The Real Deal - New York Real Estate News

Landfill is first property targeted under “green amendment”

Posted: 02 Feb 2022 03:25 PM PST

Weeks after taking effect, an amendment to New York’s constitution guaranteeing citizens the right to “clean air and water, and a healthful environment” is the basis for a lawsuit targeting one particularly smelly property upstate. The environmental group Fresh Air for the Eastside last week sued Waste Management and the state Department of Environmental Conservation to force the closure of a 300-acre landfill split across Perinton and Macedon, two suburbs of Rochester, the Times Union

Eklund Gomes Team’s Hunie Kwon and Grace Steel jump to Compass

Posted: 02 Feb 2022 02:04 PM PST

Douglas Elliman’s top-producing team just lost a pair of veteran New York City agents. Hunie Kwon and Grace Steel have left Elliman’s Eklund Gomes Team to join Compass, where they will aim to build out a boutique team of six to eight agents, Kwon told The Real Deal. The two brokers and childhood friends from Indiana have worked together for much of their careers, including at Elliman and previously at JC DeNiro and Associates. Kwon

Upstate golf course zoned for housing, but developer seeks change

Posted: 02 Feb 2022 01:15 PM PST

Golf courses are typically leisurely locations, but one in Schenectady is becoming a battleground in a fight between a developer and residents. And in an unusual twist, the developer wants the land rezoned from residential to industrial use. The Times Union reported that some locals are pushing back against a proposed redevelopment of the Stadium Golf Club. Owner Greg Hennel agreed to sell the course to Scannell Properties in November, a transaction set to happen

Gucci’s Soho location sold to offshore buyer for $130M

Posted: 02 Feb 2022 12:30 PM PST

UPDATE 2/2/22 6:04 PM: Nothing’s cheap at Gucci, but now we know how much it would cost to buy the building that its Soho location calls home. An institutional owner advised by JP Morgan Global Alternatives sold 375 West Broadway for $130 million. The building houses a 10,000-square-foot Gucci store on the ground floor beneath 60,000 square feet of office space. The buyer was identified as an offshore family office advised by Macquarie Asset Management.

Park Slope luxury rental scores $55M bridge loan

Posted: 02 Feb 2022 12:01 PM PST

It’s all systems go at Ranco Capital’s rental project in Park Slope. The developer scored a $55 million bridge loan from BridgeCity Capital on Jan. 28 for the luxury building, dubbed Deermar Residences. The loan, which refinances $39.1 million in construction funding from Bank Leumi, will help Ranco buy back capital from investors while it leases up, according to Moishe Loketch, BridgeCity’s director of business development. Renderings and marketing materials show a sleek building with

Stonehenge nabs UES rental for $130M

Posted: 02 Feb 2022 11:00 AM PST

Ofer Yardeni’s Stonehenge Partners bought an apartment building on the Upper East Side for nearly $130 million. Stonehenge teamed up with San Francisco-based investor Stockbridge Capital Group to buy the 163-unit Cole at 354 East 91st Street from Carmel Partners, The Real Deal has learned. The purchase price is just shy of $130 million. The 20-year-old building is 100 percent market-rate, which has been attractive with investors as the recovery of the city’s rental market

Paramount Group CEO gets $12M for Upper East Side duplex

Posted: 02 Feb 2022 10:15 AM PST

Albert Behler, the CEO of office-management firm Paramount Group, has cashed in an Upper East Side apartment he pieced together over 17 years. The executive sold his 5,500-square-foot duplex at 1080 Fifth Avenue in Carnegie Hill for $12.1 million, property records show. Behler spent $9.3 million acquiring the apartment that overlooks the Central Park reservoir. He first bought a unit on the 15th floor in 2005 for $2.5 million. In 2009 he acquired a full-floor

Single-family management platform Pure raises $50M

Posted: 02 Feb 2022 09:30 AM PST

Pure, a single-family rental management platform, raised $50 million in its first institutional funding round, reaching a $300 million valuation in less than 18 months. The Los Gatos, California–based company has grown rapidly by acquiring small-scale property management firms — 28 of them averaging 500 doors each since its October 2020 launch. The 40,000 single-family rental owners across the U.S. have their own approaches to management, according to Mike Catalano, Pure’s co-founder and general partner.

