The Real Deal - New York Real Estate News

The Trump Organization sold $35M of real estate in 2018

Posted: 11 Jan 2019 03:15 PM PST

The Trump Organization sold close to $35 million in real estate last year, thanks in large part to the sale of Starrett City, a federally subsidized housing complex in Brooklyn. A Forbes report detailing President Trump’s real estate holdings found that he still owns an estimated $437 million worth of residential property. After becoming president, Trump stepped back from operating the Trump Organization but retained ownership of the company. The majority of the proceeds, or […]

This Brazilian billionaire just snagged a second pad at 15 CPW

Posted: 11 Jan 2019 03:00 PM PST

Brazilian beer magnate Marcel Herrmann Telles just dropped $18 million on a unit at 15 Central Park West — adjacent to a unit he already owned. Telles, a controlling shareholder in Budweiser-maker Anheuser-Busch InBev, bought Unit 33B, according to records filed with New York City’s Department of Finance. Telles bought another unit at the Zeckendorf Development building on the 33rd floor for $30 million in 2014. The condo spans 2,367 square feet, according to the […]

Kids entertainment company more than doubles space in LIC

Posted: 11 Jan 2019 02:20 PM PST

A children’s entertainment company based in Canada is more than doubling its foothold at the Factory in Long Island City. Spin Master has signed a nearly 26,000-square-foot six-year lease at the building, the property owners announced on Friday. Cardinal Toys, the games and puzzle division of the company, previously leased 25,000 square feet on the building’s sixth floor. The deal brings Spin Master’s total footprint in the building to just under 51,000 square feet. A […]

CORE’s Jim St. Andre joins Compass

Posted: 11 Jan 2019 02:00 PM PST

Jim St. Andre, a luxury townhouse specialist, is joining Compass after a four-year run at CORE.St. Andre sold $210 million worth of real estate last year, Compass said, including a penthouse at One Madison that was last asking $26.95 million, and a townhouse at 317 West 11th that traded for $15.75 million last January. “I had a remarkable experience at CORE,” St. Andre said this week, confirming his move. “But the opportunity at Compass was […]

REBNY appoints new members to executive committee

Posted: 11 Jan 2019 01:45 PM PST

Park Tower Group’s George Klein and Jonathan Resnick of Jack Resnick and Sons are among the new members the Real Estate Board of New York appointed to its powerful executive committee. “These leaders – who devote their time, energy, and expertise to our organization and New York – are doing a service for all of us who work in New York City real estate,” REBNY Chairman Bill Rudin said in prepared remarks. “Their professional achievements […]

Richman Group lands $189M for massive East Harlem project

Posted: 11 Jan 2019 01:00 PM PST

Richman Group has landed a $188.5 million financing package to construct of one of the biggest projects coming to New York City. The loans for 201 East 125th Street in East Harlem come from Citigroup, the Department of Housing Preservation and Development and the New York City Housing Development Corporation, according to the Commercial Observer. Freddie Mac has also agreed to provide the project with a credit enhancement on a future permanent financing agreement. The […]

Federal shutdown creating mortgage victims

Posted: 11 Jan 2019 12:30 PM PST

When the government shuts its doors because of a funding brouhaha that pits the White House against Capitol Hill, who gets hit hardest among people needing a home mortgage? The latest version of federal breakdown made one fact painfully clear: It all depends on the type of loan you seek and where you’re located. Worst hit, of course, have been the thousands of federal employees who’ve been furloughed, gone unpaid and had no assurances about […]

Sun Equity, Heskel Group land $60M loan for controversial Queens development

Posted: 11 Jan 2019 12:00 PM PST

After facing local resistance and a temporary work stoppage, Sun Equity Partners and Heskel Group are forging ahead with their retail development in Jackson Heights with the help of some new financing. Los Angeles-based Calmwater Capital provided the developers with about $60 million in financing, according to city property records recorded on Friday. The loan includes a $29 million building loan and a $31 million refinanced loan, and replaces a 2016 loan from RWN Management […]

Asset manager Davidson Kempner to upgrade Westin Grand Central hotel

Posted: 11 Jan 2019 11:30 AM PST

The Westin Grand Central hotel – once called “gloriously tacky” thanks to its Leona Helmsley-designed 1980s décor – is ready for its next act. Asset manager Davidson Kempner Capital Management is planning to spend more than $20 million to renovate the $302 million hotel in Midtown East, which it just bought with financing from Goldman Sachs. The Plaza District-based investor closed Thursday on its purchase of the 774-key hotel one block away from Grand Central […]

Brookland is facing a crisis in Israel. What does that mean for its US portfolio?

Posted: 11 Jan 2019 11:00 AM PST

Boaz Gilad was a pioneer among U.S. real estate developers raising cheap capital in Israel. Over the last five years, a holding company tied to Gilad’s Brookland Capital issued about $54.5 million in bonds on the Tel Aviv Stock Exchange, using the proceeds toward its ever-expanding Brooklyn multifamily portfolio. But on Jan. 2, amid concerns in Israel over the company’s ability to pay back its debts, bondholders gave Gilad three hours to relinquish control of […]

It took a 23% discount to sell this penthouse at 520 Park

Posted: 11 Jan 2019 10:30 AM PST

Another penthouse at Zeckendorf Development’s 520 Park has sold, this one at a nearly $10 million discount. The unit at the 54-story building sold for $32.4 million, according to records filed with New York City’s Department of Finance. The anonymous buyer is listed as “520 Park PH48 LLC.” The unit spans about 4,628 square feet, according to the offering plan. It was priced at $42 million — and closed for about $7,000 per square foot. […]

