The Real Deal - New York Real Estate News

SVN becomes first commercial brokerage to join blockchain-powered MLS

Posted: 24 Apr 2019 03:00 PM PDT

SVN International Corporation has partnered with imbrex, the blockchain-powered multiple listing service, making it the first commercial brokerage to store its data on the blockchain. Blockchain is a digital data storage platform and transaction ledger that uses encryption and a decentralized network of servers to store the information. Proponents call it a more secure marketplace that removes the need for a third party to verify and track transactions and data. Much has been made about […]

Knotel in talks for roughly $200M Series C funding round: sources

Posted: 24 Apr 2019 02:09 PM PDT

Flexible-office startup Knotel is in talks for a roughly $200 million Series C funding round, according to sources. The Kuwait Investment Authority is said to be one of the main investors in discussions for the round, sources said. Though the final figure is in flux, the round is expected to be around $200 million. Founded in 2016 by Amol Sarva and Edward Shenderovich, Knotel has become one of WeWork’s biggest competitors. Its most recent funding […]

Uber looking for large Manhattan office ahead of planned $100B IPO

Posted: 24 Apr 2019 01:30 PM PDT

Ride-hailing startup Uber is looking for a big new office in Manhattan ahead of its anticipated $100 billion initial public offering next month. The company has been scoping out buildings in Midtown near Bryant Park and 3 World Trade Center for somewhere between 250,000 and 300,000 square feet, sources told Crain’s. CBRE is handling the company’s search. Uber in February signed a lease for a new 35,000-square-foot office at 1400 Broadway in Midtown. And it […]

Riding a wave of demand, First Industrial profits rise in Q1

Posted: 24 Apr 2019 12:45 PM PDT

Benefiting from a booming national industrial real estate market, First Industrial Realty Trust saw its earnings rise in the first quarter. The Chicago-based industrial REIT reported net operating income rose to $74.4 million, nearly 6 percent higher year over year. Funds from operations ticked up 12 percent to $53.7 million in the quarter compared to the same period in 2018. The REIT’s national portfolio includes some 66 million square feet of space in 19 states, […]

Macy’s in talks to build 1.2M sf office tower atop Herald Square flagship

Posted: 24 Apr 2019 12:06 PM PDT

Macy’s plans to “unlock additional real estate value” at its flagship store just got a bit more likely. The retailer has held preliminary talks with New York City officials about building a 1.2 million-square-foot office tower at 151 West 34th Street in Herald Square, according to a Bloomberg terminal report. The company’s stock, which has fallen nearly 17 percent over the past year, rose by 2 percent when the news broke, CNBC reported. The company […]

NYC politicians are taking aim at key rent control formula

Posted: 24 Apr 2019 11:45 AM PDT

Assemblywoman Linda Rosenthal and state Sen. Brian Benjamin held a boisterous rally with tenant groups on the Upper West Side Wednesday morning to support one of the many reforms Albany is considering making to New York’s rent laws. Rosenthal and Benjamin spoke in support of a bill that would change the way rent increases take place for rent-controlled tenants. Currently, rent hikes are calculated using the maximum base rent system, which causes rents to go […]

Westchester & Fairfield Cheat Sheet: White Plains YMCA site set for $100M apartment complex, $48M Greenwich sale is priciest in 5 years… & more

Posted: 24 Apr 2019 11:15 AM PDT

Developer proposes $100M project at YMCA site in White Plains Southern Land Company, the Nashville-based developer that is in contract to buy the building that houses the YMCA of Central and Northern Westchester in White Plains, plans to spend “north of $100 million” to build an 8-story, mixed-use structure at the site, the Daily Voice Plus reported. Southern Land’s northeast director of acquisitions Joseph Rossi told the outlet that the existing building will have to […]

This is how Miami-Dade plans to protect itself from climate change

Posted: 24 Apr 2019 10:35 AM PDT

 Miami-Dade County is embarking on infrastructure projects that could total $20 billion as part of a push to protect the region from climate change. Miami-Dade Mayor Carlos Gimenez spoke to Bloomberg about the county’s plan for a $10 billion water and sewer project that is the largest public works project in the county’s history. It’s expected to take 15 to 20 years, he said. The county is also planning a multibillion-dollar investment in transportation […]

