The Real Deal - New York Real Estate News

Brookfield, Waterman take over ground lease at Lever House amid RFR’s refinancing woes

Posted: 23 Jul 2018 03:36 PM PDT

Brookfield Properties and Waterman Interests have taken over the Lever House’s ground lease, seemingly replacing RFR Realty after the company struggled to refinance the property. The two companies announced on Friday that they formed a joint venture to take over a long-term leasehold at 390 Park Avenue. The joint venture is leasing the property from an affiliate of Omnispective, which is run by the Korein family. Terms of the deal weren’t immediately available on Monday. […]

Here’s what the $10M-$20M NYC investment sales market looked like last week

Posted: 23 Jul 2018 03:00 PM PDT

In the world of mid-market New York City investment sales last week, Heritage Equity Partners bought a gas station site in Greenwood and Cammeby’s International bought another residential building in Kew Gardens. 1) Heritage Equity Partners bought an Exxon Mobil gas station site in Greenwood for $19.8 million. The seller of 867-875 4th Avenue is a joint venture led by Renaissance Realty Group. 2) Cammeby’s International Group bought 82-46 Lefferts Boulevard, a six-story, 54-unit residential […]

Redevelopment is keeping Monclair, NJ on the map

Posted: 23 Jul 2018 02:30 PM PDT

Montclair has always been a popular New Jersey location, but it’s recently been getting more than its usual fair share of attention. That’s in part because, after living in the tony suburb for more than 30 years and raising three sons there, retired makeup mogul Bobbi Brown and her husband, local developer Steven Plofker of Willow Street Partners, have just opened Montclair’s first hotel. The George, their 32-room boutique hotel at Claremont and North Mountain avenues […]

Pharma company inks largest office lease in NJ this year

Posted: 23 Jul 2018 02:00 PM PDT

Teva Pharmaceutical has inked a 360,000-square-foot lease at a P3 Properties office complex in New Jersey, the largest lease of the year for the state. The company will be in the MCC BLUE office complex at 400 Interpace Parkway in Parsippany for 12 years, according to P3 Properties. Fred Hyatt, Frank Recine, Tim Greiner and Blake Goodman of JLL represented P3, while Dan Johnsen of Cushman & Wakefield represented Teva. Rent was in the upper […]

Silverstein Properties names new chief information officer

Posted: 23 Jul 2018 01:30 PM PDT

Silverstein Properties just named Yael Urman, a former executive in the oil and pharmaceutical industries, as its new chief information officer. Urman most recently served as director of applications at PBF Energy, a New Jersey-based petroleum-refinery company. Before that, she was head of information technology at Ness Technology North America and director of IT at Teva Pharmaceuticals’ global operations. She earned her master of business administration from Tel-Aviv University and a bachelor of science in […]

Here’s the price range Cushman is targeting for its IPO

Posted: 23 Jul 2018 01:00 PM PDT

Cushman & Wakefield has set the price range for its IPO at $16 to $18 per share, according to a prospectus filed with the Securities and Exchange Commission on Monday. The firm, backed by private equity firm TPG Capital, expects to make $719.3 million from the offering. More than half of the proceeds ($470 million) will go toward paying down debt, which was expected. The brokerage has a total debt of $3 billion, the filing […]

Why Manhattan is now a buyer’s market at all price points

Posted: 23 Jul 2018 12:16 PM PDT

Even the cheap apartments aren’t selling. In Manhattan, units priced below $1 million are piling up, according to a study by StreetEasy. Inventory climbed 27 percent in June from a year earlier — to the highest level for the month since 2013, the website found. It’s essentially a buyers’ market across the board, and the total number of available homes in Manhattan is at the highest for the month since 2011. In Brooklyn and Queens, […]

Investors show strong demand for data center properties

Posted: 23 Jul 2018 11:30 AM PDT

Investor interest in the data center sector remains strong, and expected future demand for their services means the sector might be strong enough to weather a downturn at the end of the cycle. The sector has seen a handful of major deals this year as firms expand and acquire interests in data centers, according to National Real Estate Investor. Brookfield Infrastructure plans to buy AT&T Inc.’s data centers for $1.1 billion. EdgeCore Internet Real Estate, […]

BREAKING: Miami Beach condo building collapses; demo was underway

Posted: 23 Jul 2018 10:45 AM PDT

UPDATED, July 23, 1:25 p.m.: A Miami Beach condo building being demolished collapsed Monday morning, injuring at least one person. The waterfront building at 5775 Collins Avenue, formerly known as the Marlborough House, had a demolition permit but not an implosion permit, according to the Miami Beach Police Department’s Twitter account. Miami Beach Police said there has been only one reported injury, and the victim was being transported to Jackson Memorial Hospital. The 13-story, 110-unit […]

Starrett looking to build 199-unit resi complex in Coney Island

Posted: 23 Jul 2018 10:00 AM PDT

The development arm of Starrett Corp. is making plans for a new development in Coney Island. The company filed permits for a 159,900-square foot mixed-use building with 199 residential units at 2760 West 33rd Street, near the corner of Neptune Avenue and West 33rd Street. Plans call for a 14-story building that will be 149 feet in height. Starrett is looking to include amenities such as a tenant recreation room, bicycle storage and a parking […]

