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The Real Deal - New York Real Estate News |
Here’s what the $10M-$20M NYC investment sales market looked like last week Posted: 05 Nov 2018 03:30 PM PST In the world of mid-market New York City investment sales last week, Barberry Rose Management bought an Inwood property and Stellar Management and City Urban Realty acquired a Williamsburg apartment building. 1.) Barberry Rose Management bought a five-story apartment building in Inwood for $10.4 million. The property, at 9 Post Avenue, is a 42,100-square-foot building with 48 apartments, according to city data. The sellers are 9-15 Post LLC and PS Post Ave LLC, with Michael […] |
Tenant claims she was sexually assaulted by worker at the Eugene rental tower Posted: 05 Nov 2018 03:00 PM PST A tenant at the Eugene says she was sexually assaulted by a staffer at the high-end rental building, according to a new lawsuit. The case, brought by plaintiff Anna Roast, claims that a “a doorman and/or porter” assaulted her within the building at 1 a.m. on October 17, 2017, according to Crain’s. Brookfield Asset Management, which owns the tower, is named as a defendant for failing to prevent the alleged attack. “Defendants created and allowed […] |
Delshah makes multifamily play in East Village Posted: 05 Nov 2018 02:45 PM PST Delshah Capital is making another multifamily play, buying an East Village rental property for $25.2 million. The firm bought 531-533 East 12th Street, a seven-story residential building that sits between Avenue A and B, a source told The Real Deal. The 30,000-square-foot property contains 26 apartments and a 2,000-square foot office space, city records show. The seller is Great Neck-based investment firm Zelman Properties. The company, headed by Robert Zelman, paid $16.6 million for the […] |
Are renters emerging as a new voting bloc? Posted: 05 Nov 2018 02:30 PM PST A range of ballot measures could draw renters to the polls this year. People who rent tend to vote at lower rates than homeowners, the Wall Street Journal reported, citing a new study. But various measures that tackle issues like affordable housing could motivate more renters to to head to the polls — and swing outcomes. “Analysis shows that renters do have significant potential to swing elections and have a distinct set of needs,” Christopher […] |
JCS Realty buys trio of South Bronx sites for $28M Posted: 05 Nov 2018 02:00 PM PST JCS Realty has purchased three neighboring South Bronx sites along Grand Concourse, where they are planning to build a residential project with 520 units, according to property records and sources familiar with the deal. A group of investors including Henry Kessler sold the properties at 296, 310 and 334 Grand Concourse to JCS Realty for a total of $27.7 million, split between $7.9 million for 334 Grand Concourse, $9.5 million for 310 Grand Concourse and […] |
This boutique condo project just converted to rentals Posted: 05 Nov 2018 01:37 PM PST If at first you don’t succeed, try … turning your condo project into a rental? That’s the approach Cohen Goldstein Investment Strategies is taking with its condo development at 318 East 81st Street. The project is now being marketed as a “boutique collection of six full-floor rental residences” — and some previous sales listings have been taken down. In a condo plan filing last year, the developer was aiming for a $25 million sellout. Four […] |
Amazon HQ 2 cities: The company will split new headquarter locations, report says Posted: 05 Nov 2018 01:02 PM PST After months spent deliberating which of the 20 finalist cities will host its second headquarters, Amazon appears to have made a decision. And it’s a surprise. The e-commerce giant will split its planned $5 billion HQ2 between two cities, according to a report in the Wall Street Journal. The offices will be the same size and both will employ up to 25,000 people each, the Journal reported. The news comes just after reports that Amazon […] |
WeWork launches new investment fund, plans first ground-up development Posted: 05 Nov 2018 12:13 PM PST WeWork launched a new real estate investment fund and is close to buying a massive development site in Austin, Texas, according to sources familiar with the matter. The private fund, dubbed ARK, will be sponsored by WeWork and managed independently from WeWork Property Advisors, an investment vehicle the co-working company has been running in partnership with private equity firm Rhone Group. WeWork hired former New York REIT CEO Wendy Silverstein as ARK’s chief investment officer. […] |
