The Real Deal - New York Real Estate News

Lena Dunham made a “massive real estate mistake,” actress reveals in new essay

Posted: 20 Aug 2019 03:15 PM PDT

Nine years ago, the public got a peek at the interiors of Lena Dunham’s childhood home courtesy of her semi-autobiographical debut film Tiny Furniture, which was set in her parent’s Tribeca loft. Her relationship with real estate remains complicated. Dunham’s first apartment, located in Brooklyn Heights and purchased for $500,000 in 2012, sold for $850,000 in 2017. In 2014, she bought another Brooklyn property with then-boyfriend Jack Antonoff: a four-bedroom, $4.8 million condo in the […]

Disgraced casino mogul Steve Wynn drops $43M on Palm Beach estate

Posted: 20 Aug 2019 02:30 PM PDT

Embattled casino mogul Steve Wynn paid $43 million for an oceanfront estate in Palm Beach, property records show. Emma Cisneros of 1960 South Ocean Blvd. LLC, part of the billionaire Venezuelan family that owns a media conglomerate, sold the eight-bedroom, 24,600-square-foot mansion at 1960 South Ocean Boulevard. The buyer is 1960 LLC, in the care of a Las Vegas company tied to Wynn’s Wynn Fine Art. Juan Pablo Molyneux designed the 2.25-acre property in Palm […]

Mountain of Beverly Hills sells for a molehill

Posted: 20 Aug 2019 01:45 PM PDT

The Mountain of Beverly Hills, which hit the market last year with a bang for a record $1 billion, has fizzled out, selling for just $100,000 at a foreclosure auction. The buyer and only bidder was the lender, an entity linked to the Mark Hughes Trust. The Wall Street Journal first reported the story. The sale marks a monumental disappointment for the Mountain’s now former owner, Secured Capital Partners. In July 2018, the company got […]

Gary Barnett and Steve Witkoff are looking for deals out of NYC; trade war catches up to retail: Daily digest

Posted: 20 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. Kohl’s reported declining sales for the third straight quarter. The department store chain posted strong growth for most of 2018, but the recent […]

John Burger: how tech makes real estate “more professional”

Posted: 20 Aug 2019 12:15 PM PDT

VC-backed rivals. A new mansion tax. And the proliferation of listings platforms. The Real Deal talked to six players in New York City’s residential space about the new pain points they’re feeling in a sector that’s getting squeezed from all sides. Below John Burger shares his take on what has changed — and what’s remained the same — as technology has permeated the brokerage landscape. Read the full story — “Tales from the front lines” — here. John […]

The Ritz-Carlton’s Central Park penthouse is back on the market

Posted: 20 Aug 2019 11:30 AM PDT

Call it a sign of the times. A Billionaire’s Row penthouse that demanded $95 million back in 2012 has returned to market at nearly half that price — $49 million. The two-level penthouse sits on top of a handful of pricey condos on the upper floors of the the Ritz-Carlton New York, Central Park hotel at 50 Central Park South. Its owner — an anonymous ballroom dancer — last put it on the market back […]

WeWork landlord, spooked by scrutiny over IPO filing, sues to get out of lease

Posted: 20 Aug 2019 10:51 AM PDT

A landlord is suing to get out of a lease agreement with WeWork amid fears the co-working company can’t support its lease. The office space giant, whose parent the We Company is expected to go public next month, currently occupies multiple floors at 21-33 Irving Place in Manhattan. The landlord — identified as Belvedere Management Co. in property records — claims that when WeWork signed its lease in 2016 with a special purpose entity, it […]

Rabsky Group lands $200M refi for 500-unit Bushwick building

Posted: 20 Aug 2019 10:00 AM PDT

Rabsky Group has received a refinancing package worth more than $200 million for its 500-unit residential building in Bushwick. Berkadia Commercial Mortgage provided the developer with financing for its project at 10 Montieth Street on the Rheingold Brewery site, according to property records filed with the city Tuesday. The multifamily building is known as The Rheingold, and rents at available apartments range from $2,250 for a studio to $3,707 for a two-bedroom, according to StreetEasy. […]

Douglas Elliman is coming to Texas

Posted: 20 Aug 2019 07:30 AM PDT

Douglas Elliman is launching in Texas. The brokerage announced Tuesday a joint venture with Sudhoff Companies, a real estate marketing and sales company based in Houston that specializes in new development. Elliman’s new office in Houston will be staffed by 50 brokers, said Scott Durkin, the brokerage’s president and chief operating officer. The firm plans to expand its resale division early next year — and eventually move into Dallas and Austin. “Houston is a lot […]

Mortgage REITs were doing great — until the yield curve inverted

Posted: 20 Aug 2019 06:45 AM PDT

Real estate pros and economic pundits spent the better part of last week trying to decipher the greater implications of the treasury yield inversion, an economic indicator that has historically preceded a recession. But earlier this year a different set of benchmark rates inverted, and it’s already had a significant impact on one sector of the real estate market: residential-mortgage real estate investment trusts. Three of the largest REITs that buy up residential mortgages and […]

Will the American Dream mall survive? We dove in to assess the odds

Posted: 20 Aug 2019 05:15 AM PDT

Life, liberty and the pursuit of shopping. So goes the American Dream — the mall-slash-amusement park in New Jersey’s Meadowlands that has weathered three developers, two designs and one calamitous recession. Indeed, the first phase of the $5 billion, 3 million-square-foot complex is finally poised to open in late October with a portion of the shops and restaurants launching alongside several nonshopping attractions, including an indoor ski slope dubbed Big Snow America, according to the […]

Where do NYC’s real estate bigwigs tee off?

Posted: 20 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 […]

What are your neighbors complaining about the most?

Posted: 20 Aug 2019 04:00 AM PDT

On the Upper East Side, people hate illegal parking. But in the Upper West Side, people really can’t stand a lot of noise. The Real Deal took a look at some of the top complaints New Yorkers logged over the past 12 months with 311 — the city’s non-emergency service line. For the most part, the boroughs that made the most calls were the ones with the biggest populations. But for each borough, the calls […]