The Real Deal - New York Real Estate News

Square Space CEO pays $42M for Montauk development sites, power brokers tee up deals & more Hamptons real estate news

Posted: 02 Aug 2019 03:00 PM PDT

Love child fights half-siblings for one of the Hamptons’ premiere properties The pre-teen love child of the late New York media titan Bruce Wasserstein says her half siblings are trying to cheat her on the value of a Hamptons compound, according to the New York Post. Sky Wasserstein’s mother Erin McCarthy insists that the 27.6-acre Cranberry Dune property in East Hampton is worth $160 million. The trustees overseeing the estate say the property, which includes […]

Actor Vincent Gallo in contract for Trump Tower condo

Posted: 02 Aug 2019 02:42 PM PDT

American actor Vincent Gallo likes President Donald Trump “a lot” — enough to buy a unit at Trump Tower. Gallo, best known for his appearances in Arizona Dream, Essential Killing and The Brown Bunny, has gone into contract for a one-bedroom, 1,026 square-foot apartment on the 54th floor of the famed tower, according to sources. He’s paying $1.48 million for the property. While property records are not yet available for the transaction, a source familiar […]

Thor is breaking into the life sciences industry

Posted: 02 Aug 2019 02:04 PM PDT

Thor Equities is launching a new company division specializing in the life sciences industry called Thor Sciences, the company announced on Friday. The starting point for the new division is Thor’s recent $152 million purchase of a life science complex in Bridgewater, New Jersey called The Center of Excellence that spans 48 acres and 784,000 square feet. Anchor tenants in the complex include Nestlé Health Science, Ashland and Amneal Pharmaceuticals. Thor plans to expand the […]

Instant homebuying is paying off for Redfin, Latch raises $126M: Daily digest

Posted: 02 Aug 2019 01:00 PM PDT

Every day, The Real Deal rounds up New York’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page at 9 a.m., 12:30 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. Discount brokerage Redfin’s revenue rose 39% in the second quarter. The Seattle-based firm’s new iBuying platform helped push revenues, but steep marketing costs resulted […]

The price of admissions — at the Hamptons swankiest golf clubs

Posted: 02 Aug 2019 12:30 PM PDT

Real estate’s bigwigs do not mess around when it comes to where they golf. From Stephen Ross to Harry Macklowe to Arthur Zeckendorf, he’s a look at the exclusive courses that they belong to — and at the very steep price of admission they pay for that privilege. See the full story “Gone golfin’” here Atlantic Golf Club Bridgehampton Established: 1992 Cost: $200K initiation Members: Harry Macklowe, Bill Rudin, Richard LeFrak National Golf Links […]

Tom Brady, Gisele home shop in suburbs, North Jersey industrial site sells for $66M & more Tri-State real estate news

Posted: 02 Aug 2019 11:45 AM PDT

Brady, Gisele in market for some suburban real estate With the 2019-20 National Football League season is just on the horizon, star New England Patriots quarterback Tom Brady and his wife, supermodel Gisele Bündchen, are in the market for a home just outside New York City, the New York Post reported. The couple, who already own a $20 million-plus pad at the Related Companies’ 70 Vestry Street in Tribeca, have been house hunting in the affluent […]

Amid Sears bankruptcy, Seritage posts $26M net loss in Q2

Posted: 02 Aug 2019 11:00 AM PDT

As Sears works its way through bankruptcy proceedings, Seritage Growth Properties posted a nearly $26 million net loss in the second quarter, according to its earnings report. That’s compared to a $10.6 million loss in the second quarter of 2018. For the first half of the year, its net loss totaled $36.8 million. Seritage’s revenue also continued to fall, down 18 percent to $40.5 million from $49.3 million in the second quarter of 2018. Seritage, […]

iBuying pays off for Redfin, as revenue soars 39%

Posted: 02 Aug 2019 10:30 AM PDT

Demand for instant home-buying has started to pay dividends for Redfin. The Seattle-based discount brokerage said second-quarter revenue rose 39 percent to $198 million, beating expectations. The company’s net loss widened to $12.6 million, compared to $3.2 million, thanks to a bump in marketing expenses as it poured money into national ads touting a slew of new ventures, including instant home-buying. During the second quarter, Redfin Now — through which the company purchases homes directly […]

