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The Real Deal - New York Real Estate News |
BK landlords Joel, Amrom Israel reach plea deal over tenant harassment Posted: 29 Nov 2016 03:20 PM PST Brooklyn slumlords Joel and Amrom Israel agreed to pay $350,000 to rent-stabilized tenants they harassed with pitbulls and forced to live without toilets or kitchen sinks. By agreeing to the plea deal, which also carries five years of probation, the brothers avoid up to four years in prison – provided they pay up within six months. They confessed in Brooklyn Supreme Court to intimidating tenants at several Brooklyn rental properties, including 98 Linden Street in … [more] |
WATCH: What could the VTS/Hightower merger mean for CRE tech? Posted: 29 Nov 2016 03:00 PM PST VTS and Hightower announced a $300 million merger Tuesday, in what observers are already calling a landmark deal for the commercial real estate technology space. Watch TRD‘s managing web editor Hiten Samtani talking with reporter Konrad Putzier here. |
Stellar, Imperium near deal for 220 Fifth Ave. leasehold Posted: 29 Nov 2016 02:44 PM PST Larry Gluck’s Stellar Management and Imperium Capital are close to entering contract to acquire the leasehold interest for the 21-story mixed-use building at 218-220 Fifth Avenue in NoMad, sources told The Real Deal. The 150,900-square-foot building at the corner of East 26th Street mostly holds offices – 125,000 square feet – but also has small residential, retail and storage components, records show. Sources familiar with the building pegged the value of the leasehold at around … [more] |
Scorecard: Manhattan office leasing just keeps sliding Posted: 29 Nov 2016 01:50 PM PST From the November Issue: Office leasing in Downtown and Midtown South were off sharply in the past four months compared with the same period in 2015, an analysis of CoStar Group data by The Real Deal revealed. Midtown, however, saw more office leasing activity during that time — led by big deals at Hudson Yards. Midtown South leasing volume between the beginning of July and the end of October fell to 1.3 million square feet, from … [more] |
Big Chinese investors rethink some US real estate bets Posted: 29 Nov 2016 01:20 PM PST Chinese developers who’ve made large bets in U.S. real estate are reassessing their strategies as the market tops out in some sectors. This comes as the Chinese State Council is set to issue new rules to curb capital flight, according to the Wall Street Journal. They are expected to announce stricter controls over foreign investments exceeding $10 billion, and more than $1 billion for state-owned firms. This is in response to economic uncertainty and a … [more] |
WATCH: Top EB-5 experts discuss future of the program Posted: 29 Nov 2016 12:50 PM PST As experts pondered the future of EB-5 during The Real Deal’s second annual U.S. Real Estate Showcase and Forum in Shanghai, the conversation naturally turned to President-elect Donald Trump. Will his tough stance on immigration affect the controversial visa program’s future? Former New York Gov. George Pataki said the program would have a powerful friend in Trump. “There’s a lot of misunderstanding on that,” Pataki told TRD managing web editor Hiten Samtani, who moderated the event’s “EB-5 and U.S. Immigration” panel. “Donald Trump won for a lot of reasons — one was his very strong stance against illegal immigration. and often, in the media and in the public, the distinction between legal and illegal immigration gets lost.” To see more from TRD’s “EB-5 and U.S. Immigration panel, as well as clips from the event’s keynote speeches, click here. |
Lightstone sells EV rental building to Mallory for $73M Posted: 29 Nov 2016 12:20 PM PST David Lichtenstein’s Lightstone Group sold a 121-unit rental building to Mallory Management for $72.5 million, or more than $1,000 a foot, sources told The Real Deal. The seven-story building at 85 East 10th Street, located between Third and Fourth avenues, spans 69,073 square feet and consists mostly of free-market apartments. Lightstone acquired the property for $75.4 million as part of a six-building, $127 million portfolio deal in May. The company has plans to build a … [more] |
