The Real Deal New York

  • Isaac Chetrit, Aini secure $160M refi for 1412 Broadway

    Wells Fargo provided five-year loan for 24-story office building
    August 31, 2016 08:54PM By Mark Maurer
    1412 refi

    1412 Broadway in the Garment District (inset: Meridian Capital Group’s David Hayum)

    Isaac Chetrit and Charles Aini scored a $160 million refinancing from Wells Fargo Bank for their 24-story Garment District office building at 1412 Broadway, sources told The Real Deal. [more]

  • GGP, Simon Property Group bid for Aeropostale

    Bankrupt clothing retailer is auctioning off its properties
    August 31, 2016 06:20PM
    Aeropostale's store at 1515 Broadway

    Aeropostale’s store at 1515 Broadway

    General Growth Properties and Simon Property Group teamed up to bid for “substantially all” of Aeropostale’s retail properties.

    The clothing chain, which has struggled with growing competition from online retailers, filed for bankruptcy in May. Its properties are currently being auctioned off. The company disclosed the real estate investment trusts’ bid in a court filing Tuesday. [more]

  • Chester A. Arthur, William Merritt Chase and Arthur's former estate at

    Portraits of Chester A. Arthur, William Merritt Chase and Arthur’s former estate at 20 Union Street in Sag Harbor

    UPDATED, 7:20 p.m., Aug. 31: Sag Harbor seller hopes for presidential-sized profits

    Market watchers are wondering whether a 300 percent price hike is justified for President Chester A. Arthur’s former Sag Harbor home. (He was only president for two years, after all.) The house at 20 Union Street hit the market in August for $14.2 million, Curbed reported, or more than three times what owner Anke Friedrich paid in 2014. [more]

  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    August 31, 2016 05:38PM By Kyna Doles
    Market Reports

    Click to enlarge (credit: Cushman & Wakefield and Halstead Property Development Marketing)

    According to the latest batch of market reports, transaction volume for U.S. commercial real estate slowed this year, new development prices in Park Slope are soaring, and Manhattan’s resale price growth is shrinking. [more]

  • Inside TheRealDeal
  • Midwood Investment pays $42M for Williamsburg retail condo

    Price is triple what the 20K sf space last sold for in 2014
    August 31, 2016 05:03PM By Rich Bockmann
    Midwood's John Usdan and the Mill Building at 85 North 3rd Street in Williamsburg

    Midwood’s John Usdan and the Mill Building at 85 North 3rd Street in Williamsburg

    Midwood Investment and Development picked up the 20,000-square-foot retail portion of Williamsburg’s Mill Building for nearly $42 million in an off-market deal — triple what it last sold for in 2014. [more]

  • Real estate investor sues Toren condo board

    In a lawsuit, Michael Salzhauer says the group is purposely concealing its books
    August 31, 2016 04:20PM By E.B. Solomont

    Correction: An earlier version of this article misidentified the plaintiff as Miami plastic surgeon Michael Salzhauer, who shares the same name as the plaintiff and is his cousin.

    UPDATED on Wednesday, Aug. 31 at 5:35 p.m.: Benjamin Partners’ Michael Salzhauer is suing the board of the Toren Condominium in Downtown Brooklyn to give him a look at the books, alleging that it’s gone to “great lengths” to conceal critical documents, including its budget, financial statements and details of a 2015 settlement with the project developers. [more]

  • Town withdraws request for injunction against Wendy Maitland

    Parties reached temporary agreement over agent, client poaching
    August 31, 2016 03:50PM By Katherine Clarke
    Wendy Maitland

    Wendy Maitland

    Town Residential has agreed to withdraw its request for a temporary injunction to stop Wendy Maitland from working at Brown Harris Stevens.

    Instead Town and Maitland, the brokerage’s former president of sales, came to an agreement that she would not attempt to solicit any agents from Town pending a trial, and would inform the company if she plans to do business with any of its customers or clients.

