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Shvo no longer co-developer of Crown Building conversion: OKO Posted: 19 Sep 2017 03:16 PM PDT Michael Shvo is no longer involved as a co-developer of the Crown Building condominium conversion, according to a spokesperson for OKO Group, the development firm headed by Russian billionaire Vladislav Doronin that is leading the project. Sources told The Real Deal that going forward, Shvo will not be involved in marketing the project, which is slated to include luxury condos and one of Doronin’s Aman hotels. According to correspondence between OKO and Shvo reviewed by […] |
Eichner partnering with Lincoln Equities on giant Crown Heights resi development Posted: 19 Sep 2017 03:00 PM PDT Bruce Eichner’s Continuum Company and Joel Bergstein’s Lincoln Equities are planning to develop a 1-million-square-foot mixed-income residential project in Crown Heights — one of the largest developments in the history of the neighborhood. Lincoln recently went into contract to buy two parcels at 120-136 Montgomery Street spanning a combined 88,800 square feet, as The Real Deal reported Monday. Speaking at the RealInsight New York Multifamily Summit on Wednesday, Eichner said the partners are buying a […] |
Vanbarton buying 990 Sixth for $320M Posted: 19 Sep 2017 01:55 PM PDT The Vanbarton Group is in contract to pay close to $320 million to buy the 400,000-square-foot rental building at 990 Sixth Avenue. That’s a 20 percent discount on the $400 million asking price the property carried when it hit the market in May. The investor has the option of converting the 25-story tower’s 320 rental apartments into condominiums or renovate the property to bring in higher rents, Crain’s reported. The property, also known as the […] |
Follow The Real Deal on Twitter Posted: 19 Sep 2017 01:05 PM PDT Keep up with The Real Deal on the go by following us on Twitter. We’ll keep you posted with up-to-the-minute tweets, breaking industry news and live updates from around the world of NYC real estate. |
After a quiet period, Naftali is back: Developer putting together Madison Ave. assemblage Posted: 19 Sep 2017 12:45 PM PDT In 2015, Miki Naftali was one of the first developers to declare that the Emperor had no clothes. Land was just too expensive for deals to make sense, he said at the time, and his company, the Naftali Group, would be focusing for a time on their active projects rather than sourcing new deals. But now, that dormant period has ended. The developer is stitching together an Upper East Side assemblage along Madison Avenue, likely […] |
Posted: 19 Sep 2017 12:05 PM PDT From the September issue: Real estate pros share their picks for books on the Underground Railroad, immigration and the psychology of getting rich. |
Architects propose wooden building that would rise out of Central Park reservoir Posted: 19 Sep 2017 11:25 AM PDT Forget about waterfront views: This proposed timber tower would rise directly out of one of Central Park’s lakes. Midtown-based architecture firm, DFA, has dreamed up a temporary wooden tower that would sit in the Jacqueline Kennedy Onassis Reservoir, Dezeen reported. The 712-foot-tall prefabricated tower would not only feature observation decks with 360-degree views, but it would also contain a filtration system in its base to treat the one billion gallons of contaminated water in the […] |
Related asking $32M for the first PH at 15 Hudson Yards Posted: 19 Sep 2017 10:45 AM PDT Related Companies is listing a 5,200-square-foot penthouse condominium unit atop its residential tower 15 Hudson Yards for $32 million. It’s the first of four duplex penthouses at the Hudson Yards development that will eventually hit the market, the Wall Street Journal reported. It features four bedrooms, six bathrooms, a private elevator and 116 feet of floor-to-ceiling windows, according to the publication. Related launched sales at 15 Hudson Yards in September 2016, and has now sold […] |
The rent is too damn low: Attorneys discuss how landlords can maximize collections Posted: 19 Sep 2017 10:05 AM PDT A trio of real estate attorneys sitting on a Tuesday morning panel had a strong message for landlords fighting with their tenants over rent: don’t end up in court. “If you go to court, you’re really a loser to begin with,” said Cory Weiss, a partner at Ingram Yuzek, “because the courts are so tenant-oriented that a tenant could spend months in court not having to pay any rent and then sign a stipulation giving […] |
