The Real Deal - New York Real Estate News

Three developers slapped on wrist for de Blasio donations

Posted: 19 Sep 2019 04:05 PM PDT

Three developers made improper donations to the mayor while pursuing business with the city, according to a settlement reached today as part of an ongoing investigation. Greenpoint Landing Developers, Brookfield Financial Properties and Toll Brothers donated a total $125,000 to Campaign for One New York, a fundraising organization set up by Mayor Bill de Blasio to promote his agenda of expanding prekindergarten. Brookfield gave the campaign $50,000 in 2015 while it was lobbying the city […]

Rent reform in New York, California propels new wave of multifamily investors to Miami

Posted: 19 Sep 2019 01:30 PM PDT

First, it was tax reform that pushed CEOs, hedge fund managers and other high-net-worth individuals to South Florida. They were lured in by the favorable climate, luxury residential properties and most of all, substantial tax savings. Now, it is the multifamily investors who are heading to South Florida, and for a different reason: rent control, something the Sunshine State lacks. In June, New York state passed a sweeping rent reform law, expanding its protections for […]

Banks to revise Adam Neumann’s $500M credit line, another foreign investor is leaving NYC: Daily digest

Posted: 19 Sep 2019 01:05 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 in real time, starting at 9 a.m. Please send any tips or deals to [email protected] This page was last updated at 4:05 p.m. Banks seek to revise Adam Neumann’s $500 million credit line. Following a cool reception from investors over his company’s valuation, lenders are looking to revise the terms […]

Miami’s biggest condo developer is going micro

Posted: 19 Sep 2019 11:15 AM PDT

The Magic City’s biggest condo builder is going small on its next project. The Related Group is planning to build micro condos on a downtown Miami site it recently closed on, The Real Deal has learned. The Miami-based developer is planning to build a roughly 400-foot tower with about 350 units, Jon Paul Pérez, a vice president at the firm, said. Property records show Parcel C LLC, tied to Related, paid $8.8 million for the […]

New York City investment sales in July 2019

Posted: 19 Sep 2019 10:45 AM PDT

INVESTMENT SALES IN MANHATTAN AND BROOKLYN Manhattan investment sales slowed in July with $2.06 billion in deals recorded, a 41 percent drop from June and 17 percent below the 12-month average. The largest deal went to California-based DivcoWest Real Estate Investments, which paid Boston Properties $310 million for 540 Madison Avenue, Divco’s second NYC office building. The Brooklyn market, meanwhile, continued to improve with $636 million in deals recorded, up 29 percent from June and […]

The Daily Dirt: Crowdfunding firm’s CEO steps down amid legal woes

Posted: 19 Sep 2019 10:00 AM PDT

Facing investor criticism and a string of lawsuits, a real estate crowdfunding firm is now shaking its CEO. Rodrigo Niño, founder of Prodigy Network, is stepping down from the company he founded in 2003, to help “rebuild the trust of our investors,” Sylvia Varnham O’Regan and Mary Diduch report. “I believe that the challenges the company is facing demand for me to make this very difficult decision,” he said. It’s unclear when exactly Niño plans to […]

Calling all subscribers: Listen in as TRD reporters size up NYC’s foreign investment landscape

Posted: 19 Sep 2019 09:00 AM PDT

Join The Real Deal on Tuesday, September 24 at 2 p.m. for our next subscribers-only conference call. TRD’s senior content director Jill Noonan will talk to reporters Sylvia Varnham O’Regan and Kevin Sun about their recent coverage of foreign investment in New York amid this latest wave of global turmoil. In TRD’s September magazine, Varnham O’Regan and Sun examined the fallout in the residential market and looked at how the commercial market is holding up. Plus, […]

Inside Steve Croman’s dealings and legal battles post-prison

Posted: 19 Sep 2019 08:30 AM PDT

In May, three New York University students moved into the cellar of a pre-war East Village apartment building, excited to have a small — yet highly coveted — space outdoors. Little did they know, they’d soon be forced out. Two months later, the college students received notice that a new property manager was taking control of the six-story building at 60 Avenue B. Within a few weeks, the city declared the apartment illegal and ordered […]

WeWork’s side businesses are fizzling

Posted: 19 Sep 2019 07:50 AM PDT

When WeWork rebranded itself The We Company in January, CEO Adam Nuemann sent a clear message about his vision for the firm: it is much bigger than co-working. But We Company’s side businesses, including co-living venture WeLive, have a patchy track record of success, according to the Wall Street Journal. Some are struggling to survive while others have fizzled out altogether. The company spent about $164 million on side businesses in 2018 but it earned […]

Here are the week’s top luxury sales

Posted: 19 Sep 2019 07:10 AM PDT

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

The tenant movement’s giant killer

Posted: 19 Sep 2019 05:00 AM PDT

Days before the passage of the new rent law, Cea Weaver and a group of tenant advocates were huddled in a conference room in the State Capitol. While they were piecing together rumors from their trusted sources in the Senate, the phone rang: Gov. Andrew Cuomo wanted to meet. But Cuomo refused to include upstate tenants in the meeting, despite Weaver’s demands that they be present. So, Weaver and the coalition ultimately declined his invitation. […]

Mack Real Estate, partners sell stake in Greenpoint tower

Posted: 19 Sep 2019 04:30 AM PDT

The Ohio teachers’ pension plan bought a stake in one of Greenpoint’s new mixed-use towers in a deal that values the property at more than $350 million. The Ohio State Teachers Retirement System acquired a 50 percent stake in the rental and retail portion of The Greenpoint tower on the East River, sources told The Real Deal. A partnership of Mack Real Estate, Palin Enterprises and Urban Development Partners developed the 40-story building at 21 […]

Designer Luca Orlandi sells UES townhouse for $27M

Posted: 19 Sep 2019 04:00 AM PDT

Italian fashion designer Luca Orlandi has sold his massive Upper East Side townhouse for $27 million — more than two years after listing it for $40 million. Records show the buyer is Mallow Enterprises, an entity linked to Luis Felipe Padreira Dutra Leite, the chief financial and technology officer at Anheuser-Busch Inbev. In 2017 the beer executive forked over $26.4 million for a 65th-floor pad at 432 Park Avenue, which he’s now looking to sell. […]