Remember those final lines of “The Jinx”? Durst’s attorneys want them tossed

Posted: 24 Apr 2019 09:45 AM PDT

For those who watched the HBO’s “The Jinx: the Life and Deaths of Robert Durst,” it’s hard to forget its final scene: The real estate heir/murder suspect, still wearing a mic from an interview scene, mutters to himself that he “killed them all, of course.” The attorneys for Durst, soon to be on trial in Los Angeles for the murder of friend Susan Berman 19 years ago, now plan to challenge the six-episode documentary series, […]

Why this VC-backed StreetEasy rival is cutting back on listings inventory

Posted: 24 Apr 2019 09:00 AM PDT

In 2017, rental listings portal Zumper embarked on a brave new strategy — compete directly with the agents using their platform, and forge exclusive relationships with landlords across the city. As the venture-capital backed firm has introduced new restrictions on outside agents, the number of listings on the platform has been cut in half over the last year. Zumper said the reduction in listings is by design — it has been culling open listing inventory […]

Hidrock seeking up to $1,100 a foot with Garment District office condo conversion

Posted: 24 Apr 2019 07:45 AM PDT

Hidrock Properties is planning a conversion of a 12-story loft building in the Garment District to office condominiums. The family firm, which owns multiple buildings in the neighborhood, will convert 35 West 36th Street, a 58,000-square-foot pre-war building, according to the New York Post. The building will contain office floor plates between 3,300 and 6,600 square, and condos will be priced at $875 a square foot on the lower levels to $1,100 a square foot […]

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Posted: 24 Apr 2019 07:15 AM PDT

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Fashion house Badgley Mischka to take naming rights, two floors at Midtown tower

Posted: 24 Apr 2019 06:30 AM PDT

Fashion house Badgley Mischka is set to move into 133 West 52nd Street after it secured a 10-year lease in the building. The firm will take just under 26,000 square feet on the fifth and sixth floors of Plaza 52, a 46-story tower, according to the New York Post. The fashion brand, worn by a host of celebrities, also received naming rights for the front of the building. The asking rent was $78 per square […]

JDS secures $664M construction loan for Brooklyn’s future tallest tower

Posted: 24 Apr 2019 06:00 AM PDT

After a years-long search for financing, 9 DeKalb Avenue is set to rise. Michael Stern’s JDS Development this week secured a $664 million construction loan from Silverstein Capital and Otera Capital, according to the Wall Street Journal. The planned 1,066-foot-tall tower, which will become Brooklyn’s tallest skyscraper and will contain 400 rental apartments and 150 condominiums, alongside 120,000 square feet of retail space. The building is expected to be completed by 2022. In November, Stern […]

These are the tallest towers underway in NYC

Posted: 24 Apr 2019 05:30 AM PDT

With New York City’s ever-changing skyline, The Real Deal compiled a list of the top 10 tallest projects currently in the works in the five boroughs. Four of the top 10 buildings under construction or recently topped out were located in Manhattan’s newest neighborhood, Hudson Yards. Related Companies and Oxford Properties Group held three of those spots, one of which was for the David Childs-designed condo tower 35 Hudson Yards, which is aiming for a […]

Related enters contract on $2.2B Hudson Yards sale-leaseback

Posted: 24 Apr 2019 05:00 AM PDT

The Related Companies went into contract on its $2.2 billion sale-leaseback deal with WarnerMedia at 30 Hudson Yards, the firms said Tuesday. The media giant has entered a 15-year lease with Related to take 1.5 million square feet at the 101-story tower, according to Deadline. News of the deal broke earlier this month, which initially suggested a 20-year lease. Related expects to close on the deal late in the second quarter. The firm is currently […]

At the desk of: Foiz Ahmed

Posted: 24 Apr 2019 04:30 AM PDT

Foiz Ahmed’s path to running Quadrum Global’s hotel division started when he was 16 years old and worked as a bellhop at a Holiday Inn in his hometown, Washington, D.C. “That’s where I fell in love with the hospitality industry,” the 47-year-old executive said in his airy windowed office on the 18th floor of 261 Fifth Avenue. “I loved talking to people and not sitting in front of a desk.” Ahmed, who graduated from the […]

The downturn is coming. Can the We Company survive the storm?

Posted: 24 Apr 2019 04:00 AM PDT

In January, Adam Neumann went on CNBC to quiet concerns that his company, WeWork, was in trouble. News had just broken that SoftBank Group, WeWork’s primary investor, had walked back a $16 billion deal, and Neumann, with celebrity pal Ashton Kutcher in tow, wanted to reassure the world that demand for his office-space-as-a-service company was still high. In fact, he said, it was increasing. “In Q4 of 2018 we’ve seen a big drop in the […]