The Real Deal - New York Real Estate News

Tourism-dependent Bahamas sees uphill battle to rebuild hotels after Hurricane Dorian’s devastation

Posted: 04 Sep 2019 03:23 PM PDT

As the Bahamas begins its long recovery process after Hurricane Dorian ravaged Grand Bahama and the Abaco Islands, the country faces an uphill battle rebuilding hotels and its tourism industry. “The Bahamas is the most tourism-dependent country in the Caribbean and perhaps the world,” said Rick Newton of Resort Capital Partners, a Charlotte, North Carolina-based real estate investment advisory firm focused on the resort and hospitality market in the United States, the Caribbean and Latin […]

Compass created “dummy job” to avoid Realogy finance exec’s non-compete: judge

Posted: 04 Sep 2019 02:53 PM PDT

Compass created a “dummy job” for a longtime Realogy finance executive last year in order to circumvent his non-compete, a New Jersey judge ruled. At a hearing last month, Judge Maritza Berdote-Byrne said Realogy had provided “convincing evidence” that the SoftBank-backed firm hired Urvin Pandya even though doing so violated a non-compete with Realogy, according to a transcript for the August 14 court appearance obtained by The Real Deal. According to the transcript, the judge […]

Here are 5 takeaways from TRD’s deep dive into Eklund-Gomes’ national expansion

Posted: 04 Sep 2019 02:30 PM PDT

It’s been more than a decade since Fredrik Eklund and John Gomes first crossed paths. In the years since, the Douglas Elliman star agents have been among the top producers in New York, where they have built a following and fan base through appearances on “Million Dollar Listing.” Last year, their team closed more than $720 million in sell-side deals across Manhattan, Brooklyn and Queens, making them tops in The Real Deal’s annual ranking of […]

Meet Frances Frei, WeWork’s first female board member

Posted: 04 Sep 2019 01:13 PM PDT

Not only is the We Company’s newest board member the person who helped Uber through its leadership crisis in 2017 — she’s also the company’s antidote to criticism over its all-male board. The WeWork parent company announced Wednesday that it will add Frances Frei to its board of directors ahead of public offering. Backlash arose last month after the company revealed its board members in its S-1 filing, which touted a “culture of inclusivity.” Frei […]

Carpenters’ union umbrella to decide whether to take over scandal-ridden local

Posted: 04 Sep 2019 12:00 PM PDT

A hearing will be held later this month to determine if a carpenters union should be taken over by its parent organization after the union’s president was accused of accepting tens of thousands of dollars in bribes. The United Brotherhood of Carpenters, the international umbrella organization for the New York City District Council of Carpenters, will host a hearing Sept. 17 to determine whether UBC should impose a trusteeship on Local 926. In the past, […]

Meet the mastermind behind the Eklund-Gomes expansion

Posted: 04 Sep 2019 11:15 AM PDT

Before there was Julia Spillman, the Eklund-Gomes universe was, well, a little disorganized. Spillman joined the team in 2016 as the sales director for the 98-unit condo 1 Seaport and quickly began combing through the team’s project database. “It was really messy,” but the team was “sitting on a gold mine of data,” she recalled, noting that she wanted to use it to target former clients who might be ready to trade up. Read the […]

Luxury real estate anyone? US Open stars and their palatial pads

Posted: 04 Sep 2019 10:30 AM PDT

Serena Williams notched her 100th career win at the U.S. Open in front of a jubilant crowd in Flushing Meadows on Tuesday night, but the 23-time Grand Slam champion has also served up some big real estate wins over the years. The tennis superstar — who will play in the semifinals on Thursday — isn’t the only star player on tour who has lobbed some of her millions at the luxury residential market. Serena […]

WeWork adds a woman to its board after public scrutiny; Silverstein, Brookfield in talks to co-develop 5 WTC: Daily Digest

Posted: 04 Sep 2019 10:25 AM PDT

Every day, The Real Deal rounds up New York’s biggest real estate news. We update this page in real time, starting at 9 a.m. Please send any tips or deals to [email protected] This page was last updated at 11:30 a.m. Video produced by Sabrina He Silverstein signs law firm for 100,000 square feet at 3 WTC. Kelley Drye & Warren signed a 15-year lease at the downtown tower, and will occupy floors 66 through […]

