The Real Deal - New York Real Estate News

How the Trumps bilked the IRS out of hundreds of millions in taxes on their real estate empire: NYT report

Posted: 02 Oct 2018 04:15 PM PDT

President Donald Trump and his family engaged in a series of elaborate schemes, some potentially illegal, over several years to avoid paying taxes on the late Fred Trump’s estate, according to a New York Times analysis of the family’s financial records. The Times’ investigation also found that Donald Trump received at least $413 million in today’s dollars from his late father over several decades, undercutting his claim that he is a self-made man. In one […]

“Ground Zero Flag” building sells for $23M

Posted: 02 Oct 2018 03:15 PM PDT

Landlord John Casalinuovo sold 116 Mott Street for $22.6 million, possibly spelling the end of a patriotic tradition in the Lower East Side. The property, at the corner of Hester Street, is a six-story building with 30 apartments, according to city data. Over the years, the structure has become a neighborhood attraction. The property is home to the “Ground Zero Flag,” a 60-foot long American flag that commemorates the 9/11 terrorist attacks. The flag, which […]

Hamptons Cheat Sheet: Three East End properties priced over $20M hit the market … & more

Posted: 02 Oct 2018 03:00 PM PDT

Six-acre Southampton estate lists for $37M A 16,700-square-foot mansion sitting on six acres of Southampton hit the market for $37 million, according to Curbed. The mansion, which was built in 2003, has eight bedrooms, tall ceilings, multiple fireplaces, a sunroom and covered porches. The property, which is accessed through a gated entry, also has specimen trees, gardens, a pond, a pool, a gazebo and a Har-Tru tennis court. The property sold in 1997 for $660,000, […]

Demand for Manhattan office space on track to set a new post-recession record: Colliers

Posted: 02 Oct 2018 02:45 PM PDT

Demand for Manhattan office space is on track to set a new record for leasing activity in the past 15-plus years. Through the first nine months of the year, Manhattan has recorded more than 29 million square feet worth of new deals and renewals, according to Colliers International. “[The third quarter] was the strongest quarter in four years,” said Franklin Wallach, managing director of Colliers’ New York research group. “And year-to-date, 2018 has surpassed year-to-date […]

Rent or sell? NYC owners are trying both

Posted: 02 Oct 2018 02:17 PM PDT

To rent or to sell? That’s no longer really the question in New York City, where owners are increasingly listing their homes for both. So far this year, through Sept. 1, the number of homes listed simultaneously for sale and for rent increased 51 percent to 1,087, according to a Bloomberg analysis of StreetEasy data. The median price for these properties clocked in at $1.395 million, which is 24 percent higher than what was seen […]

VEREIT pays $85M to settle accounting scandal class-action suits

Posted: 02 Oct 2018 01:45 PM PDT

VEREIT continues to settle accounts with its past. The firm, which was embroiled in a 2014 accounting scandal under former chief Nicholas Schorsch, agreed to pay $85 million in settlements to resolve eight class-action lawsuits, according to a filing with the Securities and Exchange Commission on Tuesday. The plaintiffs in the cases are investment funds and insurance firms, including entities tied to BlackRock, Clearline Capital Partners and Reliance Standard Life Insurance Company. VEREIT, then named […]

A 618-unit apartment complex in Astoria is facing foreclosure

Posted: 02 Oct 2018 01:02 PM PDT

A Wells Fargo-managed trust is looking to foreclose on a 618-unit co-op development in Astoria after its owners failed to make a loan payment. French bank Natixis issued a $45 million mortgage in April 2017 on Acropolis Gardens, the 16-building complex bordered by Ditmars Boulevard, and 33rd and 34th streets. The debt was pooled into a securitized trust managed by Wells Fargo, according to court documents, with monthly repayments of $13,596. But the Wells Fargo-managed […]

Unizo to sell Hell’s Kitchen office building for a loss

Posted: 02 Oct 2018 12:01 PM PDT

Japan-based investor Unizo Holdings is set to sell another Manhattan property at a loss. Related Companies’ fund management arm and East End Capital are competing to buy 321 West 44th Street, Crain’s reported. East End Capital had previously owned the 180,000-square-foot building west of Times Square and has a right of first refusal option to match any offer made by Related. A source told Crain’s that the property is expected to sell to either one […]

The Real Deal’s October issue is now available to our subscribers

Posted: 02 Oct 2018 10:45 AM PDT

The Real Deal’s October issue is live, and digital subscribers to TRD are getting the first look at what’s inside. Subscribers now have access to stories including: – The shakeup at JLL – Our annual ranking of top real estate law firms – The new political dynamics in Albany – The condo amenity backlash And plenty more! Subscribe now to stay one step ahead of the NYC real estate game. Non-subscribers will get access to […]

Bill Ackman handed over another co-op to his ex-wife

Posted: 02 Oct 2018 10:00 AM PDT

UPDATED, Oct. 2, 1:26 p.m.: Hedge funder Bill Ackman parted ways with another of his New York apartments. Ackman transferred his penthouse at 420 West Broadway to his ex-wife for $7 million, according to records from the city’s Department of Finance. The co-op was listed for $17 million, the same price Ackman paid for the unit in 2015. (He bought the apartment from Drew Katz, who, as TRD reported in 2017, warned Ackman that Valeant Pharmaceuticals […]

Developer of troubled condo conversion in Harlem is now fighting its lender

Posted: 02 Oct 2018 09:30 AM PDT

A troubled condominium conversion in South Harlem has been hit with over $1 million in default penalties on a construction loan. But the project’s developer says it was never informed it was in delinquency. Madison Advisory Group, the owner of 320 West 115th Street, filed a complaint in New York State Supreme Court on Monday, alleging it was “wrongfully charged” by lender Avant Capital Partners. Madison is looking to recover those default fees. The group […]

