The Real Deal - New York Real Estate News

Blackstone has raised $24B for its latest real estate fund

Posted: 21 Jul 2022 01:00 PM PDT

Blackstone says it’s close to finalizing one of the largest real estate investment funds in history. The investment giant has raised $24.1 billion in the last three months for its latest opportunistic real estate fund, known as Blackstone Real Estate Partners X, it said in a regulatory filing Wednesday. That capital, along with $300 million of Blackstone’s own money and an additional $5.9 billion it says it’s allocated to investors, would bring the pool to

Art dealer Mnuchin relists 5th Ave co-op with $1M discount

Posted: 21 Jul 2022 12:15 PM PDT

UPDATED July 21, 2022, 6:15 p.m.: Months after reportedly finding a buyer, art dealer Robert Mnuchin has relisted his Fifth Avenue co-op with another price cut. Despite going into contract in April, according to Olshan Realty’s weekly report on top Manhattan contracts, the full-floor unit at 944 Fifth Avenue reappeared on StreetEasy Thursday asking $19 million, down from $20 million in May and $25 million last October. Mnuchin, the father of former Treasury Secretary Steven

State greenlights massive Penn Station development plan

Posted: 21 Jul 2022 11:15 AM PDT

State officials have approved plans for a development surrounding Penn Station that could one day rival the scale of nearby Hudson Yards. Empire State Development’s board of directors on Thursday signed off on the general project plan for the massive Penn Station Area development project. The proposal now heads to the Public Authorities Control Board, an oversight body whose ability to derail major projects was diminished by former Gov. Andrew Cuomo after it helped kill

Blackstone posts $29M loss, touts relative strength of real estate holdings

Posted: 21 Jul 2022 10:15 AM PDT

Blackstone slipped into the red in the second quarter as macroeconomic stressors including inflation and rising interest rates took a toll on its portfolio The investment firm reported a net loss of $29.4 million, or 4 cents a share, for the quarter, down from its $1.3 billion (or $1.82 per share) profit in the same period last year. Despite the decline, executives on an earnings call Thursday stressed the performance of Blackstone’s real estate holdings

Central Park Boathouse to shutter as financials sink iconic restaurant

Posted: 21 Jul 2022 09:45 AM PDT

Central Park’s Loeb Boathouse is shuttering again, but this time it appears the doors will close for good. Owner Dean Poll filed notice with the state that the restaurant would close by Oct. 16, Bisnow reported. The closure will result in all 163 employees being laid off. Poll cited in the filing rising labor and goods costs as the reason for the permanent closure. “The Boathouse is a beloved place in the city of New

KKR, Dalan buy Downtown Brooklyn rental tower from Brookfield for $190M

Posted: 21 Jul 2022 09:00 AM PDT

UPDATED July 21, 2022, 1:00 p.m.: In its quest to double its $36 billion real estate portfolio over the next few years, KKR told The Real Deal in December that it would focus on markets and sectors it felt were poised for a rebound. The 365-unit rental tower at 80 DeKalb Avenue, which KKR, in partnership with Dalan Management, picked up from Brookfield Properties for $190 million, may offer that upside. Among the earliest of

“My Unorthodox Life” star’s 70 Vestry PH renting for $125k

Posted: 21 Jul 2022 08:37 AM PDT

Reality TV fans have the opportunity to embrace an unorthodox living situation at the home of a Netflix star. The penthouse apartment at Related Companies’ 70 Vestry Street is on the rental market for $125,000 per month, the New York Post reported. The home, which was once forecast as a record downtown deal, serves as a backdrop to Julia Haart, star of Netflix’s “My Unorthodox Life,” for parts of the upcoming second season. The 16-room