R. Kelly evicted from Chicago recording studio that doubled as residence

Posted: 11 Jan 2019 10:05 AM PST

Singer R. Kelly was evicted from a Near West Side industrial building that he used for a recording studio and residence, on the grounds he owes tens of thousands of dollars in back rent. The decision also comes days after a series of new allegations of abuse against him surfaced in the Lifetime series, “Surviving R. Kelly.” A Cook County judge this week ordered the R&B star out of the warehouse at 219 North Justine […]

On the block: Jennifer Lopez, Alex Rodriguez ask $17.5M for 432 Park pad

Posted: 11 Jan 2019 09:00 AM PST

Well, that was fast. Less than a year after buying a pad at 432 Park Avenue, pop star Jennifer Lopez and former New York Yankee slugger Alex Rodriguez have listed the unit for $17.5 million. The A-list couple paid $15.3 million in February 2018, records show. Accessible by private elevator, the 4,000-square-foot unit has three bedrooms, library and 29-foot by 29-foot corner living and dining room with Central Park views. The Modlin Group’s Adam Modlin […]

These were some of the most notable resi sales of the week

Posted: 11 Jan 2019 08:30 AM PST

There was no shortage of notable residential sales in New York City over the past week. For example, super-lawyer David Boies shed his 35th-floor apartment in the Sherry-Netherland for $13.6 million. And an anonymous buyer dropped more than $32 million for two pads at Vornado Realty Trust’s 220 Central Park South. But those weren’t the only deals that closed this week. Here’s are some of the other residential sales that caught our eye. – Former […]

Florida resi brokers, developers chase New York buyers affected by new tax law

Posted: 11 Jan 2019 07:30 AM PST

Sunshine and low taxes. That’s what residential brokers and condominium developers in Florida are offering homebuyers looking to escape high-property-tax states like New York, New Jersey and Connecticut. The new federal tax law, which came into effect on January 1, limits deductions for state and local taxes, including property taxes, to $10,000. A report by Bloomberg found that under the new law, a New Yorker with $10 million in ordinary income and a $10 million […]

REBNY says commercial brokers are still lying about titles

Posted: 11 Jan 2019 07:00 AM PST

Naughty, naughty. Commercial brokers have been fibbing about their titles again. At a meeting in December, REBNY announced that a recent audit of 23 investigations into improper use of titles found that 21 involved commercial real estate agents. The cases, which have all been settled, resulted in the New York State Department of State collecting a total of $81,000 in fines, according to Commercial Observer. Since 2013, brokers have been barred from using fake corporate […]

Sickening! An UWS co-op is blocking the city from inspecting for Legionnaires

Posted: 11 Jan 2019 06:30 AM PST

Is there something in the water? A tony Upper West Side co-op is blocking city inspectors from testing for Legionella bacteria, according to a new lawsuit filed by the city. Inspectors say they’ve been denied entry to the building at 28-30 West 74th Street 10 times since May. Now the city is suing for a court order to get inspectors inside. A two-bedroom duplex apartment in the building is currently in contract for $1.9 million. […]

Real estate appraisal startup Reggora raises $3M in seed round

Posted: 11 Jan 2019 06:00 AM PST

Reggora, a startup that is automating residential real estate appraisals has raised $3 million in a seed round, taking ground in a niche industry quickly being filled by tech firms. Boston Seed Capital and Spark Capital led the latest funding round, which the Boston-based startup announced Friday. The firm says its two-way platform is used by appraisers and buyers to reduce the time it takes to put together an appraisal. The new funding will enable […]

Slate Property Group makes first investment in LA with $39M portfolio buy

Posted: 11 Jan 2019 05:30 AM PST

Slate Property Group, a New York City-based real estate investment and development firm, has paid $39 million to acquire two multifamily properties in Hollywood, The Real Deal has learned. The off-market deal, which closed Thursday, marks the first investment in Los Angeles for Slate, a player in New York’s real estate market. The portfolio includes the historic, 102-unit Villa Elaine Apartments at 1245 Vine Street, as well as a smaller 55-unit complex at 1665 Sycamore […]

National Cheat Sheet: WeWork eyes IPO after SoftBank retreat, Sears avoids liquidation, Trump’s troubles… & more

Posted: 11 Jan 2019 05:00 AM PST

WeWork mulls IPO, rebrands after SoftBank slashes stake The co-working giant formerly known as WeWork is rebranding itself as The We Company after getting some disappointing investment-related news. A day after the Financial Times reported that Japan’s SoftBank Group only planned to invest $2 billion in the company — a far cry from the $16 billion it was considering — WeWork said it would adopt its new moniker, while also weighing the prospect of an initial […]

Will a rezoning restore Soho’s sacred ground?

Posted: 11 Jan 2019 04:30 AM PST

Hollister’s massive flagship in Soho is one of the first stores subway riders see when they emerge from the Broadway-Lafayette station. The six-story building at the corner of Broadway and East Houston Street — two of the neighborhood’s busiest thoroughfares — is a coveted location. But the apparel maker’s nine-year residency at 600 Broadway isn’t just bold for its placement and scale. It could be illegal. Despite being a prime retail destination, Soho is not […]

This appeals court ruling could have a big impact on sellers who break contract. Or not.

Posted: 11 Jan 2019 04:00 AM PST

A recent appeals court ruling on whether a company can void property contracts that were not formally approved by the seller’s corporate leaders has left real estate attorneys divided over how far-reaching its impact will be. The case concerned the sale of 28-34 St. Mark’s Place from the closely held corporation St. Marks Assets to investor Elliot Sohayegh. Sohayegh went under contract in 2016 to buy the properties for $44 million, but St. Marks then […]