than he should have been for an apartment with a stabilized rent of $363. The discrepancy dates back to the early 1980s. The property, likely

High hopes for timber: Wood towers gain favor in US

Posted: 16 Aug 2021 04:30 AM PDT

For residents of a Milwaukee tower to admire the wood holding it up, samples of the material first had to undergo a trial by fire. Literally. The U.S. Department of Agriculture burned the glue-laminated timber columns for three hours in a lab, the longest test ever conducted for the material in the states. The 2019 examination helped persuade local officials to grant developer New Land Enterprises variances to build the 284-foot tower with timber and

New program wants theater workers to have a soft landing in New York’s resi market

Posted: 16 Aug 2021 04:00 AM PDT

Trust Beyoncé to get Broadway in formation. This spring, Andrew Lippa, a Tony-nominated composer, saw a tweet that the superstar singer had given out $5,000 grants to help people facing foreclosure or eviction. He wondered why the theater industry, whose members had scattered across the country when Broadway shut down for the pandemic, hadn’t done something similar. Soon after, Lippa and four other theater workers formed the Places Please Project. It offers need-based grants of