The Real Deal - New York Real Estate News

CIM Group looking to dissolve its REIT business

Posted: 05 Oct 2018 03:30 PM PDT

CIM Group is studying whether to dissolve the REIT side of its business as it explores a recapitalization of its stock, according to a Securities and Exchange Commission filing published Friday. The Los Angeles-based firm, which trades on the NASDAQ as CMCT, announced “an intent to dissolve” CIM REIT, which holds 95 percent of the firm’s outstanding common stock. Any shares of CMCT stock held by the REIT would be distributed to the REIT’s 27 […]

ICSC inks 15-year lease for new Rockefeller Center office

Posted: 05 Oct 2018 03:15 PM PDT

The International Council of Shopping Centers is getting new digs across the street. The organization inked a 15-year lease for the entire 50th floor of Mitsui Fudosan America’s 1251 Sixth Avenue, Commercial Observer reported. The new space spans 44,100 square feet, slightly smaller than ICSC’s current office which is 49,834 square feet on the 41st floor of 1221 Sixth Avenue. ICSC’s current lease expires in 2019. Newmark Knight Frank’s David Falk, Peter Shimkin, Nick Berger […]

Scottie Pippen lists Highland Park mansion near 2004 purchase price

Posted: 05 Oct 2018 02:45 PM PDT

Scottie Pippen is one of the city’s most successful athletes of all time, but the Bulls legend is having less success selling his Highland Park mansion. The NBA Hall of Famer and wife Larsa cut the asking price on their 10,000 square-foot home once again, this time listing the home at $2.25 million, just $25,000 more than they paid for it in 2004, according to Crain’s. The couple bought the six-bedroom, 5½-bathroom home for $2,225,000 […]

Who just paid $32M at 520 Park?

Posted: 05 Oct 2018 02:15 PM PDT

A mystery buyer at 520 Park Avenue just paid $31.5 million for a pretty brilliant view of Central Park. The sale, which hit property records Friday, listed the buyer as AKMJ Property Trust. The deed was signed by trustee Christine C. McCurdy. The buyer’s broker, Ryan Serhant of Nest Seekers International, declined to comment. View this post on Instagram Congratulations to my clients on their new $31.5M views at 520 Park Avenue. Just […]

Westbrook is lending $96M on the Downtown hotel it just sold

Posted: 05 Oct 2018 01:45 PM PDT

Westbrook Partners is switching roles at the Wagner at the Battery, a hotel in Lower Manhattan. The firm originated a $96 million mortgage for the hotel portion of 2-10 West Street, according to records filed with the city on Friday. The property is a 36-story tower across from Battery Park City. The hotel portion, which covers the bottom 12 floors of the building, contains 298 rooms. The upper floors, meanwhile, contain 120 condo units. Westbrook, […]

Follow The Real Deal’s Deal Sheet on Instagram!

Posted: 05 Oct 2018 01:15 PM PDT

Shaya Sonnenschein and Shaya Ackerman of Meridian Capital Group represented the owner, Marx Development Group. The loan was issued by Mack Real Estate Credit Strategies. #commercialrealestate #nycrealestate #trdny #trddealsheet #nyc #nycloans #trdloans A post shared by The Real Deal’s Deal Sheet (@trddeals) on Jun 20, 2018 at 10:17am PDT The Real Deal’s Deal Sheet is on Instagram! Our latest social media channel features snaps of retail and office leases, financing acquisitions and commercial and residential […]

Bradley Cooper revealed as buyer of this off-market townhouse

Posted: 05 Oct 2018 12:45 PM PDT

Actor Bradley Cooper snagged a Greenwich Village townhouse last spring. Cooper bought the home at 224 West 10th Street through a trust for $13.5 million, the Wall Street Journal reported. “The Cool Trust” is managed by Jeffrey Wolman, who runs a business management firm primarily catering to those who work in entertainment, the report said. It kept Cooper undisclosed as the buyer behind the May transaction. The five-story home spans roughly 4,000 square feet and […]

Contractor hits JDS with suit over joint venture dispute at Brooklyn condo project

Posted: 05 Oct 2018 12:00 PM PDT

A Staten Island-based construction company claims JDS Development’s Michael Stern gradually cut the firm out of a Brooklyn condominium project, instead hiring his own construction management team and hiding the financials of the development. Tona Construction & Management on Friday filed a lawsuit against Stern and JDS in state Supreme Court in Manhattan, alleging that the developer ignored their partnership agreement to build a 43-unit condo building at 613 Baltic Avenue. Tona accuses Stern, among […]

JPMorgan is latest bank to shrink its mortgage division with 400 layoffs

Posted: 05 Oct 2018 11:35 AM PDT

One of the largest mortgage lenders in the country is laying off about 400 of its consumer mortgage banking employees as home sales slow and interest rates continue to rise. JPMorgan Chase is cutting employees in Jacksonville, Florida; along with Phoenix; and Cleveland and Columbus, Ohio, according to the Wall Street Journal. In August, Wells Fargo said it was laying off 650 mortgage employees. Parts of the mortgage banking industry have slowed down, attributed to […]

Mark your calendars: These are New York’s top real estate events next week

Posted: 05 Oct 2018 11:00 AM PDT

There will be new real estate events in New York City next week. On Oct. 10, Brownstoner and QNS are hosting their Real Estate Conference event from 8 a.m. to noon at the Brooklyn Expo Center, 72 Noble Street. Attend for industry insights into the ever evolving skyline and market of Brooklyn and Queens. Also on Oct. 10, B’nai B’rith Real Estate is hosting its luncheon event from noon to 2 p.m. at the Cornell […]

