The Real Deal - New York Real Estate News

Est4te Four lands $79M loan for Red Hook condo building

Posted: 06 Jun 2018 03:23 PM PDT

Italian developer Est4te Four landed a $79.4 million loan for its Red Hook condominium building, according to documents filed with the city today. The property, at 160 Imlay Street, is a six-story, 70-unit condo development built on the former site of a New York Dock Company warehouse. Est4te Four launched sales for the building in 2014, with prices starting at $1.28 million. At the time, a three-bedroom unit in the building priced at $2.9 million stood […]

Ofer Cohen named chair of Downtown Brooklyn Partnership

Posted: 06 Jun 2018 02:46 PM PDT

TerraCRG founder and CEO Ofer Cohen is replacing MaryAnne Gilmartin as chair of the board of directors on the Downtown Brooklyn Partnership. The board unanimously elected Cohen to the position on Wednesday, according to the Commercial Observer. He has served on the board since 2014 and also serves on the boards of the Brooklyn Hospital Foundation and the Brooklyn Navy Yard. Gilmartin had spent four years as chair of the organization. She recently left Forest City New York […]

Manhattan home prices rose 8.7% in April

Posted: 06 Jun 2018 02:33 PM PDT

Residential Sales | Maxwell Jacobs The Manhattan market continues to soften. In May, the number of active listings in the borough rose 10.4 percent compared to the same month last year. This coincided with a significant drop in closed sales. During the period, the number of sales in the borough stood at 508 transactions, which amounts to a 34.2 percent year-over-year decline. Read the report here. Sales | CityRealty The average sales price for all […]

Rose Companies files plans for 384-unit resi complex in East Harlem

Posted: 06 Jun 2018 02:05 PM PDT

Jonathan Rose Companies is planning a 384-unit mixed-use building in East Harlem, part of its even larger Sendero Verde complex. The building, which the company is developing with L+M Development Partners, will be located at 1681 Madison Avenue and span about 346,000 square feet, split between roughly 318,000 square feet of residential space and 28,000 square feet of commercial space. It will rise 37 stories with 384 residential units. Representatives from Jonathan Rose Companies did not […]

Israeli firm invests about $40M in Brooklyn shopping center

Posted: 06 Jun 2018 01:35 PM PDT

Gazit-Globe has made a roughly $40 million investment in a shopping center located deep within Brooklyn, according to sources familiar with the deal. The Tel Aviv-based real estate company’s U.S. subsidiary Gazit Horizons has entered into a joint venture with owner Surrey Equities for the leasehold interest at Caesar’s Bay Bazaar in Brooklyn. The shopping center spans 300,000 square feet across 14 acres along the borough’s Bath Beach waterfront, and Gazit acquired a 41 percent […]

“I don’t think there’s ever been a, ‘We gotta get more p—- on the block, OK?’”: Sam Zell

Posted: 06 Jun 2018 01:13 PM PDT

When Sam Zell was asked Wednesday about the highly charged topic of gender diversity and the #MeToo movement, he responded in a way that only Sam Zell would. The chairman of Equity Group Investments said he had promoted women based on merit. “I never promoted a woman because she was a woman. I never demoted a woman because she was a woman. My issue is what do you do, what do you produce, how do […]

Scorecard: Queens’ new dev filings are outpacing sales

Posted: 06 Jun 2018 12:49 PM PDT

A roundup of news and data on the residential market.

WeWork takes new location at property owned by top exec’s family

Posted: 06 Jun 2018 12:31 PM PDT

UPDATED, 4:11 p.m., June 6: WeWork is opening a location at a Flatiron District property partially owned by the family of one of its top executives. The co-working giant, which was valued at $20 billion after its latest fundraising round, signed a four-floor, 45,000-square-foot lease at 71 Fifth Avenue. A company representative confirmed the deal but declined to comment. WeWork will occupy four floors in the 11-story building, controlled by Madison Capital, which acquired the […]

Extell, Zeckendorf in talks to lead development of 520 Fifth: sources

Posted: 06 Jun 2018 11:39 AM PDT

Ceruzzi Properties and SMI USA are on the hunt for a development partner at 520 Fifth Avenue. A handful of developers are said to have been looking at the property, which is slated to be home to a roughly $500 million mixed-use development. The top contenders, according to sources, are Zeckendorf Development and Gary Barnett’s Extell Development — which is also partners with SMI on Central Park Tower. Ceruzzi Properties, whose namesake founder Lou Ceruzzi […]

Inspectors missed hazardous, unsafe conditions on NYC elevators: report

Posted: 06 Jun 2018 11:06 AM PDT

A new report on the city’s elevators conjures nightmare scenarios: Worn-out cables and the danger of the doors opening between floors. In three different buildings, city and state officials found that elevator inspectors didn’t notice defective “door restrictors,” the devices that prevent the doors from opening between floors, according to a report released by the New York State Comptroller Thomas DiNapoli. At two other buildings, officials discovered “rouging,” abrasions that cause hoist cables to wear. […]

Baby-clothing magnate buys Scribner mansion for $16M

Posted: 06 Jun 2018 10:35 AM PDT

The Upper East Side townhouse once home to publishing magnate Arthur Scribner sold for $16 million, according to property records filed with the city Wednesday. The mansion at 39 East 67th Street was recently asking $18.75 million, below the $22.5 million it last sold for in 2014. The buyer is David Cayre, a member of the family that owns baby clothing brands Buster Brown and Kids Today. The seller is 39 East 67th LLC, controlled […]

