The Real Deal New York

Neighborhoods in Chicago, NY and DC see biggest spike in high earners moving in

Kevin Rebong — Tue, 18 Dec 2018 19:30:11 +0000

Over the last 20 years, a neighborhood on Chicago’s near North Side once home to a notorious public housing complex has seen the greatest increase of residents earning more than $200,000 of any area in the U.S. An analysis of U.S. Census data by consulting firm Webster Pacifics showed the Cabrini Green area of Chicago and a portion of the north suburb of Glenview now ranks in the top 10 in Census tracts with the […]

Coming soon: The Real Deal’s 2019 Data Book

Kevin Rebong — Tue, 18 Dec 2018 19:00:20 +0000

The Real Deal is preparing the 14th edition of its Data Book, the industry’s single most comprehensive collection of information on the New York-area real estate market. Included in the 2019 Data Book will be a ranking of the city’s most active transaction law firms; Manhattan’s top residential agents and Brooklyn’s top residential agents and firms. With a strong focus on various sets of data in NYC city, ranging from development to architecture to title […]

Irving Langer’s E&M Associates sells Harlem apartment portfolio to Sugar Hill Capital for more than $250M

Kevin Rebong — Tue, 18 Dec 2018 18:15:47 +0000

Irving Langer’s E&M Associates, one of the largest multifamily owners in the city, is selling another large portfolio of Harlem apartment buildings. Sugar Hill Capital Partners bought the collection of buildings from E&M for more than $250 million, sources told The Real Deal. The buildings are concentrated on the blocks just north of the northwest corner of Central Park, between Manhattan and St. Nicholas’ avenues. “As a Harlem-based real estate company that integrates sustainability, preservation, […]

Trump Tower sees fourth sale of the year

Kevin Rebong — Tue, 18 Dec 2018 17:30:53 +0000

A corner apartment at Trump Tower just sold for $4.4 million, marking the fourth sale in what’s been a sluggish year for the building. The 49th floor apartment appears to have been owned by Nicholas Notias, a Greek businessman who owns the shipping company, Seabridge Chartering, according to documents filed with the city Department of Finance on Monday. The roughly 1,900-square-foot unit was initially listed by Keller Williams for $7.75 million in February 2017 but […]

Kim Tasher’s latest Bronx project will have 91 units

Kevin Rebong — Tue, 18 Dec 2018 16:45:02 +0000

Kim Tasher is planning yet another Bronx development. Tasher’s company SKF Development filed plans with the Department of Buildings on Thursday for an eight-story, 91-unit residential building at 218 Bush Street in Mount Hope. The project would span about 66,000 square feet. SKF Development purchased the site in July for $490,000, according to property records. The firm did not immediately respond to a request for comment. The firm recently closed on a $2.8 million purchase […]

Hamptons Cheat Sheet: Famed Amagansett fish shop lists for nearly $7M, East Quogue golf course vote delayed again … & more

Aidan Gardiner — Tue, 18 Dec 2018 16:00:25 +0000

Stuart’s Seafood Market in Amagansett lists for nearly $7M Longtime celebrity favorite Stuart’s Seafood Market in Amagansett has been put on the market by its owners Bruce and Charlotte Sasso for $6.99 million, according to the New York Post. Gwyneth Paltrow used the store in a photo shoot for her cookbook “It’s All Good.” The 8,500-square-foot fish shop sits on an acre that also has two homes and a parking lot, Curbed reported. The larger of the […]

Watch: The 5 biggest resi deals of 2018

Nathan Bickell — Tue, 18 Dec 2018 15:30:37 +0000

It took a bit of discounting to get big-dollar resi deals over the finish line in 2018, but when they happened they were spectacular. The top closed sale of 2018 was James Dyson’s penthouse purchase at Zeckendorf Development’s 520 Park Avenue. Check out the rest of the top five in this quick video.

Cuomo vows to end vacancy decontrol

Kevin Rebong — Tue, 18 Dec 2018 15:00:35 +0000

In an FDR-stylized speech laying out his third-term priorities on Monday, Gov. Andrew Cuomo doubled down on ending vacancy decontrol. Cuomo vowed to end the policy, by which apartments are deregulated once the rent reaches $2,733.75 and the unit is vacant. The governor has previously called for an end to the policy, but now, with a Democratic Senate, such a change has a better chance of approval by the state legislature. “The lack of affordable […]

Saks Fifth Avenue to shutter Brookfield Place store

Kevin Rebong — Tue, 18 Dec 2018 14:30:02 +0000

Only two years after opening the Brookfield Place location, Saks Fifth Avenue’s women’s store is calling it quits.Saks will close its 86,000-square-foot women’s store on Jan. 5 because it wasn’t enough of a draw compared to the Saks Fifth Avenue flagship, the New York Post reported. “This Saks branch location was a test concept,” Saks said in a statement. According to store representatives, customers’ “preferred format is a combination of our digital channels and our iconic […]

Four Seasons fires co-owner previously accused of sexual assault

Kevin Rebong — Tue, 18 Dec 2018 14:00:28 +0000

More than three years after he was accused of groping a woman, Four Seasons managing partner Julian Niccolini has been fired. Niccolini was fired Monday morning for unspecified reasons, the New York Post reported. One source told the Post that he failed to adhere to an agreement to get counseling for his past behavior. His Four Seasons partner Alex von Bidder apparently pushed for his firing. Niccolini was arrested in 2015 on charges that he groped […]

PHOTOS: Inside Cooper Horowitz’ 2018 holiday party

Erin Hudson — Tue, 18 Dec 2018 13:30:45 +0000

For the first time in years, Cooper Horowitz didn’t host its annual holiday party at Michael Jordan’s steakhouse in Grand Central Terminal. But moving the event a few blocks away from the transportation hub didn’t seem to diminish its draw. Around 2 p.m. last Wednesday, a long line of real estate professionals waited patiently outside the restaurant STK on Sixth Avenue for a chance at some afternoon networking. Inside, Robert Horowitz chatted with his son, […]

Milstein inks 93K sf in leases at 335 Madison

Kevin Rebong — Tue, 18 Dec 2018 13:00:24 +0000

Milstein Properties and its office-services venture Company signed about 93,000 square feet of leases at 335 Madison. Facebook is taking 40,000 square feet in the office tower, recently renamed “The Company Building,” which is currently undergoing a $100 million renovation. Forbes first reported that move. Cyber security firm BlueVoyant is taking 11,920 square feet and online retail search engine Narrativ leased 11,870 square feet, Milstein said. Timescale, Mint House, Parity Partners, 8VC, Nomad Health, Project […]

Valuation challenges: Sometimes company valuations don’t just raise eyebrows — they prompt lawsuits