Latch raises $126M to complete Series B funding round

Posted: 02 Aug 2019 10:00 AM PDT

The smart lock maker Latch has finished its Series B fundraising with $126 million in financing, the company announced on Thursday. Growth equity firm Avenir led the Series B funding round along with existing investors such as Brookfield Ventures, RXR Realty and Tishman Speyer. The money completes Latch’s Series B raise, following a prior $70 million funding round that Brookfield Ventures led last year. The New York-based company is now valued at about $500 million […]

The Daily Dirt: The not-so merry land of OZK

Posted: 02 Aug 2019 08:00 AM PDT

Lions, tigers and a bear market? Why trouble may be ahead for Bank OZK. On Thursday, Zacks Equity Research dubbed the bank’s stock a “bear of the day.” (Oh my!) The reason? There are a few: For one, analysts over the past month have forecasted lackluster earnings for the bank over the next few years. And the Federal Reserve’s decision on Wednesday to cut interest rates could also put more pressure on the bank’s earnings […]

Douglas Elliman’s Lauren Muss gives tips on how to show a $20 million co-op

Posted: 02 Aug 2019 07:15 AM PDT

Lauren Muss is a speed demon in the art of showing. The Douglas Elliman agent took a moment to break down her tactics as she ran around a co-op at 1220 Park Ave with an asking price of $19.95 million. “I run at a pace like a crazy person, basically,” she said. “I just run for three floors, 6,000 square feet.” Muss took the No. 4 spot in The Real Deal‘s annual ranking of NYC’s […]

Two Bridges developers plan to contest judge’s ruling against plans for LES mega development

Posted: 02 Aug 2019 06:30 AM PDT

Citing a book that laments the “proliferation of skyscrapers” during the turn of the 20th century, Supreme Court Judge Arthur Engoron spoiled the plans of Two Bridges tower developers CIM Group, L+M Development Partners, Starrett Development and JDS Development Group — for now. Judge Engoron enjoined the Department of Buildings from issuing permits until the project is properly approved, according to a press release, after temporarily halting the development in June. In a statement, a […]

Some asks die hard — Bruce Willis again chops price for Westchester estate

Posted: 02 Aug 2019 05:30 AM PDT

Bruce Willis and his wife, model and actress Emma Heming, have once again slashed the price for their nearly 9,000-square-foot mansion in Westchester County. The Hollywood couple initially listed their home at 340 Croton Lake Road near Bedford Corners in Mount Kisco for $12.95 million in January before cutting its price tag to almost $8.7 million in June. Now the 22.6-acre estate, which Willis and Heming bought for $12 million in 2014, has a new ask. The New […]

These were NYC’s top office leases in July

Posted: 02 Aug 2019 05:00 AM PDT

It’s been a good month for the office leasing scene, with about 2.9 million square feet of space leased in the top ten deals alone. Almost half of that total is made up of Google’s massive Hudson Square campus, the lease for which was finalized last month. Other big tenants on the list include media groups and online retailers. All in all, July’s top office leases add up to more than double the square footage […]

Where do NYC’s real estate bigwigs tee off?

Posted: 02 Aug 2019 04:30 AM PDT

Anyone who’s tried to do business with a serious golfer on a summer Friday — or Monday, for that matter — may be on a fool’s errand. With an abundance of storied golf clubs in the metropolitan area, the same is true of real estate’s biggest players. Built on hundreds of acres of rolling hills in Westchester, New Jersey and the Hamptons, golf in the tri-state area is unquestionably a real estate story — sharing […]