Trump children pay tribute to Ivana at UES funeral

Posted: 21 Jul 2022 07:56 AM PDT

There was nothing she couldn’t do better in heels. That was the message Ivanka Trump had for the hundreds of people gathered Wednesday at The Church of St. Vincent Ferrer to celebrate the life of her mother, Ivana Trump. Ivana, who died last week aged 73, was the first wife of former president Donald Trump and a fixture on the Manhattan social scene as well as a ubiquitous presence at the Trump Organization during some

Bidding wars drop to lowest level since pandemic

Posted: 21 Jul 2022 06:42 AM PDT

Prospective homebuyers gearing up to beat out the competition can start to breathe easier. The level of competition on home offers written by Redfin agents dropped below 50 percent for the first time in more than two years, according to a report. The bidding war rate stood at 49.9 percent in June, the lowest Redfin has recorded since a 46.3 percent rate in May 2020. The share of offers to receive at least one rival

Broken record: Mortgage demand hits (another) 22-year low

Posted: 21 Jul 2022 05:00 AM PDT

Mortgage aficionados are becoming awfully familiar with 2000 as demand keeps cratering to Y2K levels. For the week ending on July 15, the Mortgage Bankers Association’s index measuring mortgage loan application volume dropped 6.3 percent from the previous week. According to a release from the MBA, it’s at its lowest level in 22 years. This feels like déjà vu all over again. At the beginning of June, mortgage demand also hit its lowest point since

Haruvi family sells off half its NYC rental empire for $139M

Posted: 21 Jul 2022 04:00 AM PDT

After years of acrimony and legal wrangling, the Haruvi family has sold off a major piece of its Manhattan apartment empire. Landlord Peter Hungerford’s PH Realty Capital paid $139 million in May for about half of the family’s portfolio, records show. The dozen properties, which combine for more than 200 units, are concentrated mostly on the Upper West Side, plus two buildings on First Avenue in Midtown East. PH Capital secured a $160 million loan

Brooklyn developer vanished with $4M in buyer deposits: lawsuit

Posted: 20 Jul 2022 02:15 PM PDT

A Brooklyn developer is accused of disappearing with more than $4 million in his clients’ money, leaving about 20 immigrant families at risk of eviction. Developer Xi Hui “Steven” Wu took tens or hundreds of thousands from each victim, claiming they were deposits to buy condos at 345 Ovington Avenue in Bay Ridge, according to the lawsuits reported by the New York Post. Wu was supposed to transfer ownership titles to the residents who put

M&T forecasts decline in commercial real estate lending as rates rise

Posted: 20 Jul 2022 01:15 PM PDT

Another day, another multifamily lender tightening its purse strings. After its commercial real estate loan balances declined by 2 percent, or $830 million, in the second quarter, M&T Bank said it expects to extend fewer loans to the sector for the rest of the year, citing rising interest rates. That forecast comes one day after Signature Bank, another top lender to the city’s multifamily landlords, said it would curb commercial real estate lending in the

Tri-state deals: Retail and multifamily sales and a waterfront district

Posted: 20 Jul 2022 12:15 PM PDT

An affiliate of Northeast Capital Group purchased Samsondale Plaza in West Haverstraw for $26.5 million. A joint venture between Mark Holdings and Paragon Realty Group sold the 156,000-square-foot shopping center in Rockland County. The shopping center is 91 percent leased and is anchored by a Stop & Shop. Other tenants include the New York State Department of Motor Vehicles, Dollar Tree, Advance Auto and Sports Clips. A JLL Capital Markets team including Jose Cruz and

Adams: NYC may not have central business districts anymore

Posted: 20 Jul 2022 10:30 AM PDT

Mayor Eric Adams joined some of the biggest names in business in recognizing remote work isn’t going anywhere — and the city has likely consequences on the way. In comments made during a tech event on Monday reported by the New York Post, the mayor said the city should look to define the question of “what does the work week look like” and aim to “build local ecosystems in our community” as New Yorkers’ work

