The Real Deal - New York Real Estate News

Hamptons Cheat Sheet: Sagaponack mansion’s price chopped down to $21.5M … & more

Posted: 14 Aug 2018 03:00 PM PDT

4.4-acre Sagaponack mansion’s price chopped down to $21.5M The ask for a 13,000-square-foot home sitting on 4.4 acres was reduced by $2.45 million, its first cut since it was listed for $23.95 million in June. The home, which was built in 2007, has nine bedrooms, 12 bathrooms, a double-height foyer, a large chef’s kitchen, a butler’s pantry, a wine cellar, a library, home theater and an elevator to all three floors. Outside, there’s a sunken […]

SL Green secures $66M mortgage for Adidas’ Soho space

Posted: 14 Aug 2018 02:30 PM PDT

SL Green Realty secured a $65.6 million mortgage for a retail space in Soho. The approximately 5,200-square-foot commercial condo unit, at 115 Spring Street between Greene and Mercer streets, is currently occupied by an Adidas store. The footwear company signed a lease for the space in 2015, opening an “Originals” store that covers two floors. The lender is Korean investment firm Meritz Real Estate Asset Management, according to records filed with the city Tuesday. Before […]

Durst LLCs donate $160K to attorney general candidates

Posted: 14 Aug 2018 01:45 PM PDT

Using eight different limited liability companies, the Durst Organization donated $150,000 to Rep. Sean Patrick Maloney’s campaign for New York attorney general. Six LLCs owned by the developer each contributed $21,000 to the Democrat, and a seventh threw in $14,000, Crain’s reported. An eighth LLC donated another $10,000. One of the companies also gave Public Advocate Letitia James — the current frontrunner for the Democratic nomination who is aligned with Gov. Andrew Cuomo — $10,000. […]

Citibank is nearing a deal to fund the Kingsbridge Armory conversion

Posted: 14 Aug 2018 01:06 PM PDT

Citibank is close to funding the conversion of the Kingsbridge Armory in the Bronx. The bank is in “advanced talks” to finance the project that would create the world’s largest ice-skating complex, Crain’s New York reported. The deal would allow construction to commence on the $350 million redevelopment, which has been stalled. The city, which owns the armory, has refused to give Kingsbridge National Ice Center a lease until financing is secured, the report said. […]

WeWork is taking 7 floors at Jack Resnick’s 880 Third Avenue

Posted: 14 Aug 2018 12:30 PM PDT

WeWork is taking seven floors at 880 Third Avenue in the Plaza District. The co-working firm signed a 15-year lease for just under 70,000 square feet, according to landlord Jack Resnick & Sons. Asking rents were in the $65 per-square-foot range. WeWork’s space will cover floors five to six and nine to 13. As part of the transaction, WeWork will get to occupy the outdoor terraces on the 12th floor and have its branding displayed […]

Vornado refis 4 Union Square South with $120M loan

Posted: 14 Aug 2018 12:00 PM PDT

Vornado Realty Trust refinanced the retail building at 4 Union Square South with a $120 million loan from Wells Fargo, records filed Tuesday with city’s Department of Finance show. The debt replaced a previous loan that also came from Wells Fargo back in 2012. Vornado redeveloped the building in 2005 into a 200,000-square-foot shopping center. Key tenants include Whole Foods and Burlington Coat Factory, the latter of which occupies more than 90,000 square feet and […]

Columbia Property Trust in talks to buy Ares Management’s stake in Greenwich Village office project

Posted: 14 Aug 2018 11:30 AM PDT

Columbia Property Trust is in talks to join Normandy Real Estate Partners on its Greenwich Village office project. The Atlanta-based real estate investment trust is in talks to buy Ares Management’s 50-percent stake in the project at 799 Broadway, Bloomberg reported. Ares began shopping the stake earlier this year at a price that valued the project at $250 million, as The Real Deal originally reported. Normandy has plans to demolish the six-story building on the […]

Introducing TRD’s tri-state quarterly issue

Posted: 14 Aug 2018 11:05 AM PDT

The Real Deal is expanding our coverage of the tri-state area with a quarterly issue looking at the real estate markets in Long Island and the Hamptons, New Jersey, Westchester and Fairfield counties. Each issue will be divided into market-specific sections and packed with the data-driven reporting, analysis and profiles the industry relies on from TRD. The tri-state issues will be published in February, May, August and November of 2019 and 55,000 copies will be […]

Douglas Elliman acquires Vandenberg to boost townhouse business

Posted: 14 Aug 2018 10:15 AM PDT

Douglas Elliman is doubling down on townhouses by acquiring Vandenberg, a boutique firm on the Upper West Side. Terms of the deal were not disclosed, but Elliman said Vandenberg’s founders and eight agents would make up a new townhouse team at the city’s largest residential brokerage. Vandenberg currently has 16 exclusives asking $150 million, including a “passive” townhouse at 53 West 71st Street, which is asking $13.49 million. Founded in 1990 by husband-and-wife team Dexter […]

Beijing-based Yihai Group plans 506-unit project in Flushing

Posted: 14 Aug 2018 09:40 AM PDT

Chinese developer and school operator Yihai Group plans to build a 506-unit hotel and residential building in Flushing, a permit application filed Tuesday with the city’s Department of Buildings shows. The application indicates the developer wants to bring a 19-story 200,000-square-foot project to Flushing’s downtown, with 360 hotel rooms on floors two through seven and 146 residential units on the floors above. Retail is also planned for the property, according to the plans. Architect Raymond […]

WATCH: These are the 5 wealthiest people in US real estate

Posted: 14 Aug 2018 09:05 AM PDT

 Money comes and money goes, but who wouldn’t want a little more of it? For most of us, the grass is always greener. When it comes to the world’s wealthiest, the grass is fortunately very green. That being said, The Real Deal took a look at the top five richest people in U.S. real estate, according to Forbes’ billionaires’ list.

