Laden...
The Real Deal - New York Real Estate News |
| Posted: 12 Mar 2019 03:30 PM PDT iStar buys Jersey City office building from LeFrak for $170M The LeFrak Organization has sold the 350,000-square-foot Newport Office Center 6 at 570 Washington Boulevard in Jersey City to iStar for $170 million, sources told The Real Deal. The 10-story building is part of the 300-acre, mixed-use Newport mega-development that the LeFrak family has been working on since 1986. The sale, which is the most expensive deal for a Jersey City office tower since February of […] |
| Firms like WeWork are embracing the Blackstone model Posted: 12 Mar 2019 03:00 PM PDT A growing number of co-working companies have figured out a new way to diversify revenue and boost profits: emulating the private equity model in real estate. But it’s not without risks. Using a private equity playbook, the co-working companies set up real estate funds, using very little of their own money, if at all, to purchase property. They then collect management fees generated from the investments or acquire a stake in the building. Bond Collective, […] |
| The Chrysler Hotel? Aby Rosen to consider conversion for $151M trophy asset Posted: 12 Mar 2019 02:30 PM PDT What to do with an aging office building, in desperate need of repairs, that’s bleeding money and sitting on a ballooning ground lease? As The Real Deal first reported on Friday, Aby Rosen’s RFR Holding and Austrian real estate firm Signa Holding GmbH agreed last week to purchase the landmark skyscraper at a steep discount. But they’ll now have to grapple with the same issues that plagued the seller, Abu Dhabi’s Mubadala Investment Company. Mubadala […] |
| CoStar files two federal suits alleging illegal access and copyright infringement Posted: 12 Mar 2019 01:20 PM PDT CoStar Group filed two copyright infringement lawsuits against firms it claims repurposed its data and illegally shared subscriptions. The $17 billion real estate data giant, which has enjoyed a surge in market cap and share price in recent weeks following strong 2018 financial results, is known to go down the legal route to protect its data, and has filed dozens of lawsuits against firms it has accused of copyright infringement. In one federal complaint filed […] |
| Industry City developers spent millions lobbying for a rezoning Posted: 12 Mar 2019 01:01 PM PDT More than $2 million in lobbying wasn’t enough to stop the Industry City rezoning from being delayed. The waterfront complex is owned by Jamestown, Belvedere Capital and Angelo Gordon, and the companies hired five lobbying firms to work on their rezoning push, according to PincusCo. These were Capalino+Company, 99 Solutions, HR&A Advisors, Yoswein New York and the MirRam Group. But these efforts were not enough to keep the local community board from requesting a delay […] |
| Miami and Los Angeles developers indicted in major college admissions fraud scheme Posted: 12 Mar 2019 12:40 PM PDT Three real estate developers and investors were among the 33 parents indicted in the Justice department’s largest-ever college admissions scheme, which federal prosecutors revealed Tuesday. Miami developer Robert Zangrillo and Los Angeles developers Bruce Isackson of WP Investments and Robert Flaxman of Crown Realty were charged in the scandal, which involved parents allegedly paying bribes to secure their children acceptance into elite schools including Stanford, Georgetown and Yale. Actresses Felicity Huffman and Lori Loughlin and […] |
| Snapshot: These are the top architecture firms in each borough Posted: 12 Mar 2019 12:30 PM PDT The Real Deal ranked the top performing architects in Manhattan, Brooklyn, Queens and the Bronx by square footage of projects between 2008 and 2018. Read more: NYC’s architects re-angle Check out the charts below to see who’s leading in each borough. |
| Hudson Yards mall 85% leased ahead of grand opening Posted: 12 Mar 2019 12:00 PM PDT As workers buffed the floors and finished building out stores at the Hudson Yards mall on Tuesday morning, Ken Himmel noted the multi-level shopping center is near the finishing line: The 1 million-square-foot complex is 85 percent leased ahead of its grand opening on Friday. “We just have the last 15 percent to go now,” said Himmel, head of the Related Companies’ mixed-use division. Himmel said the partners are negotiating leases for the remaining spaces […] |
