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The Real Deal - New York Real Estate News |
Towns and cities want in on mall redevelopment game Posted: 11 Sep 2018 03:45 PM PDT Local governments around the country are doing what few investors will — buying up dead or underperforming mall properties. Towns and cities are scooping up the beleaguered malls with the hopes of redeveloping or repurposing them for the community, according to the Wall Street Journal. The acquisitions are often made through land banks at bargain prices because no other investor is willing to take the risk. In Springfield, Ohio, the Clark County land Reutilization Corporation […] |
Brookfield lands $96M loan for South Bronx development Posted: 11 Sep 2018 03:15 PM PDT HSBC has loaned Brookfield Property Partners $96.2 million for the company’s South Bronx megaproject. The loan for Brookfield’s purchase of 101 Lincoln Avenue and 2401 Third Avenue replaces a $31.9 million loan from UBS in 2015, according to property records. The funding from HSBC is an acquisition loan, according to Brookfield. Representatives for HSBC did not immediately respond to a request for comment. Brookfield recently closed on its $165 million purchase of the site from Somerset Partners […] |
WATCH: Inside the nearly completed 3 WTC Posted: 11 Sep 2018 03:00 PM PDT A person standing on the 76th-floor terrace of 3 World Trade Center can see four states, at least three bridges and Larry Silverstein’s new apartment at 30 Park Place (sort of). The 5,300-square-foot terrace is 934 feet above ground and is up for grabs to whoever takes the attached 31,000-square-foot office space. One World Trade Center looks almost close enough to touch from the tower’s tallest terrace, which also provides a panoramic view of […] |
This co-working company is opening a huge outpost at the Chrysler Building Posted: 11 Sep 2018 02:45 PM PDT Co-working company Spaces is opening its largest New York City location yet at the Chrysler Building. Spaces, a division of Regus parent company IWG, signed a lease for slightly more than 110,000 square feet at the iconic Midtown office tower, company representatives confirmed to The Real Deal. Spaces is taking part of the first floor in the 77-story, 1,046-foot-tall tower at 405 Lexington Avenue, which will provide the company with a private elevator leading up […] |
Hamptons Cheat Sheet: Kennedy family compound in Bridgehampton lists for $35M … & more Posted: 11 Sep 2018 02:30 PM PDT Kennedy family compound in Bridgehampton lists for $35M A Sagaponack Pond compound that boasts connections to American royalty has just hit the market for $35 million, Mansion Global first reported. One of the two parcels in the compound is owned by the estate of Joseph P. Kennedy, father of President John F. Kennedy. The other is owned by the patriarch’s last surviving daughter, Jean Kennedy Smith, 90. The 6,000-square-foot main house, which is owned by […] |
The Closing: Howard Lutnick reflects on 9/11, rebuilding Cantor Fitzgerald and more Posted: 11 Sep 2018 02:00 PM PDT Howard Lutnick was thrust onto the national stage when the Sept. 11 attacks killed 658 of his employees, including his brother. The Cantor Fitzgerald CEO became one of the most recognizable faces of 9/11, and rebuilt the financial services firm against all odds. Lutnick took a public beating for cutting off pay to his employees’ relatives after the attacks, but by 2006, the firm had donated $180 million to them. On Lutnick’s watch, Cantor Fitzgerald […] |
The principals of one of Miami’s top firms are heading for a nasty business divorce Posted: 11 Sep 2018 01:30 PM PDT The founding principals of one of Miami’s most prominent luxury brokerages are warring with each other in court, The Real Deal has learned, putting a 23-year-old partnership and the future of the firm in jeopardy. Craig Studnicky and Philip Spiegelman, who together run International Sales Group, are accusing each other of gross mismanagement, out-of-control spending and substance abuse, among other misdeeds, court documents show. Spiegelman is pushing a judge to dissolve ISG, which claims to […] |
Knotel adds four new Manhattan locations Posted: 11 Sep 2018 01:15 PM PDT Knotel signed four new Manhattan leases spanning a combined 31,300 square feet, the flexible office company announced Tuesday. The startup is taking 12,500 square feet 54 West 22nd Street, 5,000 square feet at 147 West 24th Street and 2,500 square feet at 37 West 17th Street. All three leases were signed with Moinian Group, which is also an investor in the company. Knotel also leased three floors spanning a combined 11,300 square feet at Elijah […] |