Kevin Rebong — Tue, 18 Dec 2018 12:30:49 +0000

While company valuations often raise industry eyebrows, they can also result in legal action. Sometimes there are legitimate allegations of improper activity — with a firm cooking the books. Other times, enterprising plaintiffs’ lawyers sue when a company’s stock price plummets, or investors take action when they believe they’ve been deceived. Below are three real estate valuation cases from different time periods that ended with varying results. Related: Valuation inflation Cendant Corporation 1998 (Settled) Call […]

Here’s how losing NYCHA units would impact the city’s housing market: RPA report

Eddie — Tue, 18 Dec 2018 12:00:36 +0000

If New York City loses even just a third of its public housing, it would displace more than 100,000 people, according to a new report from the Regional Plan Association. And it would be nearly impossible for most of these tenants to find an affordable home in the city’s private market. Between 2011 and 2017, the price tag for addressing New York City Housing Authority’s physical needs went up from $32 billion to $45 billion, […]

Some Opportunity Zone funds — like one from Kushner brothers-backed Cadre — target gentrified areas

Gregory Prosser — Mon, 17 Dec 2018 22:30:15 +0000

The Opportunity Zones program was crafted as a way to incentivize developers to invest in distressed areas. But recent funds set up by Kushner brothers-backed Cadre and other firms show that money could be heading to already gentrified neighborhoods. Cadre, the real estate crowdfunding platform partially owned by Jared and Josh Kushner, told prospective investors it will only target a small portion of the zones in certain cities, according to the Associated Press. The company […]

These were the top NYC office leases in November

Ashley McHugh — Mon, 17 Dec 2018 22:00:41 +0000

New York City’s office leasing market saw a diverse set of tenants in November, with no industry sector dominating the month’s top 10 office leases list. Everything from cycling start-ups to fashion to social media made the cut last month. Overall, November’s top office leases outpaced October’s top office leases. The 10 biggest deals signed last month totaled 1.8 million square feet, up 400,000 square feet from October’s total of 1.4 million square feet. The […]

Triangle Equities files plans for nearly $100M Queens warehouse

Kevin Rebong — Mon, 17 Dec 2018 21:30:24 +0000

Triangle Equities is moving forward with its plans to build a 308,000-square-foot, multi-story warehouse near John F. Kennedy International Airport in Queens. The developer filed a new building permit for a five-story warehouse, which will be used as a distribution facility for e-commerce and industrial air cargo freight, at 130-02 South Conduit Avenue. Last year, the firm submitted plans with the Economic Development Corporation for the $97 million project. The first two floors will have […]

Announcing TRD’s Future City 2019 event

Kerry Barger — Mon, 17 Dec 2018 21:05:25 +0000

We’re thrilled to announce The Real Deal’s Future City 2019, an exclusive two-day opportunity for a group of 200 C-level executives in the fields of development, tech, construction, design and finance to network with and learn from the top minds and biggest dealmakers in the country. The event will take place Jan. 27-29, 2019 at the brand-new Baha Mar resort in the Bahamas. The industry is changing at a faster pace than ever before as […]

The 10 biggest NYC investment sales of 2018

Kevin Rebong — Mon, 17 Dec 2018 20:15:17 +0000

Chelsea had a pretty big year. The Manhattan neighborhood was home to New York City’s top two building sales of 2018 thanks to Google’s whopping buy of Chelsea Market and L&L Holding Company and Normandy Real Estate Partners’ purchase of Terminal Stores. The Google deal was the only investment sale throughout New York in 2018 to crack the $1 billion mark, which it did by a wide margin at roughly $2.4 billion. All of the […]

(Over)supply and demand: What Miami’s condo glut could mean for multifamily rents and development

Kevin Rebong — Mon, 17 Dec 2018 19:32:44 +0000

Tour the Panorama Tower overlooking Biscayne Bay, with its “porte cochere,” poolside cafe, wine tasting rooms, pet spa and home theaters, and you might think that you’re sampling Miami’s latest glitzy condominium offering. Rising nearly 900 feet, Florida East Coast Realty’s project is the tallest building in the state. But unlike many of the other towers that dot Brickell, the Hollo family’s development firm decided to build rentals. It even tapped Fortune Development Sales, a […]

Will EB-5 stay alive?

Kevin Rebong — Mon, 17 Dec 2018 19:00:19 +0000

The failure of the planned New York Wheel, a giant Ferris Wheel planned on Staten Island, was a gut punch for the controversial EB-5 program. But it was not the only blow EB-5 has faced lately. That federal program — which provides green cards to foreigners who invest a minimum of $500,000 in qualifying real estate developments — is seeing serious setbacks. And developers may need to start weaning themselves off the capital source once referred to […]

Auction house Phillips is moving its headquarters to 432 Park

Kevin Rebong — Mon, 17 Dec 2018 18:31:18 +0000

Macklowe Properties just secured a huge tenant for the base of their ritzy condo development at 432 Park Avenue. Auction house Phillips is relocating its headquarters from down the street and will occupy 55,000 square feet of commercial space at the tower, the New York Times reported. The auction house will have a double-height, column-free underground space of about 30,000 square feet with direct access from Park Avenue — plus executive office space with an […]

Here are the week’s top luxury sales

Kevin Rebong — Mon, 17 Dec 2018 18:00:18 +0000

Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales.

Long Island Cheat Sheet: Homeowner complaints spur Nassau adjustments, Altice gets tax break for $60M Bethpage renovation … & more

Aidan Gardiner — Mon, 17 Dec 2018 17:30:59 +0000

Homeowner complaints push Nassau to adjust reassessments Nassau County officials will adjust the values on more than 40,000 of the municipality’s 386,000 residential properties after hearing from thousands of homeowners about errors in their property tax assessments, Newsday reported. Homeowners were notified about the new values 60 days before they were to be included in the tentative assessment roll issued Jan. 2 and the new values will first be used in school tax bills slated […]

Savanna closes on Chelsea office building purchase for $90M

Kevin Rebong — Mon, 17 Dec 2018 17:00:18 +0000

Savanna is officially the new owner of 48 West 25th Street. The firm has closed on its purchase of the Chelsea office building for $90 million, according to property records. Reports surfaced in October that the company was closing in on a deal to buy the building between Broadway and Sixth Avenue for closer to $100 million. Savanna purchased the building from the Klapper family, which has owned it since the 1970s. A Cushman & […]

