The Real Deal - New York Real Estate News

Waterfront developments may be key to protecting Boston’s coast

Posted: 02 Jul 2022 12:00 PM PDT

Could Boston’s waterfront real estate projects be key to protecting the city’s coast? Developments along the Mystic River, Fort Point Channel and Dorchester Bay have scored city and state approval by using designs that help them cope with rising sea levels and storm surges that are expected to become a more severe threat, the Boston Globe reported. Critics say they aren’t convinced the projects will be enough to protect the city. “The water rises everywhere.

Private Alaskan island that expands at low tide to ask $20M

Posted: 02 Jul 2022 09:00 AM PDT

A private island in Alaska that adds 12 acres at low tide will hit the market with an asking price of $20 million. The property in the Kenai Peninsula Borough in the state’s southwest is about 44 acres and expands to 56 acres, the Wall Street Journal reported. While Alaska has a number of private islands, one this large isn’t typical, one of the brokers said. “Based on my own experience, smaller islands from time

Hong Kong’s priciest 2022 home fetches $111M

Posted: 02 Jul 2022 06:00 AM PDT

Of all that’s changed in Hong Kong in the quarter-century since China took over, home prices remain rock solid. Case in point: A six-bedroom mansion in Shouson Hill just sold for $111 million, a 2022 record, Bloomberg reported, citing a statement from co-developers Emperor International Holdings Ltd., C C Land, Mingfa Group and CSI Properties. The home spans 8,032 square feet and comes with a private garden, swimming pool and – a luxury in Hong

Investor Robert Gans files for bankruptcy to thwart Barnett, Eli Tabak

Posted: 01 Jul 2022 04:10 PM PDT

Robert Gans, owner of a prized Hell’s Kitchen assemblage with lucrative potential, has filed for bankruptcy protection. Circling above is one of the city’s top developers: Gary Barnett. The Chapter 11 bankruptcy, which Gans filed earlier this week, will shield his property from a foreclosure sale scheduled for September by an affiliate of Barnett’s Extell Development and its partner, Eli Tabak’s Bluestone Group. Gans’ bankruptcy was first reported by Crain’s. A limited liability company controlled

NJ developer buys languishing project in Fairfield

Posted: 01 Jul 2022 01:26 PM PDT

A struggling development project next to the Metro-North station in Fairfield is ready to ramp up with a new developer. Accurate, a New Jersey-based developer, purchased the site for The Crossings at Fairfield Metro, CT Insider reported. Black Rock Realty was the seller. The price has not been disclosed. The 24-acre site has frontage on Ash Creek and approvals in place, so Accurate won’t have to start from scratch. The site has been approved for

Kohl’s looking to cash in on $8B real estate portfolio

Posted: 01 Jul 2022 11:30 AM PDT

Sale talks between Kohl’s and Franchise Group are off. A sale of Kohl’s massive real estate portfolio, however, may be on. The retailer said it is ending the exclusive negotiating period with Franchise Group for the business, instead continuing to operate as its own company. A Friday announcement on the move pointed to “reevaluating monetization opportunities for portions of the company’s real estate portfolio,” which is valued at $8 billion. Ditching its real estate in

Bronx BP defies Nimbys on controversial Throggs Neck project

Posted: 01 Jul 2022 10:57 AM PDT

In one of her first major land use decisions as Bronx borough president, Vanessa Gibson has recommended approval of a controversial Throggs Neck rezoning. While her decision is only advisory, it paves the way for hundreds of new homes and indicates her willingness to work with developers. Gibson’s backing gives crucial political cover to the local City Council member to support the rezoning, which would allow for four projects by several local property owners and

Investor Frederick Rudd sells Ghislaine Maxwell’s former UES townhouse

Posted: 01 Jul 2022 09:45 AM PDT

Ghislaine Maxwell’s former Upper East Side townhouse has once again traded hands. Real estate investor Frederick Rudd and his wife Kim Greenberg have sold 116 East 65th Street to an undisclosed buyer for $16 million, according to public records filed June 29. It last asked $18 million, according to StreetEasy, and the deal was finalized May 20. The couple paid $15 million for the Lenox Hill townhouse in 2016. Rudd did not respond to requests

Fed up Chabad sues Sackman over unfinished condo

Posted: 01 Jul 2022 08:45 AM PDT

UPDATED July 1, 2022, 12:40 p.m.: Chabad Lubavitch has been praying for a resolution to its plight on the Upper West Side. Now it is putting its faith in the judicial system. David Slager’s PEY Realty, an entity created for the religious organization, sued an LLC of developer Sackman Enterprises over a delay in the delivery of a condo unit that PEY agreed to buy five years ago, PincusCo reported. The Chabad arm is demanding

Retail asking rents show signs of recovery

Posted: 01 Jul 2022 07:00 AM PDT

New York City’s office occupancy this month hit its highest level since the pandemic, and the retail market appears to be on a similar road to recovery. The average asking rent in March increased 2.9 percent year over year, according to a quarterly retail report from Marcus & Millichap. The average asking rent in the city was $57.96 per square foot. Three of the four outer boroughs had average asking rents that exceeded year-end 2018