The Real Deal - New York Real Estate News

East Hampton approves affordable housing initiatives

Posted: 28 Mar 2022 02:00 PM PDT

The East Hampton Town Board took two steps in a recent meeting aimed at easing the East End’s affordability crisis, which residents have bemoaned as a burden on families and businesses alike. The town board voted last week to adopt an affordable housing overlay district on Route 114 in the Wainscott School District, the East Hampton Star reported. The district includes three addresses on the road, including a 6.5-acre site acquired by the town for

Condo at 30 Front Street leads Brooklyn contracts — again

Posted: 28 Mar 2022 01:00 PM PDT

Fortis Property Group’s 30 Front Street continues to headline Brooklyn’s luxury market. For the seventh time since the start of February, a condo at the sail-shaped tower, dubbed Olympia Dumbo, placed at or near the top of Compass’ weekly report tracking signed contracts on homes in the borough asking $2 million or more. Unit 16A went under contract with an asking price of $6.2 million, more than any other home that sold in Brooklyn last

Extell offloads Far West dev site for $52M

Posted: 28 Mar 2022 12:00 PM PDT

Extell Development is moving on from a Far West Side site, selling it for more than $50 million. Gary Barnett’s firm sold the three-parcel site to Tom Zhidong Wu’s ZD Jasper Realty for $51.7 million, according to a deed recorded on Friday. The deal closed on March 24. The three-parcel site spans three addresses, each housing an industrial building. According to PincusCo, the three properties combine for more than 28,000 square feet of built space

Industry leaders gather at The Real Deal’s Future City retreat: PHOTOS

Posted: 28 Mar 2022 10:30 AM PDT

More than 100 top developers, proptech principals and architects gathered at The Real Deal’s Future City retreat in the Bahamas to discuss and debate how technology is disrupting and transforming the real estate industry. TRD publisher Amir Korangy kicked off the three-day, off-the-record event by introducing John Gilbert, chair of Prescriptive Data and former tech chief at Rudin Management. Nikki Greenberg, head of tech strategy at QIC Real Estate, followed with a “Space Odyssey” talk,

UES condo snatches top spot among Manhattan luxury contracts

Posted: 28 Mar 2022 10:00 AM PDT

The first 12 weeks of 2022 were a mixed bag compared to the sky-high numbers in Manhattan’s luxury market the same time last year. The first quarter saw 394 contracts signed at $4 million and above, outpacing last year’s first quarter record of 390 contracts. Still, during that same period, asking volume totaled $3 billion, dropping from $3.322 billion last year, partially thanks to a decline in trophy sales. Seventy contracts priced at $10 million

Elevator outages plunge 20 Exchange Place into disarray

Posted: 28 Mar 2022 08:45 AM PDT

A quick elevator ride up to an apartment is a luxury many New Yorkers take for granted, but residents at a Financial District luxury building can’t say the same. Several residents of 20 Exchange Place told the New York Times the elevators in the 59-story building have been inconsistent and often unavailable since November. Outages have plagued the elevators servicing the 15th floor and above, regularly forcing residents to make difficult decisions about leaving and

Developer plans 162 units on Harlem’s 125th Street

Posted: 28 Mar 2022 07:45 AM PDT

The rush to add housing to Harlem has another entrant. Developer Mark Irgang filed plans with the Department of Buildings to construct an approximately 144,000-square-foot building at 35 West 125th Street, Crain’s reported. The 195-foot-tall building would include 21 stories with 162 residential units. Irgang filed plans last month to demolish the two-story commercial structure at the address, Crain’s reported. The timeline for both the demolition and the development of the forthcoming mixed-use building is

Multifamily flips spur more evictions: report

Posted: 28 Mar 2022 06:45 AM PDT

One thing leads to another, as The Fixx sang in their 1982 classic. In the case of rising multifamily property values in New York City, it will lead to more evictions, a new report predicts. Here’s the logic. Strong demand for city living is leading to rising rents, which in turn increases valuations of apartment buildings and attracts buyers looking for a quick profit. Such speculative investments tend to be accompanied by more evictions, according

Watch: The inside story of “The New Kings of New York”

Posted: 28 Mar 2022 06:00 AM PDT

Over 20 tumultuous years in New York real estate, blockbuster deals were brokered, supertall skyscrapers were built and billions of dollars were made and squandered. The dramas of this century’s first two decades gave journalist and author Adam Piore ample material for his new book, “The New Kings of New York.” The book, which is published by The Real Deal and edited by TRD’s Stuart Elliott and Hiten Samtani, covers what Piore calls the “sweep

Kelly Bensimon launches Douglas Elliman team

Posted: 28 Mar 2022 05:00 AM PDT

Douglas Elliman’s rookie of the year is starting her own team. After notching $110 million in luxury sales last year, Kelly Killoren Bensimon is launching a six-person team at the brokerage. Bensimon, a former model known for a three-season stint on The Real Housewives of New York City, sells properties in New York City, the Hamptons, South Florida and other international hubs. Bensimon said she’s looking to create “a very strong team that works well

Flooded by dog urine, assaulted by tenants, landlords still locked out

Posted: 28 Mar 2022 04:00 AM PDT

It had been more than two years since Kennisha Gilbert set eyes on her upstairs apartment. Gilbert and her husband had rented the second-floor unit of their two-family home in East Flatbush, Brooklyn, to a married couple and their three children. Two years of unrelenting misery later, she was getting her first chance to see why her ceilings were coated with urine and her stairwell ravaged by an unbearable stench. A dangerous leak had given

Jeffrey Epstein’s two Caribbean islands list for $125M

Posted: 27 Mar 2022 12:00 PM PDT

A pair of star-shaped islands in the Caribbean where the late financier Jeffrey Epstein allegedly took young girls has been listed for $125 million. The U.S. Virgin Islands properties were a key part of Epstein’s property portfolio, which included a New York townhouse, a Paris apartment, a Palm Beach mansion and a New Mexico ranch, the Wall Street Journal reported. His private islands included Great St. James and Little St. James, inside the turquoise bays

Hilltop castle in St. Croix sells for $9.5 million

Posted: 27 Mar 2022 09:00 AM PDT

A tech and real estate finance entrepreneur whose family dates back four generations on St. Croix paid $9.5 million for a Moorish-style castle on the island that was built by a Bulgarian-born countess. Yuri Farber, the husband of the late Countess Nadia de Navarro-Farber, sold the ivory domed castle and its 110-acre estate to John Alexander, who plans to turn it into a short-term rental or an events space, the Wall Street Journal reported. The

“Zero driving” development in Utah to include slots for 41,000 cars

Posted: 27 Mar 2022 06:00 AM PDT

A community planned outside Salt Lake City that’s billed as a “15-minute city” where residents can walk to schools, jobs, shops and restaurants will also have parking for up to 41,000 cars. The Point, about 20 miles from the city, would be a live-work neighborhood of 7,400 homes and 30,000 jobs, all within walking distance, according to Bloomberg. The space for cars sets the 600-acre community apart from other “zero driving” developments. “It’s not that