December continues to be harsh for Manhattan’s luxe resi market: Olshan

Kevin Rebong — Mon, 17 Dec 2018 16:30:30 +0000

December continues to shake out as a particularly tough time for Manhattan’s luxury residential market. Only 16 contracts were signed last week at $4 million and up, according to Olshan Realty’s weekly market report. It’s the lowest total for the second week in December since 2011, which saw 13 contracts signed. An Upper East Side townhouse at 9 East 84th Street claimed the week’s priciest contract, with an asking price of $20.25 million. The 25-foot […]

Windsor Management Corp. buys NoMad office building for $59M

Kevin Rebong — Mon, 17 Dec 2018 16:00:02 +0000

Basset Properties sold the NoMad home of The Cutting Room music venue for $59 million. Windsor Management Corporation picked up the 12-story building at 44 East 32nd Street, Commercial Observer reported. “We plan to add value to the building through strategic capital improvement and high-end tenants build-outs,” Windsor Management COO and vice president Matthew Kiamie told the publication. The deal was first reported on the Traded NY Instagram page. Newmark Knight Frank’s Paul Davidson, Roy […]

A record-setting Carroll Gardens condo topped Brooklyn’s luxury contracts signed last week: Stribling

Kevin Rebong — Mon, 17 Dec 2018 15:30:46 +0000

The Brooklyn luxury market picked back up last week and was topped by a contract for what could be the priciest condo sale in Carroll Gardens history. There were 12 contracts signed overall in the market last week, split between nine townhouses and three condos. The properties sold for a total of about $43 million and went for an average price of roughly $3.3 million, according to the latest report from Stribling & Associates. The […]

Ceruzzi looks to bring Madison Equities in on 520 Fifth condo project

Kevin Rebong — Mon, 17 Dec 2018 15:00:28 +0000

Following the sudden death of developer Lou Ceruzzi last year, executives at his firm scrambled to come up with a direction for the company that bears his name. Now, Ceruzzi Properties is negotiating to bring on a development partner for its most ambitious development – the $500 million project at 520 Fifth Avenue where they’ve spent the past few years struggling to develop a condo tower with partner SMI USA. Robert Gladstone’s Madison Equities is […]

MTA renews 50K sf at Forest City’s 1 Pierrepont Plaza in Brooklyn

Kevin Rebong — Mon, 17 Dec 2018 14:30:32 +0000

The Metropolitan Transportation Authority renewed its nearly 50,000-square-foot space in Brooklyn Heights. The MTA signed a 10-year lease for the 47,042 square feet it occupies on the full sixth floor of Forest City New York’s 1 Pierrepont Plaza, Commercial Observer reported. The agency will pay a starting rent of $50 per square foot, which will increase at a rate of 1.25 percent annually, according to MTA board documents. And as a sweetener, Forest City will […]

Google to double workforce, invest $1B in new Hudson Square campus

Kevin Rebong — Mon, 17 Dec 2018 14:05:09 +0000

Google plans to invest $1 billion in a new 1.7 million-square-foot Hudson Square campus. The tech giant will lease Oxford Properties Group’s St. John’s Terminal at 550 Washington Street and take space nearby at Jack Resnick and Sons’ 315 Hudson Street and Trinity Real Estate’s 345 Hudson Street, Google’s parent company Alphabet announced Monday. “With these most recent investments in Google Chelsea and Google Hudson Square, we will have the capacity to more than double […]

Tenants may have paid more than $30M in undue rent increases thanks to Trump’s tax schemes: NYT

Kevin Rebong — Mon, 17 Dec 2018 13:30:58 +0000

Victims of the Trump Organization’s alleged tax-dodging scheme most likely paid tens of millions of dollars in undue rent increases over the past two decades, according to the New York Times. In the 1990s, the future president and his siblings set up sham businesses that allowed them to increase rents on rent-regulated apartments, a Times investigation found. But because those increases were baked into the base rent used to calculate the annual increase the city […]

PHOTOS: Here’s a look inside Stribling’s 2018 holiday party

Erin Hudson — Mon, 17 Dec 2018 13:00:38 +0000

Stribling & Associates again headed to the Doubles Club for its annual holiday party this year. Guests entered through a door in the lobby of the Sherry-Netherland, down a path of red, fabric-lined stairs — to find a festive venue complete with miniature Christmas trees and an array of small ornaments hung from the ceiling. Partygoers at the Fifth Avenue fête chatted with agents and brokerage executives while treated to an open bar and passed […]

The Closing with Jerry Wolkoff

Kevin Rebong — Mon, 17 Dec 2018 12:30:19 +0000

Gerald “Jerry” Wolkoff, who founded the family development firm G&M Realty, has worked in the real estate business for more than 60 years. His company now has a portfolio of about 12 million square feet of commercial and residential property in the five boroughs and on Long Island. Wolkoff is perhaps best known in New York City for the controversy surrounding his 5Pointz development in Long Island City — a former water-meter factory he bought […]

Discounts dominate 2018’s top 10 resi sales

Kerry Barger — Mon, 17 Dec 2018 12:00:06 +0000

If you wanted to get a big-ticket luxury deal across the finish line in 2018, you had better offer a discount. Amid a well-documented slowdown, developers and sponsors found common ground with buyers, leading to some spectacular deals — like James Dyson’s $74 million buy at 520 Park Avenue and Robert Smith’s $59 million purchase at the Getty, which set a new Downtown record, supplanting the $51 million sale at Walker Tower in 2014. Like […]

Company behind Louis Vuitton and Christian Dior to buy luxury hotel group

Erin Hudson — Sun, 16 Dec 2018 21:00:01 +0000

Paris-based LVMH, a luxury products company that owns the Louis Vuitton and Christian Dior fashion labels, agreed to acquire London-based Belmond and its portfolio of high-end hotels. The deal reflects a belief at LVMH that “the future of luxury is in luxury goods and luxury experiences,” Jean-Jacques Guiony, the finance chief of LVMH, told stock analysts during a conference call. LVMH, which acquired the Bvlgari hotel group in 2011, agreed to pay $3.2 billion for […]

Turning point? U.S. home sales slumped as listings surged in November: report

Erin Hudson — Sun, 16 Dec 2018 20:00:21 +0000

Home sales nationwide fell in November at the fastest rate in two years while the number of homes listed for sale increased at the fastest rate in three years, according to a report by Seattle-based brokerage firm Redfin. “The tide has turned. Sellers are now competing for buyers, but they haven’t all realized it yet,” Redfin chief economist Daryl Fairweather said in prepared remarks. “Sellers holding out for high prices are contributing to declining home […]

How building owners are seeking new sources of capital via blockchain

Erin Hudson — Sun, 16 Dec 2018 19:00:34 +0000

Real estate’s much-anticipated affair with blockchain technology seems to be becoming a reality. Just as investors in real estate investment trusts can buy shares that represent an ownership stake in a piece of large trophy assets, a digital security token offering functions much the same way. The difference for tokens is that distributed ledger technology is used to record the transaction, and any subsequent transactions on a blockchain. Blockchain is a public distributed ledger system, which […]

