The Real Deal - New York Real Estate News

NYC seeks to rein in keyless technology in apartment buildings

Posted: 07 Oct 2019 02:45 PM PDT

City officials believe the key to regulating smart lock companies is, well, requiring traditional keys. A new City Council bill seeks to require landlords to provide tenants with physical keys to their apartments — as well as to exterior building entrances — that don’t rely on the use of technology. The measure also specifically defines a key as a “piece of shaped metal with incisions cut to fit the wards of a particular lock.” The

Blackstone just sold off a 29M sf national industrial portfolio

Posted: 07 Oct 2019 02:30 PM PDT

Fresh off acquiring one of the largest industrial portfolios in history, Blackstone has turned around and sold a piece of it. Blackstone unloaded a 100-building portfolio valued at $3 billion to Nuveen, the real estate investment arm of the Teachers Insurance and Annuity Association of America, Nuveen announced Monday. Eastdil Secured advised Blackstone on the deal. The breakdown of the deal was not immediately clear and neither was its acquisition price. Nuveen said the portfolio

WeWork’s rivals smell blood, Morningside Heights rezoning drama: Daily digest

Posted: 07 Oct 2019 01:50 PM PDT

Every day The Real Deal rounds up New York’s biggest real estate happenings, 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]. WeWork is backing away from multiple leases in Manhattan. The coworking giant has called off plans for Downtown locations at 120 and 250 Broadway and paused negotiations for Midtown locations at 5 Times Square, 340

Top 10 NYC Building Demolitions of All Time

Posted: 07 Oct 2019 01:00 PM PDT

JPMorgan is set to complete the largest building demolition ever at 270 park avenue, which will be replaced by a taller JPMorgan Chase building in 2020. Demolishing a building is no easy task; you’ll either have to deconstruct it, which could take years, or demolish it via a large scale explosion that could significantly damage a building’s surroundings. Here’s a look at the 10 largest demolitions of all time. Voice-over by Adam Pogoff

Behind Blackstone’s “capital strike”

Posted: 07 Oct 2019 12:00 PM PDT

Blackstone had every reason to oppose the overhaul of New York state’s rent law in June. The private equity giant and its Canadian partner Ivanhoé Cambridge had poured more than $5 billion into buying and upgrading Stuyvesant Town–Peter Cooper Village — making them the largest owner of rent-stabilized apartments in the city, with 11,000-plus units, since 2015. And at the start of this year, Blackstone was fresh off of what seemed like a big win

Here are some of the Big Apple’s recent luxury resi buys

Posted: 07 Oct 2019 10:05 AM PDT

The prices of Manhattan apartments may have hit a four-year low because of the new mansion and transfer taxes on luxury homes, but some big deals are still getting done. Here are the details. Source: A TRD analysis of property records filed with the New York City Department of Finance from Sept. 25 to Oct. 7. 1.) Charles Zegar, one of the co-founders of Bloomberg, and Merryl Snow Zegar picked up two condominiums and a

Here’s just how much the biggest Opportunity Zone projects stand to earn in tax benefits

Posted: 07 Oct 2019 08:05 AM PDT

President Trump’s signature accomplishment, his 2017 tax bill, contained a special sweetener for his peers in the real estate development community: the Opportunity Zone program. Investors and developers financing real estate deals could get major tax breaks on their capital gains for up to a decade if they funneled those earnings to projects and businesses in roughly 8,700 low income communities throughout the country in designated “opportunity zones.” According to the Trump administration, the incentives

These were the top 10 outer-borough loans last month

Posted: 07 Oct 2019 05:45 AM PDT

Brooklyn and Queens dominated the list of outer-borough loans for September. Brooklyn projects accounted for most of the top 10 loans last month, although the two largest were for developments in Queens. The No. 1 spot was $1 billion in financing for Tishman Speyer’s Jackson Park project, followed by a $500 million package for Ruby Schron’s Queens portfolio. Overall, the list was split between seven projects in Brooklyn and three in Queens. No Bronx or

Developer behind Woolworth conversion planning Billionaires’ Row office tower

Posted: 07 Oct 2019 05:30 AM PDT

The Calvary Baptist Church on Billionaires’ Row is trying to get out of the hotel business. The church shares an elevator with the threadbare Salisbury Hotel on 57th Street, which it has owned and run for nearly a century. And it’s just one of many gripes the church has with its building, which sits along what’s now a prime stretch of the Manhattan street. “The current space does not provide for the church’s needs,” Todd

New York developers hit restart button in Israel. But has the game reset?

Posted: 07 Oct 2019 04:30 AM PDT

When Silverstein Properties announced plans to raise roughly $50 million on the Tel Aviv Stock Exchange in early February, many eyebrows were raised. Israeli bonds issued by New York developers and other American companies had been in free fall since November 2018, when Boaz Gilad’s Brookland Capital suspended trading and announced that it would miss an $11 million principal payment due before the new year. Similar disclosures from other firms fueled the uncertainty, and the

These were the 10 largest Manhattan real estate loans in September

Posted: 07 Oct 2019 04:00 AM PDT

The top 10 Manhattan loans recorded in September totaled just over $3 billion, roughly equal to August’s total. The top two loans went to two Midtown