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The Real Deal - New York Real Estate News |
| Posted: 12 Jul 2019 03:00 PM PDT Former Shelter Island spiritual retreat gets subdivision The former St. Gabriel’s Retreat Center, a 25-acre property on Shelter Island’s Coecles Harbor, has finally been subdivided and put on the market, Newsday reported. The five-lot residential development, known as Pandion, has listed three of them priced at $2.495 million, $3.995 million and $8.75 million. The Corcoran Group’s Cee Scott Brown, listing agent for Pandion, told Newsday that the property could have accommodated more than 20 homes […] |
| Kyle Bragg will take over as 32BJ SEIU president Posted: 12 Jul 2019 02:47 PM PDT Executive Vice President Kyle Bragg will take over as president of 32BJ SEIU following the death of its president Héctor Figueroa. Figueroa, 57, who headed the country’s largest building services union since 2012, died of a heart attack Thursday night. As stipulated by the union’s constitution, Bragg will assume Figueroa’s presidential duties, 32BJ said in a statement. Bragg has been a member of 32BJ for 30 years and helped grow its residential division by 35,000 […] |
| Mark your calendars: These are NYC’s top real estate events next week Posted: 12 Jul 2019 02:15 PM PDT There are some real estate events worth checking out next week! Host: Catalyst Financial Partners Date: July 15 Time: 12:30 p.m. to 6 p.m. Catalyst Financial Partners is hosting its Cap Intro Event at Harvard Club New York, 35 West 44th Street, from 12:30 p.m. to 6 p.m. Come to this event to network and take part in discussions on real estate funding strategies. Host: CREW NY Date: July 16 Time: 8:30 a.m. to 10 […] |
| Posted: 12 Jul 2019 01:50 PM PDT Every week, The Real Deal rounds up the biggest real estate news from around the globe. United Kingdom The falling pound, which hit its lowest level in two years, could make property in the U.K. more attractive to foreign buyers. The currency has shed about 2 percent of its value since Prime Minister Theresa May announced her resignation, and now, currency markets anticipate the Bank of England will lower interest rates to boost the sluggish […] |
| Rent-regulation laws prompt Blackstone to halt improvements at Stuy Town Posted: 12 Jul 2019 01:25 PM PDT Blackstone has halted all improvement works at the 11,000-unit Stuyvesant Town and Peter Cooper Village complexes, citing new rent-regulation laws that prompted the move. It is the most significant step taken by a landlord yet as a reaction to the new rent laws that New York state passed last month. The new laws, which dealt an unexpected blow to the real estate industry, eliminate multiple controls given to landlords to increase rent, including the vacancy […] |
| Manhattan condo inventory through May 2019 Posted: 12 Jul 2019 12:35 PM PDT NEW DEVELOPMENT CONDO REPORT MANHATTAN • Inventory contracted as developers filed fewer units than were purchased • Developers filed six plans with a total of 164 • The state approved four plans with 151 units valued at $206 million • Buyers purchased 216 units valued at $828 million SUPPLY MOST EXPENSIVE CONDO PROJECTS APPROVED LARGEST CONDO PROJECTS FILED MOST EXPENSIVE CONDO SPONSOR |
| Stock indexes hit records as market anticipates rate cut. Here’s what that means for real estate Posted: 12 Jul 2019 11:45 AM PDT After Federal Reserve Chairman Jerome Powell hinted at an impending interest rate cut, stock indexes hit record highs Thursday — and real estate is going along for the ride. At a congressional hearing this week, Powell said global uncertainty “strengthened the case for a somewhat more accommodative policy.” The Dow climbed after, closing at an all-time high of over 27,000 Thursday. The S&P 500 also set a record, closing at 2999.91. The Real Estate Select […] |
| Is Michelle Obama “Becoming” an Angeleno? Former first lady eyes Hollywood Hills Posted: 12 Jul 2019 11:00 AM PDT The Obamas might be leaving the swamp and heading for the hills. Former First Lady Michelle Obama spent some time in the Hollywood Hills this week to possibly look for a new home for her and former President Barack Obama, TMZ reported. After his second term in the White House ended, the Obamas decided to stay in Washington, D.C., until their daughter Sasha graduated from high school, which she did last month. Wasting no time, […] |
| Life House hotel startup gets $100M commitment for US expansion Posted: 12 Jul 2019 10:30 AM PDT Hotel startup Life House has secured a $100 million equity commitment to expand across the U.S. as it targets seasonal markets. Life House CEO Rami Zeidan said the infusion will be used to buy up to $300 million of hotel properties in seasonal, upscale markets, like Nantucket, Massachusetts; Stowe, Vermont; Lake Tahoe; Jackson Hole, Wyoming; and Palm Springs, California. New York-based Life House made the announcement Friday. The money is from Blue Flag Partners, an […] |
| Here are the week’s top luxury sales Posted: 12 Jul 2019 09:30 AM PDT Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. |
| Posted: 12 Jul 2019 09:07 AM PDT Broker Keith Copley has left Compass to rejoin “real real estate company” Douglas Elliman. Copley and his teammates Gavin Shiminski and Stephanie Trujillo are joining Fredrik Eklund and John Gomes’ fast-expanding team, working out of their office at 936 Broadway. Copley, who specializes in the Soho market and West Village townhouses, said he was returning to Elliman for its marketing department, reputation and the chance to work with Eklund and Gomes’ top-ranked team. (They were […] |