    Per the agreement, the two parties cannot discuss the terms of the deal with the media, public documents show. A judge denied Town’s previous request for a restraining order. [more]

  • How Atlas, Westbrook pulled off the St. John’s Terminal deal

    Documents reveal roles Shorris, Glen and Capalino played in Pier 40 air rights trade
    August 31, 2016 03:46PM
    Pier 40 Hudson River Park

    Pier 40 at Hudson River Park

    Westbrook Partners and Atlas Capital Group are redeveloping the St. John’s Terminal into a 1.7 million-square-foot megaproject with more than 1,500 residential units. Last year, the partners struck a deal to pay $100 million for air rights over Pier 40 in Hudson River Park. A new investigation from DNAinfo reveals how exactly that deal went down, and what role top city officials including First Deputy Mayor Anthony Shorris and Deputy Mayor Alicia Glen played. Documents obtained by the site also reveal the influence wielded by James Capalino, the controversial lobbyist embroiled in the Rivington House scandal.

    Read the full story at DNAinfo here. — TRD 

  • Chinese investors continue to pump cash into US real estate

    So far this year, they've spent $12.9B
    August 31, 2016 02:37PM
    217 West 57th Street and 550 Vanderbilt

    Renderings of 217 West 57th Street and 550 Vanderbilt Avenue 

    As a dizzying array of economic troubles erodes confidence in the local market, Chinese investors are clamoring to finance some of the biggest commercial developments in the United States. [more]

  • From the archives: For Compass backers, ROI remains far off

    IPO may be in the cards -- but brokerage’s numbers warrant scrutiny
    August 31, 2016 01:55PM By E.B. Solomont and Katherine Clarke
    Compass Listings from Aspen, Los Angeles, New York City and the Hamptons and Robert Reffkin Illustration by Lexi Pilgrim for The Real Deal

    Compass Listings from Aspen, Los Angeles, New York City and the Hamptons and Robert Reffkin Illustration by Lexi Pilgrim for The Real Deal

    Editor’s note: This morning, Compass announced it raised a $75 million Series D round, valuing the firm at north of $1 billion. Check out The Real Deal’s in-depth look at the company and its prospects below, first published in July.

    For investors in Compass, there are no shortcuts to a payday.

    The brokerage is looking to raise about $50 million at a $1.3 billion valuation, which would make it the most valuable residential brokerage in the country by a distance — at least on paper. But according to the firm’s CEO Robert Reffkin, profitability isn’t a pressing goal, and investors shouldn’t expect to reap rewards anytime soon.

    “They’re making an investment alongside the management team,” Reffkin said. “The luxury of our capital base is that we can think long-term.”

    Compass strutted into New York’s residential market in 2013, vowing to transform the art of selling real estate. By deploying a $135 million venture capital-funded war chest, it expanded aggressively, bagging several firms and top agents along the way. It is now in eight regions, and in New York City, its largest market, it closed over $650 million worth of sell-side deals during a 12-month period ending Feb. 29. At some point down the road, Reffkin said, it could very well go public.

    But what would investors in a Compass IPO be buying into? Critics from within the industry say it’s just a brokerage masquerading as a technology company, while admirers see it as the brokerage of the future. That’s still up for debate, but here’s what we know for sure: The firm is burning through money fast, and its numbers aren’t quite what they seem. Click here to read the TRD’s full report on Compass from July 2016.

  • Taconic to buy Village office building at 817 Broadway

    Developer plans repositioning of 14-story property long owned by two families
    August 31, 2016 01:25PM By Mark Maurer
    817 Broadway in Greenwich Village and Paul Pariser

    817-819 Broadway in Greenwich Village and Paul Pariser

    Taconic Investment Partners is in contract to buy a 14-story, 114,000-square-foot office building at 817-819 Broadway in Greenwich Village for at least $90 million, sources told The Real Deal.  [more]

  • CIM nabs Chicago’s iconic Tribune Tower for nearly $240M

    Sale price equates to price per square foot of $324
    August 31, 2016 12:55PM
    Chicago's Tribune Tower

    Chicago’s Tribune Tower

    From the Los Angeles website: Los Angeles-based CIM Group has agreed to buy Chicago’s iconic Tribune Tower for close to $240 million, Tribune Media announced Tuesday.