This way to the beach: Supreme Court won’t hear billionaire’s appeal to close California beach path

Posted: 02 Oct 2018 09:00 AM PDT

The Supreme Court has refused to hear a tech billionaire’s appeal to overturn a ruling that gives public access to a path running through his coastal property. Vinod Khosla, co-founder of Sun Microsystems, will now have to apply for a permit to close the road leading to Martin’s Beach, a popular surfing spot, according to the New York Times. Khosla has said he never actually wanted to win this court battle but was only fighting […]

Hope Street Capital planning 201-unit resi buiding in Crown Heights

Posted: 02 Oct 2018 08:32 AM PDT

The latest residential building planned for Crown Heights will have 201 units. Plans were filed Tuesday for the seven-story project at 959 Sterling Place, which the Landmarks Preservation Commission will ultimately need to approve, according to New York YIMBY. The existing building on site is the Hebron Seventh-Day Adventist Bilingual School, and the address is within the Crown Heights North Historic District. An LLC linked to Triton Construction and Jeffrey Gershon’s Hope Street Capital filed […]

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

Posted: 02 Oct 2018 08:01 AM PDT

In the world of mid-market New York City investment sales last week, Toys “R” Us disposed of a Brooklyn location and the Church of the Most Precious Blood sold its rectory in Little Italy. 1.) Bankrupt retailer Toys “R” Us, which is partially owned by Vornado Realty Trust, sold its Mill Basin location for $14.2 million. The property, at 2875 Flatbush Avenue, was acquired by MMC Brooklyn, LLC, which is controlled by portfolio manager Melissa […]

EB-5 is alive, but for developers and investors future remains uncertain

Posted: 02 Oct 2018 07:30 AM PDT

EB-5, the once wildly popular green card program giving developers easy access to financing at low rates, is alive but in limbo. Developer demand has fallen, and backlogs in issuing those green cards has created investor uncertainty. The program, which was scheduled to expire Sept. 30, received a reprieve Friday from President Trump, but only through Dec. 7. The extension was part of a spending package the president signed to avoid a government shutdown. Congress […]

Redfin Estimate might be making homes more expensive

Posted: 02 Oct 2018 07:00 AM PDT

Redfin Estimate could be inflating the value of certain homes. Joseph Alongi, founder of the low-fee brokerage SoldNest, recently argued that the company has had a big impact over the past few years on rising home prices, according to Inman. He told the publication that Redfin’s estimate would adjust right after the home hit the market and then adjust two or three more times within the first two or three days. He believes user engagement […]

Colliers International president Joe Harbert decamps for Avison Young

Posted: 02 Oct 2018 06:30 AM PDT

Colliers International president Joe Harbert has left the firm and joined rival brokerage Avison Young in a leadership position. Harbert, whose first day was Monday, is working as a principal and director of operations for Avison Young’s Northeast region, according to Commercial Observer. He previously worked as COO of Cushman & Wakefield. He and Avison Young president Mitti Liebersohn will work together to manage the firm and grow its business in New York City. The […]

Here’s how real estate agents can manipulate listings. And here’s what’s in place to stop them

Posted: 02 Oct 2018 06:00 AM PDT

Manipulating the Multiple Listing Service has been the talk of the industry ever since a soap-opera case involving the Jills came to light this summer. But gaming the system isn’t just restricted to one of the most famous brokerage teams in the country. With just a few steps, an agent can distort listing information to make a buyer believe a listing is fresher, or hide it altogether, a review by The Real Deal found. In […]

Stubborn sellers are putting a major damper on the Manhattan sales market

Posted: 02 Oct 2018 05:30 AM PDT

Sellers who can’t part with their sky-high expectations keep slowing down apartment sales in Manhattan. The number of residential sales in the third quarter dipped 11.3 percent over the same period last year, according to Douglas Elliman’s latest market report. That’s the fourth consecutive quarter of declines. “There’s movement, but I do think it’s going to take time,” said Steven James, president and CEO of Douglas Elliman’s New York City brokerage. “It’s predicated on sellers […]

Recasting Cuomo: Will the governor’s relationship with the industry be upended?

Posted: 02 Oct 2018 05:00 AM PDT

Early last month, Gov. Andrew Cuomo climbed into Franklin Delano Roosevelt’s 1932 Packard convertible and made the inaugural trip across the new Tappan Zee Bridge. The celebratory drive ended with a staged press event where he touted the nearly $4 billion project, now officially renamed the Governor Mario M. Cuomo Bridge in honor of his father. But the celebration was premature. The next day, when the soaring silver structure was scheduled to open to traffic, the […]

Oxford Properties reveals design for St. John’s Terminal redevelopment

Posted: 02 Oct 2018 04:30 AM PDT

Oxford Properties Group released the first set of renderings for its redevelopment of the St. John’s Terminal into a glassy, 1.3 million-square-foot office building. Designed by COOKFOX Architects, the firm behind the Durst Organization’s One Bryant Park and Vornado Realty Trust’s new High Line office development at 512 West 22nd Street, the redevelopment retains the first three stories of the former rail warehouse at 500 Washington Street and adds another nine floors of new construction […]

Why hotel sales have seen a boost this year

Posted: 02 Oct 2018 04:00 AM PDT

Hotel trades have seen a jump in activity this year thanks to some big-ticket deals — but sellers on the sidelines may be eyeing a more encouraging market, too. Transactions through the end of July totaled $2.9 billion, according to STR, a hotel data and analytics firm. That’s up from $906 million the same 12 months earlier. While recent sales figures have seen a boost from large deals, the backdrop of the market has also […]