The Real Deal - New York Real Estate News

Tishman Speyer locks in $1B in financing for Jackson Park

Posted: 27 Sep 2019 02:49 PM PDT

Tishman Speyer has landed $1 billion in permanent financing for its massive Long Island City project known as Jackson Park, the company announced Friday. The developer secured the mortgage from Bank of America and Wells Fargo. It is a 10-year, interest-only loan to replace a $640 million construction loan secured in 2015 from the same companies. READ MORE Macy’s love of Queens has given Rob Speyer 867,000 reasons to smile Common and Tishman Speyer want

Carpenters union official accused of stealing $1.5M from pension funds

Posted: 27 Sep 2019 02:27 PM PDT

A former union official was indicted by a federal grand jury Friday on charges that he stole $1.5 million from the benefit funds of carpenters in New Jersey and New York. George Laufenberg, 69, faces several counts of embezzlement and other charges for allegedly paying himself a $120,000 pension and $180,000 in annual deferred compensation without retiring or getting approval from the fund’s trustees, the U.S. Attorney’s Office in New Jersey announced. Laufenberg formerly served

Inwood braces for gentrification

Posted: 27 Sep 2019 02:00 PM PDT

Inwood has remained an affordable part of Manhattan for a remarkably long time, but a rezoning has raised fears among locals that rents will rise. The city rezoned the northern Manhattan neighborhood last August, easing restrictions on buildings to allow for new residential properties that could transform the skyline. Real estate investors have purchased $610 million worth of properties in the neighborhood since plans to rezone were announced in 2013, and longtime tenants are concerned

Mark your calendars: These are NYC’s top real estate events next week

Posted: 27 Sep 2019 01:40 PM PDT

Here are three real estate events worth checking out next week! Host: InterFace Conference Group Date: October 3 Time: 7 a.m. to 4:30 p.m. InterFace Conference Group is holding its 10th Annual Net Lease event at the New York City Bar Association, 42 West 44th Street from 7 a.m. to 4:30 p.m. This event will offer the chance to network and discuss the latest in development and financial trends. Will Pike of CBRE and Coler

WeWork’s thinning exec herd, gentrifiers target Inwood: Daily digest

Posted: 27 Sep 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 in real time, starting at 9 a.m. Please send any tips or deals to [email protected] This page was last updated at 4:00 p.m. Forever 21 still doesn’t have a reorganization plan ahead of its bankruptcy proceedings. Its two largest landlords, Brookfield Property Partners LP and Simon Property Group Inc., could be

Racial inequality in homeownership across US is sharpest in New York: report

Posted: 27 Sep 2019 12:30 PM PDT

White homeowners control a disproportionately high percentage of property across the country, and the discrepancy between population and ownership is widest in New York. In the New York metro area, white homeowners make up about 47 percent of the population but own close to 70 percent of homes, according to a new report by Lending Tree. That 22% gap was the most nationwide. Other metro areas across the country also had significant gaps between the

Brokers are already scoring touchdowns with Super Bowl bookings and the pricing is getting nuts

Posted: 27 Sep 2019 11:45 AM PDT

UPDATED September 20, 1:04 p.m. Though the football season has only just begun, diehard fans know where they’re going to be come Feb. 2, 2020: watching the Super Bowl at Hard Rock Stadium in Miami Gardens. Those wanting to travel in style should have some deep pockets: A Super Bowl LIV package for a one-bedroom overlooking the beach at 1 Hotel South Beach will run them $13,963 a night, according to Five Star Luxury Travel,

Resi scorecard: Brooklyn and Queens condo inventory through July 2019

Posted: 27 Sep 2019 11:00 AM PDT

New development condo report Brooklyn Inventory expanded as developers filed more units than were purchased Developers filed 13 plans with 258 units The state approved 13 plans with 477 units valued at $919 million Buyers purchased 156 units valued at $158 million Queens Inventory expanded as developers filed more units than were purchased Developers filed four plans with 300 units The state approved two plans with 202 units valued at $145 million Buyers purchased 43

The Daily Dirt: Big tech’s west side lovefest

Posted: 27 Sep 2019 08:35 AM PDT

The James A. Farley Post Office — the hottest new place for tech companies? Neither crummy lunch options nor swarms of tourists nor the hell that is Penn Station stays these tech companies from considering the west side of Manhattan. Facebook is the latest company to toy with the idea of moving to the Farley Building, which Vornado Realty Trust is turning into 740,000 square feet of office space. There will also be 120,000 square feet

The purge continues: WeWork’s head of real estate is leaving

Posted: 27 Sep 2019 07:39 AM PDT

Today’s roster of WeWork departures includes Granit Gjonbalaj, the company’s head of real estate development. Gjonbalaj, who oversaw real estate operations including design, construction, project management and development, signalled his intent to resign earlier this week, people familiar with the matter told The Real Deal. He is currently negotiating his exit package. Gjonbalaj said in a statement that he was proud and honored to have worked at WeWork and was confident the firm would do

Who will be the winners and losers of the next recession?

Posted: 27 Sep 2019 07:00 AM PDT

Miami’s condo doomsday prognosticator, Peter Zalewski, has been waiting for this moment for almost a decade. The fast-talking former business journalist turned consultant with a penchant for electronic cigarettes and condo sales numbers has predicted the crash of Miami’s high-end condo market for years. Zalewski projects that, driven by an oversupply of expensive condo buildings in Miami Beach and downtown Miami, along with a new influx of luxury apartments, vulture funds will swoop in to

A rally for real estate stocks amid a tumultuous week for Trump

Posted: 27 Sep 2019 05:00 AM PDT

Real estate stocks have ticked up this week, weathering a downward trending S&P 500 and the extraordinary news that the House Speaker had opened a formal impeachment inquiry into President Trump. The Real Deal analyzed a cross section of 28 real estate stocks — a mix of real estate investment trusts, research firms and brokerages — and found that the prices rose just over 1 percent on average since Monday’s market open. That’s about on

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

Posted: 27 Sep 2019 04:30 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 — outdoor space. 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

Meet WeWork’s new co-CEOs

Posted: 27 Sep 2019 04:00 AM PDT

Mounting speculation about WeWork co-founder Adam Neumann leaving his role as CEO ended when the company made his departure official earlier this week. But the move gave rise to new uncertainty about the two executives named to replace him and how they would reverse the office-space giant’s deteriorating fortunes. With Neumann relegated to the role of non-executive chairman, WeWork CFO Artie Minson and Sebastian Gunningham, a vice chairman, take over as co-CEOs. WeWork declined to