TSX Broadway’s developers say completed project will be worth $4.2B

Posted: 06 Jun 2018 10:01 AM PDT

The massive Times Square hotel-and-retail redevelopment known as TSX Broadway is expected to be worth nearly $4.2 billion by 2023, according to a prospectus shared with Chinese investors in the project that was reviewed by The Real Deal. Maefield Development, Fortress Investment Group and L&L Holding Company plan to close the Palace Theatre and the DoubleTree hotel at the site on Sept. 15 to begin demolition and construction. The existing retail portion of the property […]

Westchester & Fairfield Cheat Sheet: RBS sells Stamford building … & more

Posted: 06 Jun 2018 09:35 AM PDT

Royal Bank of Scotland selling Stamford building, but still plans to lease space The Royal Bank of Scotland is selling its Stamford building — a move that comes as the company continues to “reduce… [its] global footprint,” the company said in a statement. The bank has laid off more than 700 people in Stamford over the past few years, the Fairfield Business Journal reported. Though it will no longer own the building, the company still plans to […]

Follow The Real Deal on Twitter!

Posted: 06 Jun 2018 09:00 AM PDT

Keep up with The Real Deal on the go by following us on Twitter. We’ll keep you posted with breaking industry news and live updates from around New York City real estate.

PHOTOS: Highlights from TRD’s inaugural golf outing

Posted: 06 Jun 2018 07:48 AM PDT

Richard Masterson Jr. had a round to remember at The Real Deal South Florida’s inaugural golf outing on Monday. In between drives and putts, the One Sotheby’s International Realty agent got an offer for his $1.5 million home listing in Lighthouse Point and received emailed contracts for two upcoming closings. And after 18 holes, his foursome finished third, overall. It was a good day. The mood was upbeat, as 100 South Florida real estate professionals […]

With less than half of tower leased, Silverstein’s 3 WTC is opening

Posted: 06 Jun 2018 07:41 AM PDT

The newest World Trade Center family member, 3 WTC, is expected to open Monday, in what has been a 10-year wait since Silverstein Properties first broke ground at the site. Larry Silverstein, whose firm developed the 80-story tower, will cut the ribbon in front of the building early next week, according to the New York Post. Construction on the $2.4 billion tower, which offers views of four states from the top and holds more than […]

City backs Phipps Houses in union fight over Far Rockaway complex

Posted: 06 Jun 2018 06:45 AM PDT

The de Blasio administration has unwittingly waded into a fight between a developer and a powerful union after voting to provide funding for a Far Rockaway development with affordable housing. Over protests from 32BJ SEIU, a union that represents building service workers, the city’s Housing Development Corporation voted Tuesday to allocate $86.8 million in financing to affordable-housing developer Phipps Houses to build a $279 million project in Far Rockaway, according to Politico. The development, Far […]

Kushner Companies sells stakes in 85 Jay site and Columbia Heights complex

Posted: 06 Jun 2018 06:14 AM PDT

Kushner Companies sold its minority interests in two key portions of the former Jehovah’s Witness headquarters in Dumbo, in an effort to focus on larger developments in its portfolio. The company bought into the five-building complex in 2016, in a joint venture with CIM Group and LIVWRK Holdings for $340 million. It sold its 2.5 percent in the complex at 25-30 Columbia Heights and another 2.5 percent stake in the proposed skyscraper site 85 Jay […]

Barone Management buys Jamaica sites

Posted: 06 Jun 2018 05:30 AM PDT

Barone Management has purchased a pair of sites in Queens’ Jamaica neighborhood for $20 million and plans to use them for a charter elementary school and two new residential buildings. Barone closed Monday on the purchase of the land parcels at 89-25 161st Street and 89-25 162nd Street, which together have more than 295,000 buildable square feet, according to representatives for the company. It acquired the sites from the Sisters of St. Dominic, a Christian religious order. The […]

The top 10 NYC office leases in May

Posted: 06 Jun 2018 05:00 AM PDT

UPDATED: June 6, 2:13 p.m.:May’s top offices leases secured much more square footage than April’s. The top 10 office lease deals totaled 2.4 million square feet, larger than April’s top 10 leases, which totaled 1.9 million square feet. 1) Deutsche Bank, 1 Columbus Circle, Central Park South – 1,100,000 square feet The German bank inked a lease for 1,100,000 square feet of office space at 1 Columbus Circle. Peter Riguardi and Ken Siegel of JLL […]

Is New York City headed for another foreclosure crisis?

Posted: 06 Jun 2018 04:30 AM PDT

When Canadian fashion mogul Maurice Benisti’s company lent nearly $19 million to a buyer of a new apartment at Extell Development’s One57, there was no indication that the deal was doomed. But the entity reportedly linked to Sheri Izadpanah failed to pay back the mortgage by its due date of July 8, 2016, and an LLC tied to Benisti put the four-bedroom unit on the auction block in June 2017 — marking the first foreclosure […]

At FTC workshop, industry grapples with the sacred cow of commissions

Posted: 06 Jun 2018 04:00 AM PDT

Despite having access to a wealth of real estate data online, buyers and sellers can still be clueless about how commission fees work. But have traditional brokerages intentionally kept consumers in the dark in an attempt to maintain their rates? That was a key point of contention at a “workshop” convened Tuesday by the Federal Trade Commission and Department of Justice. The workshop, titled “What’s New in Residential Real Estate Brokerage Competition” coincided with the […]