The Real Deal - New York Real Estate News

New Jersey Cheat Sheet: Triple Five delays American Dream opening, office market reaches vacancy milestone… & more

Posted: 09 Apr 2019 03:30 PM PDT

American Dream Meadowlands opening delayed again Triple Five Group confirmed a little over a week ago that the long-awaited opening date for its American Dream Meadowlands in East Rutherford will not take place until late summer or early fall, as noted by NJ.com. The decision marked the third time that Triple Five has delayed the opening for the 3-million-square-foot megamall during its ownership of the roughly $5 billion project, which was once known as Xanadu […]

Woman alleges Jane Hotel employee snuck into her room and raped her: lawsuit

Posted: 09 Apr 2019 03:00 PM PDT

A 39-year-old woman claims she was raped by an employee at the Jane Hotel who snuck into her room once she was asleep. The woman filed a lawsuit against the Jane Hotel and its owners, an entity controlled by BD Hotels, the New York Post reported. She had stayed at the hotel on June 3, 2018, on a layover while traveling from Honolulu to Spain, according to the lawsuit. The lawsuit, which doesn’t name the […]

NJ rents are below the national average

Posted: 09 Apr 2019 02:30 PM PDT

Even as its largest cities, like Jersey City, see pricier new development, rents in New Jersey are generally below the national average. National rent prices climbed 3.2 percent in March, versus a year earlier, according to NJBIZ. That’s the lowest annual growth in more than six months. Average rent for the month rose $44 to $1,430. In New Jersey, the fastest rental growth was in Trenton, where prices rose 5.6 percent year over year. It […]

Gary Barnett’s Extell gets $268M to refinance two dev sites

Posted: 09 Apr 2019 02:05 PM PDT

Extell Development has landed more than $267.6 million to refinance two of its Manhattan development sites. Lender JVP Management provided about $145 million to an Upper East Side development site that has been pieced together over the years, and another $124.4 million for a Midtown property Extell had tried to sell last year, property records filed this week indicate. Extell did not immediately return requests for comment. JVP Management could not be reached. The financing […]

Which leasing firms inked the most office space in Brooklyn in 2018?

Posted: 09 Apr 2019 01:30 PM PDT

This month, in addition to ranking the Manhattan firms that leased the most office space, The Real Deal did a close up on the Brooklyn market. Below is our subscriber-exclusive ranking of the top Brooklyn firms of 2018.

Broker shocked with stun gun during attempted sexual assault: police

Posted: 09 Apr 2019 01:00 PM PDT

A suburban man shocked a real estate broker with a stun gun during an attempted sexual assault at an open house Sunday in the southwest suburbs, authorities said. Stanley Keller, 50, of Hazel Crest, now faces charges of attempted aggravated criminal sexual assault, aggravated battery and possession of a weapon by a felon, according to the Chicago Sun-Times. The broker was showing a house about 2 p.m. in the 6800 block of West 81st Street […]

Democratic lawmakers turn their attention to rent-regulation reforms in Albany

Posted: 09 Apr 2019 12:45 PM PDT

With the state budget out of the way, officials are now focusing on a series of sweeping changes to New York’s rent regulation laws. Assembly Speaker Carl Heastie on Tuesday announced a package of bills that seek to eliminate vacancy decontrol and bonuses, as well as the programs that allow landlords to increase rents based on renovation work (major capital improvements and individual apartment improvements). Another seeks to change how preferential rents (amounts below the […]

Dressing up NYC’s buildings: This family is the go-to uniform designer for landlords

Posted: 09 Apr 2019 12:23 PM PDT

For more than 100 years, the Busch family’s designs have helped shape how tenants think of their buildings. I. Buss & Allan Uniform, a company founded in 1892, designs building staff uniforms for some of the city’s most well-known real estate companies, including the Durst Organization, Solow Building Company, Jack Resnick & Sons, Douglas Elliman and other major property managers. The company is even responsible for the burgundy suits that greet visitors at the top […]