    The deal, which is part of Tribune’s ongoing $1 billion real estate sell-off, is slated to close by the end of September, the New York Times reported. CIM’s plans for the 1920s-era, 35-story  landmarked property were not immediately clear.  [more]

  • L.H. Charney refis 1441 Broadway with $185M MetLife loan

    Company founder died in March at age 77
    August 31, 2016 12:22PM By Rich Bockmann

    The late Leon Charney and 1441 Broadway in Midtown

    L.H. Charney & Associates refinanced its 460,000-square-foot office tower at 1441 Broadway with a $185 million loan from Metropolitan Life Insurance. [more]

  • Hell without the L could open up real estate heaven along the 7

    Shutdown could push some renters from hipster Brooklyn to Queens, report says
    August 31, 2016 12:17PM
    A Brooklyn hipster waiting for the 7 train

    A Brooklyn hipster waiting for the 7 train

    The engine that brings Brooklyn’s monocled fixie-riders into Manhattan will be shutting down in 2019, and a new report claims property owners along the revitalized 7 line could benefit the most. [more]

  • Paper-pusher fail: Building owners may owe city thousands for missing forms

    Owner of 100 William Street was fined $100K
    August 31, 2016 11:10AM

    100 William Street in the Financial District and a stressed-out landlord

    The owners of more than 2,000 buildings in Manhattan may owe thousands of dollars to the city for failing to file income and expense forms. [more]

  • WATCH: A rezoning of Midtown East would be huge for owners at these 5 sites

    City proposal would increase the permitted maximum density of office space by about 30%
    August 31, 2016 10:51AM By Alistair Gardiner

    video

    Midtown East may be on the verge of a growth spurt. City Hall has released a draft proposal to rezone Midtown East, which would allow developers to build to a maximum density of roughly 30 percent more than is currently permitted in the area. The proposal, which would allow taller buildings to be constructed near to Grand Central Terminal, is ultimately an attempt to encourage the development of more office space in the neighborhood. Click here to see the top 5 sites that stand to gain the most office space.

  • The mayor will see you never: de Blasio shuts out lobbyists

    The cold shoulder comes amid several investigations
    August 31, 2016 10:21AM

    The Rivington House (insets: James Capalino and Bill de Blasio)

    Mayor Bill de Blasio is ghosting his one-time friend and campaign bundler James Capalino. [more]

  • Compass hits $1B-plus valuation with Series D round

    Resi brokerage raises $75M in round led by Wellington Management Company
    August 31, 2016 10:00AM By Katherine Clarke and E.B. Solomont

    From left: Ori Allon and Robert Reffkin

    Compass has leapfrogged past a $1 billion valuation after raising a $75 million Series D round, according to Bloomberg. The round, led by Wellington Management, means the residential brokerage has raised $210 million from venture investors. [more]

  • Kim and Kanye score free Tribeca penthouse through Airbnb

    Triplex at 471 Washington is currently on the market for $24.5M
    August 31, 2016 09:16AM
    Kim Kardashian, Kanye West and the penthouse at 471 Washington Street in Tribeca

    Kim Kardashian, Kanye West and the penthouse at 471 Washington Street in Tribeca

    It may be tricky to keep up with Kim Kardashian and Kanye West on this one — unless you can convince Airbnb to let you rent a $25 million penthouse for free. [more]

  • Judge tosses attempt to dismiss Trump University fraud lawsuit

    The trial is slated for Nov. 28
    August 31, 2016 08:30AM
    Donald Trump

    Donald Trump

    A federal judge on Monday shot down another attempt by Donald Trump to stop a group of former students from suing his former real estate school.

    Trump had argued that the fraud lawsuit shouldn’t have class action status because one of the students in the case, Sonny Low, didn’t actually care whether Trump University was accredited. But U.S. District Judge Gonzalo Curiel ruled that Trump’s attorneys were using a limited interpretation of Low’s statement that accreditation  “was not even a consideration for me,” and that he “went there because it was Trump University, that he created.” [more]

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