Harvey Weinstein sold more than $31M in NYC real estate; Karlie Kloss, Josh Kushner sell in Nolita: Daily Digest

A daily round up of New York real estate news, deals and more for August 8, 2019
August 08, 2019 04:00PM

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Harvey Weinstein (Credit: Getty Images)

Harvey Weinstein (Credit: Getty Images)

Harvey Weinstein sold millions worth of real estate between October 2017 and April 2018. Two properties he sold were in Manhattan, according to an analysis by the Wall Street Journal. The now disgraced Hollywood producer sold a West Village townhouse for $25.6 million, $10.65 million more than he bought it for in 2006; and a commercial condo in Tribeca for $6.1 million, $5 million more than he paid in 1989. The purge of properties began about six months before sexual-misconduct allegations came out against him. [WSJ]

 

Commercial leasing activity in Manhattan is strong, but vacancy is rising. New commercial leasing activity increased in the second quarter of 2019 by more than 10 million square feet, according to a new report. But it’s not all good news — overall commercial vacancy is at 10.5 percent, up from 9.2 percent the previous year. [Crain’s]

 

Nicholas Cage regrets “real estate buying spree” and $276K dinosaur skull. The actor, who at once owned multiple properties in the U.S., the Caribbean and two castles in Europe, has opened up to The New York Times about his real-estate buying spree, ill-fated dinosaur skull purchase, and his quest for the grail in Rhode Island. [NYT]

 

Falling bond yields are “reviving” the mortgage market. Yields on 10-year U.S. Treasury notes fell to 1.675 percent on Wednesday, and experts predict that already-falling mortgage rates will catch up if the yields remain low. The climate has triggered a boost to the mortgage market. In New York City’s sluggish luxury market, mortgage lenders had become increasingly aggressive in their bids for market share. [WSJ]

 

What the downsizing spells for the luxury retailer’s various landlords remains unclear (Credit: Getty Images)

 

What’s next for Barneys’ landlords? The luxury retailer has filed for bankruptcy and will shutter 15 of its 22 department stores. While the retailer’s future is unclear, experts told TRD that negotiations are likely and that Barneys could be prevented from vacating some locations based on concessions from the landlords. [TRD]

 

Virtual brokerage eXp Realty is continuing its rapid growth. The company reported a “record” $266.7 million in revenue in the second quarter of 2019 — a 104 percent year-over-year increase — while its losses were up 16 percent from the previous year. [TRD]

 

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s rocky road is continuing with a stock surge and revenue slide. Following months of decline, Realogy’s stock soared more than 19 percent Thursday as the brokerage giant said it grew its agent base “for the first time in a long time,” despite a reported drop in revenue. [TRD]

 

Florida man sentenced in a mortgage fraud scheme that targeted the Orthodox Jewish community. North Miami Beach resident Shayeh Dov has been sentenced to more than seven years in federal prison for leading a $3.5 million mortgage fraud scheme that targeted the Orthodox Jewish community in South Florida and New York with fake investments. [TRD]

 

Byron Allen and 220 Central Park South (Credit: Getty Images and Wikipedia)

Byron Allen and 220 Central Park South (Credit: Getty Images and Wikipedia)

Byron Allen is the latest buyer at 220 Central Park South. The Los Angeles-based CEO of Entertainment Studios paid $26.75 million for a three-bedroom, 3,000-square-foot unit at the Vornado Realty Trust-developed tower, following news that British rocker sting spent $65.7 million on the penthouse. [WSJ]

 

Leslie Wexner (Credit: Wikipedia)

Leslie Wexner (Credit: Wikipedia)

Victoria’s Secret mogul Leslie Wexner says Jeffrey Epstein misappropriated “vast sums of money.” More revelations about Epstein’s past have emerged this week, after Wexner penned a letter to the Wexner Foundation outlining his dealings with the financier and accusing him of misappropriating “vast sums of money” from him and his family. [NYT]

 

Inflated bond ratings are back. Artificial bond ratings, one of the causes of the financial crisis, still persist a decade on, according to an analysis by The Wall Street Journal, which also found that the main ratings firms have altered some criteria for determining the riskiness of bonds, leading to temporary jumps in market share.[WSJ]

 

Housing sentiment reached a record high in July. A monthly index from Fannie Mae has found that consumer confidence in housing his a record high in July, partly due to falling mortgage rates and strong employment. Meanwhile, according to a Redfin report, bidding wars fell to their lowest rate since 2011. Miami was the least competitive market last month, with New York also seeing lower than average activity. [CNBC]

 

A Los Angeles developer pleaded guilty to leading a $1.3 billion Ponzi scheme. In Miami federal court on Wednesday, Robert Shapiro, former CEO of South Florida-based Woodbridge, admitted he “misappropriated” up to $95 million of funds from mostly elderly investors to pay for a luxury L.A. estate, artwork, travel, jewelry and more. He’s facing up to 20 years in prison for wire and mail fraud conspiracy, plus another five years for tax evasion. [Miami Herald]

 

Climate change is worsening the affordable housing crisis. A new report from the Center for American Progress has found that the national housing crisis disproportionately affects minority communities and the disabled, who also have limited access to resources to recover from natural disasters linked to climate change. [Scientific American]

 

Josh Kushner and Karlie Kloss (Credit: Getty Images)

Josh Kushner and Karlie Kloss (Credit: Getty Images)

Karlie Kloss and Josh Kushner sold their Manhattan condo. Josh Kushner — brother of Jared Kushner — and his supermodel wife Karlie Kloss have sold have sold their condo at 211 Elizabeth Street for $6.6 million, or $3,600 per square foot. [NYP]

 

“It’s sickly”: One World Observatory’s custom scent is getting mixed reviews from the public. Since late last month, a custom scent designed to evoke nature has been pumped through vents at One World Observatory, which Keith Douglas, the managing director of the observatory, said he hoped would “enhance the interior space as it is now.” Asked for their impressions, visitors were divided. [NYT]

 

He saved Britain’s largest bookstore from going under. Can he do the same for Barnes & Noble? James Daunt fought declining sales and outside competition to save Waterstones, Britain’s largest bookstore chain. Now, the private equity firm that owns Waterstones has purchased declining U.S. chain Barnes & Noble for $683 million, and Daunt is moving to New York to serve as the company’s chief executive. [NYT]

 

Zillow CEO Rich Barton (Credit: Twitter and iStock)

Zillow’s bet on iBuying boosted revenues, but firm still saw losses. Revenue for Zillow Offer boosted Zillow’s second-quarter revenues 84 percent to $599.6 million, according to its latest earnings report, while the company’s second-quarter losses widened to roughly $72 million, compared to just $3 million last year. [TRD]

 

FROM THE CITY’S RECORDS

 

Financing:
M&T Bank provided a $66.9 million refinancing mortgage for Magna Hospitality Group’s 6 Water Street in the Financial District. [ACRIS]

 

Compiled by Mary Diduch