The Real Deal - New York Real Estate News

Number of South Fork home sales drop for third consecutive quarter South Fork home sales slipped by more than 10 percent for the third quarter in a row, 27east reported. The third quarter dipped more than 13 percent compared to the same quarter in 2017 according to a Miller Samuel report conducted for Douglas Elliman. Sales at both the low and high end have fallen off, bringing the median home sale price in the area […]

Vornado Realty Trust plans will soon kick off the first phase of its “megacampus” redevelopment at Pennsylvania Plaza. The real estate investment trust expects to start work before the end of the year on the $200 million renovation of One Penn Plaza, Vornado CEO Steve Roth said on the company’s third-quarter earnings call Tuesday morning. The plan includes a new double-height lobby for the 2.5 million-square-foot building, and is projected to take two years to […]

Minrav Development has filed plans to build a residential property at the longtime home of the Turtle Bay Music School. The Israel-based firm is looking to construct a seven-story building at 244 East 52nd Street, which is located between Second and Third Avenue. Plans call for a 20,000-square-foot property with 15 units. If approved as proposed, the building would be 75 feet tall and have 50 feet of frontage. Planned amenities for the property include […]

In 2012, a trio of developers drew up plans to build a 12-story InterContinental hotel in Fort Lauderdale Beach. The Las Olas Ocean Resort would include a 12,000-square-foot restaurant from the management company behind Senior Frog’s. To fund the development, the ownership group tapped Bancorp Bank and later, dozens of Chinese investors who poured in millions of dollars through the federal EB-5 visa program. In all, around $75 million flowed into the project. But today, […]

Viceroy Equities is betting big on Brooklyn with a $75 million Opportunity Zone fund. The company is calling it the B’KOZ Opportunity Zone fund, and it will invest solely in projects located in the borough. Joseph Douek, the head of Viceroy, said the firm are “close to narrowing down site-specific areas” but have not finalized any neighborhoods yet. Opportunity Zones were part of the Republican tax plan that passed at the end of last year. […]

U.S. home prices are continuing to lose steam. In August, annual home-price gains slid below 6 percent for the first time in a year, according to the S&P CoreLogic Case-Shiller Index. The index, which measures average home prices in major metro areas, reported a 5.8 percent year-over-year gain, compared with 6 percent in July. The latest data comes as rising prices in recent years have made homes the least affordable in a decade. Additionally, rising […]

Flip, a real estate tech firm meant to help renters sublet their apartments, has landed a 5,800-square-foot lease at 357 Grand Street in Williamsburg. The asking price in the mixed-use building was $55 per square foot, according to a spokesperson for ABS Partners Real Estate, which helped broker the deal. The length of the lease was not immediately clear. Flip was founded in 2016 and aims to provide a platform for tenants looking to sublet or […]

WeWork is continuing its push for mid-sized tenants, signing two leases in Chelsea and SoHo for its HQ by WeWork segment. The co-working firm is taking a total of 45,500 square feet at Stellar Management’s 50 West 28th Street and ABC Management’s 599 Broadway, the firm told The Real Deal. The larger transaction is for the West 28th Street property, with WeWork agreeing to a 34,500-square-foot deal to occupy floors three, five and 12 at the 16-story […]

Vornado Realty Trust increased its ownership in the 900,000-square-foot Farley Post Office redevelopment project. Company CEO Steve Roth on Tuesday announced that the real estate investment trust purchased a portion of the stake owned by partner the Related Companies. “We love Farley. . . Naturally, we want to own as much of it as we can,” he said on the company’s quarterly earnings call. Vornado did not disclose financial terms of the deal. The partners […]

Vornado Realty Trust renewed Old Navy’s large lease on 34th Street, but is keeping its options open for the property. The real estate investment trust signed a renewal with the retailer for its 78,000 square feet at 150 West 34th Street, company executives announced on Vornado’s third-quarter earnings call Tuesday morning. Vornado CEO Steve Roth said the short-term deal has a five-year term, and the landlord eliminated any further renewal options Old Navy had. “This […]

