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The Real Deal - New York Real Estate News |
NYC multifamily market dropped 34% in Oct. dollar volume Posted: 16 Dec 2016 03:10 PM PST The New York City multifamily market declined slightly in October after a strong showing in September, with Manhattan bucking a downward trend. In total, October saw 52 buildings trade hands in 42 transactions, totaling $760 million, according to the latest monthly report from Ariel Property Advisors. That’s down 34 percent in dollar volume and 37 percent in building volume from September, when 83 buildings sold for a total of $1.2 billion. Manhattan captured more than … [more] |
A look at the Pier 26 redevelopment Posted: 16 Dec 2016 02:41 PM PST Hudson River Park Trust’s $30 million makeover of Pier 26 will bring elevated walkways, new sports fields and a wetland to Lower Manhattan. OLIN, the architecture firm behind the revamp of the 800-foot pier at North Moore Street, released preliminary designs at a Community Board 1 meeting of the Tribeca committee, DNAinfo reported. Plans for the pier include green lawns, “whimsical” and “ecologically inspired” playgrounds, elevated walkways and a wide netted area that will allow … [more] |
New York Times looks to sublet nearly half of its HQ Posted: 16 Dec 2016 02:15 PM PST The New York Times is planning to offer up at least eight floors at its Eighth Avenue headquarters on the sublet market in an effort to generate some rental income. The Gray Lady, which partnered with Forest City Ratner Companies to develop the Renzo Piano-designed, 1.8 million-square-foot tower at 620 Eighth Avenue in 2007, has been scaling back its presence at the building for some time now. In 2009, the company sold part of its … [more] |
City fines NYU Langone contractor following massive fire Posted: 16 Dec 2016 01:45 PM PST The city’s Department of Buildings has hit a contractor at the NYU Langone Medical Center construction site with fines related to a massive fire on the property on Wednesday. The contractor allegedly failed to safeguard flammable materials on the site, leading to insulation material catching fire, DNAinfo reported. NYU is in the process of renovating the campus, work that includes building outpatient care facilities in the Helen L. and Martin S. Kimmel Pavilion and the … [more] |
Bradley Tusk on Airbnb being hampered by legislative hurdles Posted: 16 Dec 2016 01:40 PM PST From the December issue’s “In their words” feature, a roundup of the funniest and most insightful comments on real estate: To read other smart and/or funny sayings, click here for the full feature. … [more] |
Brookfield lends on Kassirer’s $358M “Dawnay Day” purchase Posted: 16 Dec 2016 01:00 PM PST “Neither a borrower nor a lender be,” Polonius famously counsels his son Laertes in “Hamlet.” Brookfield Asset Management usually follows that advice when it comes to multifamily deals, but decided to make an exception for the “Dawnay Day” portfolio. Brookfield loaned Isaac Kassirer’s Emerald Equity Group about $300 million to help him close on the 47-building portfolio Friday, sources told The Real Deal. The package, which Kassirer bought for $357.5 million, is one of the … [more] |
WATCH: NYC real estate’s week in numbers Posted: 16 Dec 2016 12:16 PM PST A $59 million penthouse, a $48,000 fine for Mayor de Blasio and $72.9 million spent on hotel rooms for the homeless. In real estate, it’s all about the numbers. To see the most important stats and facts from this past week, watch the video here. |
Terminator. Barbarian. Landlord. Posted: 16 Dec 2016 12:10 PM PST He needs your clothes, your boots and your motorcycle… and your rent check. Before Arnold Schwarzenegger made it big in Hollywood, he was just your average, Mr. Olympia-winning landlord. In the years before movies like “Conan the Barbarian,” “The Terminator” and “Predator” catapulted him into A-list stardom, Schwarzenegger made a tidy living in the late 1970s with $100,000 he invested in real estate. “I did not rely on my movie career to make a living,” … [more] |
