The Real Deal New York

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 […]

Penthouse at 70 Vestry fails to set Downtown record; sells for $55M

Kevin Rebong — Wed, 12 Dec 2018 20:15:12 +0000

Once expected to be the priciest sale in Downtown Manhattan, the penthouse at 70 Vestry instead sold at a steep discount. The Vestry Street unit had been listed for $65 million – a record for Downtown Manhattan – but closed on Monday for $55 million, according to the Wall Street Journal. This puts it behind the sale of a penthouse at the Getty on West 24th Street by the High Line, which closed for $59 […]

Tish James says she will investigate Trump, inner circle once in office

Kevin Rebong — Wed, 12 Dec 2018 19:45:06 +0000

Incoming New York Attorney General Letitia James has outlined some specific investigations involving President Trump and those in his circle that she plans to pursue once in office. James told NBC News that she will look into any government subsidies Trump’s received, illegalities involving Trump’s real estate holdings in New York, the June 2016 Trump Tower meeting with a Russian official and whether his businesses are in violation of the emoluments clause. James will also […]

Blackstone lends Highgate nearly $250M for Park Central Hotel buy

Kevin Rebong — Wed, 12 Dec 2018 19:15:20 +0000

The Blackstone Group’s mortgage arm provided Highgate with nearly $250 million to finance its acquisition of the Park Central Hotel. Blackstone Mortgage Trust issued three loans totaling $247.57 million, property records filed with the city Wednesday show. Records list the purchase price at $366.17 million. Representatives for Highgate and Blackstone couldn’t be immediately reached for comment. Pebblebrook Hotel Trust sold the 934-key Park Central Hotel at 870 Seventh Avenue late last month as part of […]

Newmark’s CEO Barry Gosin buys $8M worth of company stock

Kevin Rebong — Wed, 12 Dec 2018 18:45:57 +0000

Newmark Group CEO Barry Gosin bought $8 million worth of company shares this week, sending the stock price climbing nearly 7 percent Tuesday. Gosin, who helped steer the company toward its initial public offering one year ago, bought slightly more than 890,000 shares in two transactions Monday and Tuesday at a weighted average of just over $9 per share, filings with the Securities Exchange Commissions show. The purchase increased Gosin’s holdings in the company to […]

Michael Cohen, who dabbled in real estate, sentenced to 3 years in prison

Kevin Rebong — Wed, 12 Dec 2018 18:25:27 +0000

President Trump’s former fixer Michael Cohen, who most recently pleaded guilty to lying about his involvement in the deal to bring a Trump Tower to Russia, was sentenced to three years in prison on Wednesday. During the federal court hearing in New York, Cohen apologized for his role in what he called the president’s “dirty deeds.” The sentencing is harsher than Cohen, who implicated the President in directing hush payments to two women that claimed […]

Blackstone expanding into Deutsche’s old space at 345 Park

Kevin Rebong — Wed, 12 Dec 2018 17:43:15 +0000

Earlier this year, Deutsche Bank‘s asset management spinoff DWS Group relocated from its offices at 345 Park Avenue to another Midtown East location. Now that vacated office space has been scooped up a former neighbor. Rudin Management, which owns the building, announced today that the building’s major tenant, Blackstone Group, has signed a seven-year lease expansion for an additional 149,000 square feet across four floors, expanding the investment firm’s presence in the building to 16 […]

East New York is going to get 2,100 more units of affordable housing

Kevin Rebong — Wed, 12 Dec 2018 17:30:54 +0000

New York’s Christian Cultural Center is partnering with Gotham Organization on a massive new affordable housing complex in East New York. The buildings will include 2,100 apartments for low- and middle-income families and include senior housing as well, according to New York YIMBY. They will be constructed on a vacant parking lot at the church’s Brooklyn campus, which is based as 12020 Flatlands Avenue. Amenities will include 24-hour child care, a grocery store and a […]

Can the Mooch turn institutional investors on to Opportunity Zones?

