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The Real Deal - New York Real Estate News |
| Futterman’s latest DUI wouldn’t factor into termination case: legal expert Posted: 24 Jul 2019 03:30 PM PDT Robert Futterman’s latest DUI marks the lowest point yet for the former star retail broker, but it’s likely to have little impact on the legal battle he’s expected to wage against his previous employer, Newmark Knight Frank. Futterman’s arrest following the serious crash he allegedly caused in Bridgehampton on Tuesday morning would most likely not be admissible in court if he followed through on a previous suggestion that he would dispute his termination from the […] |
| Mueller acknowledges Trump Tower Moscow discussions could have “exposed” president Posted: 24 Jul 2019 03:20 PM PDT During testimony before the House Intelligence Committee, former special counsel Robert Mueller acknowledged that a conversation between Russian officials and a Trump Organization associate about a $1 billion Trump-branded condo tower in Moscow could’ve compromised Donald Trump had it been recorded. The reason: At the time, then-candidate Trump repeatedly stated that he had no business ties with Russia. In a line of questioning about foreign entities gaining potential material to blackmail U.S. officials, Democratic Rep. […] |
| Amazon looking to lease up to 1M sf for Brooklyn logistics facility Posted: 24 Jul 2019 02:45 PM PDT Amazon may not be bringing thousands of employees to New York anymore, but it still has plenty of customers in the city. And it needs more space to service them. The e-commerce giant is looking to rent as much as 1 million square feet of industrial space in Brooklyn for a new logistics facility, Crain’s reported citing sources. One of the sites being considered is the 35-acre Industry City complex in Sunset Park. Representatives for […] |
| This landlord is suing to undo New York’s new rent law. But its tenants just won a key victory. Posted: 24 Jul 2019 02:00 PM PDT One of the landlords trying to dismantle the new rent law through the federal courts system was just handed a procedural loss in New York Supreme Court. A pair of tenants at 28-30 34th Street in Astoria had sued the Mycak family’s company Vermyck LLC last year over accusations of violating the J-51 program by not giving them a rent-stabilized lease when they moved into the building. On Wednesday, New York Supreme Court Judge Richard […] |
| Georgina Bloomberg buys another co-op at 101 CPW Posted: 24 Jul 2019 01:35 PM PDT Georgina Bloomberg, daughter of former New York City mayor Michael Bloomberg and a professional show jumper, snapped up a second co-op at 101 Central Park West. Through a trust, Bloomberg paid about $10.1 million for the 12th-floor unit, which had been sold by the Estate of Sherry Bernstein, property records filed Wednesday show. Measuring roughly 3,100 square feet, the deal prices out to nearly $3,289 per square foot. A representative for Bloomberg did not immediately […] |
| Posted: 24 Jul 2019 01:00 PM PDT Every day, The Real Deal rounds up New York’s biggest real estate news. We update this page at 9 a.m., 12 p.m., and 4 p.m. ET. Please send any tips or deals to [email protected] This page was last updated at 4 p.m. The We Company is planning to go public as soon as September. The $47 billion flexible-office provider is in talks for a sizable debt facility that would give a boost to its […] |
| Amazon can’t save Realogy, analysts say Posted: 24 Jul 2019 12:50 PM PDT After months of damning headlines, Realogy chief Ryan Schneider finally has something positive to talk about. The firm’s blockbuster partnership with Amazon, announced Tuesday, sent the ailing conglomerate’s stock price up a whopping 19 percent. But Jeff Bezos isn’t the white knight that can save the massive brokerage from its many woes, industry insiders say. Realogy is covering the costs for the new program, “TurnKey,” which offers homebuyers access to its agents in 15 U.S. […] |
| The Daily Dirt: Realogy got a boost from Amazon. Will it last? Posted: 24 Jul 2019 11:45 AM PDT Realogy’s market cap jumped nearly 20 percent today. Amazon is probably (definitely) behind it. At market close Tuesday, Realogy’s stock price reached $6.13 per share, an 18.57 percent uptick from Monday’s closing price. The conglomerate’s market cap hit $705.84 million, meaning a 19.22 percent jump from the previous day. This wasn’t just some miraculous turnaround for the corporation, whose share prices have been on a downward spiral this year. The increases followed news that Amazon […] |
| Who rules in residential resales? Posted: 24 Jul 2019 11:00 AM PDT New development condos sales tend to be the headline-grabbing deals in New York. But the market for Manhattan resales is a big one — it accounts for hundreds of millions of dollars of residential real estate sales annually. In the July issue, The Real Deal published a breakdown of the residential agents who closed the highest dollar volume of sell-side deals in Manhattan, Brooklyn and Queens. See the “Cleanup Brokers” story here But because that […] |
