The Real Deal - New York Real Estate News

CoStar reports 20% revenue jump in Q1

Posted: 23 Apr 2019 03:31 PM PDT

CoStar Group’s revenue jumped 20 percent year over year during the first quarter, reaching $328 million — due in part to strong results from its residential listings platform. The company reported a 63 percent year-over-year jump in net income to $85 million, and a 61 percent increase in EBITDA to $113 million. Andrew Florance, the company’s CEO and founder, said on an earnings call Tuesday that the figures were bolstered by Apartments.com, which posted a […]

New Jersey Cheat Sheet: Montclair megamansion proposal withdrawn, Morristown luxury community hits the market… & more

Posted: 23 Apr 2019 02:30 PM PDT

Montclair megamansion proposal withdrawn ‘without prejudice’ A bid to build a 60,000-square-foot megamansion in Montclair was abruptly withdrawn from review on April 19, according to NorthJersey.com. Turkish billionaire Melih Abdulhayoglu, founder of internet security company Comodo, reportedly planned to erect the monstrous home on a pair of properties adjacent to the Eagle Rock reservation in Essex County. If approved, the edifice would have included a bowling alley, billiard room, movie theater, two elevators, indoor and […]

These REITs could get hit by the rent control craze sweeping the country

Posted: 23 Apr 2019 02:00 PM PDT

As roughly a dozen states pursue rent control measures, the proposals are raising concerns for publicly-traded landlords. Equity Residential, AvalonBay Communities and Essex Property Trust are among the apartment real-estate investment trusts that could be affected by the changes, the Wall Street Journal reported. The potential for stronger rent control legislation has emerged as the apartment business has otherwise been strong. The outlook for apartment REIT earnings has been optimistic: A recent Barclays report noted […]

New development agents get stretched thin

Posted: 23 Apr 2019 01:15 PM PDT

The developers of 111 Murray Street had reason to celebrate this fall after pulling off a $650 million loan that would partially refinance unsold units at the 800-foot condo tower. But for brokers selling the $1 billion condo project — which is reportedly 80 percent sold — the loan is a heavier load to bear. Discounts and longer marketing time for condos mean smaller paychecks for new development brokers, who are also being forced to stretch marketing […]

This 2,000-acre Catskills development site just hit the market for $22M

Posted: 23 Apr 2019 12:30 PM PDT

Lost Lake Resort in Sullivan County — which has approved plans for the largest subdivision ever approved in New York state — is seeking buyers. Josh Goldflam, co-founder of Manhattan-based Highcap Group, is marketing the property, which is asking $22 million. The property in the town of Forestburgh spans 2,079 acres in the Catskill Mountains and is fully permitted, according to the listing. The completed project would include 2,577 home lots, 30 single-family cottages, 40 […]

LA’s industrial market is tops among foreign investors in US: report

Posted: 23 Apr 2019 12:00 PM PDT

The Los Angeles area industrial market is still having its moment, and the draw isn’t just from U.S. investors. China and Canada are also big buyers. Industrial investment from China and Canada reached an all-time high in the U.S., accounting for 70 percent of 2018’s total foreign investment. Total foreign investment almost tripled last year in the L.A., Orange County and Inland Empire industrial market, crowning the region No. 1 in the U.S., according to […]

Knotel installs AECOM real estate alum to lead enterprise business

Posted: 23 Apr 2019 11:20 AM PDT

In its bid to solidify its focus on large companies and draw in big name clients, Knotel has hired a corporate real estate executive to lead its enterprise division. Vik Aggarwal, who most recently worked as a vice president at AECOM managing finances fort the firm’s global real estate portfolio, was hired to bring in prominent clients as strategic partners and to oversee the management of their global real estate portfolios, Knotel said Tuesday. Aggarwal […]

Payday: What the leaders of RE’s biggest public companies earn

Posted: 23 Apr 2019 10:45 AM PDT

It’s a case of the haves and have-way-mores when it comes to the earnings collected by the leaders of Los Angeles’ most influential public firms in commercial and residential real estate. As both markets plug along with warnings of a downturn looming in the background, the head honchos raked in substantial sums that were essentially on trend with their earnings over the last few years. To understand just how much they made, The Real Deal […]

Sales of new homes skyrocketed in March. Sales of existing homes, not so much.

