The Real Deal - New York Real Estate News

Paper Tigers: Princeton Club defaults on $39M mortgage, may lose digs

Posted: 20 Oct 2021 04:02 PM PDT

A hallowed hall dedicated to Ivy League alumni may soon house nothing but memories from Princeton’s finest. The Princeton Club in Midtown is in financial trouble after defaulting on a $39.3 million mortgage, according to Bloomberg. The debt is being sold to the highest bidder, who could ultimately force the club’s exit from 15 West 43rd Street and repurpose the 10-story building. The Princeton Club was closed for 15 months during the height of Covid

$30M unit latest in string of deals at ‘Jenga Tower’ as record sale looms

Posted: 20 Oct 2021 02:20 PM PDT

Sales at 56 Leonard — the Tribeca condo building noted for its Jenga-like appearance — are anything but wobbly, with one major deal hitting the books and another on the way. The sale of the penthouse owned by hedge funder Leon Shaulov at the Tribeca condominium closed last week at $30 million — below its last ask of $34.5 million but up from the $26.7 million Shaulov and his wife laid down to purchase it

Convention center planned near American Dream mall

Posted: 20 Oct 2021 01:30 PM PDT

The American Dream mall in New Jersey’s Meadowlands could gain a hefty neighbor in the near future: a 460,000-square-foot convention center. The Meadowlands 2040 Foundation unveiled plans for a convention center to replace the closed Meadowlands Arena, which was formerly home to the then-New Jersey Nets and New Jersey Devils, according to NJ.com. The business leaders involved in the proposal forecast the center as a host to trade shows, sporting events, conferences and more. The

Trump Organization facing criminal probe over Westchester golf course

Posted: 20 Oct 2021 01:09 PM PDT

The Trump Organization is reportedly facing another investigation, this time into dealings at the Trump National Golf Club Westchester in Briarcliff Manor. The business is facing a criminal investigation led by Westchester County District Attorney Mimi Rocah, according to The New York Times, which cited sources familiar with the matter. The office has so far subpoenaed records from the golf course and Ossining, responsible for the golf club’s property taxes. Rocah appears to be looking

HUBB NYC doubles down on Manhattan apartments

Posted: 20 Oct 2021 12:30 PM PDT

HUBB NYC, a Midtown-based investor that has already made one big multifamily buy this year, has struck a deal to buy a Manhattan apartment portfolio from a public company that’s looking to get out of New York City. The privately held HUBB is in contract to buy a group of 11 buildings on Manhattan’s Upper East and Upper West sides from Denver-based REIT Air Communities for $190 million, sources familiar with the agreement told The

Fidi condo tower risks foreclosure as Trinity Place Holdings races to refinance

Posted: 20 Oct 2021 11:30 AM PDT

Trinity Place Holdings is racing to close an inventory loan as its lenders threaten to foreclose on its trophy Financial District condo tower. Sources familiar with the project said the developer is set to close this week on a loan from an undisclosed lender that would refinance existing debt on the 40-story condo at 77 Greenwich Street, but the scramble underscores problems that have been brewing at the project for years Construction delays, slow sales

Cushman acquires 40% stake in Greystone lending business for $500M

Posted: 20 Oct 2021 11:00 AM PDT

Cushman & Wakefield is expanding its offerings in a hot rental market, adding lending and loan services to its multifamily capabilities. The company agreed to pay $500 million for a 40 percent stake in Greystone’s agency, Federal Housing Administration and servicing business, according to the Wall Street Journal. Cushman will be able to make loans to buyers and owners, as well as service those loans. Greystone — a giant in the rental lending business, originating

DeNardo Capital loses Westchester condo project in bankruptcy sale

Posted: 20 Oct 2021 10:30 AM PDT

UPDATED, Oct. 20, 5:38 p.m.: DeNardo Capital Management’s hail-mary attempt to save its Westchester County luxury condo development has fallen short of the goal line. Lenders Specialty Credit Holdings and Zee Bridge Capital were the winning bidders for the more than 250,000-square-foot site in a bankruptcy sale, according to a filing in Westchester County Bankruptcy Court. The planned development, known as Marker 27, was supposed to consist of 12 two-story buildings resembling single-family homes. It

A new Soho and Noho: City Planning OK’s rezoning to add housing

Posted: 20 Oct 2021 10:00 AM PDT

The future of Soho and Noho is now up to the City Council. The City Planning Commission on Wednesday approved a high-profile proposal to rezone the neighborhoods, largely to allow for more residential and ground-floor retail. The proposal covers 56 blocks in the neighborhoods, largely zoned for manufacturing use — despite the area’s reputation as a prime retail destination. Ahead of the vote, Chair Anita Laremont said the plan “significantly expands equity and inclusivity goals,”