The mobile home park model is “financially catastrophic” for homeowners, John Oliver says

Posted: 09 Apr 2019 11:30 AM PDT

Mobile home owners may be finding themselves stuck. Private equity firms like the Carlyle Group, TPG and Blackstone are increasingly buying up mobile home parks across the country, raising rents and pushing tenants out of their properties, according to the British comedian John Oliver. The host of “Last Week Tonight with John Oliver” put a spotlight on the asset class in Sunday’s episode of the HBO show, taking on the institutional investors that have purchased […]

Falling down the charts: Tommy Mottola’s Greenwich estate sells for a 25% discount

Posted: 09 Apr 2019 11:00 AM PDT

Legendary music executive Tommy Mottola had to face the market’s music with the sale of his Connecticut mansion. The former CEO and chairman of Sony Music sold his gargantuan Greenwich estate for $14.9 million, 25 percent below the asking price. Mottola originally listed the nine-bedroom home for $19.95 million in 2017, the Wall Street Journal reported. Mottola and his wife, Mexican pop star Thalia, had been living there for several years at the time. They […]

The anatomy of construction corruption

Posted: 09 Apr 2019 10:30 AM PDT

In New York City’s $45.3 billion construction industry, it’s a network of middlemen that choreographs the rise of buildings. From supply companies to electrical workers, developers rely on a consortium of professionals to assign contracts and oversee the flow of millions of dollars — sometimes with little to no oversight. “There are hundreds and hundreds of products, hundreds of different workers on the job. It’s a large undertaking,” said Barry LePatner, a construction attorney and […]

Knotel pushes into FiDi with 43K sf lease

Posted: 09 Apr 2019 09:50 AM PDT

Knotel, the flexible office company, is taking multiple floors at 88 Pine Street, rounding out a smattering of Manhattan leases recently signed by the company. The New York-based company said Tuesday that it had taken 43,520 square feet at the Financial District tower, spanning floors four to nine. Led by Amol Sarva, the firm provides spaces for enterprise companies that are free of Knotel branding and offers varying floor plates. Elie Reiss of Skylight Leasing […]

PMG lands $97M condo inventory loan for West Village development

Posted: 09 Apr 2019 09:00 AM PDT

Kevin Maloney’s Property Markets Group landed a $97 million condo inventory loan for its new development in the West Village. Rialto Capital Management and Goldman Sachs teamed up to provide the financing for PMG’s 111 Leroy Street, sources told The Real Deal. Representatives for PMG, Rialto and Goldman could not be immediately reached. A team of brokers at HFF led by Chris Peck negotiated the financing on behalf of PMG. The brokers declined to comment. […]

Real estate execs among parents pleading guilty in college admissions scandal

Posted: 09 Apr 2019 08:30 AM PDT

Two real estate executives pleaded guilty Monday to charges in the college admissions scandal, and now face prison time. Ten other parents charged in the case, including actress Felicity Huffman, also admitted to various charges in which federal authorities alleged they paid bribes to secure their children acceptance into elite universities, including Stanford, Georgetown and Yale. Bruce Isackson, a real estate developer based in the Bay Area — and his wife, Davina Isackson — pleaded […]

Mystery buyer snags $34M unit at 220 CPS

Posted: 09 Apr 2019 08:00 AM PDT

Another 220 Central Park South has sold to yet another anonymous buyer. The buyer — listed as “NOOR 220, LLC” in property records — bought unit V-5 in the villa building of the Vornado Realty Trust project for $34.4 million, according to New York City’s Department of Finance. The home was asking $34.5 million, per the condominium offering plan. The sale price works out to $6,881 per square foot. The apartment spans 4,994 square feet […]

