The Real Deal - New York Real Estate News

LI rental review board setting standard for local rental permits

Posted: 19 Oct 2021 05:33 PM PDT

A rental review board in Suffolk County is setting a potential precedent on Long Island and reportedly winning local praise in its first year. Babylon Town’s rental review board has worked through 300 permits so far, 12 percent of the 2,500 active rental permits in town. The board has only revoked one permit since opening the hearing of cases in December, according to Newsday. The seven-member board was formed in July 2020 to examine the

Mystery group sues to stop de Blasio from restricting hotel development

Posted: 19 Oct 2021 02:30 PM PDT

Bill de Blasio says his new policy will make hotel development more orderly and cut down on conflicts with neighbors. But a lawsuit calls that bunk. The complaint, filed Monday by an unknown business group, says the mayor is just trying to appease the city’s powerful hotel union. The suit asks the court to void a proposal that would require special permits for all new hotel construction, alleging the rule is “arbitrary” and unconstitutional. The

KKR buys Hudson Yards observation deck for $500M

Posted: 19 Oct 2021 02:15 PM PDT

KKR founders Henry Kravis and George Roberts may be stepping down, but their private equity shop is looking up. Way up. The company just bought a majority stake in the observation deck at Hudson Yards – the tallest outdoor deck in the Western hemisphere – for more than $500 million, property records show. KKR bought the space, called Edge, at the top of 30 Hudson Yards from the Related Companies, according to records. Representatives for

Newmark’s Howard Lutnick has “highly treatable” non-Hodgkin’s lymphoma

Posted: 19 Oct 2021 01:11 PM PDT

Newmark Group chairman Howard Lutnick announced Monday that he has a “highly treatable” non-Hodgkin’s lymphoma. Lutnick’s diagnosis was announced in a video in which he said his physicians expect him to be cancer-free in four months. The company also included the news in a filing with the Securities and Exchange Commission. He will have six chemotherapy treatments beginning Oct. 18 and running through the end of January 2022. “I am not going anywhere,” said Lutnick,

Tribeca penthouse rents for $85K per month, possibly setting NYC record

Posted: 19 Oct 2021 01:01 PM PDT

A Tribeca penthouse may have just become the priciest rental in New York City history. The sprawling triplex atop 1 North Moore Street, a six-unit boutique condo building in Tribeca, has rented for $85,000 per month, according to Platinum Properties CEO Khashy Eyn. Platinum Properties’ Cyrus Eyn and Cash Bernard brokered the deal. At 5,500 square feet, the unit will rent for $15.45 per square foot per month, or over $185 per square foot annually.

Howard Hughes buys 37K acres to build “city of the future”

Posted: 19 Oct 2021 12:19 PM PDT

Talk about economies of scale. The Howard Hughes Corporation announced Tuesday that it has bought the massive, master planned community that Jerry Colangelo has been plotting for nearly 37,000 acres in Phoenix. The acquisition of the Douglas Ranch project, in the city’s West Valley neighborhood, adds to Howard Hughes’ roster of master planned communities. This one is projected to have 100,000 homes, 300,000 residents and 55 million square feet of commercial space. Howard Hughes acquired

Pair of mixed-use towers to rise at site of Hell’s Kitchen slaughterhouse

Posted: 19 Oct 2021 12:00 PM PDT

Radson Development’s vision for a pair of residential towers on the site of a former slaughterhouse in Hell’s Kitchen is on its way to becoming a reality, according to a new building application. Plans up for City Council review call for a 794,000 square-foot, mixed-use building at 495 Eleventh Avenue comprising two connected towers: a 55-story south tower with 683 hotel units and a 56-story north tower with 358 residential units. The development will also

Kushner Companies names Laurent Morali CEO

Posted: 19 Oct 2021 09:42 AM PDT

Kushner Companies is moving away from its namesake for its next CEO, promoting Laurent Morali to the post. Morali is being elevated from president to CEO effective immediately, the Wall Street Journal first reported. Nicole Kushner Meyer, a member of the company since 2015 and Jared’s younger sister, is filling the president role. Morali — the first leader of the real estate firm to come from outside the Kushner clan — is filling a post

HAP sells stake in Chelsea apartments in deal valuing project at over $500M

Posted: 19 Oct 2021 08:15 AM PDT

Eran Polack’s HAP Investments sold its stake in the Maverick building in Chelsea in a deal that values the newly constructed residential property at more than $500 million. HAP sold its 49 percent interest in the condominium and rental property on West 28th Street to its joint-venture partner, a subsidiary of Japanese homebuilder Daiwa House Group, the developer said. The deal values the Maverick, which is expected to get its certificate of occupancy in January,

City’s bet on Hudson Yards beginning to pay off

Posted: 19 Oct 2021 07:45 AM PDT

New York City officials bet on the success of Hudson Yards. Taxpayers may soon benefit from that risk. The Hudson Yards Infrastructure Corporation, a city subsidiary used to finance the district’s redevelopment, has transferred about $663 million to the city since 2017, Bloomberg reports. Those funds were generated by surplus property tax and other revenue streams. The infrastructure corporation sold $2.7 billion in debt to finance an extension of the No. 7 subway line to

VTS to buy office-app developer for $200M

Posted: 19 Oct 2021 06:46 AM PDT

Proptech unicorn VTS remains committed to the revival of office life, set to make another big acquisition in the office app space. The New York-based software and data firm is set to acquire Toronto-based Lane Technologies for $200 million, according to the Wall Street Journal. With the deal, the company is set to combine Lane and VTS Rise into the world’s largest office-app firm. The deal marks one of the largest in the history of

Politics, City Planning on collision course

Posted: 19 Oct 2021 06:15 AM PDT

City Planning Commission votes are not known for drama. But Wednesday’s could be different. Two proposals backed by Mayor Bill de Blasio will come before the panel, whose chair and majority of members he appointed. The rub is that the chair, who as of Sept. 23 is Anita Laremont, also heads the Department of City Planning, which opposes one of the measures. Staffers at the agency take a dim view of a proposal to require

Brookfield kicks off review process for $2B Stonestown Galleria mall redevelopment

Posted: 19 Oct 2021 05:00 AM PDT

Brookfield Properties filed plans for a $2 billion project to turn San Francisco’s Stonestown Galleria mall and its sea of parking lots into a new west side neighborhood, setting in motion a development that may consume the better part of two decades. The New York firm, which owns the 41-acre site at 3251 20th Avenue, aims to build about 2,900 homes as well as stores, offices and open space, according to a preliminary project assessment

West Orange apartments to be razed after Ida-triggered rock slide

Posted: 19 Oct 2021 04:00 AM PDT

An apartment complex in West Orange, New Jersey, is set to be demolished after a rock slide triggered by Hurricane Ida. A lawyer for Ron Jolyn Apartments on Northfield Avenue announced the razing during a meeting last Thursday, NJ.com reports, after three engineering firms recommended the complex be razed due to the danger posed by a rocky slope behind the building. Multiple parked cars and the apartment complex were damaged by the rock slide. Langan,