AOC unveils rent regulation plan, Hong Kong real estate stocks are sinking: Daily digest

A daily round up of New York real estate news, deals and more for August 30, 2019

TRD New York /
Aug.August 30, 2019 04:30 PM

Every day, The Real Deal rounds up New York’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 4:30 p.m.

 


Produced by Sabrina He

A seven story Turtle Bay mansion originally listed for $53 million has been carved up into six separate units. The first unit was listed on Thursday for $15.8, or $3,700 per square foot.  Douglas Elliman’s Aaron Ross, Fredrik Eklund and John Gomes have the listing. [TRD]

 

Property developer stocks continue to sink in Hong Kong as protests continue. Swire Properties Ltd. dropped 3.6 percent, and Sun Hung Kai Properties fell 1.8 percent. The unrest is about to enter its 13th weekend. [Bloomberg]

After TRD reporting revealed that Blackstone is warehousing as many as 50 rent regulated apartments at Stuy Town, the city and state are conducting a review of the 2015 agreement. The $5.3 billion purchase of Stuy Town came with an agreement between Blackstone, Ivanhoé Cambridge and Housing Development Corporation to preserve 5,000 apartments. [TRD]

 

Rep. Alexandria Ocasio-Cortez plans to introduce legislation restricting rent increases greater than three percent. The progressive congresswoman touted her plan to introduce “Just Cause” and Access to Counsel at a federal level during a forum on NYCHA in the Bronx on Thursday night. [TRD]

 

The Hispanic Society Museum and Library has embarked on plans to renovate the 110,000-square-foot museum on the Upper East Side. The museum, which holds Old Master paintings from El Greco and Velazquez, has hired Selldorf Architects, Beyer Blinder Belle and Reed Hilderbrand. The renovations should stay under $100 million, according to the Hispanic Society’s chair Philippe de Montebello. [WSJ]

 

Thor Equities, one of the most prominent retail landlords, is launching a new e-commerce business, and plans to spend $900 million on logistics space. Thor appears to be joining many companies in a move away from brick and mortar to online shopping by developing warehouse facilities. ThorLogis already has two developments in the works — one in Red Hook, Brooklyn and one in the Netherlands. [WSJ]

 

For just $105,000, you can buy a 44,000 pound, 774-square foot home on Amazon called “The Cliff.” It’s listed as currently unavailable on the site, but in theory, would be delivered on-demand to the purchaser. The home is a big step up from the $7,000 tiny home that sold within hours on Amazon earlier this year. [Inman]

 

Two FiDi tenants have found themselves with lower rent and a rent-stabilized lease. A building that once housed Goldman Sachs in the financial district is now subject to rent-stabilization, due to a 1990s-era tax rule. The rule was meant to incentivize the conversion of office buildings to residential buildings. [The City]

 

Martha Stewart’s office is moving from RXR Realty’s Starrett Lehigh building to 330 West 34th Street. Marquee brands, which bought Martha Stewart Living Omnimedia in April for $215 million, said the move is an effort to accommodate Stewart’s desire to remain on the West Side. [Crain’s]

 

Boaz Gilad, who co-founded Brookland Capital in 2012 and became the most prolific Brooklyn developer, has taken a new role at a mortgage lender in the tristate area and Florida, according to his LinkedIn page. Gilad was a trailblazer in raising money on the Tel Aviv stock exchange, a playbook that many others used until the market slowed. [TRD]

 

Extell got a $690 million refinancing deal from Blackstone for its One Manhattan Square tower, according to disclosures from the Tel Aviv Stock Exchange. About $560 million of the financing will be used to retire a $750 million construction loan for the Two Bridges development, while the unit sales proceeds will be freed up to pay off a mezzanine loan from Scott Rechler’s RXR Realty. [TRD]

 

The S&P 500 is up two percent this week and 19 of the 29 stocks that The Real Deal follows have risen, signaling somewhat diminished fears of a trade war with China. The winners this week were commercial brokerages Marcus & Millichap, which rose 4.12 percent, and Newmark Knight Frank, which rose 4.11 percent. Realogy, on the other hand, was down 26 percent this week, another terrible week for the resi brokerage conglomerate. [TRD]

 

A New Mexico Attorney General says that the state should take possession of Epstein’s ranch. Epstein apparently planned to inseminate hundreds of women at his ranch before his death at a New York City jail by suicide. The Attorney General said Epstein should never have been granted the leases in the first place and suggested turning the lands over to local farmers. [WSJ]

 

Builders around the world are using novel construction methods to reduce emissions. Former Whitehouse advisor Steve Bannon suggested using “hempcrete” to build walls, while firm JustBio Fiber Solutions plans to fill orders to produce enough hemp bricks to build 2,000 homes. [Bloomberg]

 

A Benchmark Realty real estate agent added a “sexy selfie” Tuesday to an otherwise unremarkable listing. The photo, which has since been removed, was attached to a listing for a four-bedroom home asking $399,000. The risque shot shows the agent engaging in a sex act with a lover faced away from the camera in a bedroom. [NYP]

 

FROM THE CITY’S RECORDS:

 

Financing:

Mack Real Estate Credit Strategies provided a $96.5 million refinancing loan to Marx Development Groups for its hotel project at 450 11th Avenue in Hudson Yards. [ACRIS]

 

Compiled by Georgia Kromrei


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