Here are the week’s top luxury sales

Posted: 04 Sep 2019 09:40 AM PDT

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

Pair of NYC construction honchos to lose licenses over worker death

Posted: 04 Sep 2019 08:25 AM PDT

The city is suspending the licenses of two construction bosses who it maintains contributed to the death of a worker on a Hamilton Heights job site in June. The Department of Buildings will suspend the special rigger licenses of Bellet Construction head Wayne Bellet and Zain Contracting’s Mohammad Bhutta, the agency announced on Wednesday. It is also issuing 15 aggravated violations to Bellet and Bhutta and one to the owner of the building, identified as […]

The Daily Dirt: Billionaires’ Row developer secures legal win (again)

Posted: 04 Sep 2019 08:00 AM PDT

The legal saga of this Billionaires’ Row tower continues, but the developers just scored another victory. A federal appeals court threw out a RICO claim against developers and lenders at 111 West 57th Street, affirming a lower court’s October decision, David Jeans reports. AmBase Corporation, which provided $65 million equity to acquire the development site, has lobbed a total of four complaints in federal and state courts against JDS Development Group, Property Markets Group and […]

Williamsburg developer lands $57M refi to complete 329 Broadway

Posted: 04 Sep 2019 07:30 AM PDT

Parkview Management landed a $57 million loan from JLJ Capital to complete a mixed-use project with 63 residences at 329 Broadway in Williamsburg. The 16-month loan has an eight-month extension, according to JLJ CEO Jonathan Lewis, who said his firm paid off the prior lender. Texas-based PLS New Line LLC agreed to lend the developer $28 million last year, records show. Skyline Capital placed the debt. Parkview, led by Juda Klein, purchased the site for […]

Inside Brookfield’s $400M plan to revive Manhasset via a Macy’s parking lot

Posted: 04 Sep 2019 06:45 AM PDT

Surrounded by acres of parking lot asphalt, the Macy’s in Manhasset reflects the retail norms of yesteryear. With an eye on the future, a developer is now looking to bring the site into the 21st century — even as local opposition begins to mount. Many believe the department store and its 16 acres of parking lots are out of sync with the current real estate development trend: projects that mix residential units with innovative, experiential […]

Proptech News: What more startup consolidation means for CRE

Posted: 04 Sep 2019 05:15 AM PDT

In May, Real Data Management, one of the veteran players on New York’s commercial real estate technology scene, was acquired by Boston-based property-management software firm Building Engines. It was the latest sign of consolidation in CRE tech, a sector of real estate that is getting a lot of attention — and investor interest. Building Engines’ acquisition of RDM is part of a series of moves it’s looking to make nationally, using private-equity capital to put […]

These were NYC’s top office leases in August

Posted: 04 Sep 2019 04:30 AM PDT

August was a fairly slow month for New York City’s office leasing scene, with only 464,100 square feet of space leased across the top 10 deals made public. A sizable portion of that total comes from EisnerAmper’s lease at 733 Third Avenue, which is more than double the size of the next largest lease on the list. Other big tenants on the list include public relations firms, tech companies and the New York Times. All […]

Coldwell Banker is coming back to Manhattan

Posted: 04 Sep 2019 04:23 AM PDT

Coldwell Banker, which fled Manhattan in the wake of the financial crisis, is back. The national franchise — which exited the borough in 2014 — is planning a new office in Harlem. The location will be owned by Coldwell Banker Reliable Real Estate, a Brooklyn-based franchise for the national brand. The decision to open in Manhattan came about because many of CB Reliable’s agents were working with buyers and renters looking for homes in both […]

The Eklund and Gomes roadshow

Posted: 04 Sep 2019 04:00 AM PDT

About six years ago, “Million Dollar Listing New York” star and Douglas Elliman broker Fredrik Eklund had a vision. While sitting at the rooftop pool at the SLS Hotel in Los Angeles with his business partner, John Gomes, real estate legend Barbara Corcoran and his older brother, Sigge, Eklund said that “we will be living” in L.A. at some point. This July, that prediction came true. Eklund sold his Tribeca condo and moved to Beverly […]