How did LA’s planning process become such a mess? Posted: 29 Nov 2016 12:00 PM PST From the Los Angeles website: In the first installation of TRD’s series on the Neighborhood Integrity Initiative, we explain the underlying problems with L.A.’s planning process. We take a look at the issues that gave NII fertile ground to build a movement. Stay tuned this week as we explore the implications of the March ballot measure in depth. It took 18 months, four public hearings, and at least $100,000 for developer CityView to get a 160-unit … [more] |
VTS, Hightower merge in landmark CRE tech deal Posted: 29 Nov 2016 11:30 AM PST [caption id="attachment_1260262" align="alignleft" width="300"] Brandon Weber and Nick Romito[/caption]VTS and Hightower announced a $300 million merger Tuesday, in what observers are already calling a landmark deal for the commercial real estate technology space. The all-stock transaction will see two of the industry’s top cloud-based leasing and portfolio management platforms fall under one company, which will operate under the VTS name and be led by VTS CEO Nick Romito. Click here to read more. |
US home prices surpassed 2006 peak in September Posted: 29 Nov 2016 11:03 AM PST They’re baaaack. After 10 long years, U.S. home prices finally climbed back to the record peak set in mid-2006 before the recession decimated the market. The average price for a home in September climbed 0.1 percent higher than the peak of July 2006, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Indices. The new high comes amid a four-year recovery from the nadir of the market in 2012, when prices had fallen 27 … [more] |
Lincoln Center refis ahead of $500M Geffen Hall makeover Posted: 29 Nov 2016 10:41 AM PST Lincoln Center for the Performing Arts is refinancing $100 million worth of loans ahead of its planned $500 million renovation of the David Geffen Hall, the home of the New York Philharmonic. The performing-arts center has about $270 million in debt, and will refinance two loans — one worth $60 million that’s due next month and a $40 million note that’s due in 2018 — with a $87.5 million tax-exempt bond series issued by the … [more] |
Trevor Noah on going from South Africa to Hell’s Kitchen Posted: 29 Nov 2016 09:35 AM PST From Luxury Listings NYC’s November/December issue: Trevor Noah wasn’t supposed to happen. He wasn’t supposed to be the face of “The Daily Show,” Comedy Central’s longest-running and most influential program. He wasn’t supposed to tour the world as a stand-up comedian, because he wasn’t supposed to have left the dirt roads and open sewers of Soweto, one of the many formerly segregated ghettos surrounding Johannesburg. In so many ways, he wasn’t supposed to have survived … [more] |
Bills would crack down on bedbugs in hotels, resi buildings Posted: 29 Nov 2016 09:08 AM PST New legislation aimed at curtailing bedbug outbreaks across New York City will be introduced in the City Council on Tuesday. One bill will require hotels to have exterminators in to inspect all rooms for the bugs every six months, the New York Daily News reported. A second bill will force the city to publish reports every year that outline the number of bedbug complaints and violations in apartment buildings, along with the average time it … [more] |
Six Sigma pays $800 psf for High Line air rights Posted: 29 Nov 2016 08:30 AM PST Six Sigma NYC’s Jason Lee paid an eye-popping $800 per buildable foot for High Line-area air rights to add to his West Chelsea condo development site. The developer paid $3.92 million for 4,900 square feet of air rights to add to his site at 517-523 West 29 Street, the New York Post reported. “On the surface, $800 per buildable square foot may sound like a high price, but essentially this buildable square footage is going … [more] |
Is the Hudson Yards district the new Midtown East? Posted: 29 Nov 2016 08:00 AM PST Midtown East is taking a big hit as companies continue to sign up for office space at the Hudson Yards district. Based on percentage of square feet leased, 35.8 percent of tenants taking office space in Hudson Yards are coming from the Plaza District (33.7 percent) or the Grand Central District (2.1 percent), according to JLL data cited by the New York Post. However, none of the companies moving to Hudson Yards is moving from … [more] |
Cuomo takes aim at NJ’s Port Authority chairman, bus terminal Posted: 29 Nov 2016 07:30 AM PST The Port Authority of New York and New Jersey has a power vacuum, and Gov. Andrew Cuomo is trying to fill it. Since the debacle at the George Washington Bridge — known as Bridgegate — New Jersey Gov. Chris Christie has stepped away from the bi-state agency and deferred to his appointee, chairman John Degnan. At the same time, Cuomo has taken aim at Degnan and plans to replace the Port Authority Bus Terminal, Politico reported. … [more] |
