The Real Deal - New York Real Estate News

This RE startup is trying to eliminate the rental broker

Posted: 01 Apr 2019 03:27 PM PDT

A Silicon Valley real estate tech startup says its artificial intelligence technology will change the risk calculus for rental landlords. It also claims it can find a qualified tenant faster than a traditional broker. Palo Alto-based Keyo said Monday it’s guaranteeing that its landlord clients are paid for every month of a lease, even if the tenant defaults or leaves early. The company has a network of 2,700 apartments in New York City and claims […]

New York is projecting $365M in new real estate taxes. But who will bear the burden?

Posted: 01 Apr 2019 02:45 PM PDT

“Do I love it? No. But can I live with it? Yes.” New York City’s ultra-wealthy buyers dodged a bullet last week when lawmakers abandoned a proposed pied-à-terre tax on luxury pads. But some brokers now fear everyday buyers will bear the brunt of a progressive mansion tax that took its place. The new mansion tax will start at 1.25 percent on sales above $2 million but under $3 million; the tax tops out at […]

Brooklyn real estate agent dies in car accident

Posted: 01 Apr 2019 02:00 PM PDT

Brooklyn real estate agent Patricia Lancaster died in a car crash over the weekend while driving home from work. Lancaster, 63, was hit by a gray Nissan Maxima at East 56th Street and Avenue J in East Flatbush, according to the New York Daily News. The driver remained on the scene, and police are investigating whether any criminality was involved. She worked at Fillmore Real Estate as an agent for seven years and had “for sale” […]

Editor’s note: Getting ghosted

Posted: 01 Apr 2019 01:30 PM PDT

“There’s never a development project that’s embraced.” So says David Kramer, president of the Hudson Companies, one of the city’s largest affordable housing developers, in this month’s Closing interview. Kramer was talking about opposition to a project his firm is working on in Brooklyn Heights (One Clinton), which includes rebuilding a public library at the base of a new luxury condo tower. The sentiment applies pretty broadly. If you build anything, anywhere, you are always […]

Private equity bigwig lists $22.5M mansion, one day after mansion tax passes

Posted: 01 Apr 2019 12:56 PM PDT

It’s not the best timing. The day after the mansion tax passed the New York state budget, this hedge funder is listing a fancy Upper West Side mansion. Jonathan Gallen, managing director of one of the country’s largest private equity firms, Cerberus Capital Management, has listed his townhouse for $22.8 million. Built in 1907, the six-story townhouse at 22 West 74th Street has six bedrooms, seven bathrooms, and four powder rooms. It spans 10,500 square […]

These were the top 10 NYC retail leases in March

Posted: 01 Apr 2019 12:00 PM PDT

Gyms took a backseat in the retail leasing scene last month, with the largest deals being inked by department stores and clothing retailers. Restaurants brought up the rear. The 10 biggest retail lease deals signed last month totaled 194,000 square feet, up 5,900 square feet from February’s total of 188,100 square feet. The largest retail lease in March was inked in Gravesend. The total is also a step up from that of the top 10 […]

Long Island Cheat Sheet: Alibaba co-founder Joseph Tsai could buy Nassau Coliseum… & more

Posted: 01 Apr 2019 11:30 AM PDT

Alibaba co-founder could acquire Nassau Coliseum Joseph Tsai, a New York lawyer and co-founder of Chinese e-commerce giant, is in talks with Russian billionaire Mikhail Prokhorov to buy the Nassau Veterans Memorial Coliseum in Uniondale and the Barclays Center in Brooklyn, the New York Post reported. If the deal goes through, Tsai would become the third lease holder of the remodeled arena since Nassau County officials selected Forest City Ratner to redevelop the county-owned Coliseum […]

Spring home sales to get boost from falling mortgage rates, rising inventory

Posted: 01 Apr 2019 11:05 AM PDT

The national housing market may see its best home-buying season in years. Trends like falling mortgage rates, rising home inventory and slowing home-price growth mean fewer bidding wars and more price cuts for buyers, the Wall Street Journal reports. The average rate on a 30-year mortgage is now just over 4 percent, down from nearly 5 percent last year, the Journal reports. Meanwhile, home-price growth has slowed for 10 consecutive months, rising 4 percent year […]

Thailand’s richest family sells Plaza pad & other notable Manhattan resi sales last week

Posted: 01 Apr 2019 10:37 AM PDT

In the world of New York City’s high-end residential market, a Brazilian executive bought at the Plaza, and an Oscar-winning filmmaker sold in Soho. Source: A TRD review of public records filed with the New York City Department of Finance from March 25 to March 29. 1.) An entity tied to Marisa Chearavanont — Forbes valued her family’s net worth at $36.6 billion in 2017 — sold her pad at the Plaza at 1 Central […]