Kerry Barger — Wed, 12 Dec 2018 17:05:29 +0000

UPDATE Dec. 13, 4:20p.m.: Anthony Scaramucci was still joking around with his partners when the microphones went live during a Tuesday afternoon conference call meant to draw in investors for his hedge fund SkyBridge Capital’s plan to raise a $3 billion Opportunity Zone fund. Indistinct male voices cajoled one another: “Come on!” said one man. “If you can’t take it nobody can take it,” said another, as classical hold music played on. Then Scaramucci got […]

Two become one: Combined Mott Haven dev sites could bring 600K sf resi project

Kevin Rebong — Wed, 12 Dec 2018 16:30:30 +0000

Pantheon Properties and Borden Realty have joined together to sell adjacent development sites in the South Bronx, The Real Deal has learned. Pantheon previously put 399 Exterior Street, a former bus depot on the Harlem River, on the market, after the city moved to take part of it for a public park through eminent domain. The adjacent lot at 355 Exterior Street belongs to Borden and is similar in size. The sites, which one source […]

Trump taps Mark Calabria as new head of Federal Housing Finance Agency

Kevin Rebong — Wed, 12 Dec 2018 16:00:56 +0000

President Trump has tapped Mark Calabria to head the Federal Housing Finance Agency. Calabria, who currently serves as chief economist for Vice President Mike Pence, previously served as a senior aide on the Senate Banking Committee and as deputy assistant secretary for regulatory affairs at the U.S. Department of Housing and Urban Development during President George W. Bush’s administration. He’s also held positions at National Association of Home Builders and the National Association of Realtors. […]

Ex-SUNY president gets 3.5 years in prison for role in “Buffalo Billion” scheme

Kevin Rebong — Wed, 12 Dec 2018 15:45:46 +0000

Gov. Andrew Cuomo’s point person on the “Buffalo Billion” program, Alain Kaloyeros, was sentenced to three and a half years in prison for his role in a multi-million dollar bid rigging scheme. Kaloyeros, former head of SUNY Polytechnic Institute, had been convicted of wire fraud and wire-fraud conspiracy in July. He was accused of helping steer $855 million in state contracts in Buffalo and Syracuse to LPCiminelli and Cor Development, major donors to Cuomo, the […]

Here’s what the $10M-$20M NYC investment sales market looked like last week

Kevin Rebong — Wed, 12 Dec 2018 15:30:42 +0000

In the world of mid-market New York City investment sales last week, three buyers linked up for an Upper West side commercial condo and Macklowe Properties snapped up the former Midtown home of the Center for Fiction. 1.) Macklowe Properties snagged the former site of the nonprofit library Center for Fiction for $16.5 million from Sun’s Acres LLC. The library sold the building at 17 East 47th Street to Sun’s in 2014 for $18 million, […]

Zillow expands home-buying program

Kevin Rebong — Wed, 12 Dec 2018 14:30:32 +0000

Zillow is expanding its direct-to-consumer home-buying program to Riverside County, making it the eighth market nationwide to see the platform — and the first in California. Zillow Offers, formerly Instant Offers, lets sellers take an offer from the home-buying giant, which then flips the home after some renovations. The program will launch in the Inland Empire city early next year. Zillow is among many companies getting in on the large-scale home-flipping game, also called the […]

After committing $15M, NAR walks away from Upstream

Kevin Rebong — Wed, 12 Dec 2018 14:00:21 +0000

After pumping $15 million into UpstreamRE, the National Association of Realtors is ditching the data management platform. The organization announced on Wednesday that it will no longer serve as Upstream’s vendor, Inman reported. “As I’ve said since the beginning of my tenure as CEO, we are not in the business of inventing at NAR; we’ve supported Upstream to the extent that makes sense for both our strategic missions and now it is time for them […]

