The Real Deal - New York Real Estate News

Colliers fires head of real estate services for “improper trading”

Posted: 21 Jun 2019 03:11 PM PDT

The CEO of Colliers International‘s real estate services division has been fired for misconduct related to improper trading, the company said Friday. Dylan Taylor had been with the commercial brokerage for 10 years, and was promoted to lead the division just six months ago. He was fired over allegations he conducted “improper trading activity in Colliers securities in breach of his employment obligations,” the company announced. In response, Taylor brought forward allegations of his own, […]

Airbnb may follow Slack’s direct listing route

Posted: 21 Jun 2019 03:00 PM PDT

Following the buzz around Slack’s unconventional route to a Wall Street debut this week, Airbnb is considering a similar strategy. The home-sharing platform is one of more than a dozen firms that are in talks with Goldman Sachs and Morgan Stanley — who, along with Allen & Co., dominate in the field of Silicon Valley direct listings — about the option, people familiar with the matter told Bloomberg News. The news comes as Slack Technologies […]

Don Peebles is launching $500M fund for emerging minority and women developers

Posted: 21 Jun 2019 02:35 PM PDT

Development firm Peebles Corp. is launching a $500 million investment fund for minority and women developers in markets that include New York, Los Angeles and South Florida, The Real Deal has learned. The Peebles Corp. founder Don Peebles announced the company’s new fund during TRD’s annual residential real estate showcase on Friday, at the London Hotel in West Hollywood, where he moderated a panel on diversity in the industry. For minorities and female developers, “access […]

A challenge to Bravo: Make “Million Dollar Listing” more diverse

Posted: 21 Jun 2019 02:30 PM PDT

Amir Korangy wasted no time addressing the elephant in the agent-packed room at The Real Deal‘s residential real estate showcase on Friday: If Los Angeles’ top agents truly want to demonstrate their commitment to diversity in the real-estate industry, he said, they should start by pushing for change on their wildly popular TV show, Bravo’s “Million Dollar Listing.” “They should put their money where their mouth is,” Korangy, TRD publisher, said during his remarks for […]

With real estate portfolio on the line, Canadian pension plan throws a wrench in Hudson’s Bay privatization plan

Posted: 21 Jun 2019 02:00 PM PDT

As Saks Fifth Avenue and Lord & Taylor parent company Hudson’s Bay mulls what to do with its retail real estate portfolio, a Canadian pension plan threw a wrench in the company chair’s plan to take the retailer private. Ontario Teachers’ Pension Plan sold all of its 18 million shares in Hudson’s Bay Company to multiple unnamed investors, Bloomberg reported. The sale comes just days after the pension spurned attempts by Hudson’s Bay Chairman Richard […]

Real estate development not coming to Rikers Island, mayor says

Posted: 21 Jun 2019 01:37 PM PDT

Even for jails, it’s all about location, location, location. When a listener to Mayor Bill de Blasio’s weekly call-in show with Brian Lehrer on WNYC asked him if any plans for business or residential development were on the table for Rikers Island, which is scheduled to close in 2026, he responded, “No. Just plain and simple, no.” “There is not a plan yet for the future of Rikers Island,” de Blasio said, “but I’ll tell […]

Monadnock, others to lead $500M renovation of Manhattan NYCHA properties

Posted: 21 Jun 2019 12:57 PM PDT

The city’s public housing agency has selected a group of real estate firms to execute a $500 million renovation of 16 Manhattan buildings. The effort, which the New York City Housing Authority said will affect almost 3,000 of its residents in 1,700 apartments, will involve the installation of new kitchens, bathrooms, flooring, replace heating systems and conduct a full elevator rehab in each of the selected buildings. The joint venture involves six development firms and […]

US existing home sales bounce back in May as spring buying season heats up: report

Posted: 21 Jun 2019 12:46 PM PDT

Sales of existing homes bounced back last month, as a rocky winter gave way to a robust spring buying season in all parts of the county. Economists credited plummeting mortgage rates for a 2.5 percent national uptick in sales of previously-owned homes between April and May, according to a National Association of Realtors report cited in Bloomberg. About 5.34 million contracts closed last month, beating the association’s predictions. The median sale price for existing homes, […]

Investors, speculators plow into US housing market: report

Posted: 21 Jun 2019 12:00 PM PDT

More than one of 10 homes sold in the U.S. last year went to investors and speculators. And in the bottom third of the market, the proportion was one out of five. The involvement of private-equity firms, speculators and other investors in the U.S. housing market has hit all-time highs, the Wall Street Journal reported, citing data released by CoreLogic this week. Housing markets saw a wave of institutional investment following the financial crisis, with […]

NY elevator mechanics may soon be forced to receive safety training and licensing

Posted: 21 Jun 2019 11:15 AM PDT

The New York legislature voted Thursday to require licenses for thousands of elevator mechanics in the city and across the state, following mounting pressure to improve safety standards. It is the first time the law has passed the legislature since it was first introduced in 2011. Since that time, almost two dozen people have been killed in elevators, a majority of which were mechanics who were not required by state or city laws to receive […]

