The Real Deal - New York Real Estate News

Two Russian billionaires shopping NYC properties

Posted: 09 Mar 2022 12:30 PM PST

At least two Russian billionaires appear to be lightening their asset loads, shopping New York City properties as sanctions wrack the nation’s wealthiest individuals. Valery Kogan, co-owner of Moscow’s Domodedovo Airport, and his wife Olga are quietly looking to sell their spread in the Plaza Hotel for $50 million, the New York Post reported. The couple purchased the two-unit condo for $26 million about 15 years ago before combining the units. This is not their

Crypto companies rising stars in Manhattan’s office market

Posted: 09 Mar 2022 10:15 AM PST

Cryptocurrency companies may focus on digital assets, but they still care about physical offices. Crypto and crypto-adjacent firms are an increasing presence in Manhattan office spaces, the Commercial Observer reported. The companies are prime customers for spaces that are efficient, clean, accessible around the clock and come equipped with high-speed, redundant and wireless fiber connection. Christopher Okada, founder & CEO of family-owned real estate advisory and investment firm Okada & Company, told the Observer the

Alfred acquires Sun Belt property manager RKW in bid to scale operations

Posted: 09 Mar 2022 09:00 AM PST

Alfred, the rental management software startup also known as Hello Alfred, raised $125 million and acquired Charlotte-based property manager RKW Residential in a bid to scale its operations in the Southeast and beyond. The startup used $50 million of the total equity and debt capital raised — the company would not provide details on the mix — to buy RKW and invest in the “growth of the combined platform,” said Marcela Sapone, Alfred’s co-founder and

Eric Adams calls bankers back to offices as city faces mixed recovery

Posted: 09 Mar 2022 08:20 AM PST

Eric Adams has a mission: bring office workers back to New York City. The mayor made an appearance at Goldman Sachs’ headquarters on Monday, Bloomberg reported. The town hall meeting was closed to press, but Adams planned his visit to tell employees to rely less on remote work and more on in-person operations. After the meeting, Adams lamented that Goldman Sachs had just “a couple of thousand employees” working in person, Bloomberg reported. Goldman has

SL Green nears deal for Park Avenue office tower

Posted: 09 Mar 2022 07:00 AM PST

In a sign of how far New York office values have come, Manhattan’s largest office landlord may be back in the business of buying after high prices forced it to the sidelines for several years. SL Green Realty is in late-stage talks to buy the Plaza District office tower at 450 Park Avenue from Oxford Properties and Crown Acquisitions, people with knowledge of the talks told The Real Deal. The price is around $440 million,

NYC apartment market bogged down by development “hangover”

Posted: 09 Mar 2022 06:00 AM PST

New York City’s apartment market has been feeling the pressure of high demand, but a new development report from Corcoran shows the squeeze will continue to outpace supply for the foreseeable future. New York is expected to add 33,000 housing units through 2024, 6,000 units less than the historic average, according to Corcoran’s 2022 Pipeline Report. Ryan Schleis, senior vice president of research and analytics at Corcoran Sunshine, said the tick down in development is

Redevelopment hitting former West Babylon Kmart

Posted: 09 Mar 2022 05:00 AM PST

The first Kmart to come to Long Island soon won’t look anything like its historic past after a $20 million redevelopment project. Elias Properties Management is spearheading the redevelopment of 1000 Montauk Highway in West Babylon, Newsday reported. Forthcoming changes to the building include a reduction in size and a redivision of space to increase capacity to five tenants, which could include retail stores, offices and restaurants. The Town of Babylon has approved plans for

Wall Street bonuses are booming, transforming the luxury market

Posted: 09 Mar 2022 04:30 AM PST

Stan Ponte sat across the kitchen table from two Upper East Siders preparing to join the empty nest club in style. The three sipped wine as the couple told Ponte, a Sotheby’s International Realty veteran, the history of their home. Years earlier, they’d expanded into a neighboring apartment, creating space for a playroom. Their terrace was a treasured outdoor retreat for them and their two dogs. Now that their kids were moving out, the couple

Rising gas prices won’t impact landlords’ energy bills, experts say

Posted: 09 Mar 2022 04:00 AM PST

If your utility costs have spiked this winter, you are not alone. Ann Korchak, a landlord and spokesperson for the group Small Property Owners of New York, said her Con Edison heating bill was up 43 percent in December, compared to two years prior. Another SPONY member said National Grid charged him 60 percent more for natural gas last month than he paid in February 2021. Tenants, meanwhile, have flooded social media with complaints of