Extell to refi $235M land loan at Central Park Tower Posted: 16 Dec 2016 11:20 AM PST Gary Barnett’s Extell Development is slated to refinance a $235 million land loan at its Central Park Tower condominium project with new debt from a consortium of lenders including Fortress Investment Group, Baupost Group and JPMorgan Chase, The Real Deal has learned. The financing will close just days after Extell secured a one-week extension on its previous loan from Blackstone, which was slated to come due Dec. 9. Blackstone will remain in the deal, sources said. The … [more] |
Mark-Viverito backs bill that would mandate more training for construction workers Posted: 16 Dec 2016 11:00 AM PST City Council Speaker Melissa Mark-Viverito indicated support for a bill that would mandate training programs for construction workers at tall projects. Meeting union leaders ahead of a vigil for a construction worker who plunged to his death at Two Trees Development’s Domino Sugar project, she called the accident a failure by the city. “This is about the training that is offered to workers, which is something the unions have pointed to — that many of … [more] |
Pinky Realty secures $58M to refi three NoMad buildings Posted: 16 Dec 2016 10:30 AM PST Pinky Realty’s Raizada Vaid locked down $58 million to refinance three adjacent mixed-used buildings in NoMad. Natixis Real Estate Group provided the financing, which consolidates previous loans from Sovereign Bank and RCG Longview, according to property records filed with the city Thursday. The properties include 1204-1210 Broadway, 1212 Broadway and 1214-1216 Broadway. The three buildings have a mix of office and retail space. Last year, Vaid put the retail portions of the buildings — along … [more] |
Compass, BHS offices destroyed in Sag Harbor blaze Posted: 16 Dec 2016 10:12 AM PST Gloomy day in my favorite little place & second home, Sag Harbor. So sad to see this beautiful icon destroyed. 💔🎬 A photo posted by Kate Sherwood (@katemariex93) on Dec 16, 2016 at 9:39am PST UPDATED: Dec. 16, 1:50 p.m.: Compass and Brown Harris Stevens’ offices in Sag Harbor were destroyed in a massive fire that tore through Main Street early Friday morning. Compass’ office at 84 Main Street and Brown Harris Stevens’ office at … [more] |
Trump’s US-Mexico wall? Miami Beach architects offer an alternative design Posted: 16 Dec 2016 09:10 AM PST From the South Florida website: A Miami Beach architecture firm has come up with an alternative to President-elect Donald Trump’s U.S.-Mexico wall, with a design that aims to avoid obstructing the view between the two countries. [more] … [more] |
Don’t flunk these three mortgage tests Posted: 16 Dec 2016 08:40 AM PST They are the three biggest snares for home buyers seeking mortgages, and if you focus on them in advance you’re much less likely to have your application denied. This is especially true if you’re buying — or planning to buy — your first home. So what are they? A recently completed Federal Reserve study covering millions of mortgage applications found that flunking the debt-to-income (DTI) test is the No. 1 reason why loan applicants get … [more] |
Fed puts pressure on Chinese bond bubble Posted: 16 Dec 2016 08:08 AM PST Is the Federal Reserve popping the Chinese bond market bubble? The central bank’s Wednesday announcement that it will raise interest rates more aggressively in 2017 caused bond prices in China to tumble. On Thursday, Chinese authorities briefly stopped trading in some bond futures in a bid to stem the slide. Chinese 10-year government bond yields (which rise as prices fall) hit a 16-month high of 3.4 percent. “People woke up to the fact that the … [more] |
Two Bridges developers head into the lion’s den Posted: 16 Dec 2016 07:46 AM PST Michael Stern was approaching the lectern when a booming voice from the back of the Gouverneur Health Center on Madison Street stopped him in his tracks. “Boo!” the young man screamed, directing his anger at the JDS Development Group CEO and stunning the room into silence. “You greedy corporate fuck! Fuck JDS, you greedy corporate motherfucker!” The outburst set off 10 minutes of argument between factions of attendees who wanted to hear representatives for developers … [more] |