Former home of Eddie Murphy sells after major price chop

Erin Hudson — Sun, 16 Dec 2018 18:00:59 +0000

A California home once owned by funny man Eddie Murphy has sold for $5.5 million, almost half of its original asking price — and that’s not a joke. The Granite Bay home sold through auction to an unidentified buyer, the Los Angeles Times reported. It listed on the Multiple Listings Service in May for $10 million. Located at Vista De Lago Court, in Northern California, the mansion spans 12,600 square feet, complete with 10 bedrooms […]

Frequency of bidding wars decline nationwide: Redfin

Erin Hudson — Sun, 16 Dec 2018 17:00:13 +0000

If you want to make an offer for a home, you are less likely to face a competing bid than a year ago, according to Seattle-based brokerage firm Redfin. Homes listed for sale in some metropolitan areas still attract multiple competing bids, but a cool-down in the housing market has reduced competition for listed homes in most parts of the nation, Redfin reports. The brokerage firm says 32 percent of its offers to buy U.S. […]

Forecast: 3 of 4 U.S. homes will sell below the asking price in Q1 of 2019

Erin Hudson — Sun, 16 Dec 2018 16:00:15 +0000

More than three quarters of U.S. homes on the market will sell below the asking price in the first quarter of 2019, according to a national forecast by Knock, a company that helps people sell and buy homes. Knock predicts that 77 percent of all U.S. homes will sell below the asking price in January, February and March, compared to 62 percent so far in 2018. In Miami, for example, the average home will sell […]

Why Harvard’s portfolio of California vineyards is raising concern

Erin Hudson — Sun, 16 Dec 2018 15:00:55 +0000

Harvard University’s endowment is making a hefty profit buying up and working prime land for wine grapes in central California, but not everyone is happy about the investment strategy. The university has leveraged its $39 billion endowment to pay top dollar for several thousand acres in central California to build its grape-growing business, now worth around $305 million, according to the Wall Street Journal. Harvard chose the properties due access to some of the best […]

The Viper Room’s successor revealed: A futuristic hotel/condo by Morphosis

Erin Hudson — Sun, 16 Dec 2018 14:00:50 +0000

West Hollywood is in line to get another striking architectural landmark on Sunset Boulevard. Silver Creek Development Co. has revealed a futuristic design for a proposed hotel one block west of the Arts Club site, where the infamous Viper Room now stands, according to WeHoville. The design by architects at Morphosis shows one building resembling a white claw rising to the side and then cantilevering over a more traditional 15-story tower. The development team revealed […]

NYC’s 10 most expensive neighborhoods

Erin Hudson — Sat, 15 Dec 2018 21:30:33 +0000

The annual ranking of the Big Apple’s most expensive neighborhoods is out and there are a few surprises. Compiled by Property Shark, Manhattan and Brooklyn continue to dominate the list, which is based off residential sales data, the New York Post reported. But some regularly top-ranked enclaves struggled this year. Tribeca’s prices fell 18 percent year-over-year, despite hanging on to the top spot with a median sales price of more than $3.8 million. Sales prices […]

Good catch? Famous Hamptons fish shop hits the market for $7M

Erin Hudson — Sat, 15 Dec 2018 20:00:58 +0000

For years, Stuart’s Seafood Market has been a must-stop shop for motorists on the Montauk Highway in Amagansett. Now, the famed fish shop at 41 Oak Lane has been put on the market for $6.99 million by its owners Bruce and Charlotte Sasso, according to The New York Post. The shop, which opened in the 1950s, is situated on a roadside acre, that includes two homes and a parking lot. The first home is a […]

Could this city be the next capital of cool?

Erin Hudson — Sat, 15 Dec 2018 19:00:06 +0000

Greenville, South Carolina, wants to be the next Portland, Oregon, aka the capital of the cool and artsy. The southern town began attracting artists in 2005, with the introduction of an annual, three-day festival called Artisphere. The arrival of well-established artists in the former milltown coincided with a gradual growth in real estate prices, with the average price of homes sold since 2015 increasing by 21 percent, the Wall Street Journal reported. According to the […]

Turns out millennials’ dream homes aren’t that different from baby boomers’

Erin Hudson — Sat, 15 Dec 2018 18:00:02 +0000

(Credit: Nod GIFs) Millennial homeowners want big houses with easy-access showers and loads of technology, making them not that different from baby boomers. Walk-in showers are popular with both age groups, as they make bathrooms look appealing and accessible, and both groups are also interested in smart home technology, according to MarketWatch. Size is the main difference between the two age groups, as millennials are hoping to land larger homes to accommodate children and growing […]

How wealthy buyers are scoping out second homes in a slow market

Erin Hudson — Sat, 15 Dec 2018 17:00:50 +0000

At the Montage Kapalua development in Maui, prospective buyers can arrange four-night stays — complete with private dinners and spa treatments — before deciding to take the plunge on a million-dollar (or more) house. Amid the market slowdown, these trial runs are becoming more common among those shopping for a second home — or a site to build their dream abode, Bloomberg reported. Sellers are hoping the lavish sojourns will convince buyers to stay for […]

John Wayne’s former property marketed as potential pot farm

Erin Hudson — Sat, 15 Dec 2018 16:00:50 +0000

Legend has it that movie legend John Wayne smoked as many as a half a dozen packs of cigarettes a day. Now, a ranch once owned by the Duke could produce a different kind of smoke. Wayne’s 2,000-acre California farm known as Rancho Pavoreal is up for sale, and it’s being marketed as a possible marijuana cultivation site, according to Inman. The listing from Coldwell Banker‘s Tatiana Novick touts the Riverside County property’s ample space […]

Enrique Iglesias and Anna Kournikova put Bay Point home on market for nearly $5M

Erin Hudson — Sat, 15 Dec 2018 15:00:01 +0000

Enrique Iglesias and former tennis star Anna Kournikova are listing a Bay Point home in Miami for $4.85 million. The 6,800-square-foot home at 4715 Bay Point Road was built in 2017 for Kournikova’s grandparents to use, but they decided the home was too big and decided to sell it, according to the Wall Street Journal. The house is in the same gated community that Kournikova and Iglesias live with their twins. The couple purchased the […]