Real estate group backs committee urging Jewish voters to elect James as AG Posted: 11 Sep 2018 01:00 PM PDT Queens multifamily investor Katz Realty Group is the latest real estate player to jump into the highly charged race for New York’s Attorney General. A limited liability company affiliated with Katz donated $20,000 to an independent expenditure committee that last week ran an ad urging Jewish voters to cast their ballots for Letitia James, Crain’s reported. One Voice New York PAC posted a video to Twitter Sept. 6 that shows footage of anti-Semites from last […] |
Over a decade later, WTC redevelopment players talk lessons, political tensions Posted: 11 Sep 2018 12:15 PM PDT Though the competition drew prominent architects from all over the world, many of the contestants’ designs for the World Trade Center site were “crap,” according to one former Port Authority of New York and New Jersey executive. “What always surprised me was the crap that came out of that architectural process,” said Chris Ward, a former top executive at Port Authority and now a senior vice president at AECOM. “I was just struck by, when […] |
Subscribers: Here’s the info for tomorrow’s conference call on Compass Posted: 11 Sep 2018 11:49 AM PDT Tomorrow at 2:30 p.m.,subscribers will get an inside look at The Real Deal’s deep dive into Compass’ growth strategies — and potential pitfalls along the way — in a call with our editorial team. Call-in number: +1-510-338-9438 Access code: 621 057 868 TRD’s senior content director, Jill Noonan, will talk to senior reporter E.B. Solomont about her discussions with Compass execs, what the industry has to say about the brokerage’s appetite for acquisitions and how reachable […] |
Home flipper Opendoor’s first acquisition is a discount brokerage Posted: 11 Sep 2018 11:15 AM PDT For its first acquisition, Opendoor is scooping up a discount brokerage. The startup is buying Open Listings, a firm that offers homebuyers a 50 percent rebate on a buyer’s agent commission, Inman reported. The privately held companies did not disclose the price of the deal. The purchase means that Opendoor will both employ buyer’s agents and also work with agents from other brokerages. Combined, the company wants to “make it as easy to buy, sell […] |
Keith Richards is taking a loss on his penthouse at 1 Fifth Avenue Posted: 11 Sep 2018 10:30 AM PDT For all Keith Richards cares, the new owner of his 1 Fifth Avenue penthouse can paint it black. The Rolling Stones rhythm guitarist will finally part with the Greenwich Village home for a sale price of $9 million, Variety reports, despite initially trying to get $12.2 for it two years ago. The apartment at the Art Deco tower overlooking Washington Square Park was renovated and redesigned by architect Joe Serrins in 2011. Other notable buyers […] |
Blackstone buys Jack Parker’s Parker Towers for $500M Posted: 11 Sep 2018 09:45 AM PDT Blackstone Group is buying a Queens apartment complex for roughly $500 million. The firm is purchasing Parker Towers from the Jack Parker Corporation, according to Bloomberg. It views the buildings as an affordable choice for renters looking to live outside of Manhattan and more expensive Queens neighborhoods like Long Island City. Blackstone Property Partners is making the investment. The fund also owns Kips Bay Court and Stuyvesant Town in Manhattan. Parker Towers is located in […] |
How Larry Silverstein hustled to rebuild the World Trade Center Posted: 11 Sep 2018 09:00 AM PDT In July 2001, Larry Silverstein posed with a giant set of ceremonial keys to the World Trade Center — an iconic commercial complex that he’d long coveted and which hadn’t seemed within the reach of his small, family-run development firm. Just two months later, he was instead picking up the pieces at a site devastated by the worst terrorist attack in the nation’s history. Silverstein moved quickly on what he saw as his “right and obligation” […] |
Nonprofit inks 35K sf lease at Industry City Posted: 11 Sep 2018 08:30 AM PDT A nonprofit focused on criminal justice reform just inked a 15-year lease in Sunset Park. The Vera Institute of Justice is moving from its current office on the 12th floor of the Woolworth Building to Industry City, Crain’s reported. The nonprofit is taking 35,000 square feet at the former industrial complex. Asking rents in Industry City are in the $30s per square foot. Vera’s new space is 30 percent larger than its Lower Manhattan digs, […] |
The top NYC office leases in August Posted: 11 Sep 2018 08:00 AM PDT August’s top office leases secured less square footage than July’s. The top 10 office lease deals totaled 1.3 million square feet, smaller than July’s top 9 leases, which totaled 2.3 million square feet. 1) JPMorgan Chase, 237 Park Avenue, Grand Central – 270,536 square feet The bank renewed its lease for 270,536 square feet of space at 237 Park Avenue. The building’s landlord is RXR Realty. 2) Innovo Property Group, 1132 Oak Point Avenue, Hunts […] |