L+M raising $500M private equity fund for “workforce housing” development

James Kleimann — Wed, 12 Dec 2018 13:30:32 +0000

Ron Moelis’ L+M Development Partners has been quietly raising $500 million in private equity for an affordable housing development fund during the past year, The Real Deal has learned. The “workforce housing fund” is the first such affordable development fund L+M has raised from multiple investors. Workforce housing is typically defined as homes that are more affordable than those often found near the potential residents’ workplaces. In the past, L+M has partnered with CitiBank for […]

Mortgage delinquencies across US dipped to lowest in more than a decade: report

Gregory Prosser — Wed, 12 Dec 2018 13:00:43 +0000

Mortgage delinquencies across the U.S. in September fell to their lowest levels in 12 years, at a time when the housing market from coast to coast continues to show signs of cooling. Experts attributed it in part to an improved labor market. Nationally, mortgages that were in some stages of delinquency fell to 4.4 percent in September, from 5 percent over the same period last year, according to a new report by CoreLogic. The figures […]

Is the great real estate job boom ending?

Kevin Rebong — Wed, 12 Dec 2018 12:30:33 +0000

This spring, the British online brokerage Purplebricks landed in the Big Apple with a simple message: The city’s residential agents are making too much money. “Our view is that in 2018 no one should be paying 5, 6 or 7 percent to sell their home, given the changing consumer behavior and access to information and viable alternatives,” Eric Eckardt, the company’s U.S. head, told The Real Deal in April. Instead, Purplebricks charges sellers a flat […]

PHOTOS: RE turns out for American Friends of Rabin Medical Center’s annual gala

Kerry Barger — Wed, 12 Dec 2018 12:00:25 +0000

Real estate’s top brass rubbed elbows the likes of Dr. Henry Kissinger and former U.S. ambassador to the United Nations Nikki Haley for the American Friends of Rabin Medical Center’s annual gala, which was hosted at the Plaza Hotel in late last month. In attendance were Yoron Cohen, Deborah Kern, Pamela Liebman, Amir Korangy, Robert Ivanhoe, Nicole Meyer Kushner, Jonathan Mechanic, Joseph Monian, Jay Neveloff, Joanne Podell, Don Peebles, Suzy Rheingold, Peter Riguardi, Stephen Siegel, Robert Sorin, and more. Check out […]

Atlas Hospitality lands $40M loan for planned FiDi hotel tower

Kerry Barger — Wed, 12 Dec 2018 00:00:54 +0000

Atlas Hospitality secured a $40 million construction loan for its planned 128-key hotel tower in the Financial District. Bank of America provided the funding for the 26-story project at 120-122 Water Street, Atlas announced Tuesday. The development, called the Hotel Indigo, is scheduled to open in 2020. Atlas, a real estate firm that acquires and develops hotels, is working on the project with Fortuna Realty Group, which will manage the hotel. The property will include a restaurant […]

Kim Tasher inks ground lease for latest South Bronx resi project

Kevin Rebong — Tue, 11 Dec 2018 23:30:47 +0000

Kim Tasher’s SKF Development has landed yet another deal in the Bronx. The firm has inked a 99-year ground lease at 1760 Boone Avenue in Claremont for a total value of $82 million, according to Westbridge Realty Group’s Steven Westreich, who brokered the deal with his colleague Isaac Shrem. Annual payments start off around $200,000 and rise up to $2 million a year, Westeich said. SKF plans to build an eight-story 77-unit project on the […]

Hotel chain CEO buys 252 East 57th St. duplex for $12.9M

Kevin Rebong — Tue, 11 Dec 2018 23:12:30 +0000

The sale of a 58th-floor duplex at World Wide Group and Rose & Associates’ 252 East 57th Street means all that’s left is its $29.75 million penthouse, its listing agent told The Real Deal. Michelle Barnet, CEO of Pineapple Hospitality Company, bought duplex 58/59 B for $12.9 million, according to a new city filing. The building’s sales director Pamela D’Arc of Stribling declined to comment on the sale, but noted that the penthouse is the […]