Home rented by Frank Sinatra, Marilyn Monroe, seeks $13M

Erin Hudson — Sat, 15 Dec 2018 14:00:38 +0000

UPDATED Dec. 14, at 8:34 a.m.: Frank Sinatra must have sung about “Love and Marriage” in this Chatsworth pad. A property once rented by the Sultan of Swoon — and where Marilyn Monroe was rumored to have carried on her affair with John F. Kennedy — is being shopped around for $12.5 million, according to a listing from the Agency. Located above the Chatsworth Reservoir, the Mid-Century Modern style home features seven bedrooms and nine bathrooms. […]

No surprise here: Midtown’s office space is among the costliest around the world

Kerry Barger — Fri, 14 Dec 2018 23:00:04 +0000

It’s almost no surprise — the cost to take office space in Midtown ranks among the highest in the world. To be exact, it costs $212 per square foot per year to occupy space in the Midtown submarket, according to a new third-quarter global office report from JLL. The firm used net effective rents and additional costs to figure out which office markets were the costliest. Midtown’s office market was just second only to Central […]

Carroll Gardens condo goes into contract for $4.5M, could set neighborhood record

Kerry Barger — Fri, 14 Dec 2018 22:45:56 +0000

A penthouse in Carroll Gardens may soon set a record for priciest condo sale in the neighborhood. The top-floor unit at Avery Hall Investments and Aria Development Group’s 145 Carroll Gardens has gone into contract for $4.5 million, according to a source. The current record for the priciest condo sale in the neighborhood is held by a unit at 348 Sackett Street that sold for $4 million last May. Ryan Serhant’s Nest Seekers team brokered […]

Manhattan’s turbulent leasing market, Brooklyn’s bubble and more of the biggest trends in CRE right now

Kevin Rebong — Fri, 14 Dec 2018 22:45:06 +0000

Post-recession record nears for Manhattan office leasing market A Colliers International report showed nearly 4 million square feet of Manhattan office leasing activity in October, a 77 percent increase from the previous year. The strong showing, bolstered by several blockbuster deals, kept the market on track to hit a post-recession record in 2018. “In the third quarter, there were no leases closed over 100,000 square feet in Lower Manhattan,” said Franklin Wallach, managing director of […]

Peter Fine pays nearly $30M for East Harlem site along the Second Avenue subway’s next phase

Kerry Barger — Fri, 14 Dec 2018 22:30:33 +0000

Peter Fine staked out a site along the path of the Second Avenue subway’s next phase. Fine — who earlier this year launched a new platform, Bolivar Development — paid $28.5 million to buy almost a full block along Second Avenue between 102nd and 103rd Streets in East Harlem where he plans to develop an apartment building with 160 rental units, sources told The Real Deal. “The subway is only going to help the market-rate rents,” Fine told […]

Tech firm in talks to take office portion of Aurora, Vornado’s Meatpacking District development

Kerry Barger — Fri, 14 Dec 2018 22:05:49 +0000

Yext, an online brand management company, is in talks to take over the entire office portion of Aurora Capital Associates and Vornado Realty Trust’s 61 Ninth Avenue — the space formerly eyed for Aetna’s global headquarters. The tech company is looking to sublease 145,000 square feet from Aetna at the Meatpacking District building, Crain’s reported. Last year, Aetna had agreed to lease the office portion of the building, where the asking rents were $150 per […]

Friedland lands $84M in financing for 817-827 Madison Avenue

Kerry Barger — Fri, 14 Dec 2018 21:00:58 +0000

Friedland Properties has received an $83.6 million mortgage from M&T Bank for 817-827 Madison Avenue. The financing appears to have been consolidated from two prior liens, according to property records. Friedland and M&T did not immediately respond to requests for comment. The six-story building is located on the Upper East Side by East 68th Street. Friedland purchased the property in 2004 for $90 million. Friedland and Rose Associates landed a $218 million loan in May […]

Analysis: New York is one of the worst states for getting info on broker violations

Kerry Barger — Fri, 14 Dec 2018 19:45:35 +0000

New York State has a remarkably unwieldy system for recording disciplinary actions against real estate brokers, with low usability and confusing organization. But how much better are other states doing? The answer, it turns out, is a lot. In an analysis of equivalent public disclosure systems in six U.S. states with major real estate markets – California, New York, Florida, Texas, New Jersey and Illinois – the New York Department of State’s “Decision and Consent […]

Alchemy purchases 9-building Bed-Stuy portfolio for $25M

Kerry Barger — Fri, 14 Dec 2018 19:00:12 +0000

Alchemy Ventures has made a big investment in Bedford-Stuyvesant, buying nine buildings in the neighborhood for just under $25 million, the company announced on Thursday. The properties are located at 879 DeKalb Avenue, 419 and 421 Marcus Garvey Boulevard, 654 Putnam Avenue, 319 Malcolm X Boulevard, 829 Halsey Street and 804, 808 and 814 Macon Street. They span roughly 52,000 square feet and contain 81 units. About half of the units are rent-stabilized, while the […]

Moinian Lands $132M in financing for 2 Washington Street

Kerry Barger — Fri, 14 Dec 2018 18:30:11 +0000

The Moinian Group scored some new financing for its tower at 2 Washington Street in the Financial District, which is undergoing a partial residential conversion. Square Mile Capital is providing Moinian with $131.5 million in financing for the work at the 31-story North Building in the two-building, mixed-use complex called 17 Battery Park, according to a new city filing. The Moinian Group partnered with Collaborative Construction Management to undertake the conversion, which will provide 345 […]

New York arm of ACLU inks sublease at Rudin’s One Whitehall

Kerry Barger — Fri, 14 Dec 2018 17:40:29 +0000

The New York Civil Liberties Union has new digs at Rudin Management Company’s One Whitehall Street. The organization is subleasing about 19,000 square feet on the third floor from financial services firm Janney Montgomery Scott, representatives for the NYCLU confirmed. This will be a second location for the New York arm of the American Civil Liberties Union, which already has a main office at 125 Broad Street. The organization needed the extra space to accommodate […]

Mark your calendars: These are New York’s top real estate events next week

Ashley McHugh — Fri, 14 Dec 2018 17:00:44 +0000

UPDATED, Dec. 14, 3:24 p.m.: There will be a few real estate events in New York City next week. On Dec. 18, the Apollo Business Consulting is hosting its “Jasmine Night” New York Financial Real Estate Christmas Reception from 6:30 p.m. to 9:30 p.m. at the Jasmine Restaurant, 216 East 49th Street. Come and network with financial and real estate industry veterans. On Dec. 19, iGlobal Forum is hosting its Breakfast with Real Estate Titans […]

The latest closing at 220 Central Park South is this $28.4M unit

Kerry Barger — Fri, 14 Dec 2018 16:30:15 +0000

The latest unit to close at Vornado Realty Trust’s 220 Central Park South sold for $28.4 million. Unit 28A was purchased by an anonymous buyer, listed as “VVMB NY LLC,” according to records filed with New York City’s Department of Finance. The LLC’s addressed is associated with the DLA Piper law firm in Miami. According to the condominium offering plan, Unit28A spans about 3,700 square feet and was first listed for $24 million. Ultimately, the […]

