The Real Deal - New York Real Estate News

Calling all agents: Reality show casts wide net for “beach junkie realtors”

Posted: 21 Dec 2018 03:00 PM PST

Know any young, hot brokers who specialize in selling beachfront real estate and are “beach junkies?” A new reality show is looking for “young, attractive, fun” real estate agents who not only sell beachfront real estate but also live the active, beachy lifestyle. It’s the latest in a slew of real estate-focused, unscripted series like the “Million Dollar Listing” franchise, “Bethenny & Fredrik” and “Property Brothers” that follow brokers as they navigate the cutthroat and […]

Sopher Group is bringing a 124-unit market-rate project to the Bronx

Posted: 21 Dec 2018 02:15 PM PST

The Sopher Group is going to bring 124 units of market-rate housing to the northern Bronx. Jonathan Sopher’s company pre-filed plans for the mixed-use development with the Department of Buildings on Monday. It will span 104,881 square feet at 2111 White Plains Road and stand eight stories tall. The project will be split between about 74,000 square feet of residential space, 30,000 square feet of commercial space and 900 square feet of community space. Sopher […]

Acuity Capital makes Williamsburg office play with $23M buy

Posted: 21 Dec 2018 01:45 PM PST

Acuity Capital Partners has purchased 545 Broadway in Williamsburg for $23.25 million from Blesso Properties, according to sources familiar with the deal. The property is an office building that Acuity plans to renovate, and the deal includes a $25 million acquisition and construction loan from DW Partners. A JLL team of Brendan Maddigan and Ethan Stanton brokered the sale, and Galaxy Capital arranged the financing. This was the second sale in an assemblage that also […]

Here’s what Google’s Hudson Square expansion means for the neighborhood

Posted: 21 Dec 2018 01:00 PM PST

Some developers and brokers tried to call it Soho and Tribeca. But now, Hudson Square’s name might actually stick. Google’s parent company Alphabet announced plans on Monday to invest $1 billion into a 1.7 million-square-foot Hudson Square campus for the tech giant. It marks the second massive investment in the neighborhood this year, and sources say the development will drive office and residential demand, and may even help the real estate community finally settle on […]

Chicago-area resi broker orchestrated $23M Ponzi scheme through mortgage scam: feds

Posted: 21 Dec 2018 12:30 PM PST

Federal prosecutors said a west suburban real estate broker orchestrated a $23 million Ponzi scheme, pocketing more than $3 million in investor money for expensive jewelry and exotic vacations. Michelle Labra of Yorktown was indicted on three counts of wire fraud and one count of making a false statements to authorities in connection with the scheme, the U.S. Attorney’s office in Chicago said Friday. Prosecutors said Labra owned and operated Labra Group Realtors in Aurora. […]

Fire breaks out at Vornado’s 330 Madison

Posted: 21 Dec 2018 11:50 AM PST

A fire broke out on Friday morning at Vornado Realty Trust’s 330 Madison Avenue. The fire department responded to a report of the blaze around 10:30 a.m., and flames were no longer visible from the street by 11 a.m., according to PIX11. Workers at the building, located by East 43rd Street, said they left after they saw Christmas lights on fire and thought the decorations may have started the blaze. The FDNY is still investigating […]

Another sponsor unit sells at 70 Vestry

Posted: 21 Dec 2018 11:15 AM PST

A sponsor unit at 70 Vestry Street closed for $21.4 million. Unit 9S sold to an anonymous buyer listed as “70 Vestry LLC,” according to records filed with New York City’s Department of Finance. It was asking $23.5 million. The condo spans about 4,300 square feet and has two river-facing terraces, according to the listing. It features 522 square feet of outdoor space, including an outdoor grill and sink. Amenities at the Related Companies building […]

The rise of the anonymous LLC

Posted: 21 Dec 2018 10:35 AM PST

For more than four years, nobody knew who bought the only $100 million apartment in Manhattan. Real estate agents and architects who worked with the buyer were all sworn to secrecy, according to the Wall Street Journal, and even after several rounds of building permit applications to renovate Michael Dell’s 11,000-square-foot penthouse at One57, the name of the billionaire behind “P89-90 LLC” only became known after a loose-lipped insider told a reporter. Since becoming legal […]

Durst Organization lands $360M financing for Queens Plaza Park tower

Posted: 21 Dec 2018 09:35 AM PST

The Durst Organization secured $360 million in financing for what is expected to be one of Queens’ tallest towers. M&T Bank provided three loans for the developer’s Queens Plaza Park, according to city filings: a $220 million building loan, a refinanced $90 million acquisition loan and a $50 million project loan. Durst and M&T Bank did not immediately respond to requests for comment. Queens Plaza Park, located at 29-37 41st Avenue near the landmarked Long […]

Need a last minute gift? Bring The Real Deal’s Closing book home for the holidays