Brooklyn’s rental pricing shift, the tri-state’s Opportunity Zone gold mine and more of the biggest trends in resi right now

Kevin Rebong — Tue, 11 Dec 2018 22:45:02 +0000

New developments push up Brooklyn rental pricing The median rental price in Brooklyn rose 4.4 percent year-over-year, to $2,923 in October, with much of the increase fueled by new development projects hitting the market, according to reports from Douglas Elliman. New rental pricing rose 7.6 percent, to $3,383, while pricing for existing apartments in the borough increased just 1.9 percent, to $2,750. “The new development rental market in Brooklyn has been a trifecta of influence on […]

City uses eminent domain to take part of Pantheon’s South Bronx dev site

Kevin Rebong — Tue, 11 Dec 2018 22:33:31 +0000

A slice of Pantheon Properties’ large South Bronx development site now belongs to the government, records filed with the city’s Department of Finance late last month show. In January, Pantheon lost its appeal of the city’s decision to use eminent domain on 60,000 square feet of its property, a former bus depot, at 399 Exterior Street, in order to make way for a new public park. It’s unclear what consideration will be paid to Pantheon […]

150 Charles pad trades for $13.7M

Kevin Rebong — Tue, 11 Dec 2018 22:00:40 +0000

UPDATED, DEC. 12 AT 10:55 a.m.: A businessman named Steven Klein sold his West Village condo at 150 Charles Street for $13.7 million, according to a city filing. He had originally listed the apartment for $15 million. The buyer of the three-bedroom, 3,000-square-foot condo was an entity named “The TT Trust.” Listing agent Peter Zaitzeff of the Corcoran Group declined to comment. The 16-story building, developed by the Witkoff Group, has sweeping views of the […]

Knotel adds another 80K sf of space to Manhattan portfolio

Kevin Rebong — Tue, 11 Dec 2018 21:30:19 +0000

Flexible office company Knotel continued its expansion across Manhattan, signing three new leases for a combined 80,000 square feet in Chelsea. The biggest deal is the firm’s 51,000 square feet at the Rosen family’s 27 West 23rd Street property, where Knotel will occupy the second and third floors and share the building with liquor company Eldrington. It will also take 21,736 feet at Bonafide Estate’s 41 and 45 West 25th Street, and 6,044 square feet at […]

StreetEasy is raising its fee for rental listings

Kevin Rebong — Tue, 11 Dec 2018 21:04:19 +0000

It’s only getting worse for rental brokers. In summer of 2017, StreetEasy upset boatloads of New York City real estate agents when it introduced a daily fee for rental listings. Now it’s upping the cost. The portal will charge $4.50 per rental listing per day, up from $3, StreetEasy’s general manager Matt Daimler wrote in a blog post on Tuesday. The price increase will be effective on Jan. 1, the company said. As it did […]

Give the gift of TRD this season!

Kevin Rebong — Tue, 11 Dec 2018 20:30:29 +0000

‘Tis the season to spread joy throughout the real estate industry, and how better to do it than with a digital subscription to The Real Deal? GIFT TRD Help the insiders on your list stay a step ahead of the game with subscription benefits including: – Unlimited online access to stories and videos published across The Real Deal’s network of sites from all your devices – Get the news first: Read all of TRD’s magazine […]

Pinnacle Group-linked LLC buys David Israeli’s Ninth Avenue site for $84M

Kevin Rebong — Tue, 11 Dec 2018 20:00:53 +0000

Landlord David Israeli has sold his controversial Far West Side development site to an entity affiliated with Joel Wiener’s Pinnacle Group for $84 million, according to property records. Israeli put the site on the market back in March, roughly two years after tearing down the five buildings along it. The properties are addressed at 485-487, 489-491, 497 and 501 Ninth Avenue. Representatives for Pinnacle did not respond to a request for comment, and Israeli could […]