These were the top 10 NYC retail leases in November

Ashley McHugh — Fri, 14 Dec 2018 16:05:30 +0000

Fitness centers dominated the top 10 retail leases list in November. Gyms and fitness centers inked six of the top 10 leases for the month, with Blink Fitness, owned by parent company Equinox Fitness, taking three of those spots. Health centers took two of the top spots. Overall, November’s top 10 deals totaled less than half of October’s in terms of square footage. The 10 biggest retail lease deals signed last month totaled 120,800 square feet, down […]

Rabsky Development hopes to bring 942-foot-tall building to DoBro

Kerry Barger — Fri, 14 Dec 2018 15:30:58 +0000

Downtown Brooklyn could be getting another megaproject. Rabsky Development hopes to build a 942-foot-tall building with 902 apartments, 739,000 square feet of office space and a 640-seat public elementary school at 625 Fulton Street, according to Politico. The project would span 1.8 million square feet overall, and its public review process will start in January. The project would be the densest development in Brooklyn if it is approved as-is. Rabsky framed it as an attempt […]

How much can you afford to pay for a new home?

Gregory Prosser — Fri, 14 Dec 2018 15:00:43 +0000

New research sheds fresh light on one of the most frequently asked home-buying questions, especially for first-timers: With our annual income, what price house can we afford? Is there some handy rule-of-thumb? Decades ago, a commonly quoted price-to-income guideline was that you can afford a house that costs roughly two times your gross annual household income. So back then, if you and your spouse or partner earned a combined $50,000 a year, you could likely […]

Wanted: $415M in construction financing for Douglaston’s Hudson Yards project

Kerry Barger — Fri, 14 Dec 2018 14:30:04 +0000

It’s not going to get built by itself. Douglaston Development wants a $415 million construction loan for its multifamily project at 601 West 29th Street. Jeffrey Levine’s firm plans to build a 58-story, 931-unit project at the site, with construction set to finish in 2022, according to Commercial Observer. His firm started the search for construction financing about a week ago. Greystone Bassuk is negotiating a possible debt deal. Douglaston signed a 99-year ground lease […]

Welcome to the New York housing slump

Kerry Barger — Fri, 14 Dec 2018 14:00:29 +0000

The long-awaited slump in New York’s housing market has arrived. Home prices are heading down in the city itself and in its suburbs, according to Bloomberg. Buyers are pulling back thanks to years of price increases, the new federal cap on state and local property tax deductions and an increase in mortgage rates. Home sales are dropping throughout the country, and the appreciation rate is especially falling around New York. Prices across the country rose […]

Councilmember Gjonaj spent over $20K in taxpayer funds on contractors tied to campaign donors

Kerry Barger — Fri, 14 Dec 2018 13:30:11 +0000

City Councilmember Mark Gjonaj spent $22,800 of Council money on firms linked with donors to his campaign during his first seven months on the job. The total includes $9,700 that his office spent at All Pro Design & Construction Corp., which has the same Bronx address as MP Realty Group Corp., where Gjonaj is listed as owner and president, according to POLITICO. Both firms are based at 970 Morris Park Avenue. The CEO registered at […]

National Cheat Sheet: Trump names new FHFA head, Cohen gets 3 years in prison, Sears shops stores … & more

Maya Rajamani — Fri, 14 Dec 2018 13:00:07 +0000

Trump picks Pence’s chief economist to lead Federal Housing Finance Agency The Federal Housing Finance Agency is getting a new director. President Donald Trump plans to nominate Mark Calabria, chief economist for Vice President Mike Pence, to lead the agency after current head Melvin Watt departs at the beginning of 2019. Prior to taking his current job, Calabria was a senior aide on the Senate Banking Committee and a deputy assistant secretary for regulatory affairs […]

At the desk of: Benjamin Levine

Kevin Rebong — Fri, 14 Dec 2018 12:30:14 +0000

From his window on the sixth floor of 7 Penn Plaza, Benjamin Levine has a direct view of Madison Square Garden, home to his favorite basketball team, the New York Knicks. Next to the window is a picture of the Knicks’ 1973 championship squad, a reminder to the long-suffering fan that the franchise can, in fact, win. The location of the office, which is filled with sports memorabilia, plus various toys and a papier-mâché cactus, […]

Divorce, Macklowe style: How an $82M stake in NYC properties will be halved

Kevin Rebong — Fri, 14 Dec 2018 12:00:59 +0000

Harry and Linda Macklowe’s 57-year marriage — and their bitter 14-week divorce trial — can be boiled down to this: one of New York’s most storied developers may keep a property empire in which his stake has been valued at $82 million, but he must pay his ex-wife $41 million for the privilege. In a 64-page decision on Thursday, Judge Laura Drager closed the book on one of real estate’s ugliest divorces, which shone a […]

JPMorgan buys 667K sf of air rights from Grand Central for 270 Park

Kevin Rebong — Thu, 13 Dec 2018 23:30:38 +0000

JPMorgan Chase just purchased nearly 700,000 square feet of air rights from Grand Central Terminal for its planned tower at 270 Park Avenue. The bank bought 666,766 square feet of development rights, 1,234 square feet less than what was expected based on the company’s application to the city in September. JPMorgan paid $208 million to Grand Central’s owners, TF Cornerstone and MSD Capital, according to documents filed on Thursday with the city’s Department of Finance. […]

Maverick Real Estate Partners closes another NYC distressed debt fund

Kevin Rebong — Thu, 13 Dec 2018 23:15:35 +0000

When the defaults come, the vulture investors get to work. Maverick Real Estate Partners announced on Thursday that it closed another fund that targets defaulted commercial mortgages in New York City. The latest fund has $200 million at its disposal, and appears to be the largest of Maverick’s distressed debt vehicles. The announcement from the distressed private equity firm comes amid jitters about some segments of New York City real estate, particularly from those who […]

Compass launches West Coast tech campus in Seattle

Gregory Prosser — Thu, 13 Dec 2018 23:00:14 +0000

Compass is launching a technology campus in Seattle geared toward building “real estate’s first-ever end-to-end platform,” and plans to hire at least 100 engineers. The SoftBank-backed brokerage, which has been in expansion mode, announced the West Coast Product & Engineering Campus in a Facebook post this week, according to Geekwire. The move came about two weeks after Compass brought on former Microsoft and Amazon executive Joseph Sirosh as its new chief technology officer. The firm’s […]

