The Real Deal - New York Real Estate News

Multifamily investor Bruce Haley sold a Hamilton Heights apartment building for $21.8 million. The property, at 3661 Broadway, is a six-story mixed-use building with 56 apartments and six commercial units, according to city data. It’s unclear how much Haley paid for the property. However, his company, Lesson Realty Corp., has owned the property since 1982, records show. The buyer is SDG Management. The firm, headed by Darin Goldstein, is funding the acquisition with a $17.5 […]

The Blackstone Group is financing its $500 million acquisition of the Parker Towers housing complex in Queens with a $269.1 million mortgage from Newmark Knight Frank, public records show. The mortgage includes an existing loan of $165 million and new financing of $104.1 million. Berkeley Point Capital, which BCG Partners bought for $875 million in 2017 and recently folded into the Newmark brand, issued the previous loan and is also listed as the new lender. […]

Quad Cinema, which holds the distinction of being the city’s first multiplex, could face eviction at its Greenwich Village home just a year after an extensive renovation. The theater, which is owned by billionaire real estate developer Charles Cohen, is a neighborhood institution that once hosted late-night screenings for Andy Warhol. “It was the kind of place where you could rub shoulders with glitterati such as Mick Jagger and David Bowie, and then moments later […]

As commercial rents and residential prices soar in New York City, Chicago, Miami and Los Angeles, foreign investors are chasing higher yields in unexpected secondary markets with stronger growth potential. Chinese and German investors are increasingly looking to cities like Philadelphia, Denver, Atlanta and Phoenix, according to Bloomberg. Citing data provided by CBRE, the outlet reported that Philadelphia experienced that largest growth, recording a massive 516 percent uptick in the first three quarters of 2018 […]

City Hall published proposed rules for the oversight of short-term rental listings on platforms like Airbnb. Under the proposal, listing websites would be required to send monthly reports to the city, detailing information about hosts, whether entire apartments or mere rooms were rented out and how much guests paid, Crain’s reported. The proposed rules, which are headed for a public hearing on Dec. 18, follow a bill that passed City Council in July that calls […]

Listings that happen in Vegas won’t stay in Vegas. The Greater Las Vegas Association of Realtors has changed its mind about sending listings to Zillow and ListHub. After previously saying that listings would no longer be automatically sent to the portals, starting next year, the trade group has reversed the decision. In a document dated Nov. 15, the GLVAR Board of directors said it will “continue syndicating its MLS data to third parties,” Inman reported. […]

Confidence in the housing market among homebuilders has dropped to its lowest point in more than two years, another sign the market is cooling amid rising interest rates and rising prices. The National Association of Home Builders/Wells Fargo Housing Market Index dropped eight points to 60, considerably more the single point drop expected by economists, according to Bloomberg. The Federal Reserve has hiked the benchmark borrowing rate quicker this year than was expected, which has […]

Each week, The Real Deal provides a roundup of the top real estate events in New York you need to know for the week ahead. Send conferences, panel events, networking opportunities and more to [email protected]. To search for future industry events or browse past ones, click here.

TerraCRG is suing former brokers Adam Hess, Edward Setton and Aaron Birns for allegedly stealing confidential information and clients from the company before leaving for Meridian Capital Group. Hess, Setton and Birns were “caught red-handed” with the information, as the junior member of Hess’ team Cameron Parsa confirmed what they had done in an affidavit, according to the lawsuit. It says that Birns told Parsa he took more than 30 property leads to Meridian with […]

Peloton finalized its lease for a new headquarters spanning more than 300,000 square feet on the Far West Side. The indoor-fitness company signed a lease for 312,000 square feet at Cove Property Group’s Hudson Commons building at 441 Ninth Avenue, Peloton announced Monday. The Real Deal first reported earlier this month that the company was nearing a deal to anchor the 700,000-square-foot office project, which Cove is redeveloping with the hedge fund Baupost Group. Peloton’s […]

Long Island’s median home price increases over October 2017 The median home price on Long Island closed at $465,000 in October, a 5.7 percent increase over the same time in 2017, according to the Multiple Listing Service of Long Island. The residential data includes Nassau and Suffolk counties, as well as Queens. Nassau’s median home price for October closed at $525,000, a 5.2 percent increase over October 2017. Suffolk’s median price closed at $389,360, an […]