Posted: 05 Nov 2018 12:00 PM PST Riverhead to vote on $40M sale of 1,643 acres in Calverton The Riverhead town board will vote Wednesday on whether to approve the $40 million sale of 1,643 acres in Calverton, Long Island Business News reported. About 600 square feet of the parcel is slated to be developed into an industrial park. The buyer is a partnership between Calverton Aviation & Technology, Triple Five Worldwide Group and Luminati Aerospace. The property, which was last used […] |
Manocherian family member buys $9M UWS condo Posted: 05 Nov 2018 11:30 AM PST A member of the family that owns Pan Am Equities just snagged an Upper West Side condominium for just over $9 million. Alan Manocherian bought a unit at 360 Central Park West for $9.2 million, according to records filed with New York City’s Department of Finance. The apartment at the Argo Real Estate project was on the market for $9.5 million. Stribling’s Jeffrey Stockwell and Alan Shaker had the listing. The condo spans nearly 3,600 […] |
Thank you for joining TRD’s South Florida Real Estate Showcase & Forum Posted: 05 Nov 2018 10:45 AM PST The Real Deal’s fifth annual South Florida Real Estate Showcase & Forum was a smashing success, and we’d like to thank our 4,500+ attendees, 20+ speakers and the nearly 100 sponsors who participated. The following sponsors helped to make our show possible this year: Douglas Elliman; Fortune International; Great Gulf; One World Properties; Popular Bank; Samsung; Brightline; Brown Harris Stevens; Compass; Creative Choice Group; My Florida Regional Center; Amrit Ocean Resort and Residences; Hard Rock […] |
Kaufman Org hires industry veteran Jeff Rosenblatt Posted: 05 Nov 2018 10:05 AM PST The Kaufman Organization hired “Ingenious Deal” recipient Jeff Rosenblatt away from the former Coldwell Banker Commercial Advisors, which continues to shake out amid yet another leadership change. The veteran broker and his team of three leasing specialists joined Kaufman Leasing Company to help bolster the firm’s brokerage arm. “Having a strong promotional leasing platform is essential to support our continued growth and acquisition strategy,” said Kaufman principal Grant Greenspan, who added that Rosenblatt’s track record […] |
Sign of the times: Developers pile cash on Democrats ahead of general election Posted: 05 Nov 2018 09:33 AM PST New York real estate developers gave the Democratic State Campaign Committee more than $270,000 in campaign contributions during just 10 days last month, hedging their bets as Democrats seek to take back control of the state Senate after Tuesday’s general election. City real estate concerns, which typically favor Republicans, accounted for more than 40 percent of $674,000 sent to the DSCC during the time period, Politico reported. For some developers, the choice to give to […] |
Here are the week’s top luxury sales Posted: 05 Nov 2018 09:00 AM PST Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. |
Add Lowe’s to the growing list of retailers shuttering stores nationwide Posted: 05 Nov 2018 08:30 AM PST Lowe’s Companies said it will close 51 stores in the United States and Canada, the latest national retailer to shed its brick and mortar locations amid increasing e-commerce competition. On Monday, the home improvement giant announced it will shutter 20 stores in the U.S. — including two in Manhattan — and 31 stores in Canada, according to the Wall Street Journal. The closures affect 13 states, including four locations in California and two in Illinois. […] |
Townhouse contracts dominated Brooklyn luxury market last week Posted: 05 Nov 2018 08:05 AM PST There were 11 contracts signed in the Brooklyn luxury market last week, split between 10 townhouses and one condo. The properties sold for about $30.8 million overall and went for an average price of roughly $2.8 million, according to the latest report from Stribling & Associates. The firm defines the borough’s luxury market as all homes priced at $2 million or higher. Last week was slower than the week before, when 17 contracts were signed […] |
