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The Real Deal - New York Real Estate News |
| Atlas Hospitality lands $40M loan for planned FiDi hotel tower Posted: 11 Dec 2018 04:00 PM PST Atlas Hospitality secured a $40 million construction loan for its planned 128-key hotel tower in the Financial District. Bank of America provided the funding for the 26-story project at 120-122 Water Street, Atlas announced Tuesday. The development, called the Hotel Indigo, is scheduled to open in 2020. Atlas, a real estate firm that acquires and develops hotels, is working on the project with Fortuna Realty Group, which will manage the hotel. The property will include a restaurant […] |
| Kim Tasher inks ground lease for latest South Bronx resi project Posted: 11 Dec 2018 03:30 PM PST Kim Tasher’s SKF Development has landed yet another deal in the Bronx. The firm has inked a 99-year ground lease at 1760 Boone Avenue in Claremont for a total value of $82 million, according to Westbridge Realty Group’s Steven Westreich, who brokered the deal with his colleague Isaac Shrem. Annual payments start off around $200,000 and rise up to $2 million a year, Westeich said. SKF plans to build an eight-story 77-unit project on the […] |
| Hotel chain CEO buys 252 East 57th St. duplex for $12.9M Posted: 11 Dec 2018 03:12 PM PST The sale of a 58th-floor duplex at World Wide Group and Rose & Associates’ 252 East 57th Street means all that’s left is its $29.75 million penthouse, its listing agent told The Real Deal. Michelle Barnet, CEO of Pineapple Hospitality Company, bought duplex 58/59 B for $12.9 million, according to a new city filing. The building’s sales director Pamela D’Arc of Stribling declined to comment on the sale, but noted that the penthouse is the […] |
| Posted: 11 Dec 2018 02:45 PM PST New developments push up Brooklyn rental pricing The median rental price in Brooklyn rose 4.4 percent year-over-year, to $2,923 in October, with much of the increase fueled by new development projects hitting the market, according to reports from Douglas Elliman. New rental pricing rose 7.6 percent, to $3,383, while pricing for existing apartments in the borough increased just 1.9 percent, to $2,750. “The new development rental market in Brooklyn has been a trifecta of influence on […] |
| City uses eminent domain to take part of Pantheon Group’s South Bronx dev site Posted: 11 Dec 2018 02:33 PM PST A slice of Pantheon Properties’ large South Bronx development site now belongs to the government, records filed with the city’s Department of Finance late last month show. In January, Pantheon lost its appeal of the city’s decision to use eminent domain on 60,000 square feet of its property, a former bus depot, at 399 Exterior Street, in order to make way for a new public park. It’s unclear what consideration will be paid to Pantheon […] |
| Fashion photographer Steven Klein sells West Village condo for $13.7M Posted: 11 Dec 2018 02:00 PM PST Take a picture, it will last longer. Fashion photographer Steven Klein sold his West Village condo at 150 Charles Street for $13.7 million, according to a city filing. The shutterbug listed the apartment for $15 million. The buyer of the three-bedroom, 3,000-square-foot condo was an entity named “The TT Trust.” Listing agent Peter Zaitzeff of the Corcoran Group declined to comment. The 16-story building has sweeping views of the Hudson River and is a celeb […] |
| Knotel adds another 80K sf of space to Manhattan portfolio Posted: 11 Dec 2018 01:30 PM PST Flexible office company Knotel continued its expansion across Manhattan, signing three new leases for a combined 80,000 square feet in Chelsea. The biggest deal is the firm’s 51,000 square feet at the Rosen family’s 27 West 23rd Street property, where Knotel will occupy the second and third floors and share the building with liquor company Eldrington. It will also take 21,736 feet at Bonafide Estate’s 41 and 45 West 25th Street, and 6,044 square feet at […] |
| StreetEasy is raising its fee for rental listings Posted: 11 Dec 2018 01:04 PM PST It’s only getting worse for rental brokers. In summer of 2017, StreetEasy upset boatloads of New York City real estate agents when it introduced a daily fee for rental listings. Now it’s upping the cost. The portal will charge $4.50 per rental listing per day, up from $3, StreetEasy’s general manager Matt Daimler wrote in a blog post on Tuesday. The price increase will be effective on Jan. 1, the company said. As it did […] |