In time for the holidays, former Croman tenants will begin receiving checks

Kevin Rebong — Thu, 13 Dec 2018 22:15:28 +0000

UPDATED, Dec. 13, 5:55 p.m.: The first round of payments are being issued to former tenants of infamous landlord Steve Croman, the New York state Attorney General’s office said Thursday. Checks are being mailed to eligible current or former tenants who last month submitted claims to the restitution fund, according to the statement. The first batch of payments follows the landlord’s initial $2 million payment to the fund, which totals a record $8 million. “I’m […]

Las Vegas, Phoenix, showing signs of imminent housing slowdown

Gregory Prosser — Thu, 13 Dec 2018 21:00:13 +0000

In Los Angeles and San Francisco, many homebuyers are still facing a competitive bidding process. But other pockets of the country are facing a growing glut of unsold homes. In markets like Las Vegas and Phoenix, home sales have significantly slowed in the last year, signaling a potential shift nationwide, the Wall Street Journal reported. Existing home sales in Las Vegas, for example, have decreased nearly 12 percent in November compared to the year prior. […]

Clarion Partners buys Bryant Park-area office building from EQ Office for $282M

Kevin Rebong — Thu, 13 Dec 2018 20:05:22 +0000

The Blackstone Group sold one of its Bryant Park-area office buildings in a $282 million deal with Clarion Partners. Blackstone’s EQ Office subsidiary sold the nearly 350,000-square-foot office-and-retail building at 114 West 41st Street to the Park Avenue-based investors, brokers who negotiated the deals said. The sale works out to slightly more than $800 per square foot. Newmark Knight Frank’s Edward “Woody” Maher, who worked on the brokerage team that marketed the building for EQ […]

Tech firm leases more than 20K sf in DoBro’s Pioneer building

Kevin Rebong — Thu, 13 Dec 2018 19:40:04 +0000

Tech firm Blue State Digital is leaving Soho for DoBro. The company, which specializes in online fundraising and social networking, has inked a 21,000-square-foot lease in the Pioneer Building at 41 Flatbush Avenue, according to landowners Quinlan Development Group and Building and Land Technology. It will be moving there from its current New York office and global headquarters at 101 Avenue of the Americas. The real estate investment firm Merit Hill Capital also recently inked a […]

Harry Macklowe keeps $82M in real estate in divorce; $700M in art to be sold

Kevin Rebong — Thu, 13 Dec 2018 18:42:25 +0000

In the end, the judge overseeing developer Harry Macklowe’s bitter divorce ordered his fortune split down the middle. Nearly 12 months to the day after the bitter court proceeding ended, Judge Laura Drager ordered Linda and Harry Macklowe to sell their contemporary art collection, worth approximately $700 million, and split the profits evenly because the two sides could not agree on how much it is worth. “It is an extraordinary collection and the achievement of […]

Vornado moves forward with redevelopment of Penn Plaza

Kevin Rebong — Thu, 13 Dec 2018 18:15:23 +0000

Vornado just moved one step forward with its major overhaul of Penn Plaza. The company filed plans with the Department of Buildings on Thursday to add 140,000 square feet of space to the 31-story Two Penn Plaza. Vornado plans to build a new three-story, lobby with retail space, modify the building’s existing entrance to Penn Station and expand the office floors. Vornado CEO Steve Roth said on his company’s third-quarter earnings call that they are […]

Follow The Real Deal’s Deal Sheet on Instagram!

Kevin Rebong — Thu, 13 Dec 2018 17:30:54 +0000

Shaya Sonnenschein and Shaya Ackerman of Meridian Capital Group represented the owner, Marx Development Group. The loan was issued by Mack Real Estate Credit Strategies. #commercialrealestate #nycrealestate #trdny #trddealsheet #nyc #nycloans #trdloans A post shared by The Real Deal’s Deal Sheet (@trddeals) on Jun 20, 2018 at 10:17am PDT The Real Deal’s Deal Sheet is on Instagram! Our latest social media channel features snaps of retail and office leases, financing acquisitions and commercial and residential […]

TSX Broadway developers land more than $780M in new equity

Kevin Rebong — Thu, 13 Dec 2018 17:02:48 +0000

The developers behind Times Square’s TSX Broadway have raised more than $780 million in new equity, valuing the entertainment-and-hotel project in excess of $2 billion. Among the new investors is a group of ultra-high-net-worth and family office clients of UBS Group AG, which provided roughly $400 million of new equity, according to Bloomberg News, which first reported on the new financing. “We have seen a substantial increase in interest from our ultra-high-net-worth and family office […]

Amazon is in no rush to add workers in LIC and Arlington

Kevin Rebong — Thu, 13 Dec 2018 16:30:40 +0000

Amazon caused a stir with its plan for two new campuses in Long Island City and Arlington — but don’t expect a quick move. It will take several years, if not a decade, for the tech giant’s employees to shift into the new locations, the Wall Street Journal reported. Amazon said it plans to hire workers slowly and has told its Seattle employees that they won’t be required to relocate. The company expects to have […]

The Koan of Michael Cohen

Kevin Rebong — Thu, 13 Dec 2018 16:00:10 +0000

Gene “The Taxi King” Freidman’s bromance with Michael Cohen began in small claims court in the 1990s. The two men, sparring over a stolen client, had more in common than they knew: They owned rival taxi businesses, but were also both lawyers and came to court prepared to fight. What played out in front of the judge was a legal dance better suited to a more intricate case than a $5,000 claim. “The judge said, […]

Apple is planning a $1B campus in Austin

Kevin Rebong — Thu, 13 Dec 2018 15:30:53 +0000

Apple is planting its flag in Austin, with plans for a new $1 billion corporate campus. The company said the move could eventually create 15,000 jobs at the 133-acre development, the Wall Street Journal reported. Apple already has two offices in the city — and will initially hire 5,000 workers. The tech giant is also planning new offices in Seattle, San Diego and Culver City. It is poised to add more than 1,000 employees to […]

NYCHA aims to raise $3B by selling land and air rights to developers

Kevin Rebong — Thu, 13 Dec 2018 15:00:11 +0000

The New York City Housing Authority plans to sell air rights and open some land to private development in order to raise money for repairs. NYCHA aims to raise $3 billion through the plan, the Wall Street Journal reported. It’s part of Mayor Bill de Blasio’s $24 billion plan to help the authority upgrade its 170,000 apartments. NYCHA will need an estimated $32 billion in repairs over the next five years, the report said. Deputy […]

