The Real Deal - New York Real Estate News

You can now track every eviction across NYC

Posted: 04 Feb 2019 03:40 PM PST

There are at least twice as many residential evictions in the Bronx than in any other borough, according to a new interactive map and data set released this week by Acting Public Advocate and Council Speaker Corey Johnson. In 2018 there was one eviction for every 79 units in the Bronx, while in Manhattan there was just one eviction for every 345 units, according to the data, sourced by the Department of Investigations. In all, […]

Gerald Morganstern, CRE attorney, dies at 76

Posted: 04 Feb 2019 03:30 PM PST

Gerald Morganstern, a commercial real estate attorney who started his career in New York almost decades ago, has died at the age of 76. The veteran attorney, who was well-known in the New York commercial real estate world, and also in civic roles in his home of Hewlett Harbor, NY., passed away last week. It was first reported by The New York Law Journal. His colleagues at Goetz Fitzpatrick said Morganstern’s expertise included representing clients […]

Amazon LIC critic named to key board that can veto project

Posted: 04 Feb 2019 02:00 PM PST

When Amazon announced plans for a campus in Long Island City, local opposition quickly followed. Now, that opposition has a more prominent voice. On Monday, the new Democratic majority in the State Senate appointed a vocal critic of the Amazon deal to a board that has veto power, the New York Times reported. Sen. Michael Gianaris of Queens will be among three voting members of the Public Authorities Control Board — and any voting member […]

Report: 32BJ quietly secured rezoning wage deal with city in 2017

Posted: 04 Feb 2019 01:30 PM PST

Because of a very quiet deal between the city and a large union, developers will have to pay higher wages to service workers at large affordable housing projects in newly-rezoned neighborhoods, according to a new report. The 2017 deal struck between the de Blasio administration and 32BJ SEIU, the building-service workers union, was never publicly announced, according to Crain’s. After securing “prevailing wage” requirements for large state-subsidized projects in future rezoned neighborhoods, 32BJ voiced support […]

NSFW: All the artwork in Steve Cohen’s new $33.5M condo listing is censored

Posted: 04 Feb 2019 01:00 PM PST

Art so unusual it has to be hidden from prying eyes? In pictures of Steven A. Cohen’s just-listed $33.5 million triplex condo at 320 West 12th Street, it looks like all the artwork on the walls has been purposely blurred out (unless Cohen has a large collection of paintings of…pixels?). Why is the art censored? We don’t know. The broker, Erin Boisson Aries at Christie’s International Realty, declined to comment. But it wouldn’t be the […]

Long Island Cheat Sheet: Suffolk County senior housing development gets $57M construction loan, construction employment spikes … & more

Posted: 04 Feb 2019 12:30 PM PST

Mount Sinai senior housing development gets $57M building loan M&T Bank has loaned $57 million to the Engel Burman Group to build a 225-unit senior housing complex in the hamlet of Mount Sinai, near Brookhaven in Suffolk County, a spokesman for the bank told The Real Deal. The development, known as Sutton Landing, will have 196 villas, 29 duet units, a 9,750-square-foot clubhouse and an outdoor pool. The units are restricted for those 55 and […]

Could a political corruption scandal derail Related’s megaproject in Chicago?

Posted: 04 Feb 2019 12:00 PM PST

A candidate vying to replace Alderman Danny Solis said the city should tap the brakes on Related Midwest’s $7 billion megaproject following an ongoing federal corruption probe. Alex Acevedo called for the city inspector general to look into any role Solis may have had in fast-tracking The 78 project in the South Loop, which could bring up to 10,000 new homes. Acevedo made the request while acknowledging he was not aware of any impropriety by […]

This billionaire finance exec snagged a unit in this white glove UES co-op

Posted: 04 Feb 2019 11:30 AM PST

Billionaire Thomas Peterffy, head of the world’s largest electronic brokerage, just bought a $22 million unit at 810 Fifth Avenue. Peterffy and Lynne Wheat bought an 11th floor co-op in the building, according to records filed with the city’s Department of Finance. The unit was listed for $24 million, and the seller was the estate of art collector Jan Cowles. Brown Harris Stevens’ John Burger and Siim Hanja and Stribling’s Linda Maloney had the listing. […]

Bill Gross, former bond king whose high-priced home purchases drew attention, retires

Posted: 04 Feb 2019 11:00 AM PST

Former star bond investor Bill Gross, whose recent high-priced home purchases in Laguna Beach grabbed headlines, is retiring after four decades in the business. Gross is leaving his position as portfolio manager for Janus Henderson’s Global Unconstrained Bond Fund, according to Bloomberg. The hedge fund billionaire dueled with his ex-wife, Sue Gross, last summer in the back-and-forth purchasing of high-priced homes in Laguna Beach. They spent around $150 million between them to acquire four homes […]

Ascent Development files plans for another new LIC resi project

Posted: 04 Feb 2019 10:30 AM PST

Long Island City’s residential craze is set to continue with another new development in the Queens neighborhood. Ascent Development wants to construct a 20-story apartment building at 45-31 Davis Street, according to a pre-filed application filed over the weekend with the city’s building department. The project, which will stand across the street from the Wolkoff Group’s 5Pointz development, will span roughly 76,300 square feet and hold 92 units. It also will have designated space for […]

“Everybody is looking for somebody to blame for all of the evils”: Developers face political backlash

Posted: 04 Feb 2019 10:01 AM PST

The latest trend in New York political donations is to reject money from real estate developers — a shift some in the industry are viewing as evidence of a “new world order.” Last week, City Council Speaker Corey Johnson vowed to refuse money from “real estate developers or anyone employed at their firms,” in what will likely be his 2021 mayoral run (though he has collected it in the past). His decision followed that of […]

Here are the week’s top luxury sales

Posted: 04 Feb 2019 09:30 AM PST

Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales.