| Give the gift of TRD this season! Posted: 11 Dec 2018 12:30 PM PST ‘Tis the season to spread joy throughout the real estate industry, and how better to do it than with a digital subscription to The Real Deal? GIFT TRD Help the insiders on your list stay a step ahead of the game with subscription benefits including: – Unlimited online access to stories and videos published across The Real Deal’s network of sites from all your devices – Get the news first: Read all of TRD’s magazine […] |
| Pinnacle Group-linked LLC buys David Israeli’s Ninth Avenue site for $84M Posted: 11 Dec 2018 12:00 PM PST Landlord David Israeli has sold his controversial Far West Side development site to an entity affiliated with Joel Wiener’s Pinnacle Group for $84 million, according to property records. Israeli put the site on the market back in March, roughly two years after tearing down the five buildings along it. The properties are addressed at 485-487, 489-491, 497 and 501 Ninth Avenue. Representatives for Pinnacle did not respond to a request for comment, and Israeli could […] |
| Posted: 11 Dec 2018 11:30 AM PST Ralph Lauren buys $20M home on Montauk oceanfront Fashion designer Ralph Lauren has gone into contract to buy the onetime Montauk home of playwright Edward Albee, the Wall Street Journal reported. The home, which spans about three acres and has a 2,100-square-foot main house, a guesthouse and a pool house, was last listed with Douglas Elliman’s Paul Brennan for $20 million. The grounds also include a tennis court and pool. Lauren already owns homes on either […] |
| Starwood weighs buying back Israeli bonds as price tumbles Posted: 11 Dec 2018 10:45 AM PST The Israeli bond price of Starwood Capital Group’s debt on a portfolio of U.S. shopping centers has plummeted 42 percent since the bonds were offered in March, leading the firm to consider buying back the bonds. The Tel Aviv bond market offers cheaper financing at better rates than in the U.S. While Israeli bonds issued by other real estate firms in the U.S. trade at yields between 2.8 percent and 5.9 percent, Starwood’s yield on […] |
| Another unit at 520 Park closes, this time for $17M Posted: 11 Dec 2018 10:00 AM PST The latest unit to close at Zeckendorf Development’s 520 Park Avenue sold for $17 million. The anonymous buyer of Unit 14 is listed as “Park and Stone Associates LLC,” according to records filed with New York City’s Department of Finance. The LLC was incorporated in March, in the care of real estate attorney Pierre Debbas. The asking price for the 14th-floor unit was $18.2 million, according to the offering plan. The full-floor home spans about […] |
| Shippin’ up to Boston: Maddd Equities, Joy Construction buy 3 Massachusetts hotels Posted: 11 Dec 2018 09:30 AM PST New York developers Maddd Equities and Joy Construction are adding some Massachusetts hotels to their portfolio. The companies, along with AWH Partners, recently announced that they have purchased three hotels in the Boston suburbs: the Holiday Inn & Suites in Peabody, the Holiday Inn & Suites in Marlborough and the Holiday Inn Boston-Dedham Hotel and Conference Center. They paid a total of $55 million for the properties. AWH’s hospitality management company Spire Hospitality will manage […] |
| Sears hires JLL to shop hundreds of stores, while weighing takeover bid Posted: 11 Dec 2018 09:00 AM PST Sears Holdings hired JLL to market about 500 Sears and Kmart stores in the United States, two months after filing for bankruptcy protection. The brokerage is already drawing interest from potential buyers in major markets while Sears still considers a takeover bid from its chairman. Bids have come in from retailers, mall owners and others interested in potentially adaptive reuses of the stores, sources told Bloomberg. Strong interest from suitors — which Bloomberg said include […] |