The Amazon effect hasn’t touched the Queens rental market yet: Elliman report

Kevin Rebong — Thu, 13 Dec 2018 14:30:01 +0000

Amazon’s announcement that it would come to Long Island City may have set off shockwaves throughout New York, but it has not impacted the rental market in Northwest Queens just yet, according to the latest report from Douglas Elliman. The borough is rather seeing the continuation of many preexisting trends, including another increase in concessions and new leases. A total of 59.2 percent of new deals included concessions in November, up from 44.5 percent last […]

Queens plumbing supplier pays $23M for Woodside industrial site

Kevin Rebong — Thu, 13 Dec 2018 14:00:14 +0000

The pipe and valve supply company Mayer Malbin is purchasing a Woodside property for $22.75 million, just one year after the seller bought it for about $9 million. The industrial property is located at 62-25 30th Avenue, and LSC Development purchased it last year with plans to develop it as a storage facility. However, Mayer Malbin was able to persuade them to sell the property instead, according to Jaffe Realty president, who brokered the deal. […]

Photos: Madison Realty Capital’s 2018 holiday bash

Kerry Barger — Thu, 13 Dec 2018 13:30:49 +0000

Instead of its usual stomping grounds high above the Meatpacking District at the top of the Standard Hotel, the firm hosted guests this year at the Spring Studios event space last Wednesday night. The event – which is always one of the livelier of the real estate industry’s holiday-party circuit – drew a crowd of movers and shakers, as per usual. Madison Realty Capital decorated the entrance to their party space with renderings of the […]

Manhattan rental concessions keep growing — especially in new dev

Kevin Rebong — Thu, 13 Dec 2018 13:00:28 +0000

Manhattan’s median rents took a hit as the market share of leases with concessions continued its rising streak. And the state of the market — rampant with incentives and listing discounts — is unlikely to change anytime soon. “I don’t see how you could say otherwise,” said Jonathan Miller, CEO of appraisal firm Miller Samuel and author of Douglas Elliman’s rental report. “It’s more of the same.” Median net effective rent fell 1.9 percent year […]

Former Casper, HuffPost execs launch home renovation startup Block

Kerry Barger — Thu, 13 Dec 2018 12:30:13 +0000

Block Renovation, a new startup founded by former Casper and HuffPost executives, wants to shake up the home renovation industry. The platform, launched Thursday, allows users to choose between design packages online and pick materials and a contractor with one click. Block claims that its product is 25 percent cheaper than traditional home renovation booked directly with a contractor, in part because it hopes to save money by buying materials in bulk and negotiating for […]

Down but not out: A look at the top retail brokerages in Manhattan and Brooklyn

Kevin Rebong — Thu, 13 Dec 2018 12:00:01 +0000

When the discount store Five Below opened a flagship location on Fifth Avenue last month, it caused something of a stir in the Manhattan retail world. The brand, which sells all of its goods for $5 or less, does not exactly fit in with luxury retailers like Gucci and Prada that have given the strip its high-end reputation. But times, they are a-changing. “It would have been harder years ago for a discounter to get […]

Westchester & Fairfield Cheat Sheet: New Rochelle resi tower sells for $295M… & more

Maya Rajamani — Wed, 12 Dec 2018 23:00:18 +0000

Partnership picks up Westchester’s tallest residential building for $295M The tallest residential building in Westchester County has sold for $259 million. Harbor Group International and Azure Partners teamed up to buy Skyline New Rochelle at 40 Memorial Highway in downtown New Rochelle from Massachusetts-based DSF Group. HGI plans to carry out a $5.5 million renovation of the 40-story building, which earlier this year was valued at $223.2 million. “This property continues HGI’s strategy of acquiring […]

Trump boosts federal resources to Opportunity Zones, as real estate investors keep pouring in

Gregory Prosser — Wed, 12 Dec 2018 22:45:27 +0000

For months, real estate investors and developers have been setting up multimillion-dollar Opportunity Zone funds, hoping to cash in on a federal program that offers tax incentives to investors who pour money into properties in designated low-income neighborhoods. On Wednesday, President Trump signed an executive order to direct resources to state and local municipalities, to improve basic conditions within the 8,700 designated Opportunity Zones. Businesses in the zones could also be eligible for some of […]

Passions run high at combative City Council Amazon hearing

Kevin Rebong — Wed, 12 Dec 2018 22:30:28 +0000

The City Council had harsh criticisms for Amazon and the Economic Development Corporation during a contentious hearing on Wednesday about the tech giant’s move to Long Island City. One of the strongest points of contention was a benefit that the plastics company Plaxall will receive for one of its sites near the proposed campus, according to Crain’s. Plaxall owns two sites that would be part of the Amazon campus, and a third property that it […]

This Italian telecom entrepreneur is the buyer behind the 70 Vestry PH

Kevin Rebong — Wed, 12 Dec 2018 22:18:28 +0000

Silvio Scaglia, an Italian telecom entrepreneur, is the buyer of the 70 Vestry Street penthouse. Scaglia is listed as the director of “SW Vestry LLC” — the buyer entity of the property — in mortgage documents. He is financing the purchase with a $33 million mortgage from JPMorgan Chase. Once expected to be the priciest sale in Downtown Manhattan, the penthouse at the Related Companies project instead sold at a steep discount. Scaglia paid $55 […]

Here’s the next office development coming to Chelsea

Kevin Rebong — Wed, 12 Dec 2018 22:00:04 +0000

Real Estate Equities Corporation, an under-the-radar Midtown-based property investment firm, is building a 10-story office building near the southern end of the High Line. The roughly 100,000-square foot building will include retail space on the ground floor, according to documents filed with the Department of Buildings on Wednesday. REEC did not immediately respond to a request for comment. REEC acquired the leasehold for the property, which consists of adjacent lots at 118 and 124 Tenth […]

“They’ll do it until they can’t”: StreetEasy’s rental hike squeezes brokers amid tough market

Kevin Rebong — Wed, 12 Dec 2018 21:30:34 +0000

In a market marred by oversupply and concession mania, StreetEasy’s rental fee hike is inviting a new wave of criticism. After introducing a fee last year of $3 per day per rental listing, the portal immediately attracted outrage from the industry. Now, with the increase to $4.50, some industry players see the move as a way for Zillow Group to boost revenue as its share price has taken a beating — while forcing agents to […]

Atlas Capital buys Morningside Heights resi building for $72M

Kevin Rebong — Wed, 12 Dec 2018 21:00:20 +0000

Hotelier Richard Born is selling a Morningside Heights building to Atlas Capital Group for $72.2 million in an all-cash transaction, according to sources familiar with the deal. Atlas is buying the residential building at 601 West 110th Street from Born, which is currently used both by private tenants and by Barnard College as a dormitory. Barnard students make up 183 of the building’s 500 overall residents, according to the college’s website. Born said the property […]