The Real Deal - New York Real Estate News

Paramount investor cast all-cash bid for REIT

Posted: 25 Feb 2022 01:00 PM PST

For the second time in two years, the Paramount Group has received an all-cash takeover bid. Monarch Alternative Capital made an offer to purchase the real estate investment trust for $12 per share, a 33 percent premium on what the shares were worth on Thursday, Crain’s reported. Monarch already owns 12 million shares in the company. “We believe that your team has assembled a high-quality portfolio of properties,” Monarch co-founder Adam Sklar reportedly wrote in

A&E makes biggest Queens apartment deal of pandemic

Posted: 25 Feb 2022 11:00 AM PST

Douglas Eisenberg’s A&E Real Estate has completed the largest Queens multifamily deal since the start of the pandemic. A&E paid $130 million for the 22-building Cunningham Heights apartment complex in Queens Village, a representative for the company told The Real Deal. The 1950s-era development has more than 1,000 apartments across four city blocks and was 99 percent occupied. The deal reflected the company’s strategy of buying apartment buildings that have fallen out of favor with

Jon Bon Jovi finds buyer for Greenwich Village condo

Posted: 25 Feb 2022 09:45 AM PST

Jon Bon Jovi certainly sold his Greenwich Village condo only weeks after putting it on the market. The 59-year-old singer sold his unit at 155 West 11th Street for $22 million, according to the Robb Report. The New Jersey-born singer purchased the unit in 2017 for about $19 million. The buyer of the unit was not identified. The four-bedroom apartment in the Greenwich Lane complex has direct elevator access and floor-to-ceiling windows with views of

Health care REITs eyeing combination into $10B company

Posted: 25 Feb 2022 08:45 AM PST

Two billion-dollar health care real estate investment trusts are poised to combine into a medical office behemoth. Healthcare Trust of America is in advanced talks to merge with Healthcare Realty Trust, the Wall Street Journal reported. People familiar with the matter told the Journal the cash-and-stock deal could be finalized in the next few days, but the talks could still fall apart. Terms of the potential transaction weren’t clear. Healthcare Trust of America had about

Opendoor stock plunges as losses soar along with revenue

Posted: 25 Feb 2022 08:15 AM PST

Opendoor, the largest and most prolific iBuyer in the U.S., is picking up the slack from Zillow’s surprise exit from the business, but its losses have widened as it has scaled. The San Francisco-based company’s stock was down more than 25 percent Friday morning despite reporting revenue and earnings well ahead of Wall Street’s expectations. The selloff was widely attributed to a drop in Opendoor’s contribution margin, a key profitability metric that factors in the

Chetrit and Stern go toe-to-toe on Downtown Brooklyn supertall

Posted: 25 Feb 2022 06:45 AM PST

Joseph Chetrit took aim at Michael Stern — and tens of millions of dollars — in a lawsuit over a Downtown Brooklyn supertall development. Chetrit is alleging he is owed more than $17 million from a stake sale at 9 DeKalb Avenue, according to a lawsuit reported by Crain’s. The amount owed is allegedly rising by the day, but Stern’s JDS Development Group disputes the suit’s allegations. Chetrit and Stern began the Brooklyn Tower project

Condo defects? Council bill would make developers pay

Posted: 25 Feb 2022 05:45 AM PST

The unit was modern and pristine, but three years later the ceiling leaks, the walls are cracked and the floors are warped. Such complaints about construction defects are relatively common among New York City condo owners, even at the city’s most exclusive addresses. But some of those unlucky homeowners may soon have new recourse: A City Council bill would put developers on the hook for repairs needed within 10 years of a “homeownership” project being

Brokerage startup Casa Blanca lures Louis Buckworth from Zeckendorf

Posted: 25 Feb 2022 05:00 AM PST

Louis Buckworth, who had been sales director at Zeckendorf Development’s 520 Park Avenue since 2015, has joined the app-centric residential brokerage Casa Blanca as managing director. Buckworth, himself an investor in Casa Blanca, is tasked with helping the proptech bring the trappings of “white glove” service to millennial and zennial residential rentals and sales. “My role will be to craft a customer experience,” Buckworth said. Landing Buckworth, who sold $1 billion worth of units at

West Side neighborhoods dominate Manhattan’s condo pipeline

Posted: 25 Feb 2022 04:00 AM PST

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need. Manhattan has over 13,000 condo units in the pipeline, and nearly half of them are slated for a string of neighborhoods running up the western edge of the island. Of the ten neighborhoods with the most units on tap,

Long Island mall’s owners, eyeing rebirth, will let it die

Posted: 24 Feb 2022 03:36 PM PST

The sun is setting on the Sunrise Mall in Massapequa. The Nassau County mall is nearing its demise, as owner Urban Edge Properties has stopped renewing the leases of tenants, Newsday reported. The Manhattan-based owner is expected to push for a redevelopment of the property as tenants drift away. “Sunrise Mall is clearly in transition, a reflection of the challenges facing a generation of shopping malls across Long Island and the nation,” Coleen R. Conklin,

