The Real Deal - New York Real Estate News

Helmut Lang’s East Hampton compound could fetch $100M, Esprit founder unloads Sag Harbor home & more East End real estate news

Posted: 01 May 2019 03:30 PM PDT

Helmut Lang could list East Hampton compound for $100M Longtime Hamptons resident and Austrian-born fashion designer and artist Helmut Lang could be poised to list his oceanfront East Hampton home for a whopping $100 million, the New York Post reported. Brokers familiar with property told the outlet that it is being shopped as an “unofficial whisper listing.” The roughly 5-acre property located at or around 8 Tyson Lane includes an 8,757-square-foot main house, a cottage […]

“Rent control is a risk, just like climate change:” Equity Residential unbowed by affordable advocates

Posted: 01 May 2019 03:15 PM PDT

Multifamily investor Equity Residential reported higher earnings in the first quarter thanks to continued demand for rentals and a “sizeable drop in new competitive supply” in its properties in the New York and Boston markets. The Chicago-based REIT reported first-quarter revenue of $662.3 million, up from $632.8 million in the first quarter of 2018. It was also an increase from the fourth quarter’s $652.6 million. Funds from operations per share were up 14.1 percent and […]

Tenants sue infamous landlord for overseeing “reign of terror” at South Bronx building

Posted: 01 May 2019 03:00 PM PDT

A landlord is subjecting his tenants in a South Bronx building to a “reign of terror” through harassment and inhumane housing conditions, according to a new lawsuit. The tenants association at 919 Prospect Avenue and the Urban Justice Center have filed the lawsuit against landlord Seth Miller, accusing him of a litany of offenses regarding maintenance at the property. Tenants say they went through several winters without adequate heat and hot water, endured a broken […]

Thurcon Construction is buying a FiDi building for $78M

Posted: 01 May 2019 02:54 PM PDT

The Thurman family of Thurcon Construction and Development is spending $77.5 million to purchase a mixed-use building in the Financial District, according to sources familiar with the deal. The company bought the mixed-use property at 106 Fulton Street from DSA Property Group. The property is known as Fulton Plaza Apartments and includes 81 residential units, ground floor retail space and two floors of commercial space across roughly 75,000 square feet overall. Abie Kassin and Rich […]

Helmut Lang’s East Hampton compound could list for a massive $100M

Posted: 01 May 2019 02:30 PM PDT

Fashion designer and artist Helmut Lang is prepared to offload his oceanfront Hamptons estate — and could seek a steep $100 million for it. The East Hampton home — the address, at or around 8 Tyson Lane, is unclear — is being marketed as a whisper listing until it’s officially on the market, the New York Post reported. Lang bought the home for $15.5 million in 1999, after outbidding Jerry Seinfeld by $1 million. The […]

Editor’s note: A Brave New (York) World

Posted: 01 May 2019 02:00 PM PDT

Big Brother is going bricks-and-mortar. In our cover story this month, “Real Estate’s Surveillance State,” reporter Rich Bockmann delves into the tech advances that are taking hold. From new developments to co-working offices, the ability to track and cater to workers, residents and shoppers is astounding. But the quest for profits is running up against major privacy concerns. Gone are the days when tech was viewed as an unalloyed good, when Facebook was seen as […]

Vanbarton’s $1B gateway cities fund closing in on big Seattle buy

Posted: 01 May 2019 01:30 PM PDT

Vanbarton Group is getting ready to make its first Seattle purchase out if its $1 billion gateway cities fund. The Midtown-based real estate private equity firm is in contract to buy the 41-story 901 Fifth Avenue in Downtown Seattle for $305 million, sources familiar with the transaction told The Real Deal. That price works out to a little more than $560 per square foot for the 1970s era office tower. The sellers are Seattle-based real […]

Lenders poised to take over apartment empire amid massive mortgage fraud probe

Posted: 01 May 2019 01:00 PM PDT

Rochester-based Morgan Management nearly tripled its apartment holdings over the past decade, building a giant rental portfolio of 140 properties across 14 states with more than 34,000 units. But amid a massive mortgage fraud investigation which has already led to two guilty pleas, the company has started to shed properties. Under pressure from creditors who hold about $3 billion in the company’s debt, Morgan is close to transferring the management of nearly its entire portfolio […]

Fed holds interest rates steady amid housing market slowdown

Posted: 01 May 2019 12:36 PM PDT

The Federal Reserve said Wednesday that it will hold interest rates steady amid signs that the housing market is slowing down. The Fed will keep rates at 2.25 percent to 2.5 percent, stating the economy rose at a solid rate, but that inflation fell below its 2 percent target. The decision was expected after the Fed signaled in March that it would not raise rates for the rest of the year over signs that the […]

Tishman Speyer selling Chicago office tower; could fetch $280M

Posted: 01 May 2019 12:00 PM PDT

Tishman Speyer is looking to sell an office tower in the Financial District, adding to a number of buildings in the area either trading or hitting the market. The New York-based developer could fetch as much as $280 million for the 40-story building at 190 South LaSalle Street, sources told Crain’s. Tishman bought the 800,000-square-foot building in 2013 for $211 million, with help from a $140 million acquisition loan. It refinanced that loan last year […]

