The Real Deal - New York Real Estate News

Lake George private island, mansion back on market

Posted: 14 May 2022 09:00 AM PDT

Green Harbour Mansion is back on the market, at $8.4 million. For anyone who ever wanted to own their own island, this may not be the South Pacific but close enough. The mansion is situated on land on Lake George at Cooper’s Point. That’s a discount of 44 percent from 2019, when it was listed for $15 million. The owner, Ken Ermiger, died last year, according to the Albany Times Union. He developed the Depe

Logistics inventory dips to historic low: Prologis

Posted: 13 May 2022 02:30 PM PDT

The booming industrial real estate sector could soon see the bottom fall out, an executive at Prologis predicted. Tenants could cut through the remaining logistics space in 16 months, Prologis head of U.S. research Heather Belfor said in a webinar reported by Bisnow. That’s a record low amount of inventory in the market. “That may sound like a long time, but prior to 2021, that rate has never dipped below 32 months,” Belfor said. According

Tiffany designer puts townhouse on discount rack (only $42M)

Posted: 13 May 2022 02:07 PM PDT

A Tiffany and former Coach designer has cut $6 million off the asking price of his gut-renovated Lenox Hill townhouse. It’s not quite on the discount rack, though: Reed Krakoff and his wife Delphine still want $42 million for their six-story home at 54 East 64th Street, which has failed to sell since November. Krakoff, chief artistic officer at Tiffany & Co., and Delphine, an interior decorator, paid $28 million for the 12,500-square-foot home designed

Baloghs find their crown jewel at Billionaires’ Row supertall

Posted: 13 May 2022 12:30 PM PDT

The Balogh family clearly thought unit 53 at 111 West 57th Street was a gem. The Baloghs paid $22.5 million for the Billionaires’ Row pad, according to property records, or $4 million below the asking price. The family once owned Balogh Jewelers, a top brand in South Florida that catered to royalty and celebrity clients, according to the Miami Herald, until it closed in 1999. JDS Development Group, Property Markets Group and Spruce Capital Partners

Chetrit, Stellar land $714M refi for UES luxury buildings

Posted: 13 May 2022 11:43 AM PDT

Chetrit Group and Stellar Management have scored a $714 million refinancing for two luxury buildings on the Upper East Side. The developers secured the CMBS loan for Yorkshire Towers at 305 East 86th Street and Lexington Towers at 160 East 88th Street from a collection of lenders, including Citigroup, BMO Harris Bank and Starwood, according to a source familiar with the deal. The financing will replace a $550 million loan provided by Natixis and UBS

Charles Cohen eyeing Rye Brook redevelopment

Posted: 13 May 2022 09:51 AM PDT

Charles Cohen is cooking up plans for a Westchester County project to replace the shuttered Doral Arrowwood resort. Cohen Brothers Realty Corporation is considering redeveloping the property into a luxury resort and housing project, the Westchester & Fairfield County Business Journals reported. Rye Brook Mayor Jason Klein said a formal proposal could be sent in a matter of months. “This is a complete reimagination of an outdated use that is aligned with business and consumer

Jamestown lands $425M to bring the metaverse to One Times Square

Posted: 13 May 2022 08:30 AM PDT

Jamestown is full-steam ahead in its $500 million metaverse-tinged redevelopment of One Times Square. The firm landed $425 million in financing from JPMorgan Chase to cover most of the redevelopment, the Commercial Observer reported. About $208 million of debt refinances CMBS date that goes back to Jamestown’s acquisition loan in 1997. Jamestown also landed an $88.7 million building loan and a $39.8 million project loan. Eastdil Secured’s Grant Frankel and Tanner McNeill were part of

What can Tom Suozzi do for real estate?

