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The Real Deal - New York Real Estate News |
Allure Group in hot water with lender on dubious BK nursing home Posted: 14 Dec 2016 03:46 PM PST The mastermind behind the Rivington House scandal is in trouble again, this time with a lender on a Brooklyn nursing home that’s under investigation from state authorities. Joel Landau and his partners at the Allure Group have repeatedly fallen behind on a $20 million loan on the CABS Nursing Home in Bedford-Stuyvesant, and are trying to force its lender, the Midtown-based financial consulting firm Sabr Group, to buy the property next week at a price … [more] |
Posted: 14 Dec 2016 03:00 PM PST Montauk is still salty about Bravo’s “Summer House” reality show “Montauk is like your mom’s friend’s daughter who’s a little promiscuous — by a little, I mean a lot,” according to a cast member in Bravo’s new reality show, “Summer House.” But Montauk begs to differ. “We are very concerned that this show promotes a false picture of Montauk as a raucous party town, when in fact the complete opposite is true,” Paul Monte, president … [more] |
Inside Town Residential’s holiday bash: PHOTOS Posted: 14 Dec 2016 02:40 PM PST [caption id="attachment_1278820" align="aligncenter" width="570"] Clockwise from top left: Dana Power and Andrew Heiberger, Tavern on the Green, Gene Kaufman and Blu Toth and Ismael Leyva[/caption]It’s typically one of the biggest real estate parties of the year, ending with brokers tumbling out of Tao’s Meatpacking District venue in the wee hours. While still attracting hundreds of people, Town Residential’s annual holiday bash struck a different tone this year thanks to a move to Central Park’s iconic Tavern on the Green. Click here to view the photos and read more. |
Extell sells commercial condo to Success Academy for $68M Posted: 14 Dec 2016 02:25 PM PST Gary Barnett’s Extell Development, currently working to lock down financing for several of its high-profile condominium projects, has collected $67.7 million from the sale of a commercial condominium unit at its 555 10th Avenue rental tower. Success Academy Charter Schools bought the 93,871-square-foot commercial space at the base of the 562,325-square-foot tower, according to public records filed with the city Wednesday. The sale price equates to $721 per square foot. The deal comes as Extell … [more] |
6 things you need to know about 2016’s Manhattan resi market Posted: 14 Dec 2016 02:08 PM PST Average apartment prices in Manhattan hit a record of $2.2 million in 2016, thanks in part to closings at ultra-luxury condominiums such as 432 Park Avenue and 150 Charles Street. That’s according to a new report from CityRealty, which also predicted that condo prices next year would dip slightly for the first time in five years. The average sales price of a Manhattan condo in 2016 was $3.1 million, according to the report, up 19 … [more] |
Starrett Corp. reveals new plans for Two Bridges skyscraper Posted: 14 Dec 2016 01:51 PM PST Starrett Corp. this week unveiled new renderings and details of its planned skyscraper in Two Bridges, one of four massive projects that could transform the neighborhood. Revised plans show a 62-story glass tower at 259 Clinton Street with 732 apartments and 2,500 square feet of commercial space, according to the Lo-Down. Located between Pier 42 and Pier 35, the building would be constructed on a two-story podium, with the first few floors rising high enough … [more] |
Ben Carson on working for the federal government Posted: 14 Dec 2016 01:00 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] |
Fed expects to raise interest rates more aggressively in 2017 Posted: 14 Dec 2016 12:31 PM PST The Federal Reserve on Wednesday raised interest rates for the first time in 2016 and also indicated it will raise short-term interest rates more aggressively in 2017 than initially planned. It now expects the federal funds rate, a short-term benchmark rate for overnight interbank loans, to rise to 1.4 percent next year, up from a September estimate of 1.1 percent. With Wednesday’s hike, the central bank expects that rate will likely end this year at … [more] |
The Real Deal’s Data Book is getting a makeover Posted: 14 Dec 2016 12:00 PM PST The Real Deal is completely redesigning its Data Book, now in its 12th edition. The industry’s most comprehensive collection of information on the New York-area real estate market will sport more pictures and a new look, bringing more of the style and energy TRD‘s flagship magazine is well-known for. Now with a greater focus on industry players and rankings of top residential agents, commercial brokers, law firms and more, the Data Book gives you essential statistics … [more] |
