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The Real Deal - New York Real Estate News |
| Cary Tamarkin, High Line Development rejigger marketing strategy at High Line condo project Posted: 08 Jan 2019 03:30 PM PST Amid an overload in the Manhattan luxury market, Cary Tamarkin and High Line Development Group have switched marketing strategies and cut prices at their 19-unit West Chelsea condo project. Sales for “the first handful of units” at 550 West 29th Street are launching Wednesday, according to Nest Seekers International’s Ryan Serhant, who took over marketing from CORE. The mix of three- and four-bedroom units will be priced in the “low $3 million range to $7.5 […] |
| Lennar manipulated data to make borrowers qualified for home mortgages: whistleblower lawsuit Posted: 08 Jan 2019 03:00 PM PST A mortgage lending subsidiary of homebuilding giant Lennar has been hit with a whistleblower suit, alleging it provided loans to unqualified borrowers and manipulated borrower data ensure approval. Wanda Burling, a former senior quality control manager at Clearwater-based Eagle Home Mortgage, claims the company omitted mortgage borrowers debts, made it appear the borrowers had more money than they did and misled borrowers about appraisal costs. When she reported the alleged violations, her supervisor warned she […] |
| These were the top 10 NYC retail leases in December Posted: 08 Jan 2019 02:30 PM PST Not satisfied with regularly inking some of the city’s largest office leases, WeWork (now “The We Company”) made a cameo on last month’s list of biggest retail leases. All together, December was a bigger month for marquee leasing deals than November. The 10 biggest retail lease deals signed last month totaled 148,800 square feet, up 28,000 square feet from November’s total of 120,800 square feet. 1) Selina, 138 Bowery, Little Italy – 63,000 square feet […] |
| A-list couple Emily Blunt and John Krasinski snag Brooklyn Heights apartment Posted: 08 Jan 2019 02:00 PM PST It’s a spoonful of sugar for Brooklyn Heights. Actress Emily Blunt, star of “Mary Poppins Returns,” and her actor husband John Krasinski bought two condos at the renovation of the prewar The Standish building for a combined $11 million. Blunt and Krasinski plan to combine the two units, which they purchased last year through a trust, into one apartment taking up an entire floor of the building, the Wall Street Journal reported. They join current […] |
| Zaha Hadid’s former partner locked in legal battle over her estate Posted: 08 Jan 2019 01:30 PM PST Zaha Hadid’s business partner Patrik Schumacher claims he was forced to drop the famous architect’s name from the firm he now runs. Schumacher, who took over Zaha Hadid Architects in 2016, is locked in a legal dispute with fellow executor’s of the late architect’s estate, including friend and client Lord Palumbo, her friend Brian Clarke and her niece Rana Hadid. In a complaint filed in a London court, Schumacher alleges that the three forced him […] |
| WarnerMedia looking to sell Hudson Yards office space for $2B Posted: 08 Jan 2019 01:00 PM PST WarnerMedia is looking to sell the 1.4 million-square-foot office condominium it owns at Hudson Yards, and hopes to raise around $2 billion through the deal. The entertainment company, which has yet to relocate from the Time Warner Center to its new offices at the under-construction 30 Hudson Yards, will look to do a 20-year sale-leaseback with the new owner, according to the Wall Street Journal. The company hired a team led by Cushman & Wakefield’s […] |
| Clinton Hill industrial site to give way to mixed-use project Posted: 08 Jan 2019 12:30 PM PST It’s out with the old and in with the new in Clinton Hill. According to plans filed on Tuesday, Fishel Schleisinger of Golden Gate Management plans to knock down a one-story warehouse that’s been at 34 Steuben Street since 1956. In its place, he’s looking to build a 56,000-square-foot commercial and community building. The plans note that retail will take up the first floor, and the fourth through ninth floors will hold space for a […] |
| Posted: 08 Jan 2019 12:00 PM PST A Russian attorney who met with Donald Trump Jr. during the 2016 presidential campaign has been indicted for obstructing a federal investigation into a New York money laundering scheme, according to a complaint unsealed Tuesday in Manhattan court. Natalie Veselnitskaya had been the defense attorney for real estate company Prevezon Holdings, which in 2013 was accused by U.S. prosecutors of laundering millions in stolen Russian money into Manhattan luxury properties, including condominiums at 20 Pine […] |