Blackstone Group’s Tony James wants more real estate

Posted: 14 Aug 2018 08:20 AM PDT

The Blackstone Group‘s biggest business is its real estate division, so it’s only fitting that the firm’s vice chairman would look there when managing his own investments. Tony James recently hired Bill Helm for the newly created role of head of real estate investments at Jefferson River Capital, a family office that invests on James’ behalf. Jefferson River has yet to make a real estate investment, Bloomberg reported. The focus, initially, will be on multifamily, […]

Former Eastern Consolidated brokers Andrew Sasson and Chad Sinsheimer land at Ackman-Ziff

Posted: 14 Aug 2018 07:55 AM PDT

Former Eastern Consolidated brokers Andrew Sasson and Chad Sinsheimer have found a home at Ackman-Ziff. The two brokers spent more than five years at Eastern Consolidated, brokering more than $500 million worth of deals in Manhattan, Queens and Brooklyn. Eastern Consolidated shut its doors in July after nearly 40 years of business. Sasson and Sinsheimer, along with three of their previous team members, will join Ackmann-Ziff in the next couple of weeks as managing […]

Apollo expands at Solow’s 9 West 57th St.

Posted: 14 Aug 2018 07:15 AM PDT

Apollo Global Management is adding to its space at Sheldon Solow’s 9 West 57th Street, the latest in a series of changes in the company’s office leases. The asset manager is increasing its space to 175,000 square feet from 135,000 square feet, the New York Post reported. The company is also moving to 3 Bryant Park, where it will sublease 70,000 square feet from MetLife. The move to Bryant Park is being funded by Apollo’s […]

The biggest threat to affordable housing right now? Climbing interest rates.

Posted: 14 Aug 2018 06:33 AM PDT

Rising interest rates are putting a damper on efforts to build affordable housing across the U.S. According to developers, rates offered by national lenders have steadily increased in the past two years. Bridge Housing, one of the largest affordable housing developers on the west coast, told the Wall Street Journal that rates for both short- and long-term debt have been on the incline. “It makes the difference between feasibility and infeasibility,” Cynthia Parker, president and […]

Pension fund seeks to sell 590 Madison

Posted: 14 Aug 2018 06:00 AM PDT

An Ohio-based pension fund is looking to sell 590 Madison Avenue, an office tower that could pull in as much as $1.3 billion. The 43-story building, known as the IBM Building, is owned by the State Teachers Retirement System of Ohio, which purchased the remaining stake in the property three years ago, Bloomberg reported. Tech giant International Business Machines Corp. remains the building’s largest tenant, occupying about 120,000 square feet of the tower’s total 1.1 […]

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

Posted: 14 Aug 2018 05:30 AM PDT

In the world of mid-market New York City investment sales last week, Black Spruce bought three contiguous properties in Little Italy and Jonas Equities acquired a Flatbush apartment building. 1) Black Spruce Management bought three contiguous properties in Little Italy for $18.3 million. The buildings, at 185-189 Hester Street, are five-story structures with a total of 49 apartments and three commercial units. The assemblage offers 34,900 buildable square feet. The seller is the Garofalo family, […]

The NYC hotel construction boom is back

Posted: 14 Aug 2018 05:00 AM PDT

One out of five dwelling units currently under construction in New York City is in a hotel. That’s the highest proportion since 2013, according to an analysis by The Real Deal. This milestone reflects a combination of several factors. As the volume of active apartment construction has slowly trended downwards over the past two years, hotel construction has continued to show strong growth despite earlier signs of a slowdown and predictions of an impending demise. […]

Manhattan’s latest sales price decline, a new record for Downtown and more of the biggest trends in resi right now

Posted: 14 Aug 2018 04:30 AM PDT

Red all over: Rents and sales fall in Manhattan The median sale price for a Manhattan apartment fell for the fourth straight quarter, down 9 percent year-over-year in 2018’s second quarter, according to a Halstead Property report. The average sale price fell too, by 4.3 percent, per City Realty, as did asking prices, by 3.4 percent, according to Maxwell Jacobs. Rents weren’t spared either, with a 2.9 percent year-over-year decline. All of the drag in […]

Legal defense fund? Michael Cohen lists condo at 111 Murray for rent

Posted: 14 Aug 2018 04:00 AM PDT

Michael Cohen — President Trump’s former fixer who is now under federal investigation — has listed his new apartment at 111 Murray Street as a $25,000-a-month rental. Cohen’s 19th-floor condo was listed Monday, according to StreetEasy, roughly four months after he bought the pad for $6.7 million. The sale was the first closing at 111 Murray, a Tribeca skyscraper that is being developed by Fisher Brothers, the Witkoff Group and Howard Lorber’s New Valley. The […]