The Real Deal - New York Real Estate News

Hamptons Cheat Sheet: Hamptonites spend big to secure properties amid MS-13 fears … & more

Posted: 09 Oct 2018 03:00 PM PDT

Hamptonites spend big to secure properties amid MS-13 fears Suffolk county murders and sexual assaults by MS-13 gang members have spooked Hamptons residents enough to invest in vast high-end security systems that include panic rooms and windows so tough they can withstand a direct hits from sledgehammers, the New York Post reported. Red Apple Group’s John Catsimatidis is so concerned that he plans to sleep with a loaded gun under his pillow when he visits […]

Real estate players buying in to Cuomo’s third term

Posted: 09 Oct 2018 02:30 PM PDT

With the primaries behind him and a third term seeming like a safe bet, Gov. Andrew Cuomo has started raking in the big bucks from the real estate industry. After declining to contribute earlier in the year, the Real Estate Board of New York topped the donor rankings in New York City for the latest filing period (between Sept. 25 and Oct. 5), providing the governor’s campaign with $15,000 from its political action committee. A […]

WATCH: Industry players discuss L.A. market amid “retail apocalypse”

Posted: 09 Oct 2018 02:00 PM PDT

 The Real Deal’s Alexei Barrionuevo discusses the state of L.A.’s retail market with Bryan Witkow (The Tenant Group), Owen Fileti (LA Realty Partners), Jay Luchs (NKF) and Elizabeth Clark (Pacific Union/Compass) at TRD’s Commercial Real Estate Showcase and Forum in Century City.

Compass is opening its fourth BK office

Posted: 09 Oct 2018 01:30 PM PDT

Soon, Compass will be in the heart of Brooklyn’s new development boom. The brokerage leased about 11,000 square feet at the base of the Hub, Steiner NYC’s rental tower at 333 Schermerhorn Street, Crain’s New York reported. The firm is taking a three-story space in the building and will move to the location next year. The office is Compass’ fourth in Brooklyn, the report said. It also has locations in Cobble Hill, Park Slope and […]

Title insurance industry, NYS argue wining-and-dining before appellate court

Posted: 09 Oct 2018 01:00 PM PDT

The legal battle between the title insurance industry and the state’s Department of Financial Services continued on Tuesday, as attorneys for both sides made brief arguments before the Appellate Division of the New York State Supreme Court. The parties are continuing to fight over strict new regulations that DFS had imposed on title insurance companies in an attempt to crack down on excessive schmoozing in the industry. Title insurance companies had filed suit against DFS […]

LG Fairmont pulls out of Premier Agent

Posted: 09 Oct 2018 12:35 PM PDT

LG Fairmont, one of Premier Agent’s biggest cheerleaders in New York, is shutting its checkbook. At least as far as Zillow is concerned. The residential brokerage, which once spent $125,000 a month to receive buyer leads from the company, will no longer advertise with Zillow or StreetEasy, it said Tuesday. In a statement, the company said the decision was tied to Zillow’s new practice of vetting leads before connecting buyers with Premier Agents by phone. “Based […]

How a fake Saudi prince swindled a billionaire Miami developer

Posted: 09 Oct 2018 12:00 PM PDT

Turnberry Associates developer Jeffrey Soffer thought he had an offer from the prince of Saudi Arabia to buy the Fontainebleau Miami Beach in 2017 for $140 million more than what it was worth. Negotiations spanned for months, as Soffer allegedly wined and dined the supposed prince and bought him a Cartier bracelet worth $50,000, along with expensive artwork to court his investment, according to Vanity Fair. In total, he gave the prince $150,000 in gifts. […]

Cape Advisors files plans for massive residential Astoria project

Posted: 09 Oct 2018 11:30 AM PDT

Cape Advisors has started to file plans for its massive 710-unit residential project on the Astoria waterfront. The company pre-filed plans with the Department of Buildings on Friday for buildings at 11-28 and 11-12 30th Drive, also known as 30-77 Vernon Boulevard. The one at 11-28 30th Drive will span about 174,000 square feet with 266 residential units, while the one at 11-12 30th Drive will span about 200,000 square feet with 275 residential units. […]

TRD publisher Amir Korangy wants to take you on a bike ride

Posted: 09 Oct 2018 11:00 AM PDT

It’s a bird… It’s a plane… It’s The Real Deal publisher Amir Korangy on a bike — and he’s taking the first several people who sign up for a digital subscription on a bike tour of new development on the High Line! Register now using the code BIKETOUR and join Amir and others in the industry on Thursday, Oct. 18 at 12 p.m. for a leisurely look at all the new projects popping up in the […]

HNA Group looks to unload $11B in assets amid continued selloff

Posted: 09 Oct 2018 10:30 AM PDT

Troubled Chinese conglomerate HNA Group is selling off another $11 billion in assets in its latest move to steady the ship. Included is New York’s 850 Third Avenue, though most of the 80 total are in China, according to Reuters. HNA bought the office building in 2016 for $463 million and secured a $342 million refinancing loan for it in June. The buildings for sale were listed in two documents sent to prospective investors in […]

Landlord complaints put new energy efficiency ratings on hold

Posted: 09 Oct 2018 10:00 AM PDT

Following considerable pushback from landlords, the Environmental Protection Agency is pausing its plans to update the system for energy efficiency ratings. Changes to the system would affect office and industrial buildings, the Wall Street Journal reported. The move came after some landlords said their properties would be unfairly penalized. More than 200,000 properties in the country participate in the Energy Star program. Though it’s not mandatory, many landlords participate because tenants are increasingly seeking energy-efficient […]

