The Real Deal - New York Real Estate News

US real estate firms flocked to Israel in search of cheap debt. Now the market’s turning.

Posted: 24 Dec 2018 03:00 PM PST

After weeks of declines, defaults, and troubling disclosures, bonds issued by American real estate firms in Israel are falling at unprecedented rates. Over the weekend, the Tel Bond Global, an index which tracks bonds issued by American real estate companies, fell four percent, closing with an average yield in the double-digits Sunday, and falling a further two points on Monday. Some of the bonds from New York-based companies, including Extell Development, Delshah Capital and GFI […]

These are NYC’s biggest rental landlords

Posted: 24 Dec 2018 02:00 PM PST

Nearly two-thirds of New Yorkers are renters, and the more than 2 million rental units they inhabit are owned by a wide variety of entities, from small-property owners to notorious slumlords to massive corporations. Even in a world of transparent public records, taking stock of the city’s rental landscape is a daunting task. Anonymous LLCs and complex ownership structures make the task seems nearly impossible — though many have tried. Building on our previous efforts […]

Move over, mega-agents: These realtors are brokering big deals of their own

Posted: 24 Dec 2018 01:30 PM PST

Some residential brokers in New York are household names. Think Fredrik Eklund, John Burger, Carrie Chiang, Paula del Nunzio, Raphael De Niro, and Leonard Steinberg. The list goes on. But they are not the only ones clinching multimillion-dollar deals in the city. Some agents not known for headlining industry rankings are handling many of Manhattan’s $10 million-plus transactions. Here’s a quick look at a few of the many brokers who have closed or listed pricey […]

Fewer Americans think now is a good time to buy a home than any time since 2015

Posted: 24 Dec 2018 01:00 PM PST

Fewer people think now is a good time to buy a home than at any time at least in the past three years, according to a survey released by the National Association of Realtors. Out of 2,710 households surveyed since Oct. 1, about 63 percent said today’s market suits buyers, the lowest of any time since the association began conducting the survey in 2015. Within that group, 34 percent “strongly believe” the fourth quarter has […]

Rudin Management closes $550M refi at 345 Park Avenue

Posted: 24 Dec 2018 12:45 PM PST

Bill Rudin’s Rudin Management refinanced the debt on 345 Park Avenue in a $550 million deal with Prudential Real Estate and the New York State Teachers Retirement System, records filed with the city Monday show. The loan package for the office tower includes a new $179 million mortgage, and the deal replaces previous refinancings with Prudential in 2010 and 2014, filings show. Rudin did not respond to a request for comment. The Rudin family built […]

UPS buys gargantuan Red Hook site for $303M

Posted: 24 Dec 2018 12:30 PM PST

UPS bought an industrial site in Brooklyn that it had leased just last year and will likely be the site of a new distribution center. The shipping and logistics company bought a group of six waterfront parcels in Red Hook for $303 million from New Jersey-based industrial landlord Sitex Group, according to a city filing recorded Monday. The site offers up to 1.2 million buildable square feet. UPS in June 2017 had signed a ground […]

NYC’s top 10 finance deals of 2018

Posted: 24 Dec 2018 12:00 PM PST

Not unlike 2017, this was a year for refinancings. From Larry Gluck and Vornado Realty Trust’s Independence Plaza to Brookfield’s 5 Manhattan West, many featured among the year’s biggest debt deals, alongside a handful of massive loans provided for acquisitions and construction. This year’s largest deal, a $2 billion financing at the Times Square Dition Hotel, however, fell well short of last year’s top deal, the $2.3 billion refinancing of the GM Building. The Real […]

Former home of the North Brooklyn SNAP Center sells for about $23M

Posted: 24 Dec 2018 11:30 AM PST

Jonas Equities sold the office complex that was the former home of the North Brooklyn SNAP Center for about $23.3 million, according to public records. The buyer of 500 Dekalb Avenue, a six-story, approximately 56,000-square-foot office building, was Dekalb Center LLC, which lists Joseph Heimann as its managing director. Jonas Equities and Heimann declined to comment. A10 Capital LLC provided Dekalb Center LLC with about $21 million in financing, of which $1.85 million was a […]

Long Island Cheat Sheet: Mixed-use complex proposed in North Bellport, East Quogue development yields another lawsuit … & more

