The Real Deal - New York Real Estate News

Turnbridge Equities buys South Bronx industrial site for $56M

Posted: 03 Jan 2019 03:30 PM PST

As e-commerce and grocery delivery services boom, Turnbridge Equities scooped up a South Bronx industrial site that could hold up to 890,000 square feet of warehouse space. The firm paid $56.2 million for the 10-acre industrial development site at 980 East 149th Street, Crain’s reported. ACORE Capital financed the acquisition with a mortgage and mezzanine loan totaling $43.6 million. A recycling business currently leases the South Bronx lot, but Ryan Nelson, a managing principal at […]

Brookfield closes largest piece of 666 Fifth refinancing

Posted: 03 Jan 2019 03:06 PM PST

Brookfield Asset Management, which became the de-facto owner of Kushner Companies’ 666 Fifth Avenue last summer, has closed on a $750 million mortgage from ING Bank, records filed with city Thursday show. The loan is the main piece of a previously reported $1 billion refinancing of the 1960s office tower, which Brookfield plans to renovate and reposition in Manhattan’s increasingly competitive leasing market. In November, The Real Deal reported that Apollo Global Management would also […]

This 432 Park unit just sold at a 27% discount

Posted: 03 Jan 2019 03:00 PM PST

A sponsor unit at Macklowe Properties and CIM Group’s 432 Park Avenue just closed for $29.5 million — a hefty discount from its last asking price. The condo’s anonymous buyer is listed as “Blue Marlin 432 LLC,” according to records filed with New York City’s Department of Finance. It was listed for $40.5 million and went into contract in December, according to Olshan Realty. The price works out to $7,375 per square foot. The apartment […]

Resi scorecard: Manhattan inventory through November 2018

Posted: 03 Jan 2019 02:45 PM PST

MANHATTAN • Inventory contracted as sales outpaced new filings • Developers filed three plans with a total of 18 units • No plans were approved for sale in November — the first such month since last November • Buyers purchased 111 units valued at $615 million. SUPPLY MANHATTAN NEW DEVELOPMENT CONDO SUPPLY MOST EXPENSIVE CONDO PROJECTS APPROVED THERE WERE NO PROJECTS APPROVED IN NOVEMBER Source: TRData analysis of plans approved to sell by NYS Attorney […]

Altman Brothers become first Elliman LA team with own office

Posted: 03 Jan 2019 02:30 PM PST

The stars of Bravo’s “Million Dollar Listing Los Angeles” have found a new space to fit all that camera equipment. Josh and Matt Altman, known collectively as the Altman Brothers, will be relocating their team from Douglas Elliman’s headquarters in Beverly Hills to a new 3,320-square-foot space near Beverly Grove leased exclusively for them, The Real Deal has learned. The Altman Brothers are the first team in Elliman’s Greater Los Angeles operation to get their […]

Mack-Cali sells Westchester distribution facility for $70M

Posted: 03 Jan 2019 02:00 PM PST

Mack-Cali Realty has taken another step in its effort to reshape its portfolio. The company sold the Elmsford Distribution Center in Westchester County for $70.25 million, Mack-Cali said in a statement. Realterm Logistics, which owns and manages logistics facilities for the transportation industry, acquired the industrial park. The property has six buildings across more than 386,000 square feet of warehouse space. HFF’s Jose Cruz, Jordan Avanzato and Marc Duval represented Mack-Cali in the deal. “While […]

Magna Hospitality buys Chelsea development site for $113M

Posted: 03 Jan 2019 01:30 PM PST

Cha-chang! Sam Chang’s McSam Hotel Group just sold a Chelsea development site for almost double what it paid for the property about a year ago. Magna Hospitality Group paid Chang’s firm $113 million for 140 West 24th Street, according to city records filed on Thursday. McSam had bought the site from Extell Development for $61 million in October 2017. Extell had acquired the two adjacent pieces of the site, occupied by two commercial buildings, in […]

Strong demand for starter homes turning big investors into developers

Posted: 03 Jan 2019 01:00 PM PST

As developers nationwide struggle to meet the demand for starter homes, some institutional investors are putting on their hardhats and entering the homebuilding market. Companies such as American Homes 4 Rent and Tricon American Homes — which bought properties at distressed prices after the financial crisis to rent out — are now looking to build entry-level homes, according to the Wall Street Journal. By developing the properties themselves, the companies can maintain that business model […]

The city’s anti-Airbnb law won’t take effect in February after all

Posted: 03 Jan 2019 12:30 PM PST

A federal judge has blocked a New York City law designed to crack down on Airbnb and similar short-term rental platforms. The law, passed last summer, would have required Airbnb to give the city details about tens of thousands of listings on its site on a monthly basis, along with the addresses and names of their hosts. It was set to take effect in February, and companies that did not share the data would be […]