Hamptons Cheat Sheet: Ralph Lauren buys another $20M Montauk mansion, Wainscott estate lists for $25M … & more

Aidan Gardiner — Tue, 11 Dec 2018 19:30:20 +0000

Ralph Lauren buys $20M home on Montauk oceanfront Fashion designer Ralph Lauren has gone into contract to buy the onetime Montauk home of playwright Edward Albee, the Wall Street Journal reported. The home, which spans about three acres and has a 2,100-square-foot main house, a guesthouse and a pool house, was last listed with Douglas Elliman’s Paul Brennan for $20 million. The grounds also include a tennis court and pool. Lauren already owns homes on either […]

Starwood weighs buying back Israeli bonds as price tumbles

Gregory Prosser — Tue, 11 Dec 2018 18:45:55 +0000

The Israeli bond price of Starwood Capital Group’s debt on a portfolio of U.S. shopping centers has plummeted 42 percent since the bonds were offered in March, leading the firm to consider buying back the bonds. The Tel Aviv bond market offers cheaper financing at better rates than in the U.S. While Israeli bonds issued by other real estate firms in the U.S. trade at yields between 2.8 percent and 5.9 percent, Starwood’s yield on […]

Another unit at 520 Park closes, this time for $17M

Kevin Rebong — Tue, 11 Dec 2018 18:00:15 +0000

The latest unit to close at Zeckendorf Development’s 520 Park Avenue sold for $17 million. The anonymous buyer of Unit 14 is listed as “Park and Stone Associates LLC,” according to records filed with New York City’s Department of Finance. The LLC was incorporated in March, in the care of real estate attorney Pierre Debbas. The asking price for the 14th-floor unit was $18.2 million, according to the offering plan. The full-floor home spans about […]

Shippin’ up to Boston: Maddd Equities, Joy Construction buy 3 Massachusetts hotels

Kevin Rebong — Tue, 11 Dec 2018 17:30:42 +0000

New York developers Maddd Equities and Joy Construction are adding some Massachusetts hotels to their portfolio. The companies, along with AWH Partners, recently announced that they have purchased three hotels in the Boston suburbs: the Holiday Inn & Suites in Peabody, the Holiday Inn & Suites in Marlborough and the Holiday Inn Boston-Dedham Hotel and Conference Center. They paid a total of $55 million for the properties. AWH’s hospitality management company Spire Hospitality will manage […]

Sears hires JLL to shop hundreds of stores, while weighing takeover bid

Kevin Rebong — Tue, 11 Dec 2018 17:00:56 +0000

Sears Holdings hired JLL to market about 500 Sears and Kmart stores in the United States, two months after filing for bankruptcy protection. The brokerage is already drawing interest from potential buyers in major markets while Sears still considers a takeover bid from its chairman. Bids have come in from retailers, mall owners and others interested in potentially adaptive reuses of the stores, sources told Bloomberg. Strong interest from suitors — which Bloomberg said include […]

Sen. Brian Kavanagh to chair NY Senate housing committee

Kevin Rebong — Tue, 11 Dec 2018 16:27:17 +0000

Sen. Brian Kavanagh will lead the New York State Senate’s standing committee on housing, construction and community development, according to sources. As committee chair, Kavanagh is likely to play a pivotal role in determining the fate of bills related to housing policy for the state and New York City. He assumes the role from Republican Sen. Betty Little. Elected in 2017, Kavanagh told The Real Deal last month to “expect decisive action” on how the state’s […]

No one knows who is weaponizing the DOB against small businesses

Kevin Rebong — Tue, 11 Dec 2018 16:00:18 +0000

It could be an irksome neighbor, or possibly devious and savvy business rivals. Perhaps it’s a developer intent on pushing small retailers out? No one knows who’s making the calls, but close to 1,900 complaints have been filed for illegal signage this year, and over half of them have been made against Brooklyn businesses, according to a report in the New York Times. Over 200 calls about unauthorized signs were reportedly made to the city […]

