The Real Deal - New York Real Estate News

Gotham Org sues Richard Born for breach of contract at Hell’s Kitchen mixed-use project

Posted: 02 Nov 2018 03:00 PM PDT

The Gotham Organization is suing hotelier Richard Born for an alleged breach of contract at 515 West 42nd Street, where the two companies were working on a mixed-use project. Gotham Organization entered into a joint venture with RBA 42, LLC — an entity controlled by Born — in September 2016 to work on the project together, according to the lawsuit. Born’s company owned the site, and he had filed plans with the Department of Buildings […]

Juggling multiple sales and negotiating among five countries helped snag these top REBNY resi deal awards

Posted: 02 Nov 2018 02:15 PM PDT

It took the sale of three other apartments — plus finding a rental — for Halstead Real Estate’s Sanjya Tidke to close a deal for the home her client wanted. Navigating that web snagged the broker and her team the top spot at the Real Estate Board of New York’s 30th annual residential awards ceremony. Tidke, along with co-broker Mary Dunne of Warburg Realty, were tasked with helping a couple relocate to a residence closer […]

Co-working firms aren’t happy about CBRE launching competitor company

Posted: 02 Nov 2018 01:35 PM PDT

Some co-working companies aren’t happy about CBRE’s new flexible workspace venture. The brokerage announced on Wednesday that it will start inking property management agreements with landlords to provide flexible office space to large corporate clients. But some of CBRE’s would-be clients aren’t thrilled that the brokerage will now compete in the co-working space, Crain’s reported. “Going forward, I see no reason to give my business to CBRE,” said Amol Sarva, co-founder and CEO of Knotel. […]

Here’s the math behind Clipper Equity’s deregulation strategy

Posted: 02 Nov 2018 01:05 PM PDT

Brooklyn-based real estate investment trust Clipper Equity believes there’s high growth ahead at its portfolio of rental properties in Manhattan and Brooklyn. The David Bistricer-led company, which went public on the New York Stock Exchange last year, detailed its latest round of plans to deregulate units and capitalize on gentrification trends at several of its residential projects, according to an investor presentation filed Friday. The presentation listed multiple properties where they plan to deregulate units […]

Vanbarton lands $140M construction loan to remake former Tribeca Film Festival building

Posted: 02 Nov 2018 12:30 PM PDT

The former home of the Tribeca Film Festival is ready for its next act. The Vanbarton Group is moving ahead with plans to convert the 100,000-square-foot building at 15 Laight Street into boutique offices. The Grand Central-based investment firm, which bought the property two years ago for $90 million, just secured a $141 million loan from the Paramount Group to finance the transformation. The building could be a “rare opportunity for a tenant to potentially […]

Peloton spinning toward new headquarters on Far West Side

Posted: 02 Nov 2018 12:00 PM PDT

Peloton Interactive, the $4.15 billion indoor-cycling startup, is spinning toward a new headquarters that’s just a short ride away from the flagship fitness studio it’s opening at Manhattan West. The six-year-old company is close to finalizing a deal to anchor Cove Property Group’s 700,000-square-foot Hudson Commons office redevelopment at 441 Ninth Avenue, sources told The Real Deal. The exact square footage of the lease wasn’t immediately clear, but sources said it could be in the […]

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

Posted: 02 Nov 2018 11:15 AM PDT

There will be a few real estate events in New York City next week. On Nov. 6, MPIM and MetaProp NYC are hosting their MIPIM PropTech NYC event from 8 a.m. to 8 p.m. at the Metropolitan Pavilion, 125 West 18th Street. Attend to hear from the industry’s key decision makers and gain fresh insight into the latest PropTech trends. Julie Samuels of Tech: NYC will provide a keynote entitled, “Propelling Tech for sustainable cities,” […]

The agent that luxury rental landlords cannot live without

Posted: 02 Nov 2018 10:30 AM PDT

On a recent Wednesday afternoon at the Eugene, residents scurried through the lobby’s revolving door, eyes glued to smartphones, bodies draped in fitted cloaks emblazoned with all the right brands. Handbag-sized designer dogs trotted alongside. Lei Pan reckons that 80 percent of the market-rate residents at the building are from China. He gestured toward a backpack-sporting college student as he crossed the lobby of the Far West Side property. “He has a million dollars in […]

Follow The Real Deal’s Deal Sheet on Instagram!