| Go big and go home: Inside LA’s mansion expansion quest Posted: 12 Mar 2019 11:30 AM PDT Fred Rosen still remembers the chaos that enveloped Bel Air when the mansion-expansion trend went into overdrive. About five years ago, dozens of trucks began snaking through the neighborhood’s narrow roads ferrying dirt and cement, as residents and spec developers carved out hillsides for massive new homes, many exceeding 35,000 square feet. “You would wake up in the morning and see a convoy of maybe 50 hauling trucks down Stone Canyon Road,” said Rosen, the […] |
| Former Times Square sex shop will transform into $80M office and retail complex Posted: 12 Mar 2019 11:00 AM PDT Goodbye porn, hello PowerPoint. A Times Square property that was notorious for being one of the neighborhood’s last remaining pornography businesses is turning into an $80 million boutique office and retail property. Colliers and KRW have partnered to transform the adjacent buildings at 303 West 42nd Street and 300 West 43rd Street into the Hive, a complex that will offer about 126,000 square feet of office space and 14,000 square feet of ground floor retail […] |
| CRE scorecard: Manhattan office leasing through January 2019 Posted: 12 Mar 2019 10:30 AM PDT OFFICE LEASING IN MANHATTAN Midtown office leasing fell by nearly half in January after spiking in December and totaled 1.59 million square feet, up slightly year over year. The availability rate ticked up to 10.8 percent, while the average asking rent rose more than $4 to $82.47 per square foot — the highest rate since 2008. The largest deal in the submarket was Citadel LLC’s expansion at 425 Park Avenue, totaling 194,900 square feet. Leasing […] |
| Real estate scion Elie Hirschfeld’s sons are suing him for $50M Posted: 12 Mar 2019 09:45 AM PDT Elie Hirschfeld’s three sons are suing their estranged father for $50 million, accusing him of refusing to acknowledge their interest in company properties that he transferred to them years ago. His sons Benjamin, Jonathan and Matthew Hirschfeld— ages 21, 20 and 19, respectively— filed the suit in Manhattan Supreme Court on Friday. It says that their father, president of Hirschfeld Properties, transferred interests in several of the firm’s valuable New York and New Jersey buildings […] |
| Steve Cohen’s $33.5M triplex found a buyer. In just 35 days. Posted: 12 Mar 2019 09:00 AM PDT Embattled hedge funder Steve Cohen has found a buyer for his $33.5 million West Village condo. And unlike his penthouse at One Beacon Court, which has lingered on the market for six years, this deal took just 35 days. Cohen, the founder of Point72 Asset Management LP, listed the triplex at 320 West 12th Street in early February. Spanning 9,600 square feet, it was priced at $3,489 per foot. Features include a 1,200-square-foot master suite […] |
| The last penthouse at 443 Greenwich just sold for $15M Posted: 12 Mar 2019 08:30 AM PDT The final penthouse at MetroLoft Management’s 443 Greenwich Street just sold. Ronald and Michelle Saltz picked up the 3,400-square-foot Unit PHF for $15 million, according to records filed with New York City’s Department of Finance. That works out to roughly $4,300 per square foot. Corcoran’s Patricia Lockridge had the listing, which was last asking $16.25 million. The unit includes outdoor terrace space, a private keyed elevator and an independent service entrance. The building’s amenities feature […] |
| Posted: 12 Mar 2019 08:00 AM PDT In developing 8,000 apartment units over 15-plus years, Alex Samoylovich learned quite a bit about the demands of renters and the inefficiencies in multifamily property management. Now the founder of Cedar Street Companies and Flats Chicago is using that knowledge to launch Livly, a property management system that streamlines the apps and technology that renters and landlords use. Launching Tuesday, Livly is an operating system and smart-phone app that seeks to be a central platform […] |