Phipps Houses lands $233M from city for Far Rockaway complex

Posted: 23 Jul 2018 09:30 AM PDT

Phipps Houses has landed a $233.3 million loan for its massive affordable housing complex in Far Rockaway. The money for 20-02 Mott Avenue comes from the New York City Housing Development Corporation, and its largest pieces are two building loans for $105.8 million and $72.2 million, according to property records. It will go toward the first phase — 457 units — of Far Rockaway Village, a project that will include roughly 1,700 units overall. HDC […]

Highgate: The quiet hotel powerhouse

Posted: 23 Jul 2018 09:00 AM PDT

Those who grew up in the 1980s will no doubt remember the catchy jingle about the Milford Plaza Hotel — aka the Lullaby of Broadway. But in 2009, there was very little singing and dancing at the Eighth Avenue institution. Instead, 350 workers were laid off, a planned renovation was scrapped, and Philip Milstein’s Ogden Cap Properties put the 1,331-key Midtown property on the market. The following year, with the hotel sector still reeling from the financial crisis, […]

Here are the week’s top luxury sales

Posted: 23 Jul 2018 08:00 AM PDT

Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales.

Brooklyn luxury market saw 12 contracts signed last week

Posted: 23 Jul 2018 07:30 AM PDT

The Brooklyn luxury market saw 12 contracts signed last week, split between eight houses and four condominiums. The properties sold for about $45.4 million overall and went for an average price of about $3.8 million, according to the latest report from Stribling & Associates. The firm defines the borough’s luxury market as all homes priced at $2 million or higher. Last week was slower than the week before by contract volume but higher by dollar […]

JEMB Realty lands big loan for One Willoughby Square project

Posted: 23 Jul 2018 07:00 AM PDT

JEMB Realty has landed a $235 million construction loan for One Willoughby Square. The loan comes from Otéra Capital, a large real estate lender based in Canada, according to the Wall Street Journal. JEMB owns office buildings in Montreal and has an established relationship with Otéra. The company’s Downtown Brooklyn project will be a 500,000-square-foot office tower. About one-third of the building is leased so far, with tenants including a 300-seat public school spanning 87,000 […]

Paul Massey leases Bryant Park space for new brokerage

Posted: 23 Jul 2018 06:30 AM PDT

Paul Massey leased office space in Midtown for his new brokerage, B6 Real Estate Advisors. Massey signed a sublease with employment-information company DHI Group for just over 12,000 square feet at 1040 Sixth Avenue, the New York Post reported. “We love the Bryant Park area and think it will be one of the places everyone wants to be,” Massey said. “We are sitting on the biggest transportation hub, which is important because our people will […]

Overstock dot home? E-commerce giant gets into real estate

Posted: 23 Jul 2018 06:00 AM PDT

Online retailer Overstock.com is knocking on the door of the real estate business. The e-commerce site — known for selling household goods at a discount — is now launching an entire platform for real estate that it’s calling O Real Estate. The first iteration involves a property management service called Houserie, the company said today. Houserie, a startup that Overstock bought in February and is re-launching today, will be geared toward the residential market, and […]

Manhattan’s luxe resi market saw 13 contracts last week: Olshan

Posted: 23 Jul 2018 05:30 AM PDT

Manhattan’s luxury residential market recorded 13 contracts at $4 million and up last week, according to Olshan Realty’s weekly market report. That figure was down from 16 contracts signed during the same time last year. GID Development Group’s Waterline Square condominium project claimed the week’s priciest deal, with unit 36A at 10 Riverside Boulevard going into contract with an asking price of $15.5 million. The four bedroom, 4.5 bath condo spans 3,783 square feet, bringing […]

Long Island Cheat Sheet: Developers abandon Baldwin redevelopment project for the second time … & more

Posted: 23 Jul 2018 05:00 AM PDT

Developers abandon Baldwin redevelopment project for second time Engel Burman Group and Basser-Kaufman have left a six-acre development project again, seemingly because they weren’t able to acquire Baldwin properties needed for the effort, Long Island Business News reported. The team was picked in 2006 to remake a blighted area of the town. At the time, they walked away when they were unable to get some of the necessary properties. They were picked again in September […]

The Closing: Peter Kalikow

Posted: 23 Jul 2018 04:30 AM PDT

Peter Kalikow is president of the development and management firm H.J. Kalikow & Company and a third-generation executive in the Kalikow family real estate business. He joined his father and uncles out of college in 1967 and became the company’s president in 1973. After his father, Harold, died in 1983, he took full control of the business and oversaw the development of several office towers, including 101 Park Avenue. To date, H.J. Kalikow has built […]

First half of 2018 sees the most Brooklyn condo units filed since the recession

Posted: 23 Jul 2018 04:00 AM PDT

Plans were filed for 547 new condominium units in Brooklyn in June. With that figure, the total number of new residential filings during the first half of 2018 eclipse any full year since the recession. As was the case in January, March and May, these eye-popping numbers were primarily driven by large-scale condo projects. Two new projects filed with the Attorney General’s office in June each had more than 160 residential units. The largest was […]