Posted: 02 Nov 2018 10:00 AM 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 […]

Re/Max doubles profit but full-year outlook is less optimistic

Posted: 02 Nov 2018 09:15 AM PDT

Even as Re/Max Holdings continues to grow amid the housing market slowdown, the franchise brokerage slightly lowered its guidance for the year. “We are witnessing a larger-than-expected slowdown in home sales this fall, as homebuyers and sellers adapt to a shifting market,” said Adam Contos, the company’s CEO. He spoke during the third-quarter earnings call on Friday. In a rebalancing market, the shift “back to equilibrium is not always smooth,” he said. The company now expects full-year revenue in […]

JPMorgan taps Foster + Partners to design new Midtown tower

Posted: 02 Nov 2018 08:30 AM PDT

JPMorgan Chase has hired the architect behind Apple’s headquarters to design its new Park Avenue tower. Foster + Partners will be the head architect on the project, according to Bloomberg. The firm, founded by Pritzker Prize-winner Norman Foster, also designed 425 Park Avenue, which is under construction a few blocks away. JPMorgan announced in February it would knock down its 270 Park Avenue headquarters and replace it with a 70-story skyscraper spanning 2.5 million square […]

Fannie and Freddie programs offer options to retirees seeking home loans

Posted: 02 Nov 2018 07:45 AM PDT

It’s a common problem for retirees seeking to refinance or get a new mortgage: After their regular employment earnings stop flowing, their monthly incomes drop. They might have hundreds of thousands of dollars stored away in IRAs or 401(k) plans and other investments, but for mortgage purposes, they don’t have enough monthly income to qualify for the loan they want. They look asset rich, income poor. In some cases, that impression can create serious problems […]

Amid “volatile” housing market, Realogy’s revenue stagnates

Posted: 02 Nov 2018 07:15 AM PDT

Realogy Holdings’ revenue was flat during the third quarter while transaction volume rose just 1 percent, which executives on Friday attributed to the national housing slowdown. The New Jersey-based conglomerate, which last week said it planned to double down on its franchise business, reported $1.68 billion in third-quarter revenue, up $2 million year-over-year. Net income rose 8.4 percent year-over-year to $103 million, compared to $95 million. But shares of Realogy were down more than 10 […]

Some new tiny townhouses are on their way to Manhattan

Posted: 02 Nov 2018 06:30 AM PDT

Developers in Manhattan are using bits and pieces of leftover space from the building boom to construct some new residences that are particularly tiny, even for Manhattan. On East 52nd Street in East Midtown, for instance, architect Gene Kaufman is planning to build a house on a 10-foot lot, where the widest rooms would span about 8.5 feet, according to the Wall Street Journal. And at 267 ½ Water Street by the Brooklyn Bridge in […]

Party foul? Unlimited beer is no longer a thing at WeWork

Posted: 02 Nov 2018 06:00 AM PDT

WeWork is ditching the unlimited free craft beer in its offices. As of Oct. 30, WeWork users in New York City will be limited to four 12-ounce beers per day, and the tap will only be usable from 12 p.m. to 8 p.m., according to MarketWatch. Workers will have access to the taps through the same key cards they use to access the building. The initiative is a pilot program meant to help better manage […]

Woodbridge’s Robert Shapiro set to pay $120M to SEC

Posted: 02 Nov 2018 05:30 AM PDT

Robert Shapiro, an alleged mastermind behind a $1.2 billion Ponzi scheme, has agreed to pay $120 million to the Securities and Exchange Commission as part of a settlement agreement. Shapiro, the former CEO of Woodbridge Group of Companies, and his wife, Jeri, as well as other entities named as defendants in the SEC lawsuit, will pay a combined $892 million to the commission, Bloomberg reported. The money will be used to compensate the victims of […]

National Cheat Sheet: Flooding threats hurting coastal home prices, CBRE gets into coworking … & more

Posted: 02 Nov 2018 05:00 AM PDT

Concerns over flooding and climate change hurting pricing of coastal homes Homes in coastal areas with high flooding risks have appreciated slower than inland homes, an analysis of pricing in coastal areas around the country by Realtor.com and the Wall Street Journal found. The analysis found concern over flooding and climate change are making once highly sought-after coastal homes nationwide less attractive to buyers. [TRD] CBRE’s Hana looks to share coworking market with WeWork, Knotel […]

Records rollercoaster: The benchmarks that have been broken in NYC’s resi market

Posted: 02 Nov 2018 04:30 AM PDT

There may be a market slowdown, but it’s still New York, and that means residential records are still being broken across the boroughs. While many of those records are positive indicators for the market, there are also a few lows — whether they be for priciest foreclosures or biggest price chops. Here’s a quick-and-dirty (unscientific) look at some of the benchmarks that have recently been broken. Most Expensive Rental Building Sale in Queens $284M In […]

The top 10 NYC retail leases in October

Posted: 02 Nov 2018 04:00 AM PDT

The top 10 retail deals made public in October totaled over 353,000 square feet, well above the 98,300 square feet seen the prior month. The big difference last month? Big box retail, which took the top six spots in the ranking. The largest retail lease in October was inked in the Bronx, where a massive supermarket is coming to Related Companies’ 610 Exterior Street. Other top deals were signed by Old Navy, TJ Maxx, Target […]