Westchester & Fairfield Cheat Sheet: $33M Rockefeller estate sale named priciest of 2018, famous photog’s ex-New Canaan home seeks $2M … & more

Posted: 03 Jan 2019 12:00 PM PST

Ex-Rockefeller property tops list of biggest Westchester residential sales An estate owned by David Rockefeller that sold for $33 million in February 2018 was the largest residential sale of the year in Rockland and Westchester counties, LoHud reported. The Pocantico Hills property, which includes an 11-bedroom mansion, as well as a three-bedroom guest house, a stable and a carriage house, sold for 50 percent more than its asking price of $22 million. “This is a […]

Meet the tech innovators attending Future City 2019

Posted: 03 Jan 2019 11:45 AM PST

Tech entrepreneurs in the real estate space including OnsiteIQ’s Ardalan Khosrowpour, ARX Solutions’ Gonzalo Navarro, Envelope City’s Cindy McLaughlin and Meridio’s Mo Shaikh, among others, will participate in The Real Deal’s Future City 2019 this month. They will take part in educational sessions on topics ranging from Blockchain’s impact on the industry to new tools for mining real estate data. These innovators will join a group of 200 C-level executives in the fields of development, […]

Icon asking $714M for under construction UES condos

Posted: 03 Jan 2019 11:15 AM PST

Multifamily landlord-turned-developer Icon Realty Management is shooting for the stars in a quiet corner of the Upper East Side. Icon will put 104 UES condominium units on the market with a total asking price of $714 million, an offering plan approved last month by the New York State Attorney General’s office shows. The sales figures peg the average unit price at nearly $6.9 million, making the two towers along Second Avenue the most expensive project […]

Loans, loans, loans: Estate of porn prince refinances Times Square properties

Posted: 03 Jan 2019 11:00 AM PST

The Deuce will soon see the last remnants of its gritty peep show past transform into sterile workspace. Entities tied to the estate of porn magnate Richard Basciano secured roughly $74 million to refinance two Eighth Avenue properties months after plans were filed to turn them into office buildings. Granite Point Mortgage Trust Inc. was the lender on the deals for 303 West 42nd Street and 300 West 43rd Street, according to a filing with […]

Gov. Cuomo pumps brakes on full L Train shutdown

Posted: 03 Jan 2019 10:40 AM PST

The long-dreaded full shutdown of the L train subway tunnel, slated for this April, has been cancelled. Gov. Cuomo unveiled a new plan on Thursday that would allow work to be done only on nights and weekends. “It would not be necessary to close the L train tunnel at all, which would be a phenomenal benefit to the people of New York City,” Cuomo said at the announcement. The Metropolitan Transit Authority had said that […]

Latch competitor Carson Living announces $3M seed round

Posted: 03 Jan 2019 10:00 AM PST

Property management tech startup Carson Living has announced a $3 million seed funding round for its platform, which provides services to unstaffed residential buildings. BuildingLink, a New York-based web-platform for property management, led the round. Jerry Kestenbaum, founder of BuildingLink, said that Carson is a “perfectly targeted solution” for the residential portal space. The startup, founded in 2017 by Guy Blachman, provides a mobile application that connects to a front door panel, and allows residents […]

Kenneth Cole-related entity secures $60M debt package for its Hell’s Kitchen HQ

Posted: 03 Jan 2019 09:30 AM PST

This fashion mogul doesn’t need to design on a dime in the Far West Side. Wells Fargo provided $60 million to refinance Kenneth Cole’s Hell’s Kitchen headquarters, according to a public record filed with New York City’s Department of Finance. The deal for HQ, which sits at the junction of 50th Street and 11th Avenue, includes a $10 million gap mortgage. It replaces debt that Natixis originated but recently was assigned to LibreMax. Wells Fargo […]

WATCH: Use TRD’s interactive map to find business opportunities around Amazon’s LIC HQ

Posted: 03 Jan 2019 09:00 AM PST

 Trying to keep up with the development in Long Island City and the fallout from Amazon’s move to the neighborhood? 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. The map is updated daily by TRD’s data team and shows projects in every phase of development, from the moment plans are filed to when move-ins get the green light. Check […]

Worker falls from ladder at Related’s 30 Hudson Yards, transported to Bellevue

Posted: 03 Jan 2019 08:21 AM PST

A construction worker from Local 638 fell from a ladder at Related Companies‘ 30 Hudson Yards construction site around 10:15 a.m. on Thursday and was transported to Bellevue Hospital, according to Related and the FDNY. The worker was alert and went to the hospital for additional evaluation, Related said. Related’s 30 Hudson Yards project will be the company’s tallest tower on the Far West Side. Kohn Pederson Fox Associates is designing the project. The City Council […]