Private equity firm relocating from Lever House to Third Avenue

Posted: 04 Feb 2019 09:00 AM PST

In the latest development out of the Lever House, one of the tenants at the challenged property is relocating. Private equity firm Wellspring Capital Management is relocating from RFR’s iconic Park Avenue building to the top-floor penthouse at Fisher Brothers’ 605 Third Avenue. Wellspring signed a 15-year lease for just shy of 15,000 square feet on the office tower’s entire penthouse floor, the landlord told The Real Deal. Fisher Brothers Partner Winston Fisher said the […]

BlackRock bets on brokerages with upped investment in RE/MAX

Posted: 04 Feb 2019 08:30 AM PST

Global investment firm BlackRock upped its stake in RE/MAX by 5.2 percent in the third quarter, putting its total ownership stake in the brokerage at 15.2 percent. BlackRock currently owns 2,559,945 RE/MAX stock shares valued at about $114 million, Inman reported, citing filings with the Securities and Exchange Commission. The filings indicate that they are still not involved in day-to-day operations. RE/MAX went public with an IPO in 2013 and performed well last year. The […]

Brooklyn’s luxury market sees bump in activity with $49M in contracts signed last week: Stribling

Posted: 04 Feb 2019 08:00 AM PST

There were 16 contracts signed in Brooklyn’s luxury market last week for a total of about $48.7 million. The properties were split between 12 townhouses, three condos and one co-op, and they went for an average price of roughly $3 million, according to the latest report from Stribling & Associates. The firm defines the borough’s luxury market as all homes priced at $2 million or higher. Both numbers were up from the week before, when […]

These were the top 10 NYC retail leases in January

Posted: 04 Feb 2019 07:30 AM PST

Gyms maintained a strong presence in January’s retail leasing scene, securing two of the top spots. The rest of the list is a bit of a mixed bag, featuring wildcards such as museums and marijuana dispensaries. All together, January’s top 10 retail leasing deals totaled more than December’s in terms of square footage. The 10 biggest retail lease deals signed last month totaled 229,700 square feet, up 80,900 square feet from December’s total of 148,800 […]

Gateway Center investment the latest sign of revival in Newark

Posted: 04 Feb 2019 07:00 AM PST

A joint venture has purchased three of the four Gateway Center buildings in Newark with plans to spend millions upgrading the properties. The partners – Prudential Financial, Garrison Investment Group, Onyx Equities, Taconic Capital Advisors and Axonic Capital –are setting aside up to $50 million to open new storefronts on the exterior walls of the buildings and help reintegrate the complex with the Newark streetscape, according to the Wall Street Journal. The properties are among […]

Sluggish pace continues in Manhattan luxury market: Olshan

Posted: 04 Feb 2019 06:30 AM PST

Manhattan’s luxury market saw just 15 contracts signed last week for a total of about $132 million, according to the latest report from Olshan Realty. This is the slowest week the market has had going into February since 2010, when there were also 15 contracts signed. The contracts signed at $4 million or above were split between 10 condos, three co-ops and two townhouses. The number of contracts increased by four from the week before, […]

Pregnant real estate agent stabbed to death in Queens

Posted: 04 Feb 2019 06:00 AM PST

A pregnant real-estate agent in Queens was stabbed to death in the vestibule of her building early on Sunday. The attacker pulled 35-year-old Jennifer Irigoyen from her Ridgewood apartment and into the building’s entranceway around 1 a.m., according to the New York Post. Police are looking into her death as a domestic incident and seeking her boyfriend for questioning. Irigoyen, who was five months pregnant, was stabbed multiple times in her neck and in the […]

Travis Kalanick said last year he was getting into real estate. Here’s what he’s buying in New York.

Posted: 04 Feb 2019 05:30 AM PST

City Storage Systems, the new real estate venture headed by former Uber CEO Travis Kalanick, has been quietly scooping up properties throughout New York City. The real estate holding company has picked up at least four commercial spaces around the city — three in Manhattan and one in Queens — for about $39 million, according to public records filed with the Department of Finance. The documents were signed by Diego Berdakin, the manager of City […]

Crash course: How an opaque economic outlook is changing NYC real estate — and how it isn’t

Posted: 04 Feb 2019 05:00 AM PST

U.S. stocks took a beating toward the end of 2018. After reaching an all-time high of more than 26,800 in early October, the Dow Jones Industrial Average fell more than 5,000 points by Christmas. Add to that market miasma a perpetually deadlocked federal government, interest-rate hikes and an escalating trade war, and the economic outlook for 2019 looks cloudier than ever while predictions about a coming recession percolate. Although the Dow recovered somewhat in January, […]

PHOTOS: Inside TRD’s inaugural Future City summit in the Bahamas

Posted: 04 Feb 2019 04:30 AM PST

The Real Deal‘s first executive summit took place last week in the Baha Mar resort in the Bahamas. About 200 of the industry’s top brass from around the country flew in to network, discuss and debate some of the biggest issues in the business right now. From making sense of proptech valuations, optimizing the Opportunity Zone program and the future of all facets of the industry, the three-day event was full of some of the […]

In a more competitive resi landscape, brokers are hunting in new territory

Posted: 04 Feb 2019 04:00 AM PST

When Kevin Sneddon launched a boutique brokerage nearly six years ago, he sought to give wealthy clients a personalized service across Manhattan, the Hamptons and Greenwich. As business grew, his high-end clientele was buying and selling properties across multiple markets — and Sneddon saw an opportunity to follow them. That idea brought him to Compass, where Sneddon is working to scale his “Private Client Team” nationally by developing a network of referral partners who work […]