City Planning signs off on rezoning of Rabsky’s Pfizer sites Posted: 19 Sep 2017 09:20 AM PDT The City Planning Commission on Tuesday signed off on rezoning a group of Brooklyn properties — known as the Pfizer sites — owned by the Rabsky Group, moving the developer one step closer to building a 1 million-square-foot housing complex. Harrison Realty, an affiliate of Simon Dushinsky and Isaac Rabinowitz’s Rabsky, plans to build 1,146 residential units across eight buildings on the Williamsburg sites as part of the city’s Mandatory Inclusionary Housing program. The developer […] |
Acadia sells Inwood office building Posted: 19 Sep 2017 08:50 AM PDT UPDATED: Sep 18., 4:30 pm: Fairbridge Properties bought a 53,000-square-foot office building in Inwood, records filed with the city Tuesday show. Acadia Real Estate Trust sold the property at 4055 10th Avenue for $30.6 million. Fairbridge, a New Jersey-based investment firm, financed its acquisition with a $24.5 million loan from French financial services firm Societe Generale, according to records. The building has sextupled in value since Acadia bought it in 2006, when it paid just […] |
Judge postpones Steve Croman sentencing Posted: 19 Sep 2017 08:30 AM PDT Manhattan State Supreme Court Justice Jill Konviser postponed sentencing for Oct. 3. |
Need a new roof? State agencies suspend certain rules to hasten post-Irma recovery Posted: 19 Sep 2017 07:30 AM PDT From TRD Miami: Gov. Rick Scott ordered state agencies to suspend certain construction permit requirements and other regulations to quicken repairs at property damaged last week by Hurricane Irma. The Florida Department of Business and Professional Regulation issued an emergency order to “suspend certain regulations and fees that may prevent, hinder or delay” recovery from Irma, including roof repairs and installations. “I think that’s a great move. It has been done in the past” after […] |
Toys “R” Us files for Chapter 11 bankruptcy Posted: 19 Sep 2017 07:00 AM PDT Facing crushing debt and competition from online retailers, Toys “R” Us filed for Chapter 11 bankruptcy Monday. The company has more than $5 billion in long-term debt, $400 million of which is coming due in 2018, the New York Times reported. Vornado Realty Trust, along with Kohlberg Kravis Roberts and Bain Capital, borrowed heavily to purchase the company in 2005 for $6 billion. To help Toys “R” Us continue to pay suppliers and employees, JPMorgan […] |
Deutsche Bank was the top dog among NYC lenders in Q2 Posted: 19 Sep 2017 06:30 AM PDT Deutsche Bank topped CrediFi’s ranking of the most active lenders in the second quarter |
Two Trees signed a high-end restaurant at Domino Sugar Posted: 19 Sep 2017 06:00 AM PDT Michelin star chef Missy Robbins plans to open a new restaurant at Two Trees Management’s $3 billion Domino Sugar redevelopment. Robbins, who owns the Williamsburg restaurant Lilia, will take roughly 4,000 square feet at 325 Kent Avenue, the New York Post reported. The restaurant is expected to open next year. In June, Two Trees announced that craft beer and specialty shop Mekelburg’s planned to open a 4,000-square-foot location at 325 Kent Avenue, the first retailer […] |
These were the largest real estate loans recorded in August Posted: 19 Sep 2017 05:30 AM PDT Most of the top loans recorded in Manhattan this August were refinancings. |
Office boom times: Volume of new space in Manhattan inches close to three-year high Posted: 19 Sep 2017 05:00 AM PDT Over the next three years, more than 15 million square feet of new and redeveloped office space will be completed in Manhattan. |
Here’s a who’s who of REBNY’s top brass Posted: 19 Sep 2017 04:30 AM PDT From the September issue: John Banks, President Much like his predecessor, Steven Spinola, what Banks brings to the table at REBNY are years of experience in policy and the many connections he made along the way. He’s also earned a reputation as a firm and level-headed negotiator. From humble beginnings in New York City’s Finance Department, Banks rose to chief of staff for the City Council and went on to spend 13 years as the […] |
Here’s how agents do showings safely Posted: 19 Sep 2017 04:00 AM PDT Agents said that personal safety is a major factor in how they conduct business. |
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