Masa Son finally condemns Khashoggi murder; will maintain business relationship with Saudis Posted: 05 Nov 2018 07:30 AM PST SoftBank CEO Masayoshi Son on Monday signaled that the murder of Saudi Arabian dissident Jamal Khashoggi would not change his company’s business relationship with the Kingdom. Nearly a month after Khashoggi’s murder, Son gave his first public remarks on the journalist’s death during a SoftBank earnings presentation in Tokyo, Recode reported. Son — whose company has heavily invested in real estate companies like WeWork, Katerra and Lemonade —condemned the attack, but said his company has a […] |
Solow boots last holdout in the way of his Billionaires’ Row tower Posted: 05 Nov 2018 07:00 AM PST Sheldon Solow finally ended his protracted battle with the Metropolitan Antiques store on West 57th Street, paving the way for the developer to build his mixed-use Billionaires’ Row tower. Metropolitan Antiques, which pleaded guilty to illegally selling $4.5 million in elephant ivory, suddenly vanished from its location at 10 West 57th Street, the New York Post reported. The store had been the last holdout standing in the way of Solow’s plans to build a 52-story […] |
Manhattan saw a “healthy total” of luxury contracts inked last week: Olshan Posted: 05 Nov 2018 06:30 AM PST Manhattan’s luxury residential market recorded 24 contracts last week at $4 million and up, according to Olshan Realty’s weekly market report. Olshan called the activity a “healthy total in the midst of a much-publicized worrisome housing market.” A sponsor unit at Extell Development’s One57 claimed the week’s top spot, with an asking price of $19.9 million. The four-bedroom unit 46C covers 3,466 square feet, bringing the asking price to slightly above $5,740 per square foot. […] |
The top NYC office leases in October Posted: 05 Nov 2018 06:00 AM PST UPDATED November 5, 2018 at 4:56 pm: October’s top office leases accounted for more square footage than September’s. The top 10 office lease deals last month totaled 1.4 million square feet, larger than September’s top 10 leases, which totaled 1.1 million square feet. The biggest deals involve a sale-leaseback in Greenpoint, a massive renewal in the Financial District, and the Roman Catholic Church blessing a real estate firm’s 150,000-square-foot lease. 1) Zenith Energy, 25 Paidge Avenue, […] |
Barnett to build large hotel in the Diamond District Posted: 05 Nov 2018 05:30 AM PST Gary Barnett’s secretive Diamond District development, it turns out, will be a hotel with several hundred rooms. And the developer is now ready to move ahead with those plans after securing the last properties he needs in order to build. Extell Development closed on the four-story former home of the Plaza Arcade diamond mini-mall at 32 West 48th Street for $40 million, the New York Post reported. The developer also purchased several nearby buildings and […] |
The $74M penthouse at 212 Fifth just got a hefty price cut Posted: 05 Nov 2018 05:00 AM PST Last November, Sotheby’s International Realty broker Nikki Field upped the ask of the penthouse at 212 Fifth Avenue. Now, a year later, the pad is getting a price chop. The 10,000-square-foot triplex is now asking $62.8 million — 15 percent below its most recent ask of $73.8 million and less than its original ask of $68.5 million. “We are listening to the new market conditions and adjusting the Crown Penthouse to an attractive and value related price,” Field […] |
Posted: 05 Nov 2018 04:30 AM PST The 11-story Beaux-Arts building at 88 University Place in Greenwich Village is the kind of property every co-working company dreams of occupying. Sitting just south of Union Square and partly owned by fashion designer Elie Tahari and WeWork co-founder Adam Neumann, it has small floor plates that can be easily turned into cozy, communal work stations, and the nearby NYU campus promises a steady supply of young, well-heeled freelancers and aspiring entrepreneurs. In late 2015, […] |
WATCH: Top resi brokers discuss NYRAC, the industry’s newest advocacy group Posted: 05 Nov 2018 04:00 AM PST Compass’ Heather McDonough Domi and Sotheby’s International Realty’s Cathy Taub joins The Real Deal’s Meenal Vamburkar to talk about the New York Residential Agent Continuum. Watch the video above for more on what NYRAC does and read the full story here. Interview conducted by Meenal Vamburkar. Produced by Erin Hudson. Edited by Nathan Bickell. |
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