Posted: 21 Dec 2018 09:15 AM PST

“The Closing” book features 100 candid interviews with industry heavyweights, who share the good, the bad and the ugly they faced while climbing to the top, and for some, falling from grace. The collection is drawn from nearly a decade of The Real Deal’s back-page interview, The Closing, one of the most popular features with readers since the magazine’s inception. In no-holds-barred conversations, we learn about the tough times and the triumphs of luminaries like Charles Kushner, who […]

Use TRD’s new 3-D development map to get a jump on the competition

Posted: 21 Dec 2018 08:20 AM PST

Trying to keep up with the latest projects underway in New York City? Check out The Real Deal’s new interactive map, where you can track more than 16,000 buildings in various stages of development across the five boroughs. This critical resource is for subscribers only, so if you haven’t joined us yet, sign up now. The map is updated daily by TRD’s data team and shows projects in every phase of development, from the moment plans […]

Is your agent looking out for you, or someone else?

Posted: 21 Dec 2018 08:15 AM PST

When you’re involved in a real estate transaction, do you assume that the realty agents are required to represent the best interests of the home buyer or seller with whom they are working? The Consumer Federation of America recently posed that question to a national survey sample of adults, and 50 percent answered yes. Another 16 percent said “yes, almost always.” So two-thirds of consumers in the survey had roughly the same impression. But a […]

Garment District rezoning passes City Council with unanimous vote

Posted: 21 Dec 2018 07:30 AM PST

The City Council has unanimously passed a rezoning of the Garment District. The rezoning, which passed on Thursday, removes a requirement from 1987 that says property owners in parts of the neighborhood have to preserve industrial space at a one-to-one ratio with office space when converting manufacturing buildings to different uses, according to the Commercial Observer. Landlords will now be able to convert their properties to office buildings as they see fit. The rezoning includes […]

Tenants at Ebbets Field Apartments blast landlord for glacial pace of elevator repairs

Posted: 21 Dec 2018 06:45 AM PST

Tenants at Brooklyn’s Ebbets Field Apartments tore into their landlord during the first day of testimony in a housing court case. Residents filed seven complaints in Brooklyn Housing Court that accuse landlords Fieldbridge Associates, Shalom Drizin and Benjamin Baum of taking years to fix broken elevators in their buildings, according to the Daily News. Tenant Michele Waterman said conditions had gotten so unpredictable that her 82-year-old mother barely leaves home anymore because she does […]

Pop-up stores are becoming an increasingly viable option for mall owners

Posted: 21 Dec 2018 06:00 AM PST

Malls are no longer saying no to pop-up shops. Macerich, a publicly-traded mall landlord that owns more than 50 shopping centers, is now offering leases for 180 days, according to Bloomberg. The company launched a leasing program called BrandBox last month that lets online retailers set up temporary pop-up stores in an attempt to revive a sector hit hard by bankruptcies at former anchor tenants like Sears and Toys “R” Us. Amazon now has pop-up […]

National Cheat Sheet: Fed hikes interest rates, SoftBank halts plans to buy WeWork stake … & more

Posted: 21 Dec 2018 05:30 AM PST

Federal Reserve hikes interest rates despite criticism from Trump The Federal Reserve raised interest rates for the fourth time this year — putting them at their highest level since 2008. The increase came two days after President Donald Trump tweeted that it was “incredible that with a very strong dollar and virtually no inflation… the Fed [was] even considering yet another interest rate hike.” The benchmark federal funds rate now stands between 2.25 percent and 2.5 […]

PHOTOS: Platinum Properties taps “Old Hollywood” glam for 2018 holiday party

Posted: 21 Dec 2018 05:00 AM PST

Platinum Properties toasted to 13 years in the business with an “Old Hollywood”-themed holiday party at Cipriani Wall Street. The residential brokerage’s guests donned white satin gloves, velvet jackets and gowns, and vintage jewelry in an ode to the era. Check out the above slideshow for pictures from the event.

Day in the life of: David Ehrenberg

Posted: 21 Dec 2018 04:30 AM PST

David Ehrenberg has been president and CEO of the Brooklyn Navy Yard Development Corporation since 2013. He’s overseeing a $1 billion expansion plan that now includes redeveloping the 675,000-square-foot Dock 72 building, anchored by WeWork, in partnership with Boston Properties and Rudin Management. A separate $2.5 billion investment for the Navy Yard announced earlier this year will create 5 million square feet of manufacturing space across there sites and add 10,000 more jobs to bring […]

RFR closes $180M sale of 160 Fifth Ave office condo

Posted: 21 Dec 2018 04:00 AM PST

Aby Rosen’s RFR Holdings tied a bow on its $180 million sale of the office portion of 160 Fifth Avenue. The sale to nonprofit Simons Foundation closed at a price of $180.75 million, a source close to the transaction told The Real Deal. That works out to nearly $1,480 per square foot. A spokesperson for RFR declined to comment, and a representative for Simons could not be immediately reached. The New York Post in August […]