Posted: 13 May 2022 08:00 AM PDT

U.S. Rep. Tom Suozzi isn’t new to business or to politics. The congressman from New York’s 3rd district is a CPA, an attorney, a former county executive and served four terms as mayor of his native Glen Cove. He also isn’t new to gubernatorial candidacy, having faced off against Eliot Spitzer in the state’s 2006 Democratic primary. It didn’t go well. Neither that defeat nor pressure from his own party has swayed Suozzi from his

Languishing student housing firm on the hook for $50M

Posted: 13 May 2022 06:45 AM PDT

A languishing student housing firm is on the verge of crumbling after settling a lawsuit with investors at its former Skyloft property near the University of Texas at Austin. Nelson Partners Student Housing agreed to pay investors $50 million under a preliminary settlement approved by a Texas judge, the New York Times reported. The settlement resolves a lawsuit from investors who claimed they were defrauded by chief executive Patrick Nelson. Investors across the firm’s student

As lawmakers race to electrify buildings, industry pushes back

Posted: 13 May 2022 05:45 AM PDT

With just three weeks left of the legislative session, lawmakers debated a key question for developers: Is it possible to make all new buildings electricity-powered in just a few years? Environmental advocates have pushed for the state to ban gas hookups in new construction throughout New York starting in 2024. Gov. Kathy Hochul pitched a 2027 deadline in her executive budget, but neither proposal was included in the final spending bills. Now, lawmakers and advocates

With 421a dying, apartment project financing “has come to a stop”

Posted: 13 May 2022 05:00 AM PDT

Multifamily investors and developers piled into a stately Midtown building Thursday to try to make sense of their turbulent industry as rising interest rates, inflation and supply chain issues have sent construction costs higher than a tower crane. Meanwhile, lawmakers haven’t figured out how to make office-to-residential conversions viable. Everyone at the conference had ideas for those roadblocks, but none had an elixir for their biggest problem of all: The multifamily development tax break Affordable

Can tenants have it both ways?

Posted: 13 May 2022 04:00 AM PDT

Anh-Thu Nguyen and her two roommates don’t want to leave their apartment. Why would they? Although it won’t appear in Architectural Digest, it’s perfectly livable, it’s on the most prestigious street in Brooklyn’s nicest neighborhood, and it’s cheap. Not only are they right across the street from 526-acre Prospect Park, the Olmsted and Vaux–designed jewel of the borough, but they have been paying low rent in a building that, if renovated, could command a lot

Compass reports $188M first-quarter loss, CFO’s resignation

Posted: 12 May 2022 03:46 PM PDT

Compass reported a first-quarter loss of $188 million and the departure of its chief financial officer as the tech-first brokerage sought to reassure investors about its path to profitability. The firm recorded $1.4 billion in revenue for the quarter, up 25 percent from the same period a year ago, against $1.6 billion in expenses, for a loss of 45 cents per share — beating Wall Street’s consensus prediction of 48 cents per share. Its $188

SmartRent’s losses widen as supply-chain crisis lingers

Posted: 12 May 2022 02:25 PM PDT

SmartRent’s beaten-down shares got some relief Thursday after the smart-home technology provider reported the highest quarterly revenue in its five-year history. The company’s results could have been even stronger, executives said on an earnings call Wednesday. While demand for SmartRent’s services is at an all-time high, the global logistics logjam has hindered its ability to roll them out. “What we’re fighting is supply headwinds,” CEO Lucas Haldeman said. “I think we’re all feeling cautiously optimistic,

Famed architect lists Southampton estate for $23M

Posted: 12 May 2022 01:44 PM PDT

Thierry Despont is selling another one of his homes, giving prospective buyers an opportunity to see how a designer for the rich and famous lives. Despont listed his Southampton home at 320 Majors Path for $23.5 million, Mansion Global reported. Between 2011 and 2013, Despont paid $8.5 million for the three contiguous parcels that he then transformed into the estate now being marketed. The 34-acre property was previously a horse farm and the site of