These two real estate execs bailed on Gov. Cuomo’s Gateway tunnel tour

Posted: 03 Jan 2019 08:00 AM PST

Real estate heavyweights Steven Roth and Richard LeFrak pulled out of a scheduled tour of the Hudson River rail tunnels last month. The pair were planning to visit the tunnels as part of a series of inspections of infrastructure damage caused by Hurricane Sandy, Crain’s New York reported. It was arranged by Gov. Andrew Cuomo. Representatives for Roth and LeFrak didn’t respond to the publication’s requests for comment. Cuomo has been battling President Trump to […]

Delshah lands $103M construction financing for its DoBro tower

Posted: 03 Jan 2019 07:30 AM PST

Delshah Capital has landed $102.5 million in construction financing for its first ground-up development in Brooklyn. Bank OZK provided a $62 million senior loan for the rental tower at 22 Chapel Street in Downtown Brooklyn, and Denver-based EverWest Real Estate Partners provided a $40.5 million mezzanine loan, Commercial Observer reported. The financing has a 42-month term plus two one-year extension options. The deal closed on Dec. 31 and was brokered by JLL’s Aaron Appel and […]

If Dottie Herman cashed out for $40M, what is Elliman worth?

Posted: 03 Jan 2019 07:00 AM PST

Dottie Herman will pocket $40 million by selling her stake in Douglas Elliman. Depending on who you ask, she either made out like a bandit or sold for a song. Either way, the deal for Herman’s 29 percent stake pulls back the curtain on how much Elliman is worth. And the numbers don’t bode too well for the residential-brokerage business. If Herman sold her stake at a fair price to her business partner Howard Lorber, […]

Francis Greenburger recounts teaming up with Trump to oppose SALT tax changes

Posted: 03 Jan 2019 06:35 AM PST

Time Equities head Francis Greenburger was surprised to see President Trump’s stance on limiting state and local tax deductions. In an interview with Bloomberg Radio, Greenburger chatted about tax proposal negotiations during the Reagan presidency — as well as his thoughts on the current market and overseas investments. Greenburger recalled being in the room with Trump and other industry players in 1982, to oppose similar legislation — limiting SALT deductions — then proposed by President […]

Silverstein Properties may be part of a hack related to 9/11 documents

Posted: 03 Jan 2019 06:00 AM PST

The Federal Bureau of Investigations is investigating hacked insurance and legal documents related to the September 11 attacks, and that breach may include developer Silverstein Properties. Silverstein has owned and managed the World Trade Center since July 2001. A spokesperson for the company said Silverstein is looking into the issue, according to the Financial Times. “We are aware of claims of alleged security breaches at firms involved in the five-year insurance litigation following the attacks […]

Watch: The priciest Brooklyn condo filings of 2018

Posted: 03 Jan 2019 05:30 AM PST

Conversions and controversy were common among Brooklyn’s priciest condo filings of 2018. See the projects reshaping the Brooklyn skyline in this quick video.

Manhattan resi sales fall for fifth quarter, but “the worst is probably over”

Posted: 03 Jan 2019 05:00 AM PST

Manhattan sales declined for the fifth consecutive quarter, but there’s reason for optimism, according to Douglas Elliman’s latest market report. The number of sales fell to 2,432 in the fourth quarter of 2018, a dip of 3.3 percent compared to the same time last year. But each successive quarter in 2018 saw the rate of decline decreasing. “The market seems to be resetting to something more sustainable,” said Jonathan Miller, CEO of appraisal firm Miller […]

How it can go wrong: The perils of elevator rides in NYC

Posted: 03 Jan 2019 04:30 AM PST

At least 22 people have been killed in passenger elevators or shafts in New York City since 2010. In that same span of time, there have been more than 500 incidents, 48 of which led to serious injuries, according to the city’s Department of Buildings. The following incidents involve mechanics and passengers, and illustrate the perils of elevator rides in NYC. SUNY Downstate Medical Center Brooklyn — Dec. 25, 2010 Debra Jordan was visiting a […]

Elevated risk: TRD investigation finds mechanics, inspectors and landlords falling short on elevator safety

Posted: 03 Jan 2019 04:00 AM PST

It was a few hours before dawn on Oct. 2, 2015, when Eran Modan and a dozen people piled into the elevator at 156 Hope Street in Williamsburg. The group had returned from a Manhattan nightclub and was eager to continue the revelry. But as each person entered, the car shook while it struggled to hold the weight within the cabin. When Modan stepped in, the brake gave way, causing the elevator to fall with […]