The Real Deal - New York Real Estate News

Two months after Compass deal, Stribling’s seeing a string of departures

Posted: 29 May 2019 03:41 PM PDT

Linda Maloney was the first longtime agent to move. The broker, who started her career on Wall Street before joining Stribling in 2002, sold $50 million worth of real estate last year. “Had Compass not bought us, I probably would have stayed there forever,” she said. Instead, she’s among at least 10 agents and employees who have exited the boutique brokerage since the acquisition by venture-capital-backed Compass last month. The list of agents leaving include […]

Corelogic’s chief counsel is leaving the company as it deals with a DOJ inquiry

Posted: 29 May 2019 02:30 PM PDT

The chief legal officer at CoreLogic, the multiple listings service vendor and housing analytics firm, is leaving the company as it handles an inquiry by the U.S. Justice Department into multiple listings services. In a filing with the U.S. Securities and Exchange Commission, the company said Arnold Pinkston had “accepted another professional opportunity” and would leave the company June 14 and that his departure is “not the result of any disagreements with the company.” Last […]

ABC Properties buys pair of Queens multifamily buildings for $36M

Posted: 29 May 2019 02:00 PM PDT

The notoriously slow multifamily market in Queens has picked up some steam thanks to ABC Properties’ purchase of a pair of Woodside buildings for about $36.4 million. ABC bought 6107-6125 Woodside Avenue from Eric Markel, according to sources familiar with the deal. The property is made up of two contiguous elevator buildings with 150 units across 109,000 square feet. Markel’s family had owned the building for decades, and ABC plans to hold onto the properties […]

Former Rye Playland operator files for bankruptcy, Darien gets a co-working space for women & more Westchester & Fairfield real estate news

Posted: 29 May 2019 01:30 PM PDT

Company that lost Rye Playland contract files for bankruptcy The company that was supposed to start managing the Rye Playland amusement park until Westchester County Executive George Latimer recently severed ties with it has filed for bankruptcy in White Plains, Bloomberg reported. Standard Amusements filed for Chapter 11 on Monday, claiming that it had shelled out more than $9 million in funds related to Rye Playland but hadn’t received anything in return, according to the Daily […]

Thor in danger of losing Madison Ave property

Posted: 29 May 2019 12:56 PM PDT

In what seems like a regular occurrence these days, Thor Equities is having trouble with another one of its retail properties. Joe Sitt’s firm is in default on the $17 million loan backing its retail property at 1006 Madison Avenue, and the loan’s special servicer has filed to foreclose on the asset, court records show. It’s not exactly clear why Thor has fallen behind on payments. The property’s retail tenant, French womenswear designer Roland Mouret, […]

We Company seeks $2.75B credit line ahead of IPO

Posted: 29 May 2019 11:39 AM PDT

Ahead of what would be the second largest initial public offering of the year, the We Company is in discussions with banks to secure a $2.75 billion credit line. While it remains unclear which banks are considering the financing, Bloomberg reported that JPMorgan is leading the talks. JPMorgan is also one of WeWork’s earliest investors. The We Company and JPMorgan declined to comment. Last month, the We Company said it had filed preliminary documents to […]

Stellar, Imperium lock down $900M CMBS refi for One Soho Square

Posted: 29 May 2019 11:15 AM PDT

Goldman Sachs refinanced Stellar Management and Imperium Capital’s One Soho Square with a $900 million, five-year CMBS loan. The debt will soon be securitized, which works for the size of the loan, Stellar’s principal Ryan Jackson told Commercial Observer. “It’s a very good time to be a borrower,” he added. Commercial Mortgage Alert first published the news. A Cushman & Wakefield team negotiated the debt. One Soho Square is a 92-percent-leased office-and-retail project made of […]

City taps AECOM to lead replacement of Rikers

Posted: 29 May 2019 10:30 AM PDT

The city has tapped a joint venture led by AECOM to oversee the development of four new correctional facilities to replace Rikers Island, in a contract valued at $107.4 million. The New York City Department of Design and Construction awarded AECOM and Philadelphia-based Hill International a contract to direct the development of four new jails in Manhattan, Queens, the Bronx and Brooklyn, the engineering giant announced on Wednesday. The joint venture will manage four separate […]

Robert Futterman fired from RKF

Posted: 29 May 2019 09:53 AM PDT

Robert Futterman, the founder and chief executive of major retail brokerage RKF, was fired from his own firm, according to multiple reports. “It’s sad; it’s a messy situation,” a source at Newmark Knight Frank, which acquired RKF last year, told Commercial Observer. The New York Post reported that Futterman was showing signs of “erratic behavior” and cited police records showing that Futterman, 60, had been arrested in April in Texas for possession of marijuana and […]

Home prices rise at slower pace despite falling mortgage rates: report

Posted: 29 May 2019 09:30 AM PDT

Home prices rose at a slower pace in March, signaling the U.S. housing market is continuing to cool down despite declining mortgage rates and low unemployment. The S&P CoreLogic Case-Shiller National Home Price, which looks at home prices in large U.S. markets, rose 3.7 percent in the year ending in March, a decrease from 3.9 percent in February, according to the Wall Street Journal. Last year, home price growth started declining amid a rise in […]