Realogy rebranding as Anywhere Real Estate

Posted: 12 May 2022 11:45 AM PDT

Realogy will soon be nowhere to be found. Well, actually, it’ll be Anywhere. The entity that owns major brokerages including Corcoran, Coldwell Banker, Century 21 and Sotheby’s announced at an Investors Day event it is changing its name from Realogy Holdings Corp. to Anywhere Real Estate Inc. The rebrand will be complete by the end of the quarter, according to the company. On a website for the rebrand, the company said the name change won’t

Firm that manages Michael Dell’s wealth finances deal for Trump Hotel

Posted: 12 May 2022 10:38 AM PDT

UPDATED, 5:35 p.m., May 12: The investment fund managing the wealth of tech billionaire Michael Dell funded the acquisition of the Trump Hotel in Washington, D.C., The Real Deal has learned. Sources familiar with the $375 million acquisition of the leasehold by a fund associated with CGI Merchant Group said that MSD Partners, which manages money for Dell and other investors, provided a $285 million acquisition loan for the marquee property. The deal for the

Madison Realty Capital plans 100 small apartments, a NYC rarity

Posted: 12 May 2022 10:00 AM PDT

One of New York City’s busiest real estate firms is putting up 100 studios and one-bedroom apartments on Staten Island, perhaps taking advantage of the city’s shortage of small dwellings. Madison Realty Capital has filed plans for a seven-story mixed-use building at 364 Bay Street in Tompkinsville, the Staten Island Advance reported. The property houses a two-story commercial building, where Crunch Fitness is a tenant. It’s not clear if Crunch will have to leave. No

Mighty Midwood bookends top outer-borough loans

Posted: 12 May 2022 08:45 AM PDT

Brooklyn dominated the list of April’s 10 largest real estate loans in the outer boroughs, with six projects fetching $361 million in proceeds. The 10-loan total of $675 million represented a drop from the previous month’s $1.03 billion and from April 2021’s $830 million. An acquisition loan used by the Dermot Company to purchase an apartment building in Midwood topped the list at $108 million. The humble neighborhood also captured the 10th spot with a

New owner Capstone revives Midtown’s Renwick Hotel

Posted: 12 May 2022 08:04 AM PDT

The Renwick Hotel has arisen after its new owner reportedly scored a “substantial discount” to acquire the property. Capstone Equities reopened the hotel at 118 East 40th Street last month, the Commercial Observer reported. The hotel is operated by the private equity firm’s hospitality management arm, Rebel Hospitality. The reopening caps off a challenging couple of years for the property. Meadow Partners, the previous owner, defaulted on a $46 million mortgage in April 2020 as

Life Time takes 100K sf in JDS’ Brooklyn Tower

Posted: 12 May 2022 06:45 AM PDT

Michael Stern’s JDS Development landed the tenant of a lifetime at Brooklyn’s first supertall. Life Time signed a lease for more than 100,000 square feet at Brooklyn Tower, the 1,066-foot, 93-story skyscraper at 9 DeKalb Avenue. The health club brand and the developer announced the lease on Wednesday. Life Time will operate a fitness experience that includes studios for barre, cycle, group fitness, Pilates, and yoga, a fitness floor, a recovery space with chiropractic services,

Startup plans LI convenience stores that shoppers can’t enter

Posted: 12 May 2022 05:45 AM PDT

A couple of convenience stores coming to Long Island are so convenient, customers don’t even need to go inside. In fact, they can’t. DoorDash is opening two DashMart locations on the peninsula, Newsday reported. The stores enable customers to order groceries, goods and restaurant items on the DoorDash app to be delivered or picked up. But customers who fetch their items go straight to a window or pickup area. They are not permitted to shop

Brookfield’s $25M Queens warehouse deal tops another slow week for i-sales

Posted: 12 May 2022 05:00 AM PDT

A spring slowdown in mid-market investment sales continued into May, with just three deals hitting New York City records last week for commercial properties trading between $10 million and $40 million, two of which were in Queens. The most notable among them involved Brookfield Property Partners expanding its industrial portfolio. A limited liability company tied to the asset manager’s commercial real estate arm bought a 24,000-square-foot warehouse and adjacent parcel at 55-40 44th Street in