Distressed Harlem dev site set to hit the auction block Posted: 29 Nov 2016 07:08 AM PST One of Harlem’s most buzzed-about development sites is scheduled to hit the auction block today. Meanwhile, the developer’s partners on another project in the neighborhood are trying to get back valuable parking rights they claim he shifted over to the distressed site in order to line his own pockets. Hans Futterman, whose RGS Holdings has developed a handful of Harlem properties including the 89-unit condominium at 2280 Frederick Douglass Boulevard, is in default on a … [more] |
Kushner’s real estate activities raise potential conflict-of-interest issues Posted: 29 Nov 2016 06:32 AM PST The president-elect apparently isn’t subject to conflict of interest laws, but his son-in-law could be. If Jared Kushner secures a White House staff position, his real estate and other business activities could pose potential conflict-of-interest issues, the Wall Street Journal reported. Kushner has hundreds of millions of dollars worth in outstanding loans and counts major foreign and domestic banks among financial partners. Key policies, like EB-5, could potentially have a major impact on Kushner’s business. … [more] |
WeWork snaps up additional 40K sf at 135 East 57th St. Posted: 29 Nov 2016 06:00 AM PST WeWork is taking three more floors at Charles Cohen’s Plaza District office tower, adding 40,000 square feet to the company’s space. The co-working giant expanded its space at 135 East 57th Street, a 300,000-square-foot office tower at Lexington Avenue, the New York Post reported. WeWork first inked a 13-year lease for 60,000 square feet in April, marking its first office space in the Plaza District. The latest deal brings their co-working space in the tower up to 100,000 … [more] |
Mayor’s contract office eyes 35K sf at Fosun’s 28 Liberty Posted: 29 Nov 2016 05:31 AM PST The city department in charge of overseeing more than $17 billion in contracts is the latest public office to eye an upgrade. The Mayor’s Office of Contract Services plans to lease 35,000 square feet at the Fosun International’s 28 Liberty, according to a notice posted by the Department of City Planning. The office, probably best known in recent months for its role in the Rivington House scandal, is currently located across from City Hall at … [more] |
FiDi doubles down on retail: Q&A, part II Posted: 29 Nov 2016 05:00 AM PST [caption id="attachment_1254949" align="aligncenter" width="570"] Robin Abrams and Lee Block[/caption]From the December issue: Westfield’s World Trade Center complex may have gotten off to a wobbly start, but Lower Manhattan’s retail scene appears to finally be finding its footing. For our second web installment, we turn to Robin Abrams of Lansco and Lee Block of Winick Realty. Click here to read more. |
WATCH: Ziel Feldman talks EB-5 and the Eleventh Posted: 29 Nov 2016 04:30 AM PST Some are willing to travel half-way around the world to meet investors — HFZ Capital Group’s Ziel Feldman is one of them. Feldman stopped by for a chat with managing web editor Hiten Samtani at The Real Deal’s second annual Showcase and Forum in Shanghai. Watch the interview here. |
Bond New York acquires Absolute Properties Posted: 29 Nov 2016 04:00 AM PST Residential brokerage Bond New York is expanding its reach to Upper Manhattan with the acquisition of Harlem-based firm Absolute Properties. Bond, which operates four Manhattan offices, plans to take over Absolute Properties’ sole location at 1677 Amsterdam Avenue, at 143rd Street, on Thursday. Of Absolute’s roughly 28 agents, 22 have so far committed to joining the new firm. This includes the former company’s CEO and founder Nathan Grass. Expanding into Harlem has been a goal for … [more] |
Most popular stories on The Real Deal Posted: 29 Nov 2016 03:30 AM PST Current reader favorites: 1. How Trump could shake up real estate finance 2. Slate: Victim or villain? 3. Paydirt: Kingmaker Kushner, Jon Gray passes on Treasury, the ruling that could change dual-agency deals … & more 4. Kushner loans Moskovits $33M for Bushwick project 5. Charlie Rose dissects Kushner’s evolving role in Trump’s White House: VIDEO … [more] |
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