As it gears up for an IPO, WeWork faces competitive headwinds in Europe

Posted: 01 May 2019 11:30 AM PDT

WeWork’s announcement this week that it has filed preliminary paperwork to pave the way for a public offering is a signal of its plans to expand further. But in Europe, the company faces a more competitive field where local firms dominate market share in many cities. Flexible office space has doubled in Europe in the past five years, driven in part by WeWork’s entrance to the markets there, according to Bloomberg. Citing a Colliers report, […]

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

Posted: 01 May 2019 11:00 AM PDT

The Real Deal’s May 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 the Big Brother-style tactics increasingly being used in NYC real estate – A breakdown of all of the closed sales at the ultra-luxe (and record-breaking) Zeckendorf tower 520 Park Avenue – The changes firms have (and have not) made in the wake […]

Houlihan Lawrence fails to get dual agency lawsuit dismissed

Posted: 01 May 2019 10:30 AM PDT

UPDATED, May 1, 4:28 p.m.: The highest court in New York is allowing a dual-agency lawsuit against Houlihan Lawrence to move forward. In a ruling earlier this month, the Supreme Court of the State of New York said it would let the claims about breach of fiduciary duty and deceptive or unfair sales practices to proceed. The court noted that establishing consent for dual agency requires more than a client’s signature on a disclosure form, […]

A landlord tasked to fix up NYCHA buildings owes the city $150M

Posted: 01 May 2019 09:00 AM PDT

NYCHA’s privatization push includes a landlord who still owes the city $148 million of unpaid property taxes. The city’s public housing authority awarded a contract to the Kraus Organization early in 2018, according to WNYC. The company is now a part owner of Highbridge Rehabs near Yankee Stadium in the South Bronx. Six months after awarding Kraus this contract, NYCHA received a background check about the company’s debt and other issues, including a report from […]

Rent the Runway just signed a big lease in Dumbo

Posted: 01 May 2019 07:30 AM PDT

A women’s fashion company has signed an 83,000-square-foot lease at 10 Jay Street on Dumbo’s waterfront. Rent the Runway, a subscription-based service that allows women to rent clothing, will move into the 221,500-square-foot property next year, according to the New York Post. Built in 1897, developers Glacier Global Partners and Triangle Assets converted the warehouse into an ODA New York-designed office property targeting TAMI tenants. In 2017, the developers locked in a $150 million bridge […]

Durst wants to extend East River ferry service to UES

Posted: 01 May 2019 06:45 AM PDT

The Durst Organization is again lobbying to add another ferry stop to the city’s water transport service, this time linking the Upper East Side to the route. The developer is expected to propose the plan, which would connect Astoria to the 90th Street ferry terminal in Yorkville, to Manhattan community board Wednesday before making a formal pitch to the New York City Economic Development Corporation, which oversees the ferry service, according to The City. “It’s […]

Madison Realty Capital moves HQ to 520 Madison Avenue

Posted: 01 May 2019 06:00 AM PDT

Madison Realty Capital has signed lease at Tishman Speyer’s 520 Madison Avenue and will move its headquarters into the building. The private lender will take 20,000 square feet on the 35th floor of the 1 million-square-foot office building, it said Wednesday. In a statement, Madison’s managing principal Josh Zegen said that the move was part of an expansion strategy at the firm. “Our continuous growth required additional space to accommodate the needs of our business […]

The Alexander brothers are taking over this Billionaires’ Row PH listing

Posted: 01 May 2019 05:20 AM PDT

About a year and a half after the penthouse at 252 East 57th Street hit the market, the developers are swapping its broker for “the A-team.” That is, Douglas Elliman’s Tal and Oren Alexander. The team is taking over the condominium listing from Stribling & Associates’ Pamela D’Arc. It will be listed for $27 million — down from the previous $29.75 million asking price. Tal Alexander declined to comment on the listing. The penthouse at […]

Comerica Bank turned “blind eye” to Woodbridge’s $1B Ponzi scheme: lawsuit

Posted: 01 May 2019 04:30 AM PDT

The $1.2 billion Ponzi scheme that federal authorities charged luxury developer Woodbridge Group of Companies with running has spawned numerous lawsuits. In the latest, lawyers tasked with recovering funds for defrauded investors are going after Comerica Bank, which held accounts belonging to Sherman Oaks-based Woodbridge. The suit also comes two weeks after federal agents arrested Robert Shapiro, the former head of Woodbridge and the alleged mastermind behind the scheme. In November, Shapiro agreed to pay […]

Three’s a charm? Michael Shvo, partners add to oceanfront assemblage in Miami Beach

Posted: 01 May 2019 04:30 AM PDT

Michael Shvo and his partners are planning to buy their third property, the South Seas Hotel, as they expand their oceanfront assemblage in Miami Beach, The Real Deal has learned. The partnership of SHVO, led by Shvo; Bilgili Holdings, led by Serdar Bilgili; and Deutsche Finance America, put the South Seas at 1751 Collins Avenue in South Beach under contract, according to sources. The 118-key property is adjacent to the Richmond Hotel, which the group […]

Strings attached: How resi firms claw back commissions to fend off poaching

Posted: 01 May 2019 04:00 AM PDT

For the 200-person boutique firm CORE Real Estate, losing 35 agents to Compass last year was a body blow. As it hemorrhaged agents, CORE updated its agent policy manual — reflecting the new steps it would take to prevent agents from leaving and taking their listings with them. In addition to rolling back commission splits to 40 percent (an industry standard) on all pending deals for agents who announce that they’re leaving, the manual now […]