Landmarks approves Sullivan-Thompson historic district Posted: 14 Dec 2016 11:30 AM PST A decade-long campaign to block unfettered development in Manhattan’s South Village came to a close yesterday, with the Landmarks Preservation Commission voting to designate the Sullivan-Thompson Historic District. The commission voted unanimously to designate the Lower Manhattan district, Curbed reported. The area — which is bound by West Houston Street on the north, Watts Street on the south, Sixth Avenue on the west and Thompson Street on the east — includes around 157 buildings, according … [more] |
Ivanka Trump lists Park Avenue pad for $4M Posted: 14 Dec 2016 11:00 AM PST From Luxury Listings NYC: Jewelry isn’t the only thing Ivanka Trump is hawking. The soon-to-be First Daughter has listed an apartment she owns at 502 Park Avenue — a Trump building — for $4.1 million. [more] … [more] |
Wildenstein heir chops $10M off price of Sutton Square townhouse Posted: 14 Dec 2016 10:51 AM PST UPDATED, Dec. 14, 3:19 p.m.: Scandal-plagued billionaire Guy Wildenstein, who is awaiting a judge’s decision in a vast tax fraud scheme in France, appears to be getting desperate to sell his Sutton Square mansion. The 70-year-old heir to the Wildenstein art fortune has chopped $10 million off the asking price for his double-wide townhouse at 7 Sutton Square, which is now asking $39 million, down from $48.5 million. The art dealer has also switched brokers … [more] |
Extell sues neighbor for allegedly halting progress on Hard Rock hotel Posted: 14 Dec 2016 10:20 AM PST Gary Barnett’s Extell Development claims the owner of two buildings that neighbor one of its properties in the Theater District is preventing it from constructing a 35-story hotel. The developer is suing Bennett Brodie, who owns two four-story properties that are adjacent to Extell’s 159 West 48th Street, according to documents filed with the New York State Supreme Court on Monday. Extell plans to demolish a seven-story parking garage on the site to make way for a … [more] |
Paul Ryan’s tax plan could cost New Yorkers $68B deduction Posted: 14 Dec 2016 09:35 AM PST New Yorkers face a $15 billion net increase in their federal income tax bills if House speaker Paul Ryan’s plan to scrap a key deduction is enacted, according to an estimate by Gov. Andrew Cuomo’s administration. Ryan has proposed eliminating a rule that allows individuals to deduct state and city taxes, including real estate taxes, from their federal tax bill. The change would affect all 50 states, but would disproportionately hit California and New York … [more] |
“The Closing” book available for purchase, download Posted: 14 Dec 2016 09:15 AM PST “The Closing” book features 100 candid interviews with industry heavyweights, who share the good, the bad and the ugly they faced while climbing to the top, and for some, falling from grace. The collection is drawn from nearly a decade of The Real Deal’s back-page interview, The Closing, one of the most popular features with readers since the magazine’s inception. In no-holds-barred conversations, we learn about the tough times and the triumphs of luminaries like Charles Kushner, who … [more] |
Here’s what the $10M-$20M investment sales market looked like last week Posted: 14 Dec 2016 08:41 AM PST [caption id="attachment_1277436" align="aligncenter" width="570"] Left to Right: 178 Mulberry Street, David Berley, 130 Madison Avenue[/caption]Last week in the world of mid-market New York City investment sales, David Berley’s Walter & Samuels bought an six-story Madison Avenue office building for $14.5 million, and Houston, Texas-based Winthrop Investments picked up a 29-unit Nolita rental building for $15.2 million. Click here for the story and more. |
Pricey penthouses at 215 Chrystie, 1 Manhattan Square go under contract Posted: 14 Dec 2016 08:09 AM PST Notions of a gritty Lower East Side are giving way to luxury condominiums, thanks to a string of multimillion-dollar condo deals. Even with luxury sales dipping citywide, developers at One Manhattan Square and 215 Chrystie Street are selling penthouse units for relatively large sums, the Wall Street Journal reported. At its 815-unit tower One Manhattan Square, Extell Development put a five-bedroom duplex under contract for about $13 million, the developer told the Journal. And at Ian … [more] |
