The Real Deal - New York Real Estate News

“Retribution and revenge”: Select Garages says Donald Zucker is trying to destroy the company

Posted: 16 Aug 2019 03:06 PM PDT

Developer Donald Zucker has been hit with ten lawsuits from a parking garage operator who says Zucker is trying to ruin his company. In ten nearly identical lawsuits filed on Thursday, Select Garages principal Aaron Katz alleges that Zucker embarked on a “scheme of retribution and harassment” against his company after he refused to vacate a lease at 95 Worth Street so that Zucker could sell the property. When Katz requested fair consideration, Zucker “flew […]

FiDi sees a spike in sales, renters “camping out” in outer boroughs and more of the biggest trends in resi right now

Posted: 16 Aug 2019 03:00 PM PDT

Sellers face facts in FiDi The Financial District’s sales market is seeing an uptick amid bigger price discounts. Sales were up 33 percent in the second quarter, per Platinum Properties’ second-quarter report, compared to the previous quarter. The past three months were also up 17 percent when compared to the same period last year. Platinum’s managing partner, Teresa Stephenson, said the drive behind the increased numbers wasn’t the rush to close before new taxes went […]

What you should know about Greenland and its real estate

Posted: 16 Aug 2019 01:15 PM PDT

No one seems certain how to take the news that the President Trump is interested in buying Greenland. Is it a joke? Is it even possible? Would Mexico pay for it? Though numerous Greenlandic politicians have weighed in to unequivocally rebuff Donald Trump’s reported interest in acquiring their homeland, the president himself has not yet commented publicly on the Wall Street Journal report that first publicized his private hope for the Arctic nation. Sources have […]

Donald Zucker accused of waging war against parking garage, Keller Williams sued over tech: Daily digest

Posted: 16 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. Video produced by Sabrina He Donald Zucker flew into a rage when a parking garage operator refused to give up their lease, according […]

Mark your calendars: These are NYC’s top real estate events next week

Posted: 16 Aug 2019 12:30 PM PDT

Here are three real estate events worth attending next week! Host: REDInNYC Date: August 20 Time: 6 p.m. to 10 p.m. REDInNYC is hosting a networking event at PHD Rooftop, 355 West 16th Street from 6 p.m. to 10 p.m. Attend for an evening of connecting with professionals across the industry. Host: CREW New York Date: August 21 Time: 8:30 a.m. to 10 a.m. CREW New York is holding an event as part of their […]

Ryan Serhant slapped with $1M dual agency lawsuit

Posted: 16 Aug 2019 11:18 AM PDT

A case of dual agency is coming back to haunt “Million Dollar Listing: New York” co-star Ryan Serhant. In a new lawsuit, the star agent is accused of misleading the buyer of a Tribeca condominium and selling the pad to him at a “falsely inflated” price. The suit seeks $1 million in damages and a full accounting of the money Serhant made on the deal, in which he represented both buyer and seller. The suit […]

FiDi office-to-resi guru Nathan Berman’s next big project is AIG’s HQ

Posted: 16 Aug 2019 10:44 AM PDT

Nathan Berman’s Metro Loft Management – the firm responsible for converting a number of the Financial District’s office towers into residential buildings – has his sights set on AIG’s headquarters for its next big project. Metro Loft is in contract to buy the insurance giant’s 31-story building at 175 Water Street for $270 million, sources told The Real Deal. Berman plans to convert the top half of the 684,000-square-foot building into residential once AIG’s lease […]

The Hotel Hunger Games: Why some projects in Chicago’s hottest neighborhood may not survive

Posted: 16 Aug 2019 10:00 AM PDT

Fulton Market in recent years has been the epicenter of office development in Chicago, helping the city attract new corporate tenants, retailers and workers. Now, the Near West Side neighborhood is ground zero for another kind of development boom: hospitality. Four hotels with a total of 581 keys have come to the Fulton Market neighborhood since 2014, with another seven hotels in various stages of development and planning. In all, Fulton Market is projected to […]

Small Talk: Big Tech wants to be your landlord now! Isn’t that great?

Posted: 16 Aug 2019 09:00 AM PDT

Real estate is a serious and important industry that impacts billions of people every day. But there’s also a lot of stuff happening in it that’s pretty weird and funny. Small Talk is a new column from The Real Deal’s Eddie Small that takes a humorous look at some of the big issues going on in the industry. I, for one, was thrilled to learn that tech companies are going to solve the housing problem. […]

It’s not just the leaking Oculus: Santiago Calatrava hit with suit over Venice bridge

Posted: 16 Aug 2019 08:15 AM PDT

A Venice court has fined world-renowned architect Santiago Calatrava for going $5 million over budget on a bridge. The original budget for the Constitution Bridge on Venice’s Grand Canal was $7.7 million, according to the BBC. But the structure had numerous problems after its opening in 2008, including flimsy steps and mismatched tubes. The issues are reminiscent of the problems at another iconic Calatrava project: the Oculus, the centerpiece of the World Trade Center. The […]

The Daily Dirt: Recession or no recession, watch those mortgage rates!

Posted: 16 Aug 2019 07:30 AM PDT

The thing to watch right now is mortgage rates. The Dow Jones Industrial Average plunged a terrifying 800 points on Wednesday, and the fact that it bounced back on Thursday didn’t seem to inspire much confidence that a recession isn’t still on the way. What’s interesting, though, is the fact that mortgage rates stayed put. According to the Washington Post, high demand for long-term bonds (which outpaced short-term bonds on Wednesday, a development that was […]

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now

Posted: 16 Aug 2019 04:30 AM PDT

Multifamily market hits 8-year low A tepid multifamily sector in New York City continued to plague the real estate industry through the first half of 2019 with the number of deals hitting the lowest point since 2011, according to Ariel Property Advisors. Overall, the city had about $3.4 billion worth of sales across 169 deals and 238 buildings from January through June, respective declines of 47, 24 and 50 percent when compared to the second […]

Don’t worry, WeWork has only committed $47B to landlords

Posted: 16 Aug 2019 04:00 AM PDT

WeWork’s future as a public company collided headlong this week with investors’ biggest concern: What happens in a downturn? Nine hours after the co-working company filed its IPO prospectus, the Dow plunged 800 points on Wednesday. With a possible recession looming, WeWork’s parent, the We Company, disclosed that over the next 15 years, it has $47 billion in lease commitments. That’s the same amount as its latest valuation, and that figure is in addition to […]