Posted: 23 Apr 2019 10:00 AM PDT

March was a good month for sales of new homes but not such a good month for sales of existing homes. New home sales in the country hit a 16-month high, increasing by 4.5 percent to an annualized pace of 692,000, according to Bloomberg. The median sales price dropped 9.7 percent year over year to hit $302,700, a two-year low. The market’s strength indicates that lower mortgage rates, higher wages and a pause on borrowing […]

Compass doesn’t know how it will turn a profit off slate of new services

Posted: 23 Apr 2019 09:15 AM PDT

UPDATED, April 23, 5:53 p.m.: Even at a $4.4 billion valuation, Compass is still navigating how to make money off its newer services. “We’re not yet at a stage where I have a very clear monetization strategy because we haven’t really talked about it,” chief operating officer Maëlle Gavet told the Wall Street Journal. The brokerage, with a $1.2 billion war chest, has lured agents with perks like full commission splits, stock options and massive […]

Trump Org files lawsuit to block subpoena of financial statements

Posted: 23 Apr 2019 08:34 AM PDT

Facing a subpoena from the House Oversight Committee, the Trump Organization is fighting back. In a lawsuit filed on Monday against Democratic committee chairman Elijah Cummings and the accounting firm Mazars USA LLP, the Trump Organization is seeking a court order to block the subpoena of eight years’ worth of the company’s financial statements, the Wall Street Journal reported. The subpoena “threatens to expose Plaintiffs’ confidential information and lacks ‘a legitimate legislative purpose,’” lawyers for […]

PHOTOS: Highlights from TRD Chicago’s inaugural State of the Market showcase

Posted: 23 Apr 2019 07:45 AM PDT

An array of Chicago real estate professionals came together to network and hear experts talk about the city’s residential brokerages, megaprojects and more at The Real Deal Chicago State of the Market on April 16. The event at Venue Six10 on Michigan Avenue was the first of its kind for TRD in Chicago, where it opened a year ago. TRD reporter E.B. Solomont moderated a panel on “The Business of Residential Brokerage” featuring Mario […]

How Keller Williams plans to take down Zillow, Opendoor

Posted: 23 Apr 2019 07:00 AM PDT

Keller Williams, the nation’s biggest franchise brokerage, is joining the likes of Opendoor and Zillow Offers in the all-cash, online home-buying craze. The Austin-based firm will be launching its iBuyer program, Keller Offers, in Dallas this May, with plans to expand to as many as eight “major” markets by the end of 2019, Marketwatch first reported. The company plans to spend $100 million through the program this year. iBuying start-up Opendoor is currently active in […]

Billionaire Michael Dell is buying the 1,000-plus room Boca Raton Resort

Posted: 23 Apr 2019 06:15 AM PDT

Billionaire Michael Dell’s MSD Partners is under contract to purchase the waterfront 1,047-room Boca Raton Resort & Club from the Blackstone Group. The deal is expected to close at the end of the second quarter, according to a press release. The 337-acre resort, which was developed in 1926, includes two 18-hole golf courses, a 50,000-square-foot spa, seven swimming pools, 30 tennis courts, a full-service 32-slip marina, 13 restaurants and bars, and 200,000 square feet of […]

Prognosis: Medical company needs to expand significantly at 199 Water Street

Posted: 23 Apr 2019 05:45 AM PDT

Health care service provider Med Review is doubling down at Jack Resnick & Sons’s 199 Water Street. The company, a subsidiary of the New York County Health Services Review Organization, has renewed and expanded its lease at the building to over 72,000 square feet, the New York Post reported, making for a roughly 35,000-square-foot increase. Med Review’s main offices are located on the 27th floor of the 35-story tower, according to its website. Nonprofit mentoring […]

Brodsky Org picks up a second Pacific Park development site

Posted: 23 Apr 2019 05:20 AM PDT

After picking up a 300-unit apartment development site at Pacific Park last year, the Brodsky Organization is expanding its footprint at the long-delayed mega-complex with another 859-unit site next to Barclays Center. The developer has entered into a joint venture with the project’s master developer Greenland Forest City Partners to develop 18 Sixth Avenue, the New York Post reported. The project is set to break ground within the next two weeks. Brodsky “bought a significant […]

Intelligent design: “Business is booming” for smart buildings

Posted: 23 Apr 2019 04:30 AM PDT

Imagine if a building could function like an iPhone. That idea struck Rudin Management’s John Gilbert III when he waited at Joe’s Pizza on 14th Street in 2009. With Rudin building operations head Gene Boniberger at his side, Gilbert, the firm’s COO and technology chief, recalled that he pulled out his early model iPhone and said, “That stupid phone’s got an operating system. Why don’t our buildings have [one]?” The two Rudin executives had emerged […]

Felix Sater: “My main motivation was in building a Trump tower in Moscow and making $100M in the process”

Posted: 23 Apr 2019 04:00 AM PDT

Felix Sater’s name is mentioned more than 100 times in Special Counsel Robert Mueller’s investigative report. The report indicates that Sater, a former associate of the Trump Organization who built Trump Soho, wanted to arrange a public meeting between Vladimir Putin and Donald Trump before the election, an encounter he hoped would help a $1 billion Trump-branded tower in Moscow and boost Trump’s profile internationally. After a 22-month investigation, Mueller found there wasn’t enough evidence […]