Durst’s One Five One inks 158K sf lease for law firm tenant

Posted: 20 Oct 2021 09:20 AM PDT

The Durst Organization has a new tenant in One Five One, formerly known as 4 Times Square. Venable LLP, a Washington, D.C.-based law firm, inked a 15-year lease for nearly 158,000 square feet at the office building, according to the New York Post. Venable will occupy floors 48 through 52, in addition to 11,000 square feet in concourse space. Asking rents for the lease at 151 West 42nd Street ranged from $100 to $135 per

Omni’s Garden Spires residents allege leaks, mice infestations

Posted: 20 Oct 2021 08:40 AM PDT

Squeaky clean it ain’t. Water leaks, mold and mice infestations are among the problems residents at Omni America’s Garden Spires apartment complex in Newark allege plague their units despite a recent $58 million renovation. The complex, which consists of two 20-story story towers and 550 units, is the subject of a petition from the Garden Spires Tenant Association, according to NJ.com. The petition demanding a fix for mold, leaks, mice and holes in the walls

City Planning votes to restrict hotel development

Posted: 20 Oct 2021 08:34 AM PDT

Hotel developers in New York City may soon face a large obstacle to getting their projects approved. The City Planning Commission on Wednesday approved a zoning text amendment to require special permits for all new hotel construction, sending the proposal on to the City Council. Only two commissioners, Richard Eaddy and Anna Levin, voted against the plan, which is opposed by the real estate industry and even some de Blasio administration planners. Levin cited concerns

Signature Bank reports record results

Posted: 20 Oct 2021 07:42 AM PDT

Commercial lenders have not had it easy since the start of the pandemic, but Signature Bank is emerging from its Covid slump in a major way. An earnings call on Tuesday detailed a strong third quarter for the lender, which CEO Joseph DePaolo referred to as a “perfect storm.” Loan deferrals have shrunk, the company’s stock is soaring and net income is surging, Crain’s reports, a year after Signature Bank struggled to collect loan payments

Scale’s $48M loan kicks off first phase of New Rochelle project

Posted: 20 Oct 2021 07:00 AM PDT

A block of New Rochelle is getting a new look, amid a larger transformation of the city’s downtown. On a nondescript lot next to a humble, two-story brick building home to Green Heaven Cleaners, Allstate Ventures will erect a 14-story, 144-unit mixed-use building, financed by a newly issued $48 million construction loan from Slate Property Group affiliate Scale Lending. Martin Nussbaum, co-founder and principal of Slate, said the high demand for and low supply of

Quinlan plans 197-unit project for Gowanus

Posted: 20 Oct 2021 06:36 AM PDT

As a pivotal decision on Gowanus’ divisive rezoning looms large, another big residential project is sprouting up in the neighborhood. Quinlan Development Group filed plans on Friday for a 197-unit, 207,000-square-foot residential project in the Brooklyn neighborhood. GF55 Partners is the architect of the development. Crain’s reported on the Department of Buildings filing on Monday. The development would stand 17 stories tall and reach a height of 175 feet. YIMBY reports the building would include

Ira Zlotowitz leaving Eastern Union to start new company

Posted: 20 Oct 2021 06:00 AM PDT

Ira Zlotowitz is leaving Eastern Union to start a company that he hopes will shake up the world of commercial real estate mortgage brokerage. The commercial brokerage’s founder and CEO is raising $12 million in venture capital for his new firm, Gparency, which he says will allow landlords and developers to work directly with banks without the need for a broker. Instead of charging clients a fee when a deal closes, Zlotowitz will have a

Zillow will resume iBuying, but pause raises questions over model

Posted: 20 Oct 2021 05:30 AM PDT

Zillow’s withdrawal from iBuying will weaken its second-place position in that sector, but its absence will likely be short-lived, according to analysts. The market punished Zillow’s stock and rewarded that of its primary competitor, market leader Opendoor, after Zillow’s announcement Monday that it would cease buying homes through its Zillow Offers program for the rest of the year as it works through a backlog of inventory. Zillow’s leadership cited challenges operating in a “labor- and

Ex of Sheldon Solow’s son has North Fork development dreams

Posted: 20 Oct 2021 05:00 AM PDT

As summer has come to a close but the Hamptons market stays hot, the Soloviev Group is set to take a bite out of the North Fork. Stacey Soloviev is planning a 40-key boutique hotel in Cutchogue as a “full immersion into wine.” The resort will be developed on the 53-acre Peconic Bay Vineyard, which her ex-husband Stefan Soloviev — chairman of the Soloviev Group and son of the late real estate billionaire Sheldon Solow

Tishman’s $425M LIC refi leads busy month for outer-borough loans

Posted: 20 Oct 2021 04:00 AM PDT

Developers across the five boroughs are advancing big bets on the city’s pandemic recovery, and their lenders aren’t far behind. Real estate lenders were particularly active in the city’s outer boroughs in September, with the 10 largest loans totaling $1.65 billion, nearing September 2019’s total of approximately $2 billion. To put the recovery in perspective, the biggest 10 loans in September 2020 added up to less than $500 million. Queens and the Bronx led the