| Posted: 08 Jan 2019 11:30 AM PST Westhampton Beach property sale ‘record’ A three-acre bayfront property has sold for $6.45 million, said Ryan Serhant of Nest Seekers International. Serhant, a co-star of Bravo’s “Million Dollar Listing New York,” has the listing with fellow Nest Seekers broker and East End native Robert Canberg. In an email, Serhant claimed the sum fetched for the property at 102 Dune Road was a record in the area, where the average home sale on the bayside of […] |
| Join The Real Deal’s Opportunity Zones workshop at Future City 2019 Posted: 08 Jan 2019 11:00 AM PST One of the key architects of the Opportunity Zone legislation, Steve Glickman, will join Skybridge Capital’s Anthony Scaramucci and Youngwoo & Associates’ Young Woo, among others, at The Real Deal‘s Future City 2019 for a workshop exploring the ins and outs of the Opportunity Zone program. Glickman was a senior economic advisor to President Obama and his firm, Develop Advisors, works with entities looking to raise and deploy capital into Opportunity Zones. Scaramucci, a financier […] |
| Irving Langer’s E&M just sold off another big Harlem portfolio Posted: 08 Jan 2019 10:30 AM PST Less than a month after selling a more than $250 million apartment portfolio, Irving Langer’s E&M Associates is at it again. The company is selling 21 residential and retail buildings in Harlem to Black Spruce Management and NYC Housing Partnership for $76.25 million, according to sources familiar with the deal. The properties span three city blocks and 215,000 square feet overall, and they are mostly located along Adam Clayton Powell Boulevard. They contain 224 residential […] |
| The what company? WeWork rebrands as SoftBank short-circuits funding Posted: 08 Jan 2019 09:45 AM PST A day after reports emerged that Japanese conglomerate SoftBank Group had slashed its planned funding for WeWork from $16 billion to $2 billion, the co-working giant has announced it will rebrand. Under its new name, “The We Company,” led by Adam Neumann, the company will consolidate its businesses into three main arms: WeWork, its well-known flexible office space brand, WeLive, its struggling residential business, and WeGrow, which includes an elementary school, gym and coding academy. […] |
| Youngwoo & Associates lands $131M for its colorful Washington Heights development Posted: 08 Jan 2019 09:13 AM PST Shanghai Commercial Bank, one of the more active hotel construction lenders in the city, is backing colorful Radio Tower & Hotel project. Youngwoo & Associates scored $130.6 million in financing from the Hong Kong-based lender to help build its vibrant 22-story, mixed-use development in Washington Heights. Shanghai Commercial provided a $45.5 million project loan and a $70.5 million building loan, according to records filed with New York City’s Department of Finance Tuesday. The bank also […] |
| The city’s unions are at odds over Amazon LIC headquarters Posted: 08 Jan 2019 08:32 AM PST New York City’s unions are at odds over Amazon’s new headquarters in Long Island City. Stuart Appelbaum, head of the Retail, Wholesale and Department Store Union, held a rally on Monday, criticizing not just Amazon but other unions that have cut deals with the e-commerce giant, Politico reported. Appelbaum called Amazon — which announced in November that it would be opening new locations in Long Island City and Arlington, Virginia — “one of the worst […] |
| Final clearance: Sears to pursue liquidation, closing stores and selling assets, report says Posted: 08 Jan 2019 07:45 AM PST For Sears Holdings, it appears the end is at hand. The company will pursue liquidation after it couldn’t reach a deal with Chairman Edward Lampert on his $4.4 billion takeover bid for the 125-year-old chain. Sources told Reuters the company’s board will ask a bankruptcy judge on Tuesday for permission to liquidate, closing all of its hundreds of remaining stores and selling off all its assets across the country. Sears filed for bankruptcy protection in […] |
| Developer scraps Staten Island’s Riverside Galleria project Posted: 08 Jan 2019 07:30 AM PST Melohn Properties has withdrawn plans for its Riverside Galleria project in the face of opposition from elected officials. The Staten Island shopping center would have spanned 475,000 square feet and included a waterfront promenade, a movie theater and restaurants with outdoor dining, according to the Staten Island Advance. Borough President James Oddo and Council Member Joseph Borelli pulled their support for the idea last year largely because of the traffic plan, and Melohn withdrew its […] |
