The Real Deal - New York Real Estate News

Some Opportunity Zone funds — like one from Kushner brothers-backed Cadre — target gentrified areas

Posted: 17 Dec 2018 02:30 PM PST

The Opportunity Zones program was crafted as a way to incentivize developers to invest in distressed areas. But recent funds set up by Kushner brothers-backed Cadre and other firms show that money could be heading to already gentrified neighborhoods. Cadre, the real estate crowdfunding platform partially owned by Jared and Josh Kushner, told prospective investors it will only target a small portion of the zones in certain cities, according to the Associated Press. The company […]

These were the top NYC office leases in November

Posted: 17 Dec 2018 02:00 PM PST

New York City’s office leasing market saw a diverse set of tenants in November, with no industry sector dominating the month’s top 10 office leases list. Everything from cycling start-ups to fashion to social media made the cut last month. Overall, November’s top office leases outpaced October’s top office leases. The 10 biggest deals signed last month totaled 1.8 million square feet, up 400,000 square feet from October’s total of 1.4 million square feet. The […]

Triangle Equities files plans for nearly $100M Queens warehouse

Posted: 17 Dec 2018 01:30 PM PST

Triangle Equities is moving forward with its plans to build a 308,000-square-foot, multi-story warehouse near John F. Kennedy International Airport in Queens. The developer filed a new building permit for a five-story warehouse, which will be used as a distribution facility for e-commerce and industrial air cargo freight, at 130-02 South Conduit Avenue. Last year, the firm submitted plans with the Economic Development Corporation for the $97 million project. The first two floors will have […]

Announcing TRD’s Future City 2019 event

Posted: 17 Dec 2018 01:05 PM PST

We’re thrilled to announce The Real Deal’s Future City 2019, an exclusive two-day opportunity for a group of 200 C-level executives in the fields of development, tech, construction, design and finance to network with and learn from the top minds and biggest dealmakers in the country. The event will take place Jan. 27-29, 2019 at the brand-new Baha Mar resort in the Bahamas. The industry is changing at a faster pace than ever before as […]

The 10 biggest NYC investment sales of 2018

Posted: 17 Dec 2018 12:15 PM PST

Chelsea had a pretty big year. The Manhattan neighborhood was home to New York City’s top two building sales of 2018 thanks to Google’s whopping buy of Chelsea Market and L&L Holding Company and Normandy Real Estate Partners’ purchase of Terminal Stores. The Google deal was the only investment sale throughout New York in 2018 to crack the $1 billion mark, which it did by a wide margin at roughly $2.4 billion. All of the […]

(Over)supply and demand: What Miami’s condo glut could mean for multifamily rents and development

Posted: 17 Dec 2018 11:32 AM PST

Tour the Panorama Tower overlooking Biscayne Bay, with its “porte cochere,” poolside cafe, wine tasting rooms, pet spa and home theaters, and you might think that you’re sampling Miami’s latest glitzy condominium offering. Rising nearly 900 feet, Florida East Coast Realty’s project is the tallest building in the state. But unlike many of the other towers that dot Brickell, the Hollo family’s development firm decided to build rentals. It even tapped Fortune Development Sales, a […]

Will EB-5 stay alive?

Posted: 17 Dec 2018 11:00 AM PST

The failure of the planned New York Wheel, a giant Ferris Wheel planned on Staten Island, was a gut punch for the controversial EB-5 program. But it was not the only blow EB-5 has faced lately. That federal program — which provides green cards to foreigners who invest a minimum of $500,000 in qualifying real estate developments — is seeing serious setbacks. And developers may need to start weaning themselves off the capital source once referred to […]

Auction house Phillips is moving its headquarters to 432 Park

Posted: 17 Dec 2018 10:31 AM PST

Macklowe Properties just secured a huge tenant for the base of their ritzy condo development at 432 Park Avenue. Auction house Phillips is relocating its headquarters from down the street and will occupy 55,000 square feet of commercial space at the tower, the New York Times reported. The auction house will have a double-height, column-free underground space of about 30,000 square feet with direct access from Park Avenue — plus executive office space with an […]

Here are the week’s top luxury sales

Posted: 17 Dec 2018 10:00 AM PST

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

Long Island Cheat Sheet: Homeowner complaints spur Nassau adjustments, Altice gets tax break for $60M Bethpage renovation … & more

Posted: 17 Dec 2018 09:30 AM PST

Homeowner complaints push Nassau to adjust reassessments Nassau County officials will adjust the values on more than 40,000 of the municipality’s 386,000 residential properties after hearing from thousands of homeowners about errors in their property tax assessments, Newsday reported. Homeowners were notified about the new values 60 days before they were to be included in the tentative assessment roll issued Jan. 2 and the new values will first be used in school tax bills slated […]

Savanna closes on Chelsea office building purchase for $90M

Posted: 17 Dec 2018 09:00 AM PST

Savanna is officially the new owner of 48 West 25th Street. The firm has closed on its purchase of the Chelsea office building for $90 million, according to property records. Reports surfaced in October that the company was closing in on a deal to buy the building between Broadway and Sixth Avenue for closer to $100 million. Savanna purchased the building from the Klapper family, which has owned it since the 1970s. A Cushman & […]

