The Real Deal - New York Real Estate News

Larry Ellison’s investment arm buys Hyatt resort in Lake Tahoe for $345M

Posted: 12 Oct 2021 05:15 PM PDT

Oracle co-founder Larry Ellison acquired a waterfront resort in Lake Tahoe’s Incline Village neighborhood for $345 million, representing one of the billionaire’s most significant property purchases yet along the lake’s north shore. Lawrence Investments LLC, which Ellison heads and has used to buy properties in California and Nevada before, according to multiple news reports, is the new owner of the Hyatt Regency Lake Tahoe Resort, Spa and Casino at 111 Country Club Drive in Nevada.

Carlyle Group nabs Clinton Hill multifamily for $34M

Posted: 12 Oct 2021 02:40 PM PDT

Investment firm Freo Group sewed up its investment in a former Clinton Hill knitting factory, selling the 40-unit rental conversion at 79-83 Clifton Place for $34 million, property records show. The Carlyle Group paid just under the asking price for the 58,000-square-foot property built in 1939 and converted to loft-style apartments in 2001. Freo bought the property in January 2020, just prior to the pandemic, for $22.9 million. Financing included a $17.4 million mortgage loan

Virginia realtor slain by client distraught over new home

Posted: 12 Oct 2021 02:07 PM PDT

A Virginia real estate agent was shot and killed on Friday by an elderly man who later turned the gun on himself. Soren Arn-Oelschlegel, who worked at Suffolk-based Long & Foster, was slain in Portsmouth on Friday night by Albert Baglione, 84, according to WTKR 3. Baglione had moved into the home just one day earlier after buying it on spec. “He bought the house sight unseen from Alabama, moved in here Thursday and called

Local officials acknowledge history of racism in city planning, pledge change

Posted: 12 Oct 2021 01:32 PM PDT

Nearly two-dozen planning directors from cities across the country released a joint statement last week acknowledging the role their departments have played in contributing to systemic racism and segregation. The statement, which invited fellow planning directors to sign on, also outlined a series of commitments aimed at creating more equitable inclusive communities, such as diversifying city planning departments, addressing displacement resulting from development and promoting housing choice and economically diverse neighborhoods. The letter’s 21 signatories

Midtown South leads Manhattan’s office market recovery: report

Posted: 12 Oct 2021 10:47 AM PDT

Is Manhattan’s office market recovering? Depends where you look. Its comeback in the months ahead will vary widely from one submarket to the next, according to an analysis by KPG Fund and Newmark. During the third quarter, prospective tenants were looking for 6.5 million square feet of office space in Midtown South, which includes Chelsea, Flatiron, Hudson Square, the Meatpacking District and NoHo/SoHo — up a robust 64 percent from the first quarter of this

Thor facing pre-foreclosure suit at 470 Broadway, sale of 115 Mercer

Posted: 12 Oct 2021 10:45 AM PDT

Joe Sitt’s Thor Equities is facing big problems at two Soho retail properties. A special servicer on the company’s defaulted loan secured by the 470 Broadway property filed to foreclose on the loan, according to PincusCo. The plaintiff, who is a CMBS trustee, filed to foreclose on Monday, citing $22.9 million in debt. The debt consists of $18 million in unpaid principal, $2.6 million in unpaid interest and $2.3 million in protective advances. The building

Trump nearing $370M sale of DC hotel to Miami investment firm

Posted: 12 Oct 2021 09:30 AM PDT

Donald Trump’s struggling Washington, D.C., hotel may soon be somebody else’s problem. Miami-based investment firm CGI Merchant Group is close to striking a deal with the Trump Organization to acquire the lease on the Trump International Hotel Washington, D.C., for more than $370 million, according to the Wall Street Journal. The deal could ultimately fetch closer to $400 million, according to one source, twice the estimated $200 million the Trump Org spent renovating the former

Can creative placemaking make a building more successful? Skylight’s Stephanie Blake thinks so

Posted: 12 Oct 2021 09:00 AM PDT

Legendary real estate investor Harry Helmsley took special pride in finding what he termed the “romance” in a property: the parts of it that could be run more efficiently, thereby cutting expenses and boosting profits. Stephanie Blake, too, searches for the romance. But her quest lies less in spotting leaky boilers and more in identifying the elements of a building that could stir the blood of some of the world’s most iconic brands. Her firm,

Hochul signs bill to add 0.5% tax to most East End sales

Posted: 12 Oct 2021 08:09 AM PDT

An additional real estate sales tax in the East End is one step closer to fruition after Gov. Kathy Hochul signed a Hamptons legislator’s bill into law. The legislation would add a 0.5 percent real estate transfer tax to certain sales in the Peconic Bay region. According to Newsday, the law is still subject to voter approval at the local level in the five towns that make up the South Fork and North Fork: East

Office workers in major cities reach pandemic-best return rates

Posted: 12 Oct 2021 06:35 AM PDT

The pandemic is far from over, but employees are slowly beginning to head back into their workplaces in a positive sign for the national office market. An average of 36 percent of the workforce in those cities were back in the office during the week of Oct. 4-8, according to data from Kastle Systems reported by the Wall Street Journal. The security company tracks access-card swipes at buildings in ten major cities in the United

RDM Group plotting $440M industrial play in Orange County

Posted: 12 Oct 2021 06:00 AM PDT

A New Jersey-based real estate developer reportedly has its eyes on $440 million worth of industrial space across state lines in Orange County, New York. RDM Group has been signing contracts to purchase land and hunt for development approval from local municipalities in the Hudson Valley county, according to the Westchester & Fairfield County Business Journals. The company aims to build up to 14 warehouses with a total of 4 million square feet. The developer

The Closing: Ron Dickerman

Posted: 12 Oct 2021 05:30 AM PDT

Ron Dickerman has made quite a career out of coming in second. As the founder of Madison International Realty, which over the past two decades has pumped north of $17 billion into real estate assets, Dickerman is one of the industry’s biggest secondary investors, focused on owning minority positions in big-ticket properties. His company’s name isn’t generally in the headline of a press release, but it’s in a lot of them. Madison owns or has

Hudson Valley housing market remains hot in Q3

Posted: 12 Oct 2021 05:00 AM PDT

Though New York City is welcoming back a steady stream of renters and workers, Hudson Valley’s housing market shows no signs of slowing down. Median prices for single-family homes and the total number of sales soared for nearly every county as the Hudson Valley, according to a report from the Hudson Gateway Association of Realtors. In Westchester County, 2,377 single-family homes were sold in the third quarter, a 9 percent rise from the same period

Inside Avenue 8: A look at the playbook of the resi brokerage snapping up funding and big names

Posted: 12 Oct 2021 04:30 AM PDT

When Richard Grossman, a longtime executive and sales manager at Halstead and then Brown Harris Stevens, said he was joining Avenue 8, an 18-month-old San Francisco-based startup, even his own boss was left dumbfounded. “I thought ‘Who the hell is that?’” said Bess Freedman, CEO of Brown Harris Stevens, New York’s biggest privately owned brokerage. “I had never heard of Avenue 8.” Founded last year and backed by big names such as Warby Parker co-founders

Reubens Bros.’ Madison Ave shopping spree tops mid-market deals

Posted: 12 Oct 2021 04:00 AM PDT

The Reuben brothers extended their Madison Avenue buying spree last week, scooping up two properties with 130 feet of frontage along the beleaguered shopping corridor for a total of $50 million. No financing documents were recorded with the purchases, suggesting all-cash deals. One of the properties was among five that seller Vornado Realty Trust recently said had been losing money due to a meager 30 percent occupancy rate. Dependent on foot traffic from emptied Midtown