The Real Deal - New York Real Estate News

RIP: Zombie homes on the decline

Posted: 29 Oct 2021 04:42 PM PDT

The housing market has risen from the dead since its scary crash, and zombie properties that once littered the landscape will be hard to find this Halloween — other than those decorated for the occasion. Zombie properties — homes that are both vacant and in foreclosure — are on the decline across the country as values climb to record highs and pandemic protections prevent lenders from removing delinquent borrowers, according to a report by property

Minskoff secures $97M construction loan for Dumbo spec office

Posted: 29 Oct 2021 03:48 PM PDT

No tenants, no problem. Edward Minskoff has secured $97 million to construct his 11-story office building at 29 Jay Street in Dumbo, records show. The developer secured the funding from AIG Asset Management, a lending arm of the global insurance giant, despite not having any pre-leased tenants. Details of the project, including final renderings and how many square feet it will yield remain in the works, according to Jeffrey Sussman, director of leasing at Edward

Court reverses NYC law protecting non-paying businesses

Posted: 29 Oct 2021 02:49 PM PDT

A federal appeals court has ruled in favor of two small landlords who sued New York City in July over a package of hastily passed protections for retail tenants. The legislation at the heart of the case was signed by Mayor Bill de Blasio in May 2020 to shield certain retail tenants from their rent-seeking landlords. One temporarily bars landlords from going after the personal assets of restaurant and store owners who owe rent. Another

5 spooky spaces fit for All Hallows’ Eve

Posted: 29 Oct 2021 02:30 PM PDT

Halloween is upon us, but the city teems with spooky buildings year-round. The most luxurious is perhaps The Dakota, an Upper West Side co-op that has purportedly been haunted for decades. As early as the 1960s, residents reported seeing a girl in Victorian-era clothing, smiling and waving from the windows. Furniture and large objects have allegedly moved of their own accord, and even John Lennon claimed to have seen a ghostly woman crying in the

Oceanwide’s LA gap swells to $2.3B

Posted: 29 Oct 2021 01:04 PM PDT

Oceanwide, one of the largest real estate conglomerates in China, isn’t expecting to finish its Los Angeles flagship anytime soon –– or at anywhere near the price it first put on the project. The Shenzhen-based firm said it’s estimating the currently stalled Oceanwide Plaza won’t be completed until December 2022. It has also indicated it plans to spend a total of $2.3 billion on the project, according to financial filings analyzed by The Real Deal.

Verizon to move to Essex Crossing in potential campus play

Posted: 29 Oct 2021 12:17 PM PDT

Verizon is planning to move hundreds of employees to the Essex Crossing development in the Lower East Side, according to the New York Post. The telecom giant will take up nearly 143,000 square feet across three floors at 155 Delancey Street, also known as The Artisan. In addition to the office space, the company will also display its branding on the building’s commercial facade. Asking rents reportedly ranged from $80 to upwards of $130 per

Shoppers to doctors: Shuttered Sears to house Stony Brook medical center

Posted: 29 Oct 2021 11:15 AM PDT

Shoppers who once frequented the Sears at Lake Grove’s Smith Haven Mall may soon have a reason to return to the space: medical care. Stony Brook Medicine’s Clinical Practice Management plans to open an outpatient facility at the Suffolk County mall, Newsday reports. Stony Brook University is in the process of designing the care facility. The center will include an infusion site for non-cancer patients and a pain management center, in addition to offices for

Compass scoops up 3 Warburg agents after firm’s sale

Posted: 29 Oct 2021 10:28 AM PDT

Warburg Realty may have gained a new partner, but it’s losing three of its top agents. Jason Haber, Allison Chiaramonte and Tania Isacoff Friedland have ditched the formerly independent brokerage for rival Compass. The exodus of top talent comes a few weeks after the New York City-based brokerage was acquired by Coldwell Banker. But the defectors say their decisions to move have been brewing for much longer than that. Chiaramonte and Isacoff Friedland were two

SL Green sells 590 Fifth Avenue for $103M

Posted: 29 Oct 2021 08:38 AM PDT

One year after gaining control of 590 Fifth Avenue, SL Green has sold the Midtown office building for $103 million. The real estate investment trust on Thursday announced the sale, which valued the building at $1,000 per square foot. The office and retail building located between 47th and 48th streets is 103,000-square-feet and 19 stories. Crain’s reports the buyer is the Hematian family, who are behind the Effy Jewelry company. Albert Sultan and Morris Sabbagh

$4.4M condo sale breaks Jersey City record

Posted: 29 Oct 2021 08:00 AM PDT

A record condo closing at 99 Hudson Street in Jersey City has been eclipsed by another sale in the same building. The penthouse apartment on the 76th floor of the 79-story building recently sold for more than $4.4 million, marking a record for the city, according to 6sqft. The recently sold penthouse spans 2,500 square feet, plus 655 square feet across two terraces, 6sqft reports. The penthouse is the largest unit in the building. The

Multifamily rebound rules NYC investment sales market

Posted: 29 Oct 2021 07:16 AM PDT

Multifamily properties kept New York City’s investment sales market humming in the third quarter. Out of 498 deals in the third quarter, 281 — totaling $3.2 billion — involved apartment buildings, according to Ariel Property Advisors’ quarterly investment sales report. The multifamily sector’s dollar volume has more than tripled from a year ago and risen 77 percent from the second quarter. The sector’s uptick is mostly responsible for the quarter-over-quarter increase of the entire investment

Harry Macklowe’s brother lists Hamptons home for $60M

Posted: 29 Oct 2021 06:30 AM PDT

Art power couple Lloyd and Barbara Macklowe are selling their East Hampton home, but they may not be going far. Lloyd — brother of real estate developer Harry Macklowe — and Barbara are listing their home for $60 million, according to the Wall Street Journal. The home on West End Avenue is tucked neatly between Georgica Pond and the Atlantic Ocean. The waterfront property was built around 1926 and was initially part of a larger

All Year loses stake in troubled Williamsburg property

Posted: 29 Oct 2021 06:00 AM PDT

In a messy divorce, it looks like All Year Holdings lost the house. The firm has agreed to a settlement with Brooklyn landlords Toby Moskovits, Michael Lichtenstein, Moshe Dov Schweid and their affiliated companies over a star-crossed, 41-unit apartment and retail building at 225-227 Grand Street in Williamsburg. As a result, a company tied to Moskovits and the others will have sole control of the building. All Year Holdings will receive $4.7 million in exchange

Meet the exec leading Realogy’s big iBuying bet

Posted: 29 Oct 2021 05:00 AM PDT

Katie Finnegan has felt the pain of moving. Acutely. The new chief executive of Realogy’s iBuyer program has moved three times in the past three years, selling and buying homes in New York City, San Francisco and Los Angeles. And although she said “rock-star agents” handled the sales, she described the experience as “stressful.” The iBuyer she now helms, she promises, will offer something different. “What if the biggest transaction of your life was actually

Architect for the 1% lists Tribeca townhome for $25M

Posted: 29 Oct 2021 04:00 AM PDT

Thierry Despont designs homes for the rich and famous. Now, he aims to sell them one. The renowned architect, who has worked on designs and restorations at such iconic sites as the Woolworth Building, 220 Central Park South and the Statue of Liberty, just listed his Tribeca townhouse for $25 million. Despont has owned 182 Franklin Street for roughly 25 years. Built in 1915, it was converted into a single-family topped by a full-floor great