The Real Deal - New York Real Estate News

Trinity looks to sell leasehold for Hudson Square development site

Posted: 04 Oct 2018 03:30 PM PDT

Trinity Real Estate is looking to ground lease one of its Hudson Square development sites in a deal that could be worth $180 million or more. The company, the real estate arm of Trinity Church, put the development site at the corner of Canal Street and Sixth Avenue, known as 2 Hudson Square, on the market, Crain’s reported. CBRE’s Darcy Stacom has the listing. Trinity is offering control of the property through a long-term lease […]

Dalan Management, Elion Partners land $55M loan for Chelsea purchase

Posted: 04 Oct 2018 03:00 PM PDT

Dalan Management and Elion Partners landed a $55 million mortgage for its acquisition of a residential and retail assemblage across from Google’s office building. The partners acquired the properties, collectively called the “Chelsea Collection,” for $83 million earlier this week. The package, with the address of 102-116 Eighth Avenue, spans 115,000 square feet and contains 102 apartments and 10 retail spaces. The previous owner, the Brodsky Organization, acquired the buildings in 1994. The property is just […]

Brooklyn home prices drop 8% in Q2

Posted: 04 Oct 2018 02:45 PM PDT

According to this week’s market reports, Brooklyn home prices dropped eight percent and Manhattan investment volume rose 5 percent to $8.7 billion. Residential Rentals | MNS The average rent in Manhattan stayed flat in September, dropping by 0.8 percent month-to-month to $4,006. For the period, the biggest bargains were doorman studios in Harlem (down 10 percent) doorman two-bedroom units in the Lower East Side (down 9.8 percent), non-doorman two-bedrooms in Greenwich Village (down 9.6 percent […]

Ilan Bracha seeks $20M for Keller Williams’ Tribeca office space

Posted: 04 Oct 2018 02:15 PM PDT

Keller Williams’ Tribeca office condominium is on the block. The franchise’s co-founders, Ilan Bracha and Haim Binstock, are asking $19.5 million for the 15,000-square-foot space, located at 377-379 Broadway. Bracha and Binstock purchased the retail condo through their investment firm, B+B Capital, for $10 million in 2014. They subsequently leased it back to Keller Williams, and Bracha said the space is being offered with the brokerage as a tenant. The condo is spread over three […]

Gorjian Real Estate lands loan for acquisition of 192 Lexington

Posted: 04 Oct 2018 02:00 PM PDT

Gorjian Real Estate has landed a $60 million CMBS loan for its purchase of 192 Lexington Avenue. The loan comes from Citi Real Estate Funding, which assumed the property’s existing debt from TD Bank and provided $52.7 million in new debt, according to property records. Gorjian closed on the NoMad property last month for $89 million. The 17-story office building spans 140,000 square feet and is almost fully occupied, with tenants including Mattress Firm and […]

CoStar Group files 7 federal lawsuits against alleged freeloaders

Posted: 04 Oct 2018 01:34 PM PDT

Commercial real estate data giant CoStar Group has launched another legal campaign against individuals and real estate firms it says stole its content by using shared user-login passwords. The publicly-traded company, whose market cap Thursday was $14.5 billion, filed seven federal lawsuits Wednesday against individuals and real estate firms it accused of illegally using CoStar’s product by logging on to its subscription service without authorization. By doing this, the firm alleged, each defendant was using […]

WATCH: TRD LA’s Commercial Showcase & Forum

Posted: 04 Oct 2018 01:00 PM PDT

 Did you miss The Real Deal LA’s Commercial Real Estate Showcase & Forum last week? Not to worry, we have a sneak peek above, and subscribers will have access to videos of the full panels next week. Our star line-up of panelists included: Jay Luchs, NKF; Owen Fileti, LA Realty Partners; Jeff Rinkov, Lee & Associates; Elizabeth Clark, Pacific Union/Compass; Pat McRoskey, CBRE; Bryan Witkow, The Tenant Group; and Ralph McLaughlin, Veritas Urbis Economics […]

CRE scorecard: New York City investment sales through August 2018

Posted: 04 Oct 2018 12:30 PM PDT

Manhattan investment sales declined sharply in August, with just over $1.4 billion recorded, the lowest this year. The nearly 60 percent drop from July continued a pattern of peaks and valleys over the past six months. The top sale was of Savanna’s newly built Chelsea540 office building to Dallas-based Ramrock Real Estate for $257 million. In Brooklyn, the most expensive sale went to affordable-housing developer Breaking Ground, which bought a development site at 90 Sands […]

Ex-Cushman recruiter claims firm passed her over for promotion due to pregnancy

Posted: 04 Oct 2018 12:00 PM PDT

A former recruiter for Cushman & Wakefield claims that after repeatedly being promised a permanent position at the brokerage she was snubbed for a job because she became pregnant. Paula Thorby on Wednesday filed a lawsuit against her former firm, alleging that she was passed over for promotion earlier this year shortly after notifying her bosses of her pregnancy. After complaining about such discrimination, Thorby was fired, the lawsuit claims. Representatives for Cushman declined to […]

Invesco buying 80% stake in AvalonBay portfolio for $760M

Posted: 04 Oct 2018 11:01 AM PDT

Invesco Real Estate signed a contract to buy majority stake in a portfolio of multifamily buildings owned by AvalonBay Companies for $760 million. Invesco signed a contract Thursday to buy an 80-percent stake in five Manhattan rental buildings with a combined 1,300 residential units and 58,000 square feet of retail, sources told The Real Deal. Representatives for Invesco and AvalonBay could not be immediately reached. Real Estate Alert first reported the two sides were in […]