Milwaukee Bucks co-owner Marc Lasry sells UES townhouse for $32M

Posted: 05 Oct 2018 10:15 AM PDT

UPDATED, Oct. 5, 4:13 p.m.: Hedge fund billionaire and Milwaukee Bucks co-owner Marc Lasry parted ways with his Upper East Side townhouse. The six-story property at 4 East 74th Street sold for $31.5 million to an anonymous buyer, according to records filed with New York City’s Department of Finance. Last year, reports emerged that Keith Urban was considering buying the home — but his wife, actress Nicole Kidman, denied it. Modlin Group’s Adam Modlin and Nina […]

Lights out: Mattress Firm to shutter hundreds of stores nationwide

Posted: 05 Oct 2018 09:30 AM PDT

The nation’s largest specialty mattress and bedding company will have some rough nights ahead. Mattress Firm Inc. said it will close up to 700 retail stores nationwide after filing for bankruptcy Friday, according to the Wall Street Journal. The closures will start with around 200 stores over the next few days. The company has dozens of locations in Miami, New York, Chicago and Los Angeles. Mattress Firm will still have more than 2,000 locations left. […]

AdMarketplace relocates offices to the Garment District

Posted: 05 Oct 2018 09:00 AM PDT

Search-engine marketing company AdMarketplace is expanding and relocating its offices to the Garment District. The company, founded in 2000, signed a sublease with the software company Diligent for 22,000 square feet at 1385 Broadway, AdMarketplace’s brokers told The Real Deal. The seven-year deal had an asking rent in the high $50s per square foot. Michael Pallas, Jim Wenk and Kirill Azovtsev at JLL represented AdMarketplace. The company is relocating from about 16,000 square feet at […]

Trump tariffs could raise home improvement costs

Posted: 05 Oct 2018 08:15 AM PDT

Thinking about remodeling your home — redoing a bathroom or the kitchen? Or maybe purchasing a new home from a builder? Or simply buying new appliances? Then get ready to dig deeper into your wallet as the Trump administration’s new $200 billion in tariffs begin to flow through to hundreds of the products that go into your planned project. They range from iron nails to flooring to granite countertops, tiles, sinks, roofing, cement, paints, cabinets, […]

Investors in Trump hotels in New York and Chicago are taking hit

Posted: 05 Oct 2018 07:30 AM PDT

Small-time investors in Trump properties in cities like New York and Chicago have taken a hit since Donald Trump became president. Revenue at the Trump International Hotel & Tower New York between 2015 and 2017 went from $34.4 million to $30.9 million — a 14 percent decline after adjusting for inflation, the Washington Post reported. Bookings at Trump’s hotel in Chicago dropped 8 percent between 2015 and 2016. Some investors at the hotels — who, […]

NYC foreclosures slide 17% in Q3

Posted: 05 Oct 2018 06:45 AM PDT

First-time foreclosures in New York City dipped 17 percent in the third quarter this year, marking the first time since early 2017 that the number of homes scheduled for foreclosure fell below 800. From July through September, the city had 716 homes slated for auction, according to a new report by PropertyShark. This was a decrease from last quarter’s 881 and is the first time that new foreclosures fell below 800 since the first quarter […]

Cost of JFK renovation jumps to $13B

Posted: 05 Oct 2018 06:00 AM PDT

The cost of renovating John F. Kennedy International Airport has flown to $13 billion. Gov. Andrew Cuomo on Thursday announced the new estimate, up from the previously announced $10 billion, the New York Times reported. The plans include new roadways around the airport, new terminals and more amenities throughout. Airlines have committed $10 billion to constructing the terminals and private companies have pledged another $2 billion. The price tags on large-scale infrastructure projects have a […]

Corcoran is a new development heavyweight. Here’s why it’s now chasing small projects

Posted: 05 Oct 2018 05:30 AM PDT

The Corcoran Group is casting a wider new development net. The residential brokerage — already a top dog in the business thanks to subsidiary Corcoran Sunshine Marketing Group — is actively going after smaller condominium projects that will be marketed by its agents. Historically, the firm has maintained a siloed approach, keeping its resale and new development businesses almost completely separate and, through Corcoran Sunshine, employing dedicated on-site sales teams. But in an attempt to […]

National Cheat Sheet: Trump tax investigation launched, mall vacancies hit 7-year high … & more

Posted: 05 Oct 2018 05:00 AM PDT

New York launches investigation into Trump family finances after bombshell report The state of New York plans to investigate President Donald Trump and his family over allegations that they evaded taxes on hundreds of millions of dollars over the years, Bloomberg reported. The state’s Department of Taxation and Finance’s probe comes on the heels of a bombshell New York Times report that claimed Trump and his siblings employed a number of elaborate methods to avoid […]

Day in the life of: Brad Hargreaves

Posted: 05 Oct 2018 04:30 AM PDT

Brad Hargreaves, 32, is the CEO of Common, the New York-based co-living startup he founded in 2015. The company, which rivals WeWork’s WeLive brand and several other national and local startups, has generated a buzz for pioneering dorm-like rental options for adults, where living areas are shared and coffee, laundry detergent and housekeeping are folded into the monthly costs. Common leases about 300 furnished and custom-designed apartments in 20 properties across the U.S. — half […]

The top 10 biggest real estate projects coming to NYC

Posted: 05 Oct 2018 04:00 AM PDT

Hudson Yards dominated last month’s list of the largest real estate projects on their way to New York. Developments in the neighborhood took the top two spots for September. Douglaston Development’s plans for a 740,000-square-foot project at 601 West 29th Street was at No. 1, and Rockrose Development’s plans for a 400,000-square-foot project at 555 West 38th Street took the No. 2 spot. Both projects are components of even larger developments that the companies are […]