Trump will breach his Washington hotel lease when he becomes president: Democrats Posted: 14 Dec 2016 07:24 AM PST Donald Trump may automatically be in breach of the lease for his Washington, D.C. hotel once he is sworn in as president, according to four Democratic congressmen briefed on the matter by the federal General Services Administration. The GSA manages federally owned real estate including the Old Post Office building, which Donald Trump leased and turned into a luxury hotel that opened this year. A clause in the lease stipulates that no “elected official of … [more] |
Brooklyn politicians want 421a for pricey outer borough condos Posted: 14 Dec 2016 06:53 AM PST Two Brooklyn state senators are leading a push to make larger and pricier outer borough condo developments eligible for the 421a tax abatement. State lawmakers are currently working on a renewal of the program after construction unions and real estate leaders agreed on wage requirements last month for projects in Manhattan south of 96th Street as well as the Brooklyn and Queens waterfronts. A June 2015 proposal never signed by Gov. Andrew Cuomo severely limited … [more] |
City spent more than $600 per night housing homeless people at Times Square hotel Posted: 14 Dec 2016 06:15 AM PST For City Hall, fighting homelessness comes with a heavy price tag: the de Blasio administration in one instance paid more than $600 per night to put homeless families up in Times Square hotels. The rates are the exception. On average, the city’s Department of Homeless Services pays $194 per room and night. But that number is up from $163 a year ago. Meanwhile, the number of hotel rooms the department books for homeless families jumped … [more] |
15 CPW penthouse hits market for $59M Posted: 14 Dec 2016 05:50 AM PST The ultra-luxury market may be slow, but that’s not stopping one owner at 15 Central Park West from listing a sprawling penthouse for $59 million. The condo — measuring roughly 5,300 square feet — is asking $11,132 per square foot. It has four bedrooms, 5.5 baths and a 34-foot gallery facing Central Park, according to the listing, which does not specify which penthouse is being sold. But it appears the seller is Bob Diamond, former … [more] |
City Hall can’t figure out how to tax Riverside South Posted: 14 Dec 2016 05:22 AM PST City Hall is owed $4.6 million in property taxes because no one can figure out who owns streets and public parkland at the massive Riverside South development. Some of the tax bills have been sent to Extell Development, which briefly owned the complex, but the firm says it has simply been ignoring them since it no longer owns the buildings. To add to the confusion, some of the checks the city did receive bounced, according … [more] |
WATCH: This megadevelopment flanking the LA River could be Bjarke Ingels’ first project in the city Posted: 14 Dec 2016 04:43 AM PST From the Los Angeles website: The Gallo family and V.E. Equities are teaming up for a 30-story megaproject along the L.A. River, which would be designed by Bjarke Ingels. The mixed-use project, which would be the Danish architect’s first project in Los Angeles, would include 250 rental units, two boutique hotels and 800,000 square feet of office space, with retail and restaurants on the ground floor. To see renderings of the proposed project, watch the video here. |
Is Flushing being overdeveloped? Posted: 14 Dec 2016 04:00 AM PST From the December issue: These days, Flushing is like a teenager undergoing an awkward growth spurt. Driven largely by a skyrocketing Chinese population, the Queens neighborhood has seen an explosion in luxury condos, retail and office space, and upscale hotels. Since 2010, over 2,600 condominium apartments have hit the market, and between 2,400 and 2,800 more are expected to follow by 2021, according to public-records data compiled by the real estate consultant Nancy Packes. During … [more] |
Most popular stories on The Real Deal Posted: 14 Dec 2016 03:30 AM PST Current reader favorites: 1. Manhattan’s New Skyline (*© CIM Group) 2. Extell secures one-week extension on $235M Blackstone loan 3. Inside Moinian Group’s holiday party: PHOTOS 4. Gamma wins 3 Sutton Place at foreclosure auction 5. Paydirt: Knakal makes his move, multifamily streak, resi broker gimmicks … & more … [more] |
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