The Real Deal’s April issue is now available to all subscribers

Posted: 01 Apr 2019 10:00 AM PDT

The Real Deal’s March issue is now live, and digital subscribers to TRD are getting the first look at what’s inside. Subscribers now have access to stories including: – A deep dive into how many of Manhattan’s luxury condos are owned by people who don’t live there – Why a growing number of industry players thinks cannabis is the next big thing, despite it being a tricky gamble – A ranking of NYC’s top lenders for […]

Simon Property launches online platform to drive sales at outlet stores

Posted: 01 Apr 2019 09:30 AM PDT

Simon Property Group is launching an online shopping platform designed to drive sales to its nationwide network of outlet stores. The Indianapolis-based shopping mall giant plans to debut Shop Premium Outlets this spring. It will feature 2,000 brands and more than 300,000 products discounted by up to 65 percent off retail, according to the Indianapolis Star. Simon’s Chief Creative Officer Chidi Achara said the online effort would complement the real estate investment trust’s brick-and-mortar business. […]

A sponsor unit at One57 lists for $58.5M

Posted: 01 Apr 2019 08:35 AM PDT

Have $60 million to spend on a Central Park-facing condo? Two units at One57 are going to be battling for your attention. Extell Development just listed a 6,200-square-foot sponsor unit at 157 57th Street for $58.5 million, or $9,400 per square foot. It is now the most expensive sponsor unit listed at the building, and the move comes as owners in the tower are putting their own units on the market. The apartment is a […]

Alibaba’s Joseph Tsai in talks to buy Barclays Center, Nassau Coliseum: report

Posted: 01 Apr 2019 08:00 AM PDT

Alibaba co-founder Joseph Tsai is in talks to buy Brooklyn’s Barclays Center and Uniondale’s Nassau Coliseum from Russian billionaire Mikhail Prokhorov. The potential deal would help Tsai later become the majority owner of the Brooklyn Nets NBA team, the New York Post reported. Tsai is already a minority owner after buying a 49 percent stake from Prokhorov for $1 billion last year. The real estate deal would give him the rights to buy the rest […]

Ahead of its IPO, Airbnb makes big investment in Indian unicorn

Posted: 01 Apr 2019 07:00 AM PDT

Airbnb has confirmed that it has invested in OYO, an Indian company that manages budget hotels, as it prepares for a highly-anticipated IPO. Neither company would confirm the size of Airbnb’s investment, but it is rumored to be between $150 million and $200 million, according to TechCrunch. OYO, which stands for “On Your Own,” has now raised more than $1.5 billion from investors. The deal should help Airbnb increase its presence in India, which it […]

Brooklyn’s luxury market saw 13 contracts signed last week

Posted: 01 Apr 2019 06:30 AM PDT

There were 13 contracts signed in Brooklyn’s luxury market last week for a total of about $42.8 million. The properties were split between seven condominiums, five townhouses and one co-op, and they went for an average price of about $3.3 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. Contract and dollar volume were both down slightly from […]

There were 21 deals last week in Manhattan’s luxury market

Posted: 01 Apr 2019 06:00 AM PDT

Manhattan’s luxury market saw 21 contracts signed last week for a total of about $196 million, according to the latest report from Olshan Realty. The contracts signed at $4 million or above were split between 15 condominiums, four townhouses and two co-ops. Total sales and dollar volume were both down slightly from the week before, when 27 contracts were signed for $199.5 million. The top contract last week was for a townhouse at 11 West […]

Don’t expect a deal on Fannie and Freddie anytime soon

Posted: 01 Apr 2019 05:34 AM PDT

Fannie Mae and Freddie Mac aren’t likely to be released from government control anytime soon. There are basically two schools of thought on how to reform the companies, according to the Wall Street Journal. Shareholders want them to be recapitalized and out from under government control as quickly as possible, while others support a more thorough solution that would necessitate new laws. Shares of Fannie and Freddie are basically worthless right now, but their value […]

Cuomo makes power-play against state board linked to Amazon’s departure

Posted: 01 Apr 2019 05:15 AM PDT

Part of this year’s budget in Albany appears designed to help Gov. Andrew Cuomo avoid another Amazon-type debacle. The tech giant backed out of plans to build a large campus in Long Island City, Queens after state Senate leaders nominated Sen. Mike Gianaris, a critic of the Amazon plan, to the Public Authorities Control Board, which needed to approve some of the state incentives that were part of the Amazon deal. The law currently says […]

These are the busiest builders in Miami

Posted: 01 Apr 2019 04:00 AM PDT

For more than a year, nearly 850 construction workers have been furiously transforming 27 acres of once-abandoned lots in downtown Miami into one of the biggest developments in city history. Within the sprawling $4 billion Miami Worldcenter project, work crews have completed a 444-unit rental apartment tower called Caoba while putting the finishing touches on the 60-floor luxury condominium Paramount Miami Worldcenter and starting on the first phase of the development’s open-air retail and restaurant […]