Global Holdings plans to bring 173-unit tower to Upper West Side

Kevin Rebong — Tue, 11 Dec 2018 15:30:18 +0000

The latest project for Global Holdings Management Group will be a mixed-use tower on the Upper West Side. The firm pre-filed plans for the 173-unit residential project at 1841 Broadway by Columbus Circle with the Department of Buildings. It would stand 24 stories tall and span roughly 173,000 square feet, split between 162,000 square feet of residential space and 12,000 square feet of commercial space. SLCE Architects would design the project. Global Holdings did not […]

Package deal: 720 Park Avenue unit owners want to combine, sell pair for $43M

Kevin Rebong — Tue, 11 Dec 2018 15:00:36 +0000

The owners of adjoining apartments atop 720 Park Avenue are attempting to sell the pair as a combined duplex for $43 million. One owned by the former president of Macy’s, Jesse I. Straus, the duplex featured a grand walkway, high ceilings and a library. But in the 1970s, the home was cut in two and resold as singular apartments, according to the Wall Street Journal, which first reported on the duplex offer. Now the current […]

Follow The Real Deal’s Deal Sheet on Instagram!

Kevin Rebong — Tue, 11 Dec 2018 14:35:56 +0000

New York’s luxury market is slow. But its ultra-luxury market is booming

Kevin Rebong — Tue, 11 Dec 2018 13:55:04 +0000

An oversupply of product has led to slowdown in New York’s luxury real estate market, but sales of “ultra-prime” properties are continuing to climb. Citing a Knight Frank study, Bloomberg reported that 153 properties in six cities worldwide sold at an average $43 million a house, or a total of $6.6 billion. Over the past year, 39 residential sales in New York were valued over $25 million, totaling $1.5 billion. The priciest section of New […]

Inside New York’s pitch to Amazon

Kevin Rebong — Tue, 11 Dec 2018 13:12:28 +0000

A joint New York city and state proposal to lure Amazon to the region suggested using eminent domain to help secure property, according to a report. As part of the bidding process the state’s Empire State Development and the city’s Economic Development Corporation offered up to $3 billion in tax breaks and a dozen sites in the state, including several in the city, according to the Wall Street Journal. Among the city sites offered were […]

Valuation inflation: Why sky-high figures could come back to bite investors

Kevin Rebong — Tue, 11 Dec 2018 12:30:44 +0000

Newmark’s “friends and family” offering seemed like manna from heaven. At $18 or $19 a share, it was a sizable discount from the original high of $22 that the firm’s executives boldly predicted the stock would trade at once it hit the opening bell. While all of those figures were eventually lowered, a number of brokers and executives at the company opted in, buoyed by CEO Barry Gosin’s infectious enthusiasm. “Barry owns a bunch of […]

In surveillance case against Trade Off, construction exec says he bought “spy glasses” after alleged union threats

Kevin Rebong — Tue, 11 Dec 2018 12:00:49 +0000

During a federal court hearing on Thursday, a construction executive admitted that his Long Island-based company encouraged employees to infiltrate union meetings. He also explained why he bought “spy glasses.” Justin Hagedorn, general superintendent at Trade Off and one of its affiliates, Trade Off Plus, said his fear of a Local 79 business representative led him to take extra security precautions, which included hiring off-duty police officers to follow him around. The issue of “spy […]

Bloomberg, Turner Construction executives to be charged in overbilling scheme

Kevin Rebong — Mon, 10 Dec 2018 23:34:37 +0000

More than a dozen executives at Bloomberg L.P., Turner Construction and their subcontracting companies are accused of running a scheme that overcharged Bloomberg for renovation work by tens of millions of dollars. Anthony Guzzone, the former global head of construction at Bloomberg, and two former Turner executives are expected to be indicted Tuesday on fraud, theft and bribery charges, the New York Times reported. As part of the scheme, company executives and subcontractors allegedly agreed […]