Four years after opening, 20 percent of 1 WTC remains empty. Here’s why Posted: 11 Sep 2018 07:30 AM PDT Four years after opening its doors, 20 percent of 1 World Trade Center remains empty. The Durst Organization, which co-owns the building with the Port Authority of New York and New Jersey, has faced several challenges in filling the tower’s 3.1 million square feet of space, including a slower-than-expected office market, competition from Hudson Yards and a site that has largely felt unfinished. “It’s a site that’s had continued construction for the last 17 years,” […] |
City officials mull rezoning in Soho and Noho Posted: 11 Sep 2018 07:00 AM PDT City officials are working on a proposal to rezone Soho and Noho to allow certain ground-floor retail and residential use in the neighborhoods. Though Soho has come to be known for its shopping corridor, the neighborhood’s industrial zoning technically doesn’t allow for ground-floor retail and apartments. Such uses have at times been allowed through special permits and other means, but now the de Blasio administration is seeking to streamline the process, Crain’s reported. The Department […] |
Youngwoo, EquityMultiple plan to launch $500M national opportunity zone fund Posted: 11 Sep 2018 06:30 AM PDT Developer Youngwoo & Associates is partnering with the real estate investment startup EquityMultiple to launch an opportunity zone fund focusing on projects throughout the country. The companies are tentatively aiming to raise about $500 million for the fund, according to Youngwoo & Associates executive vice president Bryan Woo. He cited New York, Oakland, Seattle, Detroit, Los Angeles and Portland, Oregon as cities where the fund would be interested in investing. Washington Heights and the South Bronx […] |
Posted: 11 Sep 2018 06:05 AM PDT On the evening of Sept. 11, 2001, CBRE tri-state CEO Mary Ann Tighe had a chance encounter with landlord and developer Larry Silverstein. “I ran into him — he was about to go into a place to have dinner, and I ran into him on the street on the Upper East Side,” Tighe told The Real Deal’s Hiten Samtani during a wide-ranging video interview. “We were standing in front of each other and I began to […] |
SALT and a hard place: House Republicans want to make tax cuts permanent Posted: 11 Sep 2018 05:31 AM PDT House Republicans introduced legislation on Monday that would make the new tax cuts for individuals — set to expire at the end of 2025 — permanent. The measure also includes the controversial $10,000 annual cap for state and local tax deductions (SALT), a provision that’s particularly unpopular in high-tax states like New York and New Jersey. The legislation is up for consideration as the November election nears, when Republicans will be at risk of losing […] |
This is how Westbrook is funding its buy of the Union Square W Hotel Posted: 11 Sep 2018 05:00 AM PDT Westbrook Partners has secured a $100 million loan to fund its purchase of the W New York Union Square hotel. HSBC is providing the loan for the 20-story building at 201 Park Avenue, according to Commercial Observer. The loan amount will cover 60 percent of the $165.5 million Westbrook paid for the building. The Real Deal reported when the company was close to signing a hard contract in May. Westbrook paid $20 million less than […] |
New York’s construction unions are at a crossroads Posted: 11 Sep 2018 04:30 AM PDT Standing in front of thousands of construction workers in Union Square, Gary LaBarbera screamed into the microphone — his voice going hoarse from condemning Related Companies. “In my opinion, they are a bunch of fucking liars,” the New York Building and Construction Trades Council president said. “You can sue me, you can take me to court, but I will not stand down.” He was referring to Related’s two lawsuits against him and the Building Trades and […] |
The Blue Man Group’s school is opening a new 45K sf school in the Seaport Posted: 11 Sep 2018 04:00 AM PDT The Blue Man Group’s school is expanding into another building in the Seaport. The Downtown Manhattan school founded by the Blue Man Group has opened a new location at a building it purchased space in years ago from Billy Macklowe. The building is just blocks away from the school’s other building at 241 Water Street, which will now only serve students in its pre-primary through third grade programs, according to the school. The independent institution […] |
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