| Tish James subpoenas Deutsche Bank, opens investigation into Trump projects Posted: 12 Mar 2019 07:32 AM PDT The fallout from Michael Cohen’s congressional hearing continues. Two weeks after President Trump’s former “fixer” told lawmakers that his boss inflated the value of his assets to secure loans, the New York attorney general’s office issued subpoenas on Monday to two lenders, Deutsche Bank and Investors Bank, the New York Times reported. Last week, the New York State Department of Financial Services issued a subpoena to insurance broker Aon, also on the basis of Cohen’s […] |
| 3-D-printed homes are coming to the US Posted: 12 Mar 2019 07:00 AM PDT 3-D printing is going mainstream. Construction-tech startup Icon says that its new 3-D printer, the Vulcan II, will be able to print a 2,000-square-foot family home in a matter of days, and reduce costs by about 30 percent. “People will look back on this as something that was a game changer,” HUD secretary Ben Carson said on Thursday during a tour of Icon’s Austin factory. Austin-based developer Cielo Property Group is purchasing the Vulcan II […] |
| Here are the week’s top luxury sales Posted: 12 Mar 2019 06:30 AM PDT Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. |
| Trader Joe’s working on secret Midtown lease, aiming to “surprise” Whole Foods Posted: 12 Mar 2019 06:00 AM PDT Who knew the grocery business could be so full of intrigue? Trader Joe’s is working on a huge, under-wraps deal at the Park Imperial condo building at West 55th Street and Broadway, the New York Post reported. “They’re keeping it secret because they want to take [competitor] Whole Foods by surprise,” a source told the Post. The deal will reportedly also include a seven-story former garage next door. “They had to explain to garage users […] |
| Sotheby’s sues Zeckendorfs over commission at 520 Park Avenue Posted: 12 Mar 2019 05:42 AM PDT Sotheby’s International Realty is suing the owners of 520 Park Avenue for withholding a commission on the sale of a $31.5 million unit at the condominium tower, according to a Manhattan Supreme Court suit. Sotheby’s alleges that the defendant, 41-45 Property Owner LLC, owes a commission of 3 to 6 percent, or $945,000 and $1.8 million, for helping facilitate the sale of the unit to Los Angeles Angels owner Arte Moreno, the New York Post […] |
| WeWork lands biggest Manhattan real estate loan in February Posted: 12 Mar 2019 05:00 AM PDT The top 10 Manhattan loans recorded in February totaled just over $1.2 billion, less than half recorded in January and the lowest total since March 2018. The top loan in February went towards WeWork’s $850 million purchase of its new headquarters at 424 Fifth Avenue. 1) WeBorrow – $389 million-plus After months of delays, WeWork Property Advisors closed on its $850 million acquisition of the Lord & Taylor flagship at 424 Fifth Avenue at the […] |
| These are the most prolific design shops in New York City Posted: 12 Mar 2019 04:30 AM PDT Last year, residents began moving into TF Cornerstone’s massive new rental tower at 606 West 57th Street in Hell’s Kitchen, where some units were asking as much as $8,000 a month. For SLCE Architects, the project with more than 1,000 apartments underscored one of the 150-person firm’s specialties: serving as executive architect alongside a big-name designer — in this case, Miami-based Arquitectonica. The 42-story development, branded the Max, was also part of the thinning wave […] |
| WATCH: At topped-out 125 Greenwich, architect Rafael Viñoly talks evolution of luxury development Posted: 12 Mar 2019 04:00 AM PDT Just south of the Oculus and One World Trade Center stands 125 Greenwich, the Rafael Viñoly-designed condominium tower also known as Lower Manhattan’s answer to 432 Park Avenue. The Real Deal attended the topping out celebration of the 912-foot-tall development last week, and spoke with Viñoly, who explained how the needs of development have evolved since the 1970s. “It’s sort of like this thing that happened with this notion of luxury in the this city,” […] |
| You are subscribed to email updates from The Real Deal New York. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
Laden...
Laden...