Posted: 24 Dec 2018 11:00 AM PST

Crest Group seeks North Bellport development with assisted living component A mixed-use development that will include rental housing, assisted living and some retail on 52 acres of vacant land in North Bellport has been proposed by the Crest Group, Long Island Business News reported. The company wants to get approval for a planned development district zoning overlap from the Town of Brookhaven. The property, located north of Sunrise Highway and east of Station Road, is […]

Number of luxe contracts doubles before Christmas: Olshan

Posted: 24 Dec 2018 10:30 AM PST

Manhattan’s luxury residential market gave a “remarkable performance” last week with more than double the number of contracts signed compared to the same week last year, according to Olshan Realty’s weekly market report. The market saw 22 contracts signed last week at $4 million and up, Olshan reported. That was up from 10 contracts the same week last December. Harry Macklowe and CIM Group’s 432 Park claimed the week’s priciest contract for the ninth time […]

Give the gift of TRD this season!

Posted: 24 Dec 2018 10:00 AM 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 […]

Brookfield’s massive Virginia mixed-use project will have 1.5K resi units

Posted: 24 Dec 2018 09:00 AM PST

Brookfield Properties is planning to build a $1.4 billion mixed-use development in Reston, Virginia, a massive project that when completed, will eventually include 1,500 residential units. Known as Halley Rise, it will have 3.5 million square feet of new housing, retail, offices and public green spaces, according to Commercial Observer. In total, the office park will span 36 acres. The first phase will include 640 residential units, 450,000 square feet for offices, 200,000 square feet […]

These Chinese firms were 2018’s biggest real estate sellers

Posted: 24 Dec 2018 08:30 AM PST

Under pressure from the Chinese government to unload assets, HNA Group sold more overseas real estate than any other Chinese company in 2018. HNA was the No. 1 seller among China’s big four conglomerates of Anbang Insurance Group, Fosun International, and Dalian Wanda Group, Bloomberg reported. The company accounted for five of the 10 largest property disposals of the year. On the top of the list of deals was a huge plot of land at […]

Renderings in review: The most buzzworthy designs of 2018

Posted: 24 Dec 2018 08:00 AM PST

This year’s collection of the hottest renderings showcases some of the city’s most anticipated new projects. From the massive Essex Crossing megaproject on the Lower East Side to the geometric Solar Carve spec office perched along the High Line, these designs capture a city in transition. Some of the images are merely conceptual, pushing the conventions of New York’s skyline without the limitations architects and developers must grapple with from start to finish. Here’s a […]

Faith Hope Consolo, retail real estate’s leading lady, dies

Posted: 24 Dec 2018 06:50 AM PST

Faith Hope Consolo, the self-described “Queen of Retail” whose outsized personality and love for the limelight was matched only by her roster of big-ticket luxury clients, died Sunday. She was 69. Douglas Elliman, where Consolo chaired the retail division, confirmed the news in a companywide email on Monday morning. The cause of death was reportedly a heart attack. “She was a fearless leader and skillful negotiator and a dear, dear friend,” said Elliman CEO Dottie […]

Despite slowdown, it’s not all bad news for the US housing market

Posted: 24 Dec 2018 06:30 AM PST

The U.S. housing market is showing signs of life. New home construction starts rose slightly in November to the highest level since August, assuaging fears that the market could be entering a serious downturn. Starts of new residential buildings rose 3.2 percent from October to an annualized 1.26 million, Bloomberg reported. Meanwhile, permits for new construction rose by 5 percent to 1.33 million. But there’s also bad news. Starts of single-family homes fell 4.6 percent […]

East End Capital invests in $120M Garment District office portfolio

Posted: 24 Dec 2018 06:00 AM PST

As the Garment District gets ready to lure more office tenants, East End Capital is teaming up with a longtime landlord to upgrade and modernize a $120 million portfolio concentrated in the neighborhood. Jonathan Yormak and David Peretz’s investment-and-management firm bought a minority stake in the three buildings – which span more than 225,000 square feet in the Garment District and Gramercy – from the estate of investor Steven Green, representatives told The Real Deal. […]

When local rejection reshapes development

Posted: 24 Dec 2018 05:30 AM PST

Manhattan Community Board 2’s land use committee meeting in April was jam-packed. Attendees filled the NYU Silver Center classroom to the point where dozens of people were standing for a discussion about plans to build a hotel next to the historic Merchant’s House Museum in the East Village. At one point, the museum’s executive director, Margaret Halsey Gardiner, got up to express her objections to developer Kalodop II Park Corporation’s proposed project on East 4th […]