| 32BJ SEIU president Héctor Figueroa dead at 57 Posted: 12 Jul 2019 08:17 AM PDT Héctor Figueroa, the powerful head of 32BJ SEIU, died unexpectedly Thursday night, sources told The Real Deal. He was 57 years old. As president of 32BJ SEIU, Figueroa guided policy positions of the country’s largest building services union, which numbers over 175,000 members. Figueroa has headed the union since 2012 and is credited with growing its ranks by more than 50,000 members. “For those of us who have worked with him to further the well-being […] |
| Gale Brewer wants to turn “prime, trophy real estate” into women’s jail Posted: 12 Jul 2019 08:00 AM PDT When imagining the future of the city, one person’s luxury condo is another person’s women’s jail. Manhattan Borough President Gale Brewer is eyeing the former Lincoln Correctional Facility as a place for the female inmates currently held on Rikers Island, The City reported. It’s part of a broader plan to build four new city jails that’s been met with ire from residents. And the real estate industry may too share that sentiment. Since the news […] |
| On heels of Compass legal battle and dwindling stock, Realogy hit with securities fraud suit Posted: 12 Jul 2019 07:45 AM PDT After suing a competitor over “illicit” business practices this week, real estate conglomerate Realogy is being accused of securities fraud. The Rosen Law Firm on Thursday filed a federal lawsuit in the U.S. District Court of New Jersey against Realogy, its former CEO Richard Smith, current CEO Ryan Schneider, former CFO Anthony Hull and current interim CFO Timothy Gustavson, according to Inman. According to the complaint, Realogy engaged in “anticompetitive” practices, making home sellers pay […] |
| How NYC landlords are trying to get around the new rent law Posted: 12 Jul 2019 07:00 AM PDT It was standing room only at 1 MetroTech Center in Brooklyn on Wednesday night. More than 100 landlords and investors packed into a conference room that Marcus & Millichap scrambled to reserve after receiving a flood of registration requests. “I hope you brought a bottle of Advil,” Belkin Burden Wenig & Goldman’s Daniel Altman told the crowd. “And we have social workers and counselors in the back.” It wasn’t long before someone from the crowd […] |
| Opendoor and Redfin want to ramp up instant homebuying through new partnership Posted: 12 Jul 2019 06:31 AM PDT Opendoor, the $3.8 billion SoftBank-backed instant home buyer, and its competitor Redfin Corp. are teaming up to gain an edge in the new home-selling segment. The new partnership means Opendoor can get a piece of Redfin’s web traffic — 31 million monthly visitors in just the first quarter, Bloomberg reported. Homeowners in Atlanta and Phoenix who visit Redfin’s site will be given the option of requesting a cash offer from Opendoor, which buys and flips […] |
| Posted: 12 Jul 2019 06:00 AM PDT Investment firm brokers 4 Bridgeport sales totaling $12M The Shelton office of private investment firm Northeast Private Client Group handled the sale of nine Bridgeport properties totaling 152 units, the Daily Voice Plus reported. The four transactions total almost $11.73 million, and involve a 44-unit multifamily portfolio at 740 Ellsworth Street and 191 Oak Street that sold for $3.6 million, a 32-unit building at 240 Oak Street that went for $2.3 million, a two-location portfolio with […] |
| Realogy stock is now cheaper than a matcha latte Posted: 12 Jul 2019 05:30 AM PDT You can now buy shares of Realogy stock for roughly the same price as a latte. The real estate holding company’s turbulent stock ride continued this week after it filed an explosive lawsuit accusing rival Compass of illicit business practices, ranging from “predatory” recruiting to attempts at price-fixing. On Thursday, the already-depressed stock closed at a new low of $5.74 per share — a 75 percent drop from roughly $23 the prior year. That’s just […] |
| Homebuilder blues: Fed chair says Trump’s tariffs, immigration taking a toll Posted: 12 Jul 2019 05:00 AM PDT Over the past few months, President Trump has been venting on Twitter and elsewhere about his displeasure with the Federal Reserve. But on Thursday, Fed Chair Jerome Powell had something to say about the president. Powell said some of Trump’s policy moves are significantly hurting a vital part of the U.S. economy: the housing industry. Speaking at a Senate Banking Committee hearing in Washington, Powell said immigration and tariffs combined with rising material costs are […] |
| Posted: 12 Jul 2019 04:30 AM PDT In SL Green Realty’s latest annual report, company CEO Marc Holliday told shareholders that leasing at its under-construction One Vanderbilt has been moving so swiftly that the company almost got boxed out of its own building. The real estate investment trust had to “move fast to reserve space for our own new headquarters … before all of the space we had targeted was leased,” Holliday wrote. While that may have been an embellishment, leasing has […] |
| Posted: 12 Jul 2019 04:00 AM PDT After more than 100 years in the construction business, Italy-based Impresa Pizzarotti still needed a fixer to break into a formidable new market: New York City. The company began searching in 2013 for a partner with experience and connections in the city, apparently finding both qualities two years later in IBC Business Groups, a construction management firm that launched in 2012. The company was run by Rance MacFarland and Frank DeGrande, both of whom were […] |
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