City Council signs off on redevelopment of St. John’s Terminal Posted: 16 Dec 2016 07:12 AM PST The City Council gave the final green light on Thursday to Westbrook Partners and Atlas Capital Group’s proposed 1.7 million-square-foot redevelopment of the St. John’s Terminal, ending months of negotiations between the developers, a nonprofit trust and an influential local politician. The rezoning approval — which some council members voted against — allows Westbrook and Atlas Capital Group to move ahead with the project at 550 Washington Street, DNAinfo reported. The developers plan to turn … [more] |
AvalonBay’s 1,100-unit East Harlem tower will be 30% affordable housing Posted: 16 Dec 2016 06:35 AM PST AvalonBay revealed detailed plans for its block-wide, 1,100-unit rental tower in East Harlem to residents last night. The developer walked the local community board through its plans, which call for a 68-story residential tower and three schools located at 321 East 96th Street. Of the 1,100 planned apartments, 330 will be set aside as affordable. The 1.3 million-square-foot development includes 270,000 square feet that will house three schools — the School of Cooperative Technical Education, … [more] |
De Blasio campaign fined $48K for misusing political donations Posted: 16 Dec 2016 06:00 AM PST Mayor Bill de Blasio’s campaign was fined $47,778 Thursday amid allegations it spent public campaign funds on plane tickets for his son, a makeup artist for his family and a second party to celebrate the mayor’s election in 2013. The fines included $12,484 for contributions that exceeded campaign finance limits; $6,086 for taking donations from LLCs; and $21,159 for certain post-election expenses that are not permitted under campaign finance law. The de Blasio campaign raised … [more] |
Lower East Side tenants accuse Steve Croman of harassment, hazardous conditions Posted: 16 Dec 2016 05:30 AM PST UPDATED: Dec. 16, 3:40 p.m.: Controversial landlord Steve Croman is under fire again — this time from nine Lower East Side tenants who said they’ve been harassed and are living with hazardous conditions, including collapsed ceilings, dust and leaks. In a lawsuit filed this week, the rent-stabilized residents of 159 Stanton Street alleged that Croman offered to buy them out, and when they refused to move, he employed harassment tactics to get them to leave, … [more] |
The week in real estate market reports Posted: 16 Dec 2016 05:00 AM PST According to this week’s market reports, rental prices are down overall, average Manhattan condo prices hit $3.1 million in 2016, and NYC’s hotel market is the second on Ten-X’s ‘sell’ list. Residential November rental markets | MNS The average price of a rental unit declined in Manhattan and Brooklyn. Rents also fell slightly in Queens. Out of all Manhattan neighborhoods, prices rose the most year-over-year in Soho, ticking up 7.8 percent. Meanwhile, average rents fell by 7.8 … [more] |
Adriana Lima lists Midtown pied-à-terre Posted: 16 Dec 2016 04:30 AM PST From Luxury Listings NYC: Beautiful human Adriana Lima is ready to bid farewell to her Midtown pied-à-terre. The veteran Victoria’s Secret angel is asking $4.8 million for the two-bedroom spread at 146 West 57th Street, also known asMetropolitan Tower. The 2,200-square-foot condo has been fully renovated, and comes with custom kitchen cabinetry, oversized windows, a media room, and Central Park views. [more] … [more] |
Architecture review: Bjarke Ingels’ HFZ building Posted: 16 Dec 2016 04:00 AM PST From the December issue: Bjarke Ingels, the principal architect of BIG (Bjarke Ingels Group), must get tired of people marveling about his relative youth. Even today at 42, an age when most of his peers still labor in total obscurity, the Danish designer shines out as a star, with more commissions in the works than most established architects see in their entire careers. Plans for his first project in New York, VIA 57 West — a … [more] |
Most popular stories on The Real Deal Posted: 16 Dec 2016 03:30 AM PST Current reader favorites: 1. Inside Town Residential’s holiday bash: PHOTOS 2. Related buys four-building BK portfolio for $30M 3. 6 things you need to know about 2016’s Manhattan resi market 4. The fateful vote that made New York City rents so high 5. Allure Group in hot water with lender on dubious BK nursing home … [more] |
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