Estate of late Broadway producer wants $180M for her NY and Florida properties

Posted: 29 May 2019 09:00 AM PDT

The Upper East Side penthouse apartment previously owned by the late New York socialite and broadway producer Terry Anne Kramer has been listed for $45 million. The 6,500 square feet duplex on the top of 15 East 69th Street, comes complete with a marble staircase, private elevator and multiple terraces, according to the Wall Street Journal. Built in the 1920s, the building was converted to condominiums in 1999, when Kramer purchased the penthouse for $11 […]

After the city handed out contracts, de Blasio hit up developers for money: report

Posted: 29 May 2019 08:30 AM PDT

After awarding development contracts to four developers, Mayor Bill de Blasio picked up the phone and asked for donations to his political nonprofit, according to The City. In one case in 2015, Douglaston Development won a contract to have city-owned land transferred for development of an affordable apartment complex in the Bronx, and received $12.4 million in financing for the 425-unit, $157 million project at East 149th Street in the Bronx. A few weeks later, […]

Largest floor at Vornado’s Farley Building could go to Japanese ad firm

Posted: 29 May 2019 07:45 AM PDT

A Japanese ad firm could take the largest floor in the Farley Building. Dentsu Americas is eyeing the fourth floor of the U.S. Postal Service building at 390 Ninth Avenue, which spans almost 300,000 square feet, according to the New York Post. Vornado Realty Trust is developing the property, and Dentsu would move there from Rudin Management’s 32 Sixth Avenue around 2022, when its lease is up. Tech companies including Apple and Facebook have toured the […]

MetaProp launches $100M fund

Posted: 29 May 2019 07:20 AM PDT

UPDATE, Wednesday May 29, 2019, 3:15 p.m.: MetaProp is looking to raise its largest fund to date. The company is targeting $100 million for its latest fund, according to documents filed with the Securities and Exchange Commission. Co-founder Aaron Block is listed as the fund manager. The New York-based company is best known as an accelerator for startups focused on disrupting the real estate industry and providing small cash infusions to nascent firms. Founded in […]

WeWork is taking 200K sf at RXR Realty’s 620 Sixth Avenue

Posted: 29 May 2019 06:53 AM PDT

RXR Realty is doubling down on WeWork after signing another lease with the co-working giant at 620 Sixth Avenue. WeWork, the office arm of the We Company, will take 212,400 square feet across three floors at the building and replace the offices of Spotify and Mediaocean. The New York Post reported that WeWork was leasing space at the building. Led by Scott Rechler, the landlord recently signed WeWork to manage office leasing for 90,000 square […]

Brookfield signs on law firm for huge spread at Two Manhattan West

Posted: 29 May 2019 06:00 AM PDT

As Amazon eyes of Brookfield Property Partner’s Two Manhattan West, another tenant has swooped in to take 350,000 square feet at the building. Cravath Swaine & Moore signed a term sheet with the landlord last month, and agreed this week on the deal at the almost 2 million-square-foot building, according to the New York Post. The law firm will almost halve its office footprint when it moves from its 617,000-square-foot space at 1 Worldwide Plaza […]

Here are the tallest projects proposed in Miami

Posted: 29 May 2019 05:30 AM PDT

UPDATED, May 29, 2:15 p.m.: More than 20 years ago, residential skyscrapers started sprouting up in Brickell and downtown Miami, slowly replacing low-rising condo and apartment buildings, older hotels and retail buildings. Today, Miami boasts the third tallest skyline in the U.S., trailing only New York City and Chicago with over 300 high-rises. Fueled by demand from wealthy South American buyers and the city’s emergence as a financial hub for Latin America, Miami has become […]

Here’s what the $10M-$20M NYC investment sales market looked like last week

Posted: 29 May 2019 05:00 AM PDT

A six-story apartment building in Greenwich Village trades for about $20 million and a commercial townhouse in the Upper East Side — long occupied by a single user — went for $10 million. 1.) An entity managed by Abraham Sanieoff bought an apartment building at 106 West 13th Street for $19.5 million. The roughly 16,900-square-foot Greenwich Village building stands six stories tall and has 30 rental units. The deal prices out to $650,000 per rentable […]

Touring the new Asbury Park with iStar’s Jay Sugarman

Posted: 29 May 2019 04:30 AM PDT

More than 30 years ago, iStar’s Jay Sugarman decided to take a date to explore New Jersey’s Asbury Park. It didn’t go as planned, but it sparked a long-term relationship with the city. “It was a ruin,” he said. “It was beautiful, but like a lost city. You could see the bones … you could see pieces of it. But it was the wrong place to bring a date.” Now, iStar — the publicly traded […]

These are the top GCs building from the ground up in each borough

Posted: 29 May 2019 04:00 AM PDT

This month, in addition to ranking the top general contractor firms throughout New York City, The Real Deal did a close up on which firms doing ground-up construction dominate in each borough. Check out the chart below MANHATTAN NEW BUILDINGS Source: TRD analysis of initial new building (NB) permits issued between April 1, 2018 and March, 31, 2019, by the NYC Dept. of Buildings. New building construction was ranked by square footage. The data includes work permitted […]