December continues to be harsh for Manhattan’s luxe resi market: Olshan

Posted: 17 Dec 2018 08:30 AM PST

December continues to shake out as a particularly tough time for Manhattan’s luxury residential market. Only 16 contracts were signed last week at $4 million and up, according to Olshan Realty’s weekly market report. It’s the lowest total for the second week in December since 2011, which saw 13 contracts signed. An Upper East Side townhouse at 9 East 84th Street claimed the week’s priciest contract, with an asking price of $20.25 million. The 25-foot […]

Windsor Management Corp. buys NoMad office building for $59M

Posted: 17 Dec 2018 08:00 AM PST

Basset Properties sold the NoMad home of The Cutting Room music venue for $59 million. Windsor Management Corporation picked up the 12-story building at 44 East 32nd Street, Commercial Observer reported. “We plan to add value to the building through strategic capital improvement and high-end tenants build-outs,” Windsor Management COO and vice president Matthew Kiamie told the publication. The deal was first reported on the Traded NY Instagram page. Newmark Knight Frank’s Paul Davidson, Roy […]

A record-setting Carroll Gardens condo topped Brooklyn’s luxury contracts signed last week: Stribling

Posted: 17 Dec 2018 07:30 AM PST

The Brooklyn luxury market picked back up last week and was topped by a contract for what could be the priciest condo sale in Carroll Gardens history. There were 12 contracts signed overall in the market last week, split between nine townhouses and three condos. The properties sold for a total of about $43 million and went for an average price of roughly $3.3 million, according to the latest report from Stribling & Associates. The […]

Ceruzzi looks to bring Madison Equities in on 520 Fifth condo project

Posted: 17 Dec 2018 07:00 AM PST

Following the sudden death of developer Lou Ceruzzi last year, executives at his firm scrambled to come up with a direction for the company that bears his name. Now, Ceruzzi Properties is negotiating to bring on a development partner for its most ambitious development – the $500 million project at 520 Fifth Avenue where they’ve spent the past few years struggling to develop a condo tower with partner SMI USA. Robert Gladstone’s Madison Equities is […]

MTA renews 50K sf at Forest City’s 1 Pierrepont Plaza in Brooklyn

Posted: 17 Dec 2018 06:30 AM PST

The Metropolitan Transportation Authority renewed its nearly 50,000-square-foot space in Brooklyn Heights. The MTA signed a 10-year lease for the 47,042 square feet it occupies on the full sixth floor of Forest City New York’s 1 Pierrepont Plaza, Commercial Observer reported. The agency will pay a starting rent of $50 per square foot, which will increase at a rate of 1.25 percent annually, according to MTA board documents. And as a sweetener, Forest City will […]

Google to double workforce, invest $1B in new Hudson Square campus

Posted: 17 Dec 2018 06:05 AM PST

Google plans to invest $1 billion in a new 1.7 million-square-foot Hudson Square campus. The tech giant will lease Oxford Properties Group’s St. John’s Terminal at 550 Washington Street and take space nearby at Jack Resnick and Sons’ 315 Hudson Street and Trinity Real Estate’s 345 Hudson Street, Google’s parent company Alphabet announced Monday. “With these most recent investments in Google Chelsea and Google Hudson Square, we will have the capacity to more than double […]

Tenants may have paid more than $30M in undue rent increases thanks to Trump’s tax schemes: NYT

Posted: 17 Dec 2018 05:30 AM PST

Victims of the Trump Organization’s alleged tax-dodging scheme most likely paid tens of millions of dollars in undue rent increases over the past two decades, according to the New York Times. In the 1990s, the future president and his siblings set up sham businesses that allowed them to increase rents on rent-regulated apartments, a Times investigation found. But because those increases were baked into the base rent used to calculate the annual increase the city […]

PHOTOS: Here’s a look inside Stribling’s 2018 holiday party

Posted: 17 Dec 2018 05:00 AM PST

Stribling & Associates again headed to the Doubles Club for its annual holiday party this year. Guests entered through a door in the lobby of the Sherry-Netherland, down a path of red, fabric-lined stairs — to find a festive venue complete with miniature Christmas trees and an array of small ornaments hung from the ceiling. Partygoers at the Fifth Avenue fête chatted with agents and brokerage executives while treated to an open bar and passed […]

The Closing with Jerry Wolkoff

Posted: 17 Dec 2018 04:30 AM PST

Gerald “Jerry” Wolkoff, who founded the family development firm G&M Realty, has worked in the real estate business for more than 60 years. His company now has a portfolio of about 12 million square feet of commercial and residential property in the five boroughs and on Long Island. Wolkoff is perhaps best known in New York City for the controversy surrounding his 5Pointz development in Long Island City — a former water-meter factory he bought […]

Discounts dominate 2018’s top 10 resi sales

Posted: 17 Dec 2018 04:00 AM PST

If you wanted to get a big-ticket luxury deal across the finish line in 2018, you had better offer a discount. Amid a well-documented slowdown, developers and sponsors found common ground with buyers, leading to some spectacular deals — like James Dyson’s $74 million buy at 520 Park Avenue and Robert Smith’s $59 million purchase at the Getty, which set a new Downtown record, supplanting the $51 million sale at Walker Tower in 2014. Like […]