| Sen. Brian Kavanagh to chair NY Senate housing committee Posted: 11 Dec 2018 08:27 AM PST Sen. Brian Kavanagh will lead the New York State Senate’s standing committee on housing, construction and community development, according to sources. As committee chair, Kavanagh is likely to play a pivotal role in determining the fate of bills related to housing policy for the state and New York City. He assumes the role from Republican Sen. Betty Little. Elected in 2017, Kavanagh told The Real Deal last month to “expect decisive action” on how the state’s […] |
| No one knows who is weaponizing the DOB against small businesses Posted: 11 Dec 2018 08:00 AM PST It could be an irksome neighbor, or possibly devious and savvy business rivals. Perhaps it’s a developer intent on pushing small retailers out? No one knows who’s making the calls, but close to 1,900 complaints have been filed for illegal signage this year, and over half of them have been made against Brooklyn businesses, according to a report in the New York Times. Over 200 calls about unauthorized signs were reportedly made to the city […] |
| Global Holdings plans to bring 173-unit tower to Upper West Side Posted: 11 Dec 2018 07:30 AM PST The latest project for Global Holdings Management Group will be a mixed-use tower on the Upper West Side. The firm pre-filed plans for the 173-unit residential project at 1841 Broadway by Columbus Circle with the Department of Buildings. It would stand 24 stories tall and span roughly 173,000 square feet, split between 162,000 square feet of residential space and 12,000 square feet of commercial space. SLCE Architects would design the project. Global Holdings did not […] |
| Package deal: 720 Park Avenue unit owners want to combine, sell pair for $43M Posted: 11 Dec 2018 07:00 AM PST The owners of adjoining apartments atop 720 Park Avenue are attempting to sell the pair as a combined duplex for $43 million. One owned by the former president of Macy’s, Jesse I. Straus, the duplex featured a grand walkway, high ceilings and a library. But in the 1970s, the home was cut in two and resold as singular apartments, according to the Wall Street Journal, which first reported on the duplex offer. Now the current […] |
| Follow The Real Deal’s Deal Sheet on Instagram! Posted: 11 Dec 2018 06:35 AM PST 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 […] |
| New York’s luxury market is slow. But its ultra-luxury market is booming Posted: 11 Dec 2018 05:55 AM PST An oversupply of product has led to slowdown in New York’s luxury real estate market, but sales of “ultra-prime” properties are continuing to climb. Citing a Knight Frank study, Bloomberg reported that 153 properties in six cities worldwide sold at an average $43 million a house, or a total of $6.6 billion. Over the past year, 39 residential sales in New York were valued over $25 million, totaling $1.5 billion. The priciest section of New […] |
| Inside New York’s pitch to Amazon Posted: 11 Dec 2018 05:12 AM PST A joint New York city and state proposal to lure Amazon to the region suggested using eminent domain to help secure property, according to a report. As part of the bidding process the state’s Empire State Development and the city’s Economic Development Corporation offered up to $3 billion in tax breaks and a dozen sites in the state, including several in the city, according to the Wall Street Journal. Among the city sites offered were […] |
| Valuation inflation: Why sky-high figures could come back to bite investors Posted: 11 Dec 2018 04:30 AM PST Newmark’s “friends and family” offering seemed like manna from heaven. At $18 or $19 a share, it was a sizable discount from the original high of $22 that the firm’s executives boldly predicted the stock would trade at once it hit the opening bell. While all of those figures were eventually lowered, a number of brokers and executives at the company opted in, buoyed by CEO Barry Gosin’s infectious enthusiasm. “Barry owns a bunch of […] |
| Posted: 11 Dec 2018 04:00 AM PST During a federal court hearing on Thursday, a construction executive admitted that his Long Island-based company encouraged employees to infiltrate union meetings. He also explained why he bought “spy glasses.” Justin Hagedorn, general superintendent at Trade Off and one of its affiliates, Trade Off Plus, said his fear of a Local 79 business representative led him to take extra security precautions, which included hiring off-duty police officers to follow him around. The issue of “spy […] |
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