The Montague-Lee Limited Partnership, an entity controlled by Korean investor Ui Kun Lee, bought the building that houses the Times Square location of TGI Fridays for $22.5 million, according to records filed with the city on Tuesday. The property, with the address of 147-149 West 46th Street, consists of two adjacent four-story buildings, according to city data. TGI Fridays moved into the property in 2013 after signing a 10,900-square-foot lease to occupy the bottom two […]

In a sign of the challenges New York City’s rental market is facing, apartment REIT AvalonBay Communities is considering switching tack at its Columbus Circle development. “Our allocation to the greater New York region is a big higher than we’d like,” Matt Birenbaum said on the company’s third-quarter earnings call Tuesday morning. “While the Manhattan condo market has softened somewhat over the past year, our building offers some compelling advantages.” In order to reduce its […]

The Real Deal is expanding our coverage of the tri-state area with a quarterly issue looking at the real estate markets in Long Island and the Hamptons, New Jersey, Westchester and Fairfield counties. Each issue will be divided into market-specific sections and packed with the data-driven reporting, analysis and profiles the industry relies on from TRD. The tri-state issues will be published in February, May, August and November of 2019 and 55,000 copies will be […]

ABC Carpet & Home, which has been selling carpets in the city for more than a century, is closing a second location. The retailer is shutting down its 20,600-square-foot store at 881 Broadway, the New York Post reported. The three-story location will be squeezed onto one floor of ABC’s flagship store across the street at 888 East 19th Street, and 27 employees will be out of the job. Earlier this year, ABC agreed to sell […]

The Harch Group claims billionaire Noam Gottesman pushed it out of a plan to redevelop a warehouse in the West Village and then sold the property without consulting the company. Harch principal Harry Jeremias filed a lawsuit against Gottesman and Toms Capital, alleging that his former partner “duplicitously torpedoed” their joint venture that was supposed to redevelop 771 Washington Street, Bloomberg News reported. Jeremias got Toms Capital to back the $71 million purchase of the […]

The Brooklyn Navy Yard Development Corp.  has received a $42 million financing package to renovate one of its buildings. The repositioning of Building 127, located between Third and Fourth Streets on Morris Avenue, will give it 95,000 square feet of industrial-manufacturing space, according to the New York Post. The structure was built in 1904 and has been used in the past to make boat parts and pack sugar. The Dutch business-incubator firm B. Amsterdam previously […]

The city on Tuesday released its first “Speculation Watch List,” a roundup of properties whose tenants might be vulnerable to harassment. The list includes rent-regulated multifamily properties sold this year for more than $10,000 that have a capitalization rate below the median cap rate for their respective boroughs. The first iteration of the watch list has 51 properties — roughly 100 short of the number of buildings that are expected to be added to the […]

More than 4,500 people packed Mana Wynwood at The Real Deal South Florida’s Fifth Annual Real Estate Showcase & Forum on Thursday. Booths showcasing new developments, lenders, insurance companies, brokerages and more filled the venue, offering mimosas, treats, and photo booths. Pamela Liebman, Michael Stern, Louise Sunshine, Robert Reffkin, Craig Robins, Jackie Soffer and others spoke on a handful of panels covering the residential and commercial markets, as well as new development in South Florida. […]

Less than a year after the tech giant bought the Chelsea Market building, Google’s parent company is eyeing space at St. John’s Terminal. Alphabet is considering space at St. John’s Terminal at 550 Washington Street, according to the New York Post. Oxford Properties Group is redeveloping the former rail warehouse into a 1.3 million-square-foot office building. Details of what Alphabet would potentially want to do with the space — and how much the company is […]

Mattress Firm’s landlords have a tough choice on their hands. They can slash rents on hundreds of stores throughout the country and keep the embattled mattress retailer, or find new tenants. CEO Steve Stagner told Mattress Firm’s landlords on a conference call earlier this month that the Houston-based chain would have to vacate their stores if the existing terms remained, according to Bisnow. “I want to be clear that we are only asking for what […]

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 […]

Rory Golod — who for two years was Compass CEO Robert Reffkin’s right-hand-man — has been tapped as general manager of the firm’s New York region. As GM, Golod will oversee Compass’ 1,400 agents and 18 offices in New York, where the SoftBank-backed brokerage has been increasing its brick-and-mortar footprint. Compass introduced the GM role about a year ago as the firm ballooned in size. The company — which was valued at $4.4 billion after […]