Looking to sell your home in Miami or New York City? Be prepared to wait at least two months before a sale. In a nationwide survey, Miami homes sat on the market for an average of 84 days, while New York City homes went unsold for 74 days, according to Re/Max. Out of the 53 metro areas surveyed in the October report, only two cities had longer waiting periods before a sale: Hartford, Connecticut; and […]

Developer Alan Bell is moving forward with the first half of his Williamsbridge Gardens project in the Bronx. Bell filed plans for an eight story, 87-unit building spanning about 76,000 square feet at 722 East 212th Street with the Department of Buildings on Saturday. The overall project will include 170 units across 169,000 square feet, and Bell said he intends to file plans for the second building soon and develop them both at the same […]

Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales.

Like the famous Union Square Coffee Shop and Broadway’s Drama Book Shop, Manhattan’s recent run of luxury-home deals has come to an end. The three-week stretch of 20 or more contracts on homes priced $4 million and up ended last week with a disappointing 14 deals signed, according to Olshan Realty’s weekly market report. Last week was also the first time since September 2017 that not one contract was signed at $10 million or above. […]

At The Real Deal‘s fifth annual Miami Real Estate Showcase & Forum, South Florida’s managing editor Ina Cordle moderated a discussion among some of the region’s top players in hospitality. The wide-spanning conversation ranged in topics from competing with Airbnb to the value-add of a certain hotel’s brand. Panelists included Benjamin Sinclair of Faena Group, Louise Sunshine of The Sunshine Group, Edgardo Defortuna of Fortune International Realty and David Arditi of Aria Development Group. Check […]

There were 12 contracts signed in the Brooklyn luxury market last week, split between six townhouses, five condos and one co-op. The properties sold for about $35.9 million overall and went for an average price of roughly $3 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. This was a slower market than the week before, when 15 […]

Eight months after a C-suite shakeup and split with its CFO, Compass has tapped a Carlyle Group executive to help oversee the firm’s “hypergrowth.” The SoftBank-backed firm said Monday it hired Kristen Ankerbrandt as chief financial officer, overseeing its financial operations, acquisitions and investor relations effective Nov. 26. Ankerbandt replaces Craig Anderson, a former COO and CFO of cycling chain Flywheel, who lasted seven months before being pushed out in March. Anderson was hired to […]

The Trump Organization will be facing new scrutiny next year when the Democrats take control of the House, which gives them broad power to issue subpoenas to probe the famously opaque company. Starting in January, Democrats will be able to look into things such as how much contact President Trump keeps with Trump Organization executives after he agreed to step away from control of the company, Bloomberg News reported. They can ask whether he discusses […]

The city is getting ready to release a stalled plan to rezone the industrial part of Northern Brooklyn to make way for taller buildings. The Department of City Planning is about to release its outline for the area that stretches from Greenpoint to Bushwick, which Mayor Bill de Blasio made part of his 10-point plan to protect manufacturing zones three years ago, Commercial Observer reported. The 167-page report outlines initiatives to split the area up […]

TF Cornerstone, which is developing a portion of Amazon’s new headquarters in Long Island City, signed a contract to buy a $300 million development site nearby just days before the e-commerce company made its official announcement. The Elghanayan family’s firm will buy an 8-acre site a few blocks south of Amazon’s planned campus, where it can build four, 400-foot-tall towers with more than 2,000 rental apartments, the New York Post reported. The site – on […]

Two years ago, Douglas Elliman won the Holy Grail of property management assignments: Co-op City. With 35 buildings and 15,000 units in the Bronx, the Mitchell-Lama project is the country’s largest cooperative housing complex. Co-op City’s board hired Elliman in May 2016, more than a year after abruptly firing Marion Scott Real Estate over allegations that the company mishandled its duties. Marion Scott has disputed the claim. The co-op board, Riverbay Corporation, self-managed the complex […]

Queens has been at the forefront of New York City’s development boom, with major new megaprojects rising from Astoria to Flushing. And with Amazon’s official selection of Long Island City for half of its so-called HQ2, the appetite for large scale developments in Queens is likely to accelerate even further. But one segment of the local market that has remained consistently slow is deals for multifamily buildings, where activity almost always lags behind the other […]