Seven months after sexual misconduct allegations, Richard Meier steps down

Posted: 09 Oct 2018 09:15 AM PDT

UPDATE, Tuesday, October 9, 3:42 p.m.: Richard Meier, the founder and managing partner of his eponymous architecture firm, is stepping down. The announcement comes seven months after five women accused the Pritzker Prize winner of sexual harassment in a report published by The New York Times. Meier, who founded Richard Meier & Partners in 1963, took a six-leave of absence from the firm after the allegations were made public. Meier will continue to be “available […]

Why Realogy’s slow-burning stock is down 40% over the last year

Posted: 09 Oct 2018 08:45 AM PDT

It’s not the greatest time to be a Realogy shareholder. Thanks to a convergence of factors — from the slowing U.S. housing market to heightened brokerage competition — shares of the company’s stock closed at $19.73 on Oct. 5. That’s down 41.2 percent year-over-year, even as the S&P 500 rose 13.39 percent during the same time. Put another way: The New Jersey behemoth that operates the Corcoran Group and Coldwell Banker has lost more than […]

Lennar in talks to sell real estate lending unit to Stone Point Capital

Posted: 09 Oct 2018 08:15 AM PDT

Miami-based Lennar Corp. is in advanced talks to sell its real estate lending unit, Rialto Capital. Private-equity firm Stone Point Capital is considering buying Rialto for an undisclosed price, the Wall Street Journal reported. Lennar indicated in April that it might sell Rialto as part of a larger effort to focus on home building and sell or spin off noncore subsidiaries. The change comes as Lennar and other home builders face a housing market on […]

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

Posted: 09 Oct 2018 07:30 AM PDT

In the world of mid-market New York City investment sales last week, the Blackstone Group and Fairstead Capital sold another piece of the Caiola portfolio and Ved Parkash acquired a Bronx residential building. 1.) The Blackstone Group and Fairstead Capital sold another piece of the Caiola portfolio for $14.1 million. The ten-story, 24-unit building at 244 East 75th Street offers 21,500 buildable square feet, according to PropertyShark. It was listed in August as part of an […]

Owner of Quality Meats inks 20-year lease at 1345 Sixth Avenue

Posted: 09 Oct 2018 07:00 AM PDT

A steakhouse just inked a 20-year lease at Fisher Brothers’ 1345 Sixth Avenue. Quality Branded, owners of steakhouse chain Smith & Wollensky and Quality Meats and Quality Italian, is taking nearly 10,000 square feet on the ground floor of the 50-story office tower, the New York Post reported. The name of the restaurant has not yet been revealed, but it’s expected to open in late 2019. Asking rent for the space was $250 per square […]

Hyatt buying lifestyle hotel chain Two Roads

Posted: 09 Oct 2018 06:30 AM PDT

Hyatt Hotels is buying independent hotel operator Two Roads Hospitality for $480 million, increasing its investment in lifestyle brands. After the deal closes later this year, Chicago-based Hyatt will combine brands such as Andaz and Hyatt Centric with Two Roads’ Thompson Hotels and Alila Hotels & Resorts to create a new lifestyle division, according to Bloomberg. The firm will also invest up to $120 million Two Roads, Hyatt said in a statement. The deal gives […]

Harlem senator wants to give tenants more time to challenge rent overcharges

Posted: 09 Oct 2018 06:04 AM PDT

Sen. Brian Benjamin wants to increase the amount of time that tenants have to challenge rent overcharges. Benjamin, a Democrat who represents Harlem, plans to introduce a new bill this week that would allow tenants to file complaints for alleged rent overcharges for six years, the New York Daily News reported. Under current law, tenants only have four years to bring such actions. The legislation would also bring apartments deregulated as a result of overcharges […]

Felix Sater on money laundering at Trump properties: “I think he just didn’t care”

Posted: 09 Oct 2018 05:30 AM PDT

According to Felix Sater, who built the Trump Soho condominium tower in Lower Manhattan and partnered with President Trump on several other projects, Trump didn’t lose sleep over where the money to build his branded properties came from. “I would show him a deal and he’d say ‘let’s go,’” recalled Sater, who once occupied an office down the hall from the future president in Trump Tower. “The due diligence part was kind of light.” At […]

Who’s knocking? Investors rush to set up Opportunity Zone funds ahead of deadline

Posted: 09 Oct 2018 05:00 AM PDT

Investment firms are scrambling to cash in on the federal Opportunity Zones plan, hoping to take full advantage of the generous tax incentive program ahead of a looming deadline. Enacted late last year, the program provides tax deferments and tax breaks to developers and investors who build projects in designated low-income neighborhoods across the country. Already, a handful of firms have launched $500 million so-called opportunity funds — others have targeted far smaller amounts — […]

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

Posted: 09 Oct 2018 04:30 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 […]

Blame game: Expediters say they’re not at fault for landlords’ inaccurate permits

Posted: 09 Oct 2018 04:00 AM PDT

When some of the city’s most prominent landlords were exposed last month for failing to disclose rent-stabilized tenants on construction paperwork, many blamed the intermediaries who handled the filings. But those middlemen, known as expediters, say it’s up to landlords to provide the basic facts about the buildings they own — and to catch any errors before applications are submitted to the city. A recent analysis by The Real Deal found that in 2018 alone, […]