Chinese investors, facing new regulations, shift focus from Vancouver to Toronto

Posted: 09 Apr 2019 07:35 AM PDT

A crackdown on foreign buyers in British Columbia has Chinese investors looking east for other opportunities in Canada, with Toronto emerging as a prime destination for commercial investment. As Chinese investment in foreign real estate retreated globally in 2018, Vancouver saw a particularly sharp drop-off as a series of new taxes kicked in, Bloomberg reported. Meanwhile, Toronto saw a slight increase in investment from Asia as a whole, beating Vancouver for the top spot according […]

Speakers announced for The Real Deal’s 12th Annual NYC Showcase and Forum

Posted: 09 Apr 2019 07:00 AM PDT

The Real Deal’s 12th annual NYC Real Estate Showcase and Forum is shaping up to be one of our biggest and most exciting events yet. Mark your calendars for May 15 and join us at the Metropolitan Pavilion for a full day of programming, networking and deal making. Our 4,500+ attendees will get access to a dynamic lineup of industry leaders that will give you insights you need to stay on top of the industry’s […]

Meet the top candidate for NYCHA chairman – a former Texas mayor with ties to de Blasio and Cuomo

Posted: 09 Apr 2019 06:30 AM PDT

Saul Ramirez Jr., a former Texas mayor who worked with both Gov. Andrew Cuomo and Mayor Bill de Blasio during their HUD days, has emerged as the top candidate to head New York City’s troubled public housing authority. Ramirez’s candidacy comes after a January deal between city and federal authorities to strengthen oversight of NYCHA, long plagued by mismanagement and incompetence, The City reported. Ramirez would be the first NYCHA chairperson whose appointment required approval […]

NYC rental building sales tumble as rent regulation uncertainty looms

Posted: 09 Apr 2019 06:00 AM PDT

Multifamily apartment building sales saw a big drop in the first quarter, as uncertainty over the future of rent regulation has many investors waiting on the sidelines. The first three months of the year saw just 127 residential rental buildings change hands in the city, well below the deal volume of 243 a year before, while dollar volume fell by 43 percent from $2.3 billion to $1.3 billion, according to a report from B6 Real […]

House flipping rates have hit pre-crisis levels – but it’s a very different market these days

Posted: 09 Apr 2019 05:30 AM PDT

During the housing boom that preceded the 2008 financial crisis, house flipping became a symbol of the runaway speculation that led to the economy’s downfall. Over a decade later, flips makes up nearly as large a share of home sales as they did back in 2006, according to housing analytics firm CoreLogic. But the market has changed in ways that make this less of a concern than in the past, the Wall Street Journal reported. […]

LA homeowners’ $760B in real estate equity is tops in nation: report

Posted: 09 Apr 2019 05:00 AM PDT

Los Angeles and Orange County homeowners collectively have $760 billion in real estate equity, tops in the nation. With median-priced homes remaining out of reach. for average-earning residents in the U.S., residents in those two counties that can afford high-priced homes collectively own $760 billion in “tappable equity,” according to a study by real estate analyst Black Knight, as reported by Curbed. That $750 billion number comes despite a $40-billion drop since last summer, according […]

Manhattan’s leasing leaders: These firms brokered the highest volume of deals in 2018

Posted: 09 Apr 2019 04:30 AM PDT

When Hudson Yards opened in the middle of last month, roughly 82 percent of the 8.9 million square feet of office space at the megaproject was already spoken for. “I think it’s much higher than anybody would have ever thought,” said Jeff Peck, a broker at Savills who has done two office deals for tenants in the neighborhood. And that high level of occupancy at Hudson Yards — the joint baby of the Related Companies […]

Juggling act: Brokers face higher expectations as new dev market sputters

Posted: 09 Apr 2019 04:00 AM PDT

When Douglaston Development began vetting teams to market the company’s Fort Greene condominium project, the developer opted to stay local. Very local. To sell 75 Greene Avenue — which includes 22 units and four townhouses — Douglaston wanted brokers already well-versed in the neighborhood who could help shape a project that largely catered to young families in the area. The firm interviewed four of five teams and settled on MNS, said Ben Levine, Douglaston’s executive […]