| Douglas Elliman adds veteran Hamptons broker, opens second Fire Island office Posted: 24 Jul 2019 10:30 AM PDT Having overtaken its rivals to become the top residential brokerage in New York City, Douglas Elliman is now setting its sights on expanding in the markets around Manhattan. The firm announced Wednesday that it has opened a second office on Fire Island, as well as recruited top Hamptons broker Martha Gundersen from Brown Harris Stevens. In a brief statement, Gundersen cited Elliman’s leadership, agent tools and support as enticing her to make the move from […] |
| Billionaires’ rule the world, NYC real estate edition Posted: 24 Jul 2019 10:00 AM PDT As the overall luxury real estate market has sagged in New York City, the billionaire set is still on the make, sending handlers to scout out penthouses and townhouses and finalizing transactions left and right. Here’s a look at some key numbers surrounding the set of buyers who make top NYC developers and high-end sellers salivate. And for more on NYC’s billionaire buying frenzy read the full story here. 2,604 The number of billionaires worldwide […] |
| Posted: 24 Jul 2019 07:45 AM PDT Sign up for TRD newsletters to receive up-to-the-minute real estate news. |
| WeWork aiming for September IPO, earlier than expected Posted: 24 Jul 2019 07:05 AM PDT The We Company, the SoftBank-backed flexible-office provider last valued at $47 billion, is planning to go public as soon as September. The WeWork and WeLive parent company could announce a date as early as next month, as it moves to secure a sizable debt facility that would give a boost to its initial public offering, according to the Wall Street Journal Following its rebranding as the We Company in January, the company has taken steps […] |
| Sued away again in Margaritaville: Newmark claims chain breached exclusive contract Posted: 24 Jul 2019 06:35 AM PDT All is not well in Jimmy Buffett’s famously laid-back Margaritaville. Newmark Knight Frank is suing the restaurant and hotel chain for breach of contract, claiming that it purposefully froze the brokerage out of its deal for a major development in Times Square. The relationship between Newmark and Margaritaville dates back to late 2011, when Newmark’s George Graf cold-called the flagship location in Orlando and spoke with representatives about helping it expand to New York, according […] |
| CoStar’s bet on Apartments.com is paying off Posted: 24 Jul 2019 05:30 AM PDT CoStar Group Inc. took in a record $59 million in sales bookings companywide in the second quarter, marking a 32 percent increase year-over-year and fueling a 16 percent growth in revenue. The bookings boost stemmed from a 122 percent surge in bookings on Apartments.com, the company’s rental listing platform, according to CoStar’s second-quarter earnings report, released Tuesday. The real estate data firm saw $344 million revenue in the second quarter. Net income totaled $63 million […] |
| The “Big Short” investor that bet against subprime has a new target: Zillow Posted: 24 Jul 2019 05:00 AM PDT In “The Big Short” – the 2015 film about the financial crisis – actor Steve Carell plays a character based on noted short seller Steve Eisman, who made hundreds of millions of dollars betting against collateralized debt obligations laden with subprime residential mortgages. In real life, Eisman is now a portfolio manager at the investment management firm Neuberger Berman, where today he’s shorting companies like Barclays and TD Bank. But one of his largest short […] |
| Posted: 24 Jul 2019 04:30 AM PDT Nikki Field felt certain that she’d already laid eyes on the buyer of the penthouse at 212 Fifth Avenue. Looking with a forensic lens at her sign-in sheet last May, the Sotheby’s International Realty agent calculated that uber-wealthy buyers were waiting a minimum of eight months before signing contracts. “I said to Bob Gladstone, ‘There’s going to be no one new,’” she recalled, referring to the founder of Madison Equities, who converted the former manufacturing […] |
| What rich people in NYC will pay to keep their view: TRD analysis Posted: 24 Jul 2019 04:00 AM PDT Non-developers rarely find themselves on the buy side of an air rights deal – and when they do, it appears that the prices are sky-high. As reported by the New York Times on Monday, residents of the 11-unit loft building at 206 West 17 Street, also known as City Prairie, shelled out a hefty $11 million back in 2016 to buy development rights from Gary Barnett’s Extell Development, simply to preserve their Empire State Building […] |
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