The Real Deal - New York Real Estate News

Here are the week’s top luxury sales

Posted: 21 Aug 2019 02:00 PM PDT

Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales.

Homebuilder Toll Brothers looks to higher-earning millennials amid down Q3 results

Posted: 21 Aug 2019 01:30 PM PDT

UPDATED Wednesday August 21, 2019, 4:07 p.m.: Amid a softening luxury market, homebuilder Toll Brothers is developing lower-priced properties as it reaches out to higher-earning millennials. But the company is still enduring a difficult period, and its third quarter results released Wednesday saw a nearly 25 percent drop in net income year over year. The company reported a net income and earnings per share of $146 million and $1 respectively, down from a net income […]

Midtown East is getting a new food hall, Howard Lorber isn’t scared of a recession: Daily digest

Posted: 21 Aug 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., 12:30 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. Video produced by Sabrina He Museum of Ice Cream is returning to NYC with a new location in Soho. The museum’s permanent flagship, spanning 25,000 square feet, will open at 558 Broadway. Current […]

DeKalb Market Hall creator bringing new food hall to Midtown

Posted: 21 Aug 2019 12:45 PM PDT

Manhattan’s iconic Citigroup Center is about to get a taste of Brooklyn. The creator behind Downtown Brooklyn’s DeKalb Market Hall is opening a 10,000-square-foot food hall at the base of the Midtown East tower at 601 Lexington Avenue, The Real Deal has learned. Anna Castellani, who opened the 40 vendor Brooklyn market in 2017, signed a lease with Boston Properties to bring her newest concept to the retail annex tucked 59 stories below the landmarked […]

Well, that escalated fast: A timeline of Trump’s Greenland adventure

Posted: 21 Aug 2019 12:08 PM PDT

Over the last week, a story that’s entirely emblematic of the Trump era gained momentum and died shortly thereafter: the president made headlines with his stated aim to buy Greenland from Denmark. But it’s a deal that the Danish government has made clear is not on the table. Now, bitter recriminations are all that’s left of the new U.S. territory that was never to be. Below are the events that transpired. Aug. 16, 8:09AM: The […]

Developer Jason Lee accused of defrauding investors at High Line condo project

Posted: 21 Aug 2019 12:00 PM PDT

Developer Jason Lee and his company Six Sigma NYC are being accused of defrauding investors in their Chelsea residential project at 517-523 West 29th Street, in a new lawsuit. “Lee lured his investors with fancy websites, artistic renderings of the project, suggestions of luxury and purported associations with famous architects (such as Pei Partnership Architects, the sons of world-renowned architect, I. M. Pei),” according to the suit, which was filed by four of the project’s […]

Knotel joins the unicorn club with latest funding round

Posted: 21 Aug 2019 10:49 AM PDT

Well, another unicorn has joined the co-working corral. Knotel raised $400 million, bumping up its valuation to at least $1.3 billion, according to Bloomberg. Investors this round included Kuwait-backed Wafra and Japan’s Mori Trust, Itochu and Mercuria Investment. Previous investors, including Newmark Knight Frank, Norwest Venture Partners and Sapir Organization, also participated in this round. The fundraising was in exchange for 15 to 30 percent of the company and was double the amount initially reported […]

Jordan Sachs on new regulations: “When does it stop?”

Posted: 21 Aug 2019 10:15 AM PDT

A proposed cap on commissions. Sweeping new rent regulations. 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 Bold New York’s Jordan Sachs discusses the gray areas in the state’s rent regulations, the lack of a grace period for the law and the financial burden that brokerages now face. Read the full story — […]

Why New York’s landlords are looking upstate for profits

Posted: 21 Aug 2019 07:30 AM PDT

When Marcus & Millichap’s Charles “Chip” Collins listed a 97-unit Schenectady rental property for just over $10 million in June, he said, he was shocked by the number of investors “banging down the doors” looking for a deal. While Schenectady is more than 130 miles from the South Bronx — which has become a hotbed for multifamily buyers in recent years — the blue-collar upstate city is one of a handful seeing new levels of […]

Creative ways NYC landlords are getting around the new rent rules

Posted: 21 Aug 2019 06:45 AM PDT

Since the passage of the new rent law in June, New York’s real estate industry has searched for ways to cope with the changes. Landlords have repeatedly warned that the Housing Stability and Tenant Protection Act of 2019 will halt major renovations in rent stabilized properties, since the new measure caps rent hikes achieved through Individual Apartment Improvements and Major Capital Improvements. But other strategies have emerged in the two months since changes to rent […]

Here’s what the $10M-$30M NYC investment sales market looked like last week

Posted: 21 Aug 2019 05:15 AM PDT

In the world of mid-market investment sales last week, two church-owned properties sell in Lenox Hill for almost $18 million and an office building in Midtown East went for a bit over $15 million. Here are the details: ICER Properties snapped up a pair of mixed-use buildings that stand across the street from each other in the Highbridge section of the Bronx for $21 million, according to property records. The sellers of 950 and 957 […]

The Closing: Marty Burger

Posted: 21 Aug 2019 04:30 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 […]

Alex Sapir accused of mismanaging family fortune amid feud with Rotem Rosen

Posted: 21 Aug 2019 04:00 AM PDT

Rotem Rosen isn’t just seeking $103 million from the estate of Tamir Sapir. To corroborate claims that he saved Sapir’s real estate empire from ruin during the financial crisis, Rosen’s legal filings paint a picture of a family unable to manage their finances without him. Pointedly, he claims his former business partner and the late billionaire’s son, Alex Sapir, “mishandled and misused” assets from the elder Sapir’s estate — by making improper distributions to beneficiaries, […]