JLL hired to manage 275 former Toys “R” Us properties amid selloff

Posted: 04 Oct 2018 10:19 AM PDT

Raider Hill Advisors has hired JLL to manage 275 former Toys “R” Us stores across the country as the bankrupt retailer continues to sell off its entire portfolio. Even amid the orderly liquidation, the New York company’s stakeholders have plans of their own for the brand. JLL will handle retail and facility management, tenant coordination, construction, accounting and tax services for the properties, according to Commercial Observer. JLL CEO Greg Maloney said his firm would […]

Height Advisors is planning a 128-unit project in the Bronx

Posted: 04 Oct 2018 09:30 AM PDT

Developer Height Advisors is planning to bring a 128-unit residential building to Castle Hill in the Northeast Bronx. The company filed plans with the city’s Department of Buildings on Thursday for the seven-story project at 951 Olmstead Avenue. The building would span just under 89,000 square feet and appears to be the company’s first venture into the Bronx. Height Advisors’ current portfolio of buildings is based in Brooklyn, Manhattan and Philadelphia, according to its website. […]

Normandy, Columbia move ahead with $300M Greenwich Village office building

Posted: 04 Oct 2018 08:45 AM PDT

Development plans are moving forward for the latest office building to rise in Greenwich Village. Normandy Real Estate Partners and Columbia Property Trust finalized their joint venture for their $300 million office development at 799 Broadway, and landed a $187 million construction loan from Apollo Commercial Real Estate Finance, the partners announced Thursday. The 12-story, 182,000-square-foot project would be the first new office building developed in the neighborhood since since Edward Minskoff’s 51 Astor Place. […]

Prana Investments purchases Bronx portfolio for $65M

Posted: 04 Oct 2018 08:00 AM PDT

Prana Investments has purchased a portfolio of eight Bronx multifamily buildings for about $65 million from the Morgan Group, according to property records and sources familiar with the deal. The buildings are located throughout the borough at 1562 and 1580 Thieriot Avenue in Van Nest, 3115 Sedgwick Avenue in Bedford Park, 1236 Grand Concourse in Claremont, 219 Echo Place in Mount Hope, 711 East 231st Street in Wakefield, 3050 Perry Avenue in Norwood and 2511 […]

Eastern Consolidated’s Mark Schnurman to head sales at Eastern Union

Posted: 04 Oct 2018 07:15 AM PDT

After the July shutdown of Eastern Consolidated, Mark Schnurman has landed at commercial mortgage brokerage Eastern Union. Schnurman started as the firm’s first chief sales and operating officer, Commercial Observer reported. He will manage day-to-day sales operations and a team of roughly 150 people. Eastern Union’s president, Ira Zlotowitz, told the Observer he was looking to boost the “people” side of the brokerage. And hiring Schnurman frees him up to work on other initiatives such […]

LISTEN: The Real Deal discusses dirty money in South Florida real estate

Posted: 04 Oct 2018 06:30 AM PDT

For The Real Deal’s latest subscriber conference call, editor-at-large Hiten Samtani and reporter Keith Larsen gave readers an inside look at our fall issue’s blockbuster cover story, “See no evil: How a culture of secrecy boosts South Florida’s condo market.” Check out the SoundCloud player to listen to the full conversation, and be sure to keep an eye out for more information about our next conference call for subscribers.

New plans for St. John’s Terminal slash the number of resi units

Posted: 04 Oct 2018 06:06 AM PDT

Two years after a rezoning, plans for St. John’s Terminal are dramatically smaller than the original vision. The majority of the project will now be dedicated to office tenants, with Oxford Property Group unveiling plans earlier this week for a 1.3 million-square-foot glass commercial building. The megaproject was originally expected to be residential focused, with nearly 1,600 apartments (a third of which would be affordable), plus a hotel, 400,000 square feet of retail and a […]

Brooklyn DA indicts 5 in asbestos and false permits scheme

Posted: 04 Oct 2018 05:14 AM PDT

Brooklyn District Attorney Eric Gonzalez indicted five New Yorkers on Wednesday in an alleged asbestos removal scheme at a luxury duplex renovation in the Greenwood neighborhood of Brooklyn. The accused include expediter Scott Schnall, who was previously “banned for life” by the Department of Buildings, after it found Schnall had “regularly used his professional filing privileges to try to circumvent the zoning resolution and construction codes.” According to the DA, Schnall and four others conspired […]

How would Tish James deal with the city’s real estate industry?

Posted: 04 Oct 2018 04:30 AM PDT

Leading up to September’s primary, the real estate industry flung hundreds of thousands of dollars at two Democratic candidates for New York state attorney general: Sean Patrick Maloney and Letitia James. Developers and landlords eventually funneled the most cash to Maloney — spurred at the 11th hour, some say, by the trajectory of the polls — but James clinched the race with more than 40 percent of the votes. The city’s public advocate, who has […]

Behind Joe Harbert’s move to Avison Young

Posted: 04 Oct 2018 04:00 AM PDT

As Avison Young looks to bolster its presence in New York, hiring an executive with expertise in the region was key. Joseph Harbert, the 71-year-old former Colliers International president, has recently joined the brokerage as principal and director of operations for the company’s Northeast region. Multiple industry players said that though the departure is unlikely to have a huge impact on Colliers, it marks a major step forward in Toronto-based Avison’s efforts to muscle its […]