Schrager, Witkoff default on Public Hotel mortgage

Posted: 20 Jul 2022 09:31 AM PDT

Steve Witkoff and hotelier Ian Schrager have run out the clock on their mortgage at the hip Public Hotel on the Lower East Side, and now it’s costing them. The developers defaulted on their $189 million mortgage backing the 367-room hotel at 215 Chrystie Street after blowing past its maturity date, and are now paying a 9 percent penalty interest rate. Their lender, Deutsche Bank, is looking to sell the non-performing loan, according to marketing

TRD Pro: Brooklyn’s top neighborhoods by average sale price

Posted: 20 Jul 2022 09:00 AM PDT

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. Brooklyn’s housing market has remained consistently strong for more than a year, with at least 2,000 condos or co-ops sold in the borough for five consecutive quarters — something that had never been achieved prior to the pandemic, according

Chick-fil-A hatching in Midwood

Posted: 20 Jul 2022 08:38 AM PDT

Chick-fil-A is reinventing its New York City retail menu, attempting its first ground-up development in the city. The fast food chain signed a 20-year, 6,000-square-foot lease at 1573 Flatbush Avenue in Brooklyn’s Midwood location, the New York Business Journal reported. The site is owned by Marx Realty. The asking rent for the lease wasn’t disclosed, but the outlet noted rents in the area tend to fall between $90 and $125 per square foot. The site

Aritzia signs 15K sf lease in Flatiron

Posted: 20 Jul 2022 07:15 AM PDT

Canadian women’s fashion brand Aritzia is finding it irresistible to expand in New York City. The company signed a 15,000-square-foot lease to open a two-floor store at 115 Fifth Avenue in the Flatiron DIstrict, the Commercial Observer reported. Terms of the deal at the Winter Organization’s property were not disclosed. The space will combine the footprint of a former Victoria’s Secret and a space leased by Madewell. It’s not clear when Aritzia will be opening

Former Water Mill home of Eastdil’s late founder listed for $30M

Posted: 20 Jul 2022 06:30 AM PDT

A Water Mill compound formerly owned by Eastdil Secured founder Ben Lambert has hit the market for $30 million. Bespoke is marketing the property at 366 Cobb Road, which is located on 3.4 acres and includes a nearly 8,000-square-foot main residence, 2,500-square-foot guest cottage, and 170-square-foot pool house. Outside includes a private dock and non-conforming tennis court. Lambert, founded the commercial real estate agency in 1967, before the firm would go on to be known

Domain lands $176M for 360-unit Gowanus project

Posted: 20 Jul 2022 05:30 AM PDT

Domain Companies has secured construction financing to bring more than 300 apartments to Gowanus amid a wave of new development in the rezoned Brooklyn neighborhood. The developer landed $176 million in financing from Bank OZK for its planned two-building, 360-unit apartment and retail development at 404 and 420 Carroll Street, according to city records. Domain closed on the financing just weeks after the lucrative 421a tax abatement expired on June 15. Developers were required to initiate

A Fredrik Eklund-backed listing app offers brokers spin on social media

Posted: 20 Jul 2022 05:01 AM PDT

A new pursuit from Fredrik Eklund, founder of Douglas Elliman’s top-producing Eklund-Gomes Team, is looking to spin social media, listings and communications into a new app for brokers. REAL brands itself as an Instagram-style social platform combined with a WhatsApp-style chat feature, aimed at enabling agents greater control over promotion. By curating listings to create a profile alongside in-app communication, agents can connect to and keep up with buyers, sellers and other agents. As a

I-sales roundup: More multifamily assets trade hands on UES, Murray Hill

Posted: 20 Jul 2022 04:00 AM PDT

Multifamily properties continue to drive strong returns for New York City investors, with eight more transactions involving commercial properties priced between $10 million and $40 million hitting city records last week. Three of the deals were in Queens, two each were in Manhattan and Brooklyn and one involving a pair of nonprofits occurred in the Bronx. Five of the eight properties that traded were apartment buildings. Below are more details on each: 1. The Neighborhood