| Brian Collins is the new director of development at Silverstein Properties Posted: 08 Jan 2019 07:00 AM PST Brian Collins is leaving Fisher Brothers for Silverstein Properties, where he will serve as its executive vice president and director of development. Collins has worked as head of acquisitions and development at Fisher Brothers since 2011 and previously worked as the founder and owner of Colgate Development. His other prior roles have included president of Intrawest Resort Holdings and COO of Millennium Partners, where he worked on multiple Ritz-Carlton and Four Seasons hotel projects. At […] |
| Durst secures three more tenants for ex-Conde Nast space at 4 Times Square Posted: 08 Jan 2019 06:35 AM PST A trio of year-end leasing deals closed on Monday at the Durst Organization’s 4 Times Square, filling up another 154,000 square feet in the 817,000-square foot hole Conde Nast left behind when it moved to 1 World Trade Center in 2014. National Cable Communications leased 65,000 square feet, Analysis Group leased 58,020 square feet, and SS&C Technologies extended its lease by 31,000 square feet, according to the New York Post. SS&C signed for roughly 140,000 […] |
| Real estate data firm ATTOM acquired by private equity shop Posted: 08 Jan 2019 06:00 AM PST Private equity firm Lovell Minnick Partners has acquired Irvine, California-based ATTOM Data Solutions, the companies announced on Tuesday. ATTOM maintains a large real estate database covering property tax, deed, mortgage, foreclosure, environmental risk and other data for more than 155 million residential and commercial properties in the U.S., which it licenses to companies in real estate and adjacent industries. Neither company disclosed how much Lovell Minnick paid to acquire Attom. The data firm was previously […] |
| With big lease expansion, Citadel kills rumors it’s spooked by 425 Park delays Posted: 08 Jan 2019 05:30 AM PST Citadel is expanding its foothold at L&L Holding Company’s 425 Park Avenue, after doubts were raised last year about the hedge fund’s commitment to the $1 billion office development. Due to construction delays that had pushed the project’s completion from 2018 to 2020, Ken Griffin’s $30 billion hedge fund had the option to terminate its lease in July. Instead, Citadel is now adding 124,000 square feet to its previous 211,400-square foot lease, according to the […] |
| Grammy-winning songwriter says his Manhattan landlord stole $265K from his oven Posted: 08 Jan 2019 05:00 AM PST The songwriter behind Lady Gaga’s hit song “Paparazzi” alleges that an employee of his Manhattan landlord stole hundreds of thousands of dollars from a locked storage case hidden in his oven. In a lawsuit filed Monday, Grammy-winning songwriter Robert Fusari alleged that $264,700 in cash disappeared from a “locked, heavy-duty Husky storage case” in his apartment while he was being evicted from a Brodsky Organization building. Fusari, who has written songs for Lady Gaga, Destiny’s […] |
| Brooklyn inventory balloon: Why some pockets of the borough are creating concerns Posted: 08 Jan 2019 04:30 AM PST When sales launched at the Baltic in Park Slope back in 2016, the condo building had the market to itself. But then things started softening, and more nearby developments started launching sales. By the end of 2018, there were about 1,000 condo and rental units on the market in just that one neighborhood. To sell the remaining apartments with that new competition, the project, developed by Michael Stern’s JDS Development, had to change its strategy, […] |
| Age of empires: Why Moody’s is ready to take on CoStar Posted: 08 Jan 2019 04:00 AM PST When commercial real estate data company Reis began looking for buyers this spring, CoStar Group was among the first to show interest. But there was an issue: with a market cap of nearly $14 billion at the time, CoStar was already the industry’s biggest player by a distance. An acquisition by the CRE tech giant could set off alarm bells with antitrust regulators. Reis had some precedent for its concerns. In 2011, when CoStar moved […] |
| Expecting a safe haven, REIT investors found no calm in 2018 Posted: 07 Jan 2019 01:25 PM PST Investors across the country increasingly turned to real estate investment trusts in 2018 as a way to diversify from a volatile stock market, but things didn’t always go quite as planned. Mutual funds and exchange-traded funds (or ETFs) focused on real estate fell 6.2 percent on average last year, according to the Wall Street Journal. The decline on the price of the funds was largely due to the recent overall sharp drop in the stock […] |
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