The Real Deal - New York Real Estate News

Corcoran says “criminal” hackers leaked agent splits

Posted: 13 Sep 2019 03:14 PM PDT

The Corcoran Group said it was hacked Friday after a stunning email containing agent splits, marketing budgets and gross commission income was sent to the entire company. Sources said the email came from Bill Cunningham, Corcoran’s president of sales. It landed in inboxes in mid-afternoon before being quickly retracted — but not before news of the breach ricocheted through the industry. “It’s the most privileged information at a real estate company” aside from client information, […]

State punts question of rent increases on vacant stabilized apartments to city

Posted: 13 Sep 2019 02:00 PM PDT

Among the many questions landlords have asked since the passage of New York’s new rent stabilization law concerns vacant apartments: Can rent increases approved by the Rent Guidelines Board be applied to these units? The state’s housing regulator just weighed in and the answer is … maybe. In a recent memo, the state division of Homes and Community Renewal advises that it will be up to the city’s RGB to determine if landlords can increase […]

The breakdown: How California’s new rent control law compares to New York’s

Posted: 13 Sep 2019 01:53 PM PDT

With a little more than 48 hours before the clock ran out, three of New York’s most powerful landlords made a desperate, last-ditch phone call to Gov. Andrew Cuomo. By that point, the real estate industry had already spent millions of dollars, hired seasoned lobbyists and launched media campaigns in an effort to eliminate the threat of historic tenant protections on 1 million apartments. Cuomo declined to kill the bill, and landlords across the state […]

The Real Deal adds Grant Cardone to power-packed list of speakers for upcoming Miami Showcase and Forum

Posted: 13 Sep 2019 12:46 PM PDT

The Real Deal is thrilled to announce that Grant Cardone, founder & CEO of Cardone Enterprises, will be speaking at The Real Deal’s 6th annual Real Estate Showcase and Forum on Oct. 17, at Mana Wynwood. Cardone, who operates $1.2 billion property portfolio, has spoken throughout the world on real estate, entrepreneurship, marketing, finance and sales. He is a New York Times bestselling author of seven books. This year’s powerhouse lineup of speakers will discuss […]

Uber in talks for big World Trade Center lease, WeWork changes Adam Neumann’s voting power : Daily digest

Posted: 13 Sep 2019 12:00 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 throughout the day, starting at 9 a.m. Please send any tips or deals to [email protected] This page was last updated at 2:50 p.m. Video produced by Sabrina He Uber is reportedly taking seven floors at Silverstein Properties’ 3 World Trade Center. Uber, after going public in May in a disappointing $82 […]

NYC’s condo market is showing signs of a recession

Posted: 13 Sep 2019 11:15 AM PDT

The numbers say New York City’s condo market is in trouble. About one in four new condo units constructed since 2013 are unsold — or about 4,100 — and, of the units that did trade, 38 percent are back on the market as rentals, according to a StreetEasy analysis published by the New York Times. The latter finding about investor activity raises a red flag for the listing platform’s economist Grant Long in particular. “That’s […]

Here are the leading countries planting flags in Manhattan commercial real estate

Posted: 13 Sep 2019 10:30 AM PDT

Foreign buyers acquired just under $8 billion worth of commercial property in the five boroughs in 2017 and $9.5 billion last year, down from about $20.2 billion in 2015 and $15.8 billion in 2016, according to Real Capital Analytics. As Chinese capital continues to recede, though, a new foreign investment landscape has emerged with a diverse mix of other cross-border players. Related: NYC’s new global investment fix Here are the top 20 commercial acquisitions in […]

“Inherent risk:” Rating agencies have had doubts about WeWork for years

Posted: 13 Sep 2019 09:15 AM PDT

When a loan to the We Company’s newly-formed $2.9 billion property investment fund, ARK, was taken to the commercial mortgage-backed securities market in August, analysts had some concerns. Beyond conflict-of-interest issues stemming from the fact that ARK was using the loan to finance its purchase of 600 California Street, where WeWork would be the largest tenant, credit analysts from Morningstar and S&P Global also questioned the very viability of the company and its business model. […]

The Daily Dirt: Pied-à-terre, back from the dead?

Posted: 13 Sep 2019 08:15 AM PDT

IT IS ALIVE! Maybe! The pied-à-terre tax could be on the state legislature’s agenda next year. Just before the budget passed, an annual levy on properties valued at $5 million or more was scrapped in favor of new one-time transfer taxes. But Sen. Brad Holyman says he plans to revive the measure in January, Erin Hudson reports. “I hope to have a bill that’s ready for prime time as it were,” he said. Versions of PAT […]

Carl Icahn’s decision to relocate his firm from NY to Miami could be a tax play

Posted: 13 Sep 2019 07:30 AM PDT

Carl Icahn is taking his talents to South Beach, and the SALT tax may be the reason for his fastbreak. The billionaire investor and noted corporate raider is planning to move his investment firm from New York City to Miami, according to the New York Post. The Trump administration’s 2017 tax overhaul capped the amount of state and local taxes that could be deducted at $10,000. Brokers and real estate professionals in Florida projected a […]

WeWork pushes ahead with September IPO

Posted: 13 Sep 2019 06:39 AM PDT

The We Company will push ahead with its initial public offering and list its shares on Nasdaq later this month, despite a push from its lead investor to withdraw such plans. The office-space company said in a U.S. Securities and Exchange Commission filing Friday that it would be making changes to its corporate governance structure, which includes putting restrictions on CEO Adam Neumann’s power, “in response to market feedback.” Among the changes, the company will […]

“We will rally the troops. We will literally march in Albany:” Industry gears up for another pied-à-terre fight

Posted: 13 Sep 2019 05:15 AM PDT

State lawmakers who plan to reintroduce the pied-à-terre tax should brace themselves for “a lot of firepower” from the real estate industry, which is still licking its wounds from the historic rent law defeat in June. “We will rally the troops. We will literally march in Albany. We will do everything we can to make people understand that this is not a good thing,” said Corcoran Group’s Pam Liebman, in response to the lawmakers’ renewed […]

These were August’s top 3 residential deals

Posted: 13 Sep 2019 05:15 AM PDT

August is slow, but it didn’t stop three anonymous buyers from snapping up giant condos in some of the hottest residential buildings in Manhattan. This includes 220 Central Park South, where British musician Sting recently bought a $65.7 million penthouse , and 565 Broome Street, where tennis player Novak Djokovic scooped up two, two-bedroom condos in 2017. To see July’s top sales, click here

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

Posted: 13 Sep 2019 04:30 AM PDT

More than half a year after China imposed strict capital controls, the country’s nearly $1 trillion sovereign wealth fund reportedly struck a deal to invest in a prime Times Square office tower. China Investment Corporation’s bid for a 49 percent stake in 1515 Broadway — home to Viacom’s world headquarters and the famed Minskoff Theater, where “The Lion King” performs — valued SL Green’s 54-story asset at nearly $2 billion in the summer of 2017. […]

Only in Manhattan? Luxury condo owner files “class action” because unit doesn’t have a wine cooler

Posted: 13 Sep 2019 04:00 AM PDT

Across the city, residents sometimes have to tussle with landlords to make sure they are getting basic necessities like heat and hot water. But at 565 Broome Street, a luxury development in Soho, one resident is fighting to make sure they get their state-of-the-art wine cooler. Ayal Martin Hayes, who through an LLC bought the $3.6 million unit at the development, alleges in a new lawsuit that buyers-to-be were promised the specialty coolers, which were […]