The Real Deal - New York Real Estate News

The latest penthouse to close at 520 Park goes for $68M

Posted: 20 Dec 2018 03:00 PM PST

Another penthouse has closed at Zeckendorf Development’s 520 Park Avenue — and it marks the third closing over $60 million at the condominium tower. The duplex penthouse unit sold for $68 million to an anonymous buyer, sources said. The penthouse was previously asking $83 million. The apartment spans about 9,100 square feet — and includes a roughly 280-square-foot terrace. The home has six bedrooms and unobstructed views of Central Park. Last year, it was reported […]

Art storage company closes on Bushwick site for $47M

Posted: 20 Dec 2018 02:15 PM PST

Steven Guttman’s art storage company Uovo has closed on its purchase of a storage facility in Bushwick for $47 million. Uovo has purchased 105 Evergreen Avenue in an off-market deal brokered by Kassin Sabbagh Realty, the real estate firm announced on Thursday. Uovo, which means “egg” in Italian, plans to open its new storage facility in the fall of 2019, and the project is expected to cost $76 million in total. The site is home […]

Give the gift of TRD this season!

Posted: 20 Dec 2018 01:45 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 […]

Bye, bye, bye! Justin Timberlake has offloaded his Soho PH — for a small loss

Posted: 20 Dec 2018 01:00 PM PST

It might sound crazy, but it ain’t no lie: after several price cuts, Justin Timberlake and Jessica Biel have said bye, bye, bye to their penthouse at Soho Mews. The home at 311 West Broadway sold for $6.35 million, in line with the last asking price, according to records filed with New York City’s Department of Finance. The couple, who had enough, bought the unit for $6.5 million in 2010. The anonymous buyer is listed […]

The co-working conundrum: Can Miami’s shared-office space market attract blue-chip tenants?

Posted: 20 Dec 2018 12:15 PM PST

Eight years after launching one of the first co-working spaces in Miami-Dade, Michael Feinstein is under pressure. As deep-pocketed national competitors have aggressively moved into his territory, the founder increasingly sees the need to expand his brand, Büro, beyond the county line. Since 2015, New York City-based WeWork has taken up more than a quarter million square feet of office space in Miami-Dade, close to five times the square footage Büro occupies at its five […]

All Year Management nearing $230M refi at massive Bushwick rental project

Posted: 20 Dec 2018 11:30 AM PST

Yoel Goldman’s All Year Management has signed a term sheet with a lender for a $230 million loan to refinance the second phase of its gargantuan rental development on the former Rheingold Brewery site in Bushwick, according to documents filed on the Tel Aviv Stock Exchange. The loan will replace a previous $165 million on the project and cover some financial costs. Goldman refinanced the first phase of the project with debt issued in Tel […]

WeWork inks 236K sf lease at 1440 Broadway

Posted: 20 Dec 2018 10:45 AM PST

WeWork, the largest office tenant in Manhattan, has signed another massive lease in the city, this time expanding its presence in Midtown. The co-working company is taking about 236,000 square feet of space at 1440 Broadway, WeWork and the building’s owner, the CIM Group, announced Thursday. WeWork will occupy floors 14 through 21 of the 25-story office building, which is located between Bryant Park and Times Square. WeWork also will have its own private entrance […]

Brookfield lands $128M loan for Brooklyn’s 1 Pierrepont Plaza

Posted: 20 Dec 2018 10:00 AM PST

Brookfield Asset Management refinanced its leasehold on the office tower 1 Pierrepont Plaza in Downtown Brooklyn with a $127.95 million mortgage from Barclays, Citibank and Bank of America, property records show. Brookfield took over the property as part of its acquisition of Forest City Realty Trust, which closed two weeks ago. The company declined to comment. Forest City developed the 19-story, 744,000-square-foot property in the late 1980s. The building was briefly home to Hillary Clinton’s 2016 […]

Coming soon: The Real Deal’s 2019 Data Book

Posted: 20 Dec 2018 09:15 AM PST

The Real Deal is preparing the 14th edition of its Data Book, the industry’s single most comprehensive collection of information on the New York-area real estate market. Included in the 2019 Data Book will be a ranking of the city’s most active transaction law firms; Manhattan’s top residential agents and Brooklyn’s top residential agents and firms. With a strong focus on various sets of data in NYC city, ranging from development to architecture to title […]

The Natural History Museum’s $400M expansion has hit another hurdle

Posted: 20 Dec 2018 08:45 AM PST

The nearly $400 million expansion of the American Museum of Natural History has been put on hold. Neighborhood group Community United to Protect Theodore Roosevelt Park lost its case last week in state Supreme Court — but the museum can’t move forward with the project while the ruling is being contested at the state’s Appellate Division, Crain’s New York reported. The group sued to block the expansion in March. The plans for the Gilder Center […]

Who owns all of New York?