First Hamptons passive house sells in off-market deal

Posted: 24 Feb 2022 01:21 PM PST

The Hamptons’ first-ever passive house has been sold. The home at 7 Candace Drive in East Quogue was designed for maximum energy efficiency and sustainability. The newly built property was last listed for $4 million but sold in an off-market deal. Matt Brietenbach and Dominic Couzens of Compass handled the sale. A passive house is essentially a zero-draft structure that uses high-tech systems to heat, cool and circulate air. The energy-efficient features of 7 Candace

Homes facing foreclosure up 31% after Covid relief ends

Posted: 24 Feb 2022 12:53 PM PST

The number of properties in pre-foreclosure increased for the second straight quarter since a nationwide foreclosure moratorium was lifted at the end of July and is up 31 percent in a year. Nearly 230,000 homes across the country are in the process of foreclosure, up 31 percent from the first quarter of 2021 and up 3 percent from last quarter, according to a report by property database Attom. Of those, a small fraction, just over

Alleged arson at CoStar headquarters leads to arrest

Posted: 24 Feb 2022 11:06 AM PST

A chaotic scene unfolded at the CoStar Group headquarters in Richmond, Virginia, on Wednesday evening, when two cars were allegedly set on fire. Police responded around 6:11 p.m. to a reported fire involving two cars in a garage at 501 South 5th Street, Insider reported. A suspect was detained two blocks away and no injuries were reported. The incident occurred hours after the $26 billion behemoth announced it was increasing security at its Richmond office

NYC hotels still slogging through slow months

Posted: 24 Feb 2022 11:00 AM PST

New York City’s hotel industry ticked back up in February after this winter’s slow season hit properties harder than usual. During the week ending on Feb. 19, hotels averaged a 56.5 percent occupancy rate, according to STR data reported by Crain’s. Occupancy rates for hotels in the city improved from last month to reach the highest of the two-month-old year, but are still trailing levels typical before the pandemic and in the holiday season before

UK developer bringing luxury to Greenpoint

Posted: 24 Feb 2022 09:34 AM PST

The British are coming — to Greenpoint. London-based Quadrum Global is the latest developer to land in the busy Brooklyn neighborhood, planning two luxury condominium towers on the waterfront at 29 Huron Street, Crain’s reported. The developer is leading efforts to create The Huron, which will span 171 units in a space zoned for 175,000 square feet of development. Morris Adjmi Architects is designing the development on the site, which Quadrum acquired as a vacant

Paramount’s 1633 Broadway set for famed Taiwanese chain’s first East Coast outpost

Posted: 24 Feb 2022 08:45 AM PST

A famed Taiwanese restaurant chain picked up space in Midtown for its first East Coast outpost. The Paramount Group announced a 15-year-lease at 1633 Broadway for Din Tai Fung, which has earned a Michelin Star rating and international reputation for xiao long bao, Chinese steamed soup dumplings. Rents for the 26,400-square-foot space were not revealed. Din Tai Fung will operate out of the retail space known for its glass entry cube. The restaurant space is

Co-op residents facing eviction as private equity owner looks to sell

Posted: 24 Feb 2022 07:15 AM PST

Hundreds of residents are in danger of losing their homes as a private equity firm looks to sell their units in the co-op buildings it acquired last year. Glacier Equities is giving residents of the portfolio the option to buy their apartments or leave the buildings, The City reported. The owner is within its legal right to do so, as the deregulated apartments were converted in the 1980s and aren’t protected under rent reforms passed

Green Rush: RIPCO leases to cannabis operators

Posted: 24 Feb 2022 06:30 AM PST

Since New York State legalized recreational marijuana in March, operators have been rushing to set up shop. And brokerages have been trying to capitalize. One, RIPCO Real Estate, has set up a team focusing on representing tenants and landlords looking to lease space for recreational and medicinal marijuana sales throughout New York, New Jersey and Connecticut. The brokerage so far has 35 clients in the cannabis sector who have taken a collective 125,000 square feet

Lawsuit aims to bring EB-5 back from the dead

Posted: 24 Feb 2022 05:45 AM PST

The EB-5 “cash for visas” program essentially came to a halt when Congress failed to reauthorize its regional centers last year. Now one of these centers — crucial intermediaries between developers and foreign investors — claims they should be allowed to continue operating anyway. California-based Behring Co. filed a lawsuit in federal court in California against the USCIS, the Department of Homeland Security, and the Department of State, alleging the agencies exceeded their authority in

Bidding wars hit record high in January

Posted: 24 Feb 2022 05:00 AM PST

Potential homebuyers should be prepared for a fight now more than ever. Seventy percent of home offers written by company agents in January saw competition in the form of at least one rival offer, according to a report from Redfin. That’s the highest bidding war rate Redfin has recorded since it began tracking the data in April 2020. The figure is an increase from the 67.7 percent reported in December and 61 percent reported in

Blade, SweetGreen execs close big condo deals

Posted: 24 Feb 2022 04:00 AM PST

Now you know where your $16 salads and $500 chopper rides are going. Top executives at helicopter service Blade and takeout eatery SweetGreen closed big condo deals in Manhattan, even as their companies’ stock prices have fallen by more than 50 percent in the past year. Blade founder and chief executive Robert Wiesenthal sold his unit at 551 West 21st Street in Chelsea for $15.7 million, public records show. Wiesenthal had bought it in 2016