Investor sells at 443 Greenwich for $16.5M

Posted: 02 Feb 2022 08:55 AM PST

Celebrity mainstay 443 Greenwich Street notched its latest trade in a slew of deals. Venture capitalist Stuart Peterson and his wife sold their unit at the luxury Tribeca building for their $16.5 million asing price, the New York Post reported. The buyer’s identity wasn’t immediately clear, but property records show the unit sold was 2H. Peterson — the founder and senior partner of Artis Ventures — is ditching a four-bedroom, four-plus bathroom unit of more

Corcoran is taking over sales at 111 West 57th Street

Posted: 02 Feb 2022 08:00 AM PST

Corcoran has secured another foothold on Billionaires’ Row. The brokerage is taking over sales at 111 West 57th Street from Douglas Elliman Development Marketing, according to a spokesperson for the building. Michael Stern’s JDS Development Group, Property Markets Group and Spruce Capital Partners are the developers behind the SHoP Architects-designed supertall condo. The change comes after the Douglas Elliman arm was appointed in July 2018 for marketing and sales, which launched that September. Sales will

Camber Property Group buys East NY portfolio for $107.5M

Posted: 02 Feb 2022 06:45 AM PST

The owner of the Bronx building devastated by a deadly fire last month recently picked up a four-building portfolio of Section 8 housing in Brooklyn. Camber Property Group purchased the Remeeder Houses in East New York from Omni New York for $107.5 million, according to property records. The deal only recently appeared in filings, but closed in December. The housing complex comprises 261 units across four six-story buildings. The complex also includes a one-story retail

$5.7M condo sale smashes Jersey City record

Posted: 02 Feb 2022 05:45 AM PST

Jersey City’s condo sale record has fallen after three months with the pricey honor. A penthouse condo at 75 Park Lane traded for $5.7 million, blowing the area’s previous record out of the water, Strategic Capital announced. The buyer of the penthouse in the Newport neighborhood building wasn’t revealed, but a spokesperson told The Real Deal it was a Jersey City resident. The four-bedroom, four-and-a-half bathroom condo comes equipped with an 800-square-foot terrace. Amenities at

RXR launches joint venture with Hudson Realty Capital

Posted: 02 Feb 2022 05:00 AM PST

Two bastions of New York City’s commercial real estate market — landlord RXR and lender Hudson Realty Capital — are launching a lending venture with plans to back $2 billion worth of projects over the next two years. For the firm’s executives, it’s a partnership 30 years in the making. RXR President Michael Maturo met Hudson co-founder David Loo in the ’90s when they worked at the same consulting and accounting firm. Over the years,

Trouble in paradise: How a Miami developer’s Nicaraguan venture went south

Posted: 02 Feb 2022 04:30 AM PST

Miami developers Ophir Sternberg and Ricardo Dunin spent about four years and millions of dollars trying to turn a resort on Nicaragua’s Pacific coast into a swanky ecotourism hot spot. They failed. Left behind was a detritus of debt, unpaid taxes, missing funds, unpaid vendors and unfinished construction. The American retirees, outdoor enthusiasts and animal lovers who owned the villas were forced to clean up the mess. All the while, an ownership dispute with Armel

McKenzie Ryan joining Douglas Elliman

Posted: 02 Feb 2022 04:00 AM PST

McKenzie Ryan is joining Douglas Elliman. The move comes after Ryan’s five-year stint at Compass, where she transacted over $45 million worth of deals in the past year. Ryan specializes in both resale and new development in the luxury condo and townhouse sectors. The broker is also known for her social media leverage for closing deals IRL. In the last year, Ryan’s use of social media to market and sell her client’s properties spurred $10.6