Posted: 20 Dec 2018 08:00 AM PST

When Silverstein Properties was bidding on the Helmsley Carlton House eight years ago, company executive Marty Burger thought his firm had a pitch that would win the property. “[We had] a very well-known hotel brand that agreed to let us use their name to sell condos,” Burger, who is now Silverstein’s CEO, recalled last month. “We thought that was our edge.” But as it turned out, that edge was not sharp enough. Instead of selling […]

The 10 biggest Brooklyn retail leases of 2018

Posted: 20 Dec 2018 07:30 AM PST

The top 10 retail leases for Brooklyn this year included not one but two climbing gyms. The Cliffs made the list thanks to a 40,000-square-foot lease it signed in Gowanus, and Vital Climbing Gym made it after inking a 46,000-square-foot lease it signed in Greenpoint. Blink Fitness made it onto the list as well with a 17,000-square-foot lease in Bay Ridge. TeamLab | Pace Gallery, a Japanese art and technology collective, took the No. 1 […]

LIC warehouse that sold for $55M last year just traded for $72M

Posted: 20 Dec 2018 07:05 AM PST

How hot is last-mile space in Queens? Metropolitan Realty Associates and TH Real Estate just made a tidy profit on the sale of a Long Island warehouse they bought in winter of 2017. The property at 48-49 35th Street sold for $72 million, Commercial Observer reported. The buyer is North River Company. The sellers bought the property for $55 million in February of 2017. The 246,000-square-foot building was built in 1949 and previously housed clothing […]

Edgardo Defortuna joins Peebles, Stern, Karmely and Karp for Future City 2019

Posted: 20 Dec 2018 06:30 AM PST

We’re thrilled to announce Fortune International’s Edgardo Defortuna will be joining other top South Florida real estate execs including Don Peebles, Michael Stern, Shahab Karmely and Kobi Karp, among others, at The Real Deal’s Future City 2019 in the Bahamas. Future City is 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 […]

De Blasio’s housing czar Alicia Glen is stepping down

Posted: 20 Dec 2018 06:00 AM PST

Alicia Glen, who has been the point person on virtually all of Mayor Bill de Blasio’s controversial real estate initiatives, is leaving her post early next year. As deputy mayor for housing, Glen has spearheaded economic development and affordable housing plans — and played a role in bringing Amazon to the city. Her departure follows other personnel changes. Joseph Esposito, emergency management commissioner, is also leaving. And last November de Blasio’s first deputy mayor Anthony […]

Wanna buy a rent-stabilized building? HPD may lend a helping hand

Posted: 20 Dec 2018 05:30 AM PST

The city is launching a $7.5 million fund to help nonprofit organizations buy rent-stabilized apartment buildings. Through the fund, the Department of Housing Preservation and Development will provide low-interest loans to certain nonprofits to put a down payment on rent stabilized or unregulated apartment buildings. Wells Fargo and the Community Preservation Corporation each committed $2 million to the fund, alongside $3.5 million in city funds previously dedicated to purchasing distressed multifamily notes, HPD representatives told […]

Home affordability falls to lowest levels in 10 years: report

Posted: 20 Dec 2018 05:00 AM PST

Home affordability has reached its lowest levels in a decade, and some experts are calling it the latest and among the most significant indicators of a cooling market. Median U.S. home prices dropped in the fourth quarter to their lowest levels of affordability since the third quarter of 2008, according a report released Thursday by real estate data firm Attom Data Solutions. Home prices are rising faster than wages in many U.S. cities, according to […]

The Max muse: An inventive aesthetic that’s likely to go unappreciated

Posted: 20 Dec 2018 04:30 AM PST

Most successful New York City architecture firms are uninspiring at best. Even if they weren’t lackluster when they launched here, they are by the time the city is done with them. And then there is Arquitectonica. In ways both subtle and outlandish, the Miami-based firm manages (in a good way) to be the odd firm out. The latest example of its work is at the Max at 606 West 57th Street, where the oddity of […]

A Russian oligarch’s guide: How to hide $20M in a NYC skyscraper

Posted: 20 Dec 2018 04:00 AM PST

A former banana importer, a fraudster deported from the United States and the co-owner of a major Russian telecommunications company. Sergei Adoniev is all of the above. And more recently, the Russian oligarch and another wealthy telecommunications magnate, Albert Avdolyan, became investors in Manhattan’s future second-tallest skyscraper, 111 West 57th Street, a supertall condominium project built for the world’s ultra-wealthy. The $21 million investment, disguised behind a series of frontmen, shell companies and promissory notes, […]