The Real Deal - New York Real Estate News

Developers double down on North Jersey industrial, iStar sets opening date for Asbury Ocean Hotel & more North Jersey real estate news

Posted: 11 Jun 2019 03:30 PM PDT

North Jersey’s industrial market stays hot as 2 projects move ahead The former Military Ocean Terminal in Bayonne and the former Ballantine Brewery facility in Newark, two key properties in New Jersey’s hot industrial market, pushed forward with key milestones within the past week, RE-NJ reported. Site preparations at the Military Ocean Terminal, a 1.4 million-square-foot waterfront industrial site being developed by Lincoln Equities, began last week, according to multiple outlets. NJBIZ reported that the 152.9-acre […]

President Trump’s “starter” mansion relists at a hefty discount

Posted: 11 Jun 2019 03:00 PM PDT

A roughly six-acre Greenwich estate that once belonged to President Donald Trump and his ex-wife Ivana Trump has returned to market at a 29 percent discount. The Georgian-style mansion at 21 Vista Drive, which overlooks Long Island Sound and first hit the market in January 2015 seeking $58 million, is now for sale at a $38.5 million ask, the Wall Street Journal reported Tuesday. The property is now owned by financier Robert Sternberg and his […]

Penthouse at Tessler’s 172 Madison Avenue asks $98M

Posted: 11 Jun 2019 02:34 PM PDT

For $98 million, Tessler Development is offering one lucky condo buyer “nearly anything that money can buy and the mind can imagine.” In other words, the top penthouse at 172 Madison Avenue. Dubbed “Le Penthouse,” the 19,815-square-foot residence hit the market Tuesday. Spread over five floors, it is one of the city’s largest residences with 26 rooms, including 11 bedrooms and 14 bathrooms. The unit also has 4,500 square feet of outdoor space, outfitted with […]

NYC brokerage battles, the Manhattan luxury market’s billionaire buyers and more of the biggest trends in resi right now

Posted: 11 Jun 2019 02:30 PM PDT

BHS balks at sale rumors Brown Harris Stevens isn’t going anywhere. That’s what a late-May missive from CEO Bess Freedman and President Hall Willkie told 1,000 or so agents amid chatter that parent company Terra Holdings could sell the 146-year-old firm to Compass. BHS, one of the few remaining independent brokerage firms in New York City following Compass’ acquisition of Stribling & Associates, attempted to dispel the buzz by blasting the rumors as sparked by […]

Trump Org sells off Beverly Hills home

Posted: 11 Jun 2019 02:17 PM PDT

The Trump Organization has sold one of its last remaining properties in Los Angeles, a home on North Canon Drive in Beverly Hills. The company, now controlled by President Trump’s son Donald J. Trump Jr., sold the home at 809 N. Canon Drive for $13.5 million, property records show. It was an off-market sale. The buyer was an entity named Hillcrest Asia Limited, according to L.A. County records. In 2007, the Trump Organization paid $7 […]

After another price cut, New Jersey’s most expensive home returns to market

Posted: 11 Jun 2019 02:00 PM PDT

There’s a new No. 1 when it comes to the priciest homes in New Jersey, but it’s coming at about half its former price. A 33,000-square-foot estate in Alpine known as the Stone Mansion was relisted last month for $36 million, NJ.com first reported. Richard Kurtz, CEO of Englewood Cliffs-based developer Kamson Corporation, owns the property, which he acquired for $58 million in 2006 when he bought the former 63-acre estate of Henry Clay Frick […]

A developer’s dream of a smart city in South Korea may be over

Posted: 11 Jun 2019 01:32 PM PDT

Plans for a smart city in South Korea are not looking good in the wake of a feud between investment and development firm Gale International and construction company Posco Engineering. The two had been planning a city known as Songdo International Business District across 1,500 acres of land near Seoul, according to the Wall Street Journal. The development would have included 15,000 apartments, a convention center, a golf course, canals and a park modeled on […]

Over owner’s protests, city landmarks Strand bookstore

Posted: 11 Jun 2019 01:00 PM PDT

It’s official: The home of the Strand bookstore is now a historical site, and the owners are not happy. The city on Tuesday landmarked 828 Broadway, where the famous bookstore is located, the New York Post reported. The decision from the Landmark Preservation Committee came even as the store’s owners opposed the move. In a tweet, the 92-year-old bookstore said the designation was not what it had hoped for. “This was unfair from the start. […]

After years on the market, Zaha Hadid-designed Related penthouse takes another big price cut

Posted: 11 Jun 2019 12:45 PM PDT

The triplex penthouse at Related’s Zaha Hadid-designed 520 West 28th Street has been on the market for more than three years, and has yet to see any takers. It is now being offered at 40 percent off – or as part of a combo deal. The unit known as Penthouse 37 is now available at a price of $29.75 million, according to promotional material distributed via email on Tuesday morning. That’s a steep discount from […]

Activist Investor Jonathan Litt is threatening another proxy fight at Taubman Centers

Posted: 11 Jun 2019 12:30 PM PDT

As the so-called “retail apocalypse” takes hold, shopping center owners are being forced to innovate. But for Jonathan Litt, he just wants them to do better. In a letter sent to Taubman Centers, the activist investor demanded “meaningful progress” from the shopping center owner’s board unless they want a proxy fight at the 2020 board nominations, according to Bloomberg. It would be the third time that Litt has started a proxy fight at the company, […]

“They are frozen”: Cuomo says rent regulation is being held up by Senate politics

Posted: 11 Jun 2019 11:50 AM PDT

With only four days until the rent laws expire, Gov. Andrew Cuomo said the legislature isn’t negotiating — it’s waiting on a Senate that is afraid to alienate real estate and tenant advocates alike. “They are frozen,” the governor said after an unrelated press conference on Tuesday. “I’m trying to apply heat to the frozen situation because the law is going to expire.” He said expiration of the laws on June 15 will result in […]

Rudy Giuliani and wife list Palm Beach condo amid nasty divorce

Posted: 11 Jun 2019 11:15 AM PDT

President’s Trump attorney Rudy Giuliani and his wife are selling a Palm Beach condo amid a nasty divorce. The former New York mayor and his estranged wife, Judith Nathan Giuliani, are selling the condo at the Southlake building at 315 South Lake Drive with a listing price of $3.3 million, according to the Palm Beach Daily News. The couple paid $1.41 million for unit 5D in the building in February 2010. They hired Palm Beach […]

Abu Dhabi buys out Vornado at 330 Madison

Posted: 11 Jun 2019 10:30 AM PDT

The Abu Dhabi Investment Authority agreed to buy Vornado Realty Trust’s minority interest in 330 Madison Avenue, giving the sovereign fund for the wealthy Middle Eastern emirate full ownership of the property. The deal values the Midtown East building at just over $1,000 per square foot, or about $900 million. A representative for the ADIA confirmed to The Real Deal that it agreed to buy Vornado’s 25-percent stake through a subsidiary. Vornado announced the sale […]

SL Green puts Daily News building up for sale

Posted: 11 Jun 2019 09:45 AM PDT

SL Green Realty has put its Daily News building up for sale with an asking price of $900 million, sources told The Real Deal. The real estate investment trust is seeking offers for either full ownership of the 1.2 million-square-foot building in East Midtown at 220 East 42nd Street or a joint venture interest, according to marketing materials. The $900 million asking price values the property at nearly $740 per square foot. A representative for […]

A seniors housing project is latest proposal to replace this Fort George church

Posted: 11 Jun 2019 09:00 AM PDT

A 164-unit senior housing complex is set to rise in Fort George on church property, after two previous development efforts there failed. RiseBoro Community Partnership and Coconut Properties LLC pre-filed an application with the Department of Buildings to build the nine-story residential complex at 37 Hillside Avenue. The 64-foot-tall project is zoned for nearly 102,000 square feet. The project would provide housing for low-income seniors and have onsite case-management and social services, according to minutes […]

Yoel Goldman sews up long-term funds for Rheingold Brewery Project

Posted: 11 Jun 2019 08:05 AM PDT

Yoel Goldman has done it. After a lengthy quest to lock down long-term financing for the second phase of his Rheingold Brewery project, a saga that involved at least one aborted senior-loan deal and a pricey mezzanine loan, Goldman’s All Year Management has scored $235 million in a deal that will allow him to get the development over the line. JPMorgan and Mack Real Estate Group are providing the $235 million senior-loan financing for the […]

Waldorf Astoria condos to hit an oversupplied market this fall

Posted: 11 Jun 2019 07:30 AM PDT

Despite a soft condominium market and a tense political atmosphere, Anbang Insurance Group is moving ahead with plans for its luxury condos at the Waldorf Astoria, which are set to hit the market this fall. The Beijing-based conglomerate, currently under Chinese government control, has hired Douglas Elliman Real Estate to sell the 375 apartments at the redeveloped hotel, the Wall Street Journal reported. The brokerage is also working with London-based Knight Frank Residential to find […]

City Council cancels public hearing on bills to reform rental fees at eleventh hour

Posted: 11 Jun 2019 06:51 AM PDT

UPDATE Tuesday, June 11, 4:15 p.m.: At 5:44 p.m. Monday night, City Council members received an email notice that Tuesday’s public hearing on a series of bills to reform rental transactions was cancelled. The public hearing scheduled to begin at 10 a.m. today was meant to address six bills related to the city’s rental market — the first one being Intro 1423, a controversial proposal to cap the amount a renter would pay to an […]

Krispy Kreme signs deal for flagship at Vornado’s 1601 Broadway

Posted: 11 Jun 2019 06:00 AM PDT

Times Square, a dizzying maze of lights, colors and sounds, is about to get even more extra. Donut company Krispy Kreme announced plans Monday for a 4,500-square-foot flagship store at Vornado Realty Trust’s 1601 Broadway, Crain’s reported. The shop will feature the “world’s largest Hot Light,” and give customers the chance to witness donut making in action from seats inside the “world’s largest donut box.” At the tail end of the donut-making process, a conveyor […]

Martin Ginsburg’s development game

Posted: 11 Jun 2019 05:15 AM PDT

Martin Ginsburg’s 56-year career as one of Westchester County’s premier developers began rather modestly, in 1963, when he and his brother Jerome bought a single lot in Greenburgh. The Ginsburgs built and sold a house, then bought two more lots, then another five, then 25. Within a couple of years, their brother Sam came on board, and Martin quit his job designing hotels as an architect in New York City to become a full-time developer. […]

Eastdil finalizes buyout deal with Guggenheim, Singaporean investment firm

Posted: 11 Jun 2019 04:36 AM PDT

UPDATED, June 11, 12:31 p.m.: Guggenheim Investments and Singapore sovereign-wealth fund Temasek Holdings have reached a definitive agreement to take part in a management buyout of Eastdil Secured from Wells Fargo, the real estate firm announced Tuesday morning. Eastdil — a leader in New York’s investment sales market — will retain its current management and name, while Wells Fargo will retain a minority stake in the firm. The brokerage’s public market investment bankers will transition […]

The Closing: Jay Sugarman

Posted: 11 Jun 2019 04:30 AM PDT

Jay Sugarman, chairman and CEO of the real estate investment trust iStar, hates being called a developer. The Princeton graduate much prefers “creator” or “innovator,” though “financier” or “ground-lease evangelist” might be more accurate. Sugarman’s firm, which he founded as a part of Starwood Capital Group in 1993 before taking it public five years later, has closed more than $40 billion in debt and net leasing deals. And in 2017, iStar launched Safehold — the first […]

Gotta go to Mo’s: Modell and Brodsky families pay $61M for Garment District office

Posted: 11 Jun 2019 04:00 AM PDT

A partnership between the Modell family of Modell’s Sporting Goods fame and the Brodsky family’s BEB Capital is purchasing a Midtown office building for $60.5 million, according to sources familiar with the deal. Dalan Management sold the 12-story, 60,000-square-foot property at 22 West 38th Street in an off-market 1031 exchange that did not involve brokers. The building includes one retail unit and 11 office units, and Knotel has a large lease at the property spanning […]