The Real Deal - New York Real Estate News

Revealed: Disney’s plans for a 19-story complex in Hudson Square

Posted: 05 Aug 2019 03:37 PM PDT

There’s no need to imagine it any longer: the details for the Walt Disney Company’s new Hudson Square headquarters are in. The media giant plans to construct a 19-story, nearly 1.3 million-square-foot building at 4 Hudson Square that would have “East” and “West” towers, according to an application pre-filed with the city’s Buildings Department on Friday. Retail will occupy the first floor, with offices starting on the third level. Disney and Skidmore Owings & Merrill […]

Financially strapped Brookland Capital sheds another Brooklyn development site

Posted: 05 Aug 2019 03:18 PM PDT

Brookland Capital, once one of the most prolific multifamily developers in Brooklyn, is selling another property as a means to remedy its financial troubles. Local developer Serabjit Singh is buying 257 Washington Avenue in Clinton Hill from the troubled development firm for $13.5 million, according to sources familiar with the deal. A TerraCRG team led by Dan Marks brokered the transaction. Brookland has been facing serious financial difficulties since at least last year. The firm […]

Fresh off $18B industrial buy, Blackstone in talks for collection of warehouses near JFK

Posted: 05 Aug 2019 03:12 PM PDT

The Blackstone Group is reportedly negotiating another deal to expand its industrial property portfolio, after inking an $18 billion deal for warehouse space earlier this year. The mega landlord will acquire 11 warehouse properties near John F. Kennedy International Airport, according to Crain’s. It’s part of a wider deal with TA Realty, a real estate investment management firm based in Boston, for industrial buildings across the country. The deal highlights the growing interest in industrial […]

Yacht Rock: Miki Naftali facing $725K lawsuit from boat broker

Posted: 05 Aug 2019 02:11 PM PDT

Developer Miki Naftali is in hot water over his latest yacht purchase. Yacht broker Scott Goldsworthy is suing the developer for about $725,000 over his boat purchase from Italian manufacturer Baglietto, arguing that Naftali and Baglietto cut him out of the deal and did not pay him any commission despite the extensive work he put into making the deal happen. The suit, which was filed in Broward County, Florida, follows an earlier lawsuit that Naftali […]

Here’s how much Michael Shvo and partners paid for their South Beach hotels

Posted: 05 Aug 2019 02:00 PM PDT

New York developer Michael Shvo and his partners Bilgili Holdings and Deutsche Finance America closed on two South Beach hotels neighboring the Raleigh Hotel. After buying the Raleigh property for $103 million in February from Tommy Hilfiger and the Dogus Group, the Shvo group revealed the closing prices for the two adjacent properties. The group paid $87.85 million for the Richmond Hotel, at 1757 Collins Avenue, and $52 million for the South Seas at 1751 […]

Take Two: After dismissal, Delshah strikes back with second foreclosure suit against Terzi’s NoMad retail condo

Posted: 05 Aug 2019 01:45 PM PDT

In May, Delshah Capital’s distressed-debt strategy was tripped up when a judge dismissed two foreclosure suits against Jack Terzi’s JTRE Holdings. That decision hinged on a technicality — Terzi had only been given 10 days to fill up the balance in a cash collateral account, when he should have been given 30. But that wasn’t the end of the story for Delshah. Last Thursday, Michael Shah’s firm filed a new lawsuit to foreclose on JTRE’s […]

Three Rockefeller Center restaurants are closing shop, REIT execs charged with accounting fraud: Daily digest

Posted: 05 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 4:00 p.m. Trio of Rock Center restaurants about to close. The Sea Grill, Rock Center Cafe and Cucina will all close once their leases expire […]

Here’s what the $10M-$20M NYC investment sales market looked like last week

Posted: 05 Aug 2019 11:00 AM PDT

From a hotel in Chinatown to a diner in Flushing, these were the mid-market investment sales that popped up in New York City’s property records last week. 1.) Sam Chang’s McSam Hotel Group picked up a Chinatown parking garage for $18.75 million. Standing at eight stories tall, 62 Mulberry Street measures 34,800 square feet. The seller was 62-64 Mulberry Street Corp., with Lai Ming Fu as president. Parke Bank loaned about $14 million in financing. […]

Compass to ex-Uber staffers: Ride with us!

Posted: 05 Aug 2019 10:15 AM PDT

A day after Uber laid off a third of its marketing team, Compass’ Matt Spangler snapped into action. On Twitter, the brokerage’s chief creative officer retweeted a Google spreadsheet listing those impacted and invited them to check out Compass’ open roles. And there are many. After announcing a $370 million funding round on July 30, the $6.4 billion brokerage continues to look to scale. Though Spangler’s tweet is fairly common in tech and creative circles, […]

The Closing: Marty Burger

Posted: 05 Aug 2019 09:00 AM PDT

Marty Burger is the CEO of Silverstein Properties, which is best known for acquiring the World Trade Center seven weeks before the 9/11 terror attacks and spending the next two decades rebuilding the hallowed site. Burger, 54, joined the family firm in 2009 as an executive vice president to be groomed as a successor to founder Larry Silverstein, who was then in his late 70s. Burger was appointed co-CEO in 2012 and became the company’s […]

Bringing some sunshine to South Florida’s opaque resi report outlook

Posted: 05 Aug 2019 06:45 AM PDT

The condo market is in a slump. The luxury sector is outperforming others. Sales are up in what one report defines as Miami Beach, yet down according to another analysis. Such headlines, especially in a slow market, can be confusing for buyers, brokers and builders. While there’s no shortage of residential market reports throughout the country, the results can often vary due to differences in methodology and data sources. In South Florida there’s the long-running […]

These are the most notable resi sales around NYC last week

Posted: 05 Aug 2019 05:15 AM PDT

The Big Apple saw some pricey deals recently, including developer Elie Hirschfeld parting with his Upper East Side penthouse for $34 million and musician Sting closing on his 220 Central Park South penthouse for almost $66 million. Here are some other head-turning deals from the past week. (Source: A TRD analysis of property records filed with the New York City Department of Finance from July 26 to Aug. 2.) 1.) Vornado Realty Trust’s ultra-luxury tower […]

Sizing up the e-commerce industrial revolution

Posted: 05 Aug 2019 04:30 AM PDT

It seems buying and selling e-commerce space these days can provide more value than an IPO — at least as far as Singapore’s GLP is concerned. The massive logistics firm had been considering going public, according to a person familiar with the matter, but landed on a better way to feed its investors: selling a massive warehouse portfolio to Blackstone Group for $18.7 billion, one of the largest deals ever in industrial real estate. Blackstone’s […]

These were the top 10 NYC retail leases in July

Posted: 05 Aug 2019 04:00 AM PDT

July was a good month for New York City’s restaurant scene with food halls, dumpling houses and ramen shops securing four of the spots on this list. However, the largest lease last month by a large margin was inked by a movie theater. July’s 10 biggest retail leases totaled 177,600 square feet, up 13,000 square feet from June’s total of 164,600 square feet. The largest retail lease in July was inked in Penn Plaza. The […]