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The Real Deal - New York Real Estate News |
| I.M. Pei, who designed monuments of culture, dies at 102 Posted: 16 May 2019 03:53 PM PDT I.M. Pei, the architect who began his career designing buildings for William Zeckendorf and went on to bring to life some of the most iconic structures of the 20th Century, including the Louvre pyramid, died early Thursday. He was 102. Pei emigrated from China to the U.S. in the 1930s and after attending Harvard’s Graduate School of Design worked in-house for Zeckendorf’s firm, Webb & Knapp. He then established his own practice in 1955 but […] |
| Posted: 16 May 2019 03:00 PM PDT Developer halts auction of 236 Suffolk properties due to low bidder turnout Robert Toussie, one of the owners of the largest amount of private land on Long Island, abruptly halted the second day of auctioning off 236 of his parcels in Babylon, Brookhaven, East Hampton, Huntington, Islip and Southampton, Newsday reported. About 360 people registered to attend the two-day event at the Hyatt Regency Long Island in Hauppauge. About 50 people showed up to the first day […] |
| New York real estate’s tough talk is like “fresh air” for proptech entrepreneurs Posted: 16 May 2019 02:45 PM PDT The title of the canceled sitcom “Don’t Trust the B in Apartment 23,” was a tongue-in-cheek reference to the show’s antihero protagonist. In the world of venture capital, the “treacherous B” has a different meaning. “The series B round is known as the treacherous B,” MetaProp co-founder Zach Aarons explained Wednesday afternoon at The Real Deal’s 12th annual new development showcase in Chelsea. Aarons said many startups make it to the Series B round because […] |
| Extell looks to sell development near Hudson Yards Posted: 16 May 2019 02:15 PM PDT Gary Barnett is looking to sell a residential development site near Hudson Yards, which could fetch somewhere around $60 million. The mid-block site, at 430 West 37th Street, stretches through to West 36th Street and sits next the sunken Dyer Avenue that connects to the Lincoln Tunnel. “This is a fantastic site that is effectively a block-front site that will have tremendous light and air and take advantage of its proximity to Hudson Yards,” said […] |
| Mayflower files for 25-story Garment District hotel Posted: 16 May 2019 02:00 PM PDT Mayflower Business Group is moving forward with its plans to build a new hotel in the Garment District, about a year after the firm had filed plans for another hotel a few blocks way. The Wei Hong Hu-led firm pre-filed an application with the city’s Buildings Department to construct a 25-story, nearly 46,000-square-foot hotel at 319 West 35th Street. The new project will have 166 rooms, filings show. Hu did not immediately return a request […] |
| NYCHA taps development team to perform $350M renovations, takeover managing properties Posted: 16 May 2019 01:35 PM PDT The New York City Housing Authority has tapped another development team to perform more than $350 million in repairs as part of a program that shifts public housing to private management. On Thursday during an event held by the New York State Association for Affordable Housing, Deputy Mayor Vicki Been announced that NYCHA tapped Arker Companies, Omni Development, Dabar Development Partners and Bedford Stuyvesant Restoration Corp. to renovate 2,625 apartments across nine buildings in Brooklyn. […] |
| VIDEO: How Larry Silverstein attracts “hipper” companies to FiDi Posted: 16 May 2019 01:30 PM PDT The need to light up while at work isn’t the kind of thing that Silverstein Properties chairman Larry Silverstein “would be attracted to,” but, for his tenants, he puts personal taste aside. In a one-on-one interview with The Real Deal‘s publisher Amir Korangy, Silverstein described how he’s convinced hip companies like Swedish music-streaming giant Spotify to move into the Financial District. The key, according to the 87-year-old developer, is accommodating their “different” needs for an […] |
| Can virtual brokerage eXp make NYC a reality? Posted: 16 May 2019 01:00 PM PDT There’s the dream of making it in New York as a residential firm: the sky-high commissions, the near-celebrity status and elevated lifestyle. And then there’s the reality: most firms fail here, and fail hard. But that isn’t stopping eXp Realty, a virtual brokerage that is one of the industry’s fastest-growing firms, from giving it a shot. The Bellingham, Wash.-based company plans to launch in New York City in June, the company confirmed. On April 16 […] |
| “Unequivocally not selling:” BHS accuses rival of stoking sale rumors Posted: 16 May 2019 12:18 PM PDT Brown Harris Stevens agents woke up Thursday to an explosive email from the firm’s top brass: Ignore the rumors. Your brokerage is not for sale. Over the past two weeks, there’s been plenty of chatter that Terra Holdings, the parent company of BHS, was in talks to sell the 146-year-old firm. The buyer? Compass, the venture-backed unicorn which struck a deal last month to acquire Stribling & Associates, one of the few remaining independent firms […] |
| Council’s land use committee unanimously approves closing favored loophole of skyscraper developers Posted: 16 May 2019 12:10 PM PDT The City Council’s Land Use Committee voted unanimously on Tuesday to tighten New York’s infamous “mechanical voids” loophole, which developers have traditionally used to increase the heights of their buildings. The committee voted to have mechanical spaces taller than 25 feet count toward the height limits of buildings, and the measure should go for a vote before the full City Council sometime next week, according to Land Use Committee Chair and City Council member Rafael […] |
| Keller Williams’ deals dip as national home sales slow Posted: 16 May 2019 12:00 PM PDT The sluggish housing market has put a damper on Keller Williams’ business. In the first quarter, the franchise brokerage’s agents closed $63.5 billion in sales volume in the U.S. and Canada, down 1.9 percent from a year earlier, the company said in a statement. At the same time, the number of transactions dipped 1.7 percent, which Keller Williams attributed the decline to lower sales across the country. “We expect to continue to see a year-over-year […] |
| It’s showtime: “Particle Ink,” interactive theater experience, headed to Hell’s Kitchen Posted: 16 May 2019 10:45 AM PDT A new, immersive theater experience will be taking up all four stories of a former retail building in Hell’s Kitchen. “Particle Ink,” an experiential show that will take audiences on an interactive adventure through a graphic novel, signed a 10-year deal for 13,500-square-feet of space at 771 Ninth Avenue, according to James Famularo of Meridian Capital Group, who represented the tenant and landlord Aetna Realty in the deal. The asking rent for the entire building, […] |
| Posted: 16 May 2019 09:30 AM PDT Sign up for TRD newsletters to receive up-to-the-minute real estate news. |
| Goldman, Blumenfeld team up to buy Bronx warehouse for $40M Posted: 16 May 2019 09:06 AM PDT A joint venture of Goldman Sachs Asset Management and Blumenfeld Development Group is buying an industrial property in the Bronx for $38.5 million. The companies are buying the Hunts Point property from Advantage Wholesale Supply, and they plan to use it as a warehouse for last-mile distribution, according to Pinnacle Realty’s David Junik, who brokered both sides of the deal with his colleagues Fred Stein and Ariel Castellanos. CBRE’s Bill Jordan brought in Blumenfeld on […] |
| The Mountain of Beverly Hills — once marketed at $1B — risks imminent foreclosure Posted: 16 May 2019 08:30 AM PDT The long and complicated road to sell The Mountain of Beverly Hills has taken another sharp turn. After a splashy entrance last summer, when the massive property was marketed for a whopping $1 billion, it was chopped down to $650 million earlier this year. Now, the owner is facing a potential foreclosure at the end of this month, The Real Deal has learned. Secured Capital Partners acquired the 157-acre spread — with the liens attached — […] |
| Posted: 16 May 2019 07:45 AM PDT With the current cycle of economic expansion soon to become the longest in U.S. history, an impending downturn is on everyone’s minds – and could signal the first real test for the viability of the flexible space industry. “The issue with co-working and flex-working is that it’s a very capital intensive business. It constantly needs fuel to grow,” Newmark Group CEO Barry Gosin said at The Real Deal’s New York showcase on Wednesday, contrasting it […] |
| Alexander McQueen reveals plans for a massive new Soho location Posted: 16 May 2019 07:00 AM PDT Fashion house Alexander McQueen is getting a new home in Soho. The label — under French conglomerate Kering — has leased 6,600 square feet on two levels at 71 Greene Street, the New York Post reported. The new McQueen store will be across the street from Kering’s Yves Saint Laurent store at 80 Greene Street. Kering’s Gucci store is nearby at 63 Wooster Street. The label currently has a flagship about half that size at […] |
| Nationwide foreclosure rates continue to drop, but problem areas remain Posted: 16 May 2019 06:15 AM PDT Nationwide foreclosure numbers continue to trend downward, though Miami and Orlando are among the notable cities where warning signs persist. There were 55,646 foreclosure filings in the United States in April, a 13 percent drop year over year and a 5 percent drop from March, according to a report from ATTOM Data Solutions released Thursday. April marked the 10th consecutive month with year-over-year declines, according to the report, contributing to a positive outlook for the […] |
| Microsoft finalizes a big lease in Soho Posted: 16 May 2019 05:30 AM PDT Microsoft is bringing offices downtown with a large new lease in Soho. The company signed a lease for about 70,000 square feet at 300 Lafayette Street, the New York Post reported. Another 8,500 square feet is still available at the building. The building’s developers, Related companies and LargaVista Companies, sold the project to Nightingale Properties and Wafra Capital Partners in 2017 while it was under construction. The same buyers are also in contract for the […] |
| Posted: 16 May 2019 05:16 AM PDT Despite Amazon’s departure, declining home prices and talk of swelling inventory, real estate executives remained optimistic about development in New York. “I’m addicted to hope because I’m a developer,” said MaryAnne Gilmartin of L&L Mag during at panel on new development at The Real Deal’s 12th annual New York showcase on Wednesday. Gilmartin joined fellow developer Michael Shvo in noting how the transformation of the West Side — namely with the launch of Hudson Yards […] |
| Posted: 16 May 2019 04:30 AM PDT Suri Kasirer is one of New York’s most active lobbyists and often recognized as one of the most powerful women in the city. Her eponymous firm, which employs about 30 people, earned the most among the city’s lobbying groups last year with $12.9 million in total revenue, up from $11.5 million in 2017, according to the city clerk’s office. In the more than two decades since she launched her business, Kasirer has helped influence major […] |
| U.S.-China trade war escalation leaves real estate in the dark Posted: 16 May 2019 04:00 AM PDT The ongoing trade war between the U.S. and China took a turn for the worse Friday, when the White House more than doubled tariffs on $200 billion worth of Chinese goods. Amid faltering negotiations, it hinted at further tariffs Tuesday. For the real-estate industry, which relies on China for a big chunk of its building materials, the moves create a disturbing uncertainty. Some in the industry say the situation with China has been up in […] |
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