Matt Lauer, now divorced, to seek $44M for Sag Harbor estate

Posted: 21 Jun 2019 10:30 AM PDT

Matt Lauer is poised to list a 6.2-acre property in Sag Harbor that he bought from actor Richard Gere for $36.5 million in 2016. The move comes as the disgraced former television host finalizes his divorce with Annette Roque, the New York Post reported. The former couple picked up the 12-bedroom, 12-bathroom home known as Strongheart Manor three years ago after Gere, who was going through his own divorce at the time, cut the price […]

A billionaire CEO reaps benefits from Opportunity Zone loophole: report

Posted: 21 Jun 2019 09:45 AM PDT

The knock on the wildly popular federal Opportunity Zones program has been that, so far, its intended purpose of lifting up distressed neighborhoods has not been front and center on developers and investors’ minds. Controversy has stirred anew now, this time concerning Under Armour’s billionaire CEO Kevin Plank. He was able to qualify for Opportunity Zone tax benefits for his waterfront development south of downtown Baltimore despite his project not meeting the program’s initial parameters, […]

Resi brokers are making hay in this Florida equestrian town

Posted: 21 Jun 2019 09:00 AM PDT

In a tony enclave in Palm Beach County, streets have names like Appaloosa Trail and Equine Lane, signs demand that horses have the right of way, and fully outfitted barns sell in the multimillions of dollars. Welcome to Wellington, considered the winter equestrian capital of the world. It’s the seasonal playground for families of such billionaires as Bill Gates, Michael Bloomberg and the late Steve Jobs, as well as celebrities Billy Joel and Bruce Springsteen. […]

Carpenters union president resigns, citing past “mistakes”

Posted: 21 Jun 2019 08:15 AM PDT

Another carpenters’ union president has stepped down, this time over misconduct issues from his past. Graham McHugh, who took over as president in February 2018, resigned on Friday, citing “mistakes” he made before becoming a leader at the New York City District Council of Carpenters. “Many years ago, while working as a rank and file carpenter, I used poor judgement that resulted in a few mistakes,” McHugh said in a statement, provided by the union. […]

This massive Hamptons compound just cut $30M from its asking price

Posted: 21 Jun 2019 07:45 AM PDT

Jule Pond, a 42-acre estate in Southampton with both ocean and pond frontage that hit the market at a whopping $175 million in August 2017, has trimmed $30 million from its ask price. The price cut, to $145 million, means that Jule Pond is no longer the most expensive piece of land available in the Hamptons, as recently noted by Business Insider. That honor now belongs to a three-property compound at 1080 Meadow Lane, also in Southampton, […]

Assemblymember says de Blasio killed his plan to fund NYCHA

Posted: 21 Jun 2019 07:00 AM PDT

Not all New York lawmakers got their way this legislative session. Assemblymember Robert Rodríguez said that Mayor Bill de Blasio spoiled his plan to redirect a tax on luxury condos and co-ops to help fund the struggling New York City Housing Authority, The City reported. According to Rodríguez, de Blasio put off the legislation to fund the public housing agency in order to let a city commission that has seen its share of delays weigh […]

Stringer sounds the alarm on the housing affordability crisis in new report

Posted: 21 Jun 2019 06:15 AM PDT

New Yorkers are feeling the squeeze from the city’s rising rents over the last decade, according to a new report released by Comptroller Scott Stringer. With median rents for one- and two-bedroom apartments increasing 4 percent each year, city dwellers saw a 61 and 53 percent rent increases, respectively, from 2005 to 2017, Curbed reported, citing the report. That comes as incomes lag behind. Over the same time period, typical single-adult households saw a 1.9 […]

Billionaire sells Bridgehampton estate for close to $43M ask, iconic Springs General Store hits market again & more Hamptons real estate news

Posted: 21 Jun 2019 05:00 AM PDT

Natural gas mogul unloads Bridgehampton beach house Three years after putting down $110 million for a 6.5-acre estate in East Hampton, natural gas tycoon Michael Smith has agreed to sell a smaller beachfront compound in Bridgehampton for close to its $42.5 million asking price, the New York Post reported. Smith’s 1.42-acre beachfront plot at 263 Surfside Avenue hit the market in early 2018 before having its listing removed in March, according to property records. The […]

Can eXp’s virtual world work in New York?

Posted: 21 Jun 2019 04:30 AM PDT

In 2015, eXp Realty CEO Glenn Sanford boarded a 43-foot motor coach and set off from Bellingham, Washington, to barnstorm the country. Over the course of 11 months at “lunch and learn” sessions in hotels, country clubs and local Realtor association offices, Sanford pitched brokers in 28 states (and two Canadian provinces) on the benefits of virtual brokerage. When the financial crisis hit, Sanford — known for his soft-spoken and laid-back style in an industry […]

Developers of 111 Murray “chilled” buyers into closing: lawsuit

Posted: 21 Jun 2019 04:00 AM PDT

The buyer of a $12.5 million condo at 111 Murray is suing the developers to get out of the deal — and reclaim his $2.5 million deposit. Howard Oestreich paid a $1.25 million initial deposit to buy a 60th floor pad at the Tribeca condo tower in 2015, according to a lawsuit filed Wednesday, plus another $1.25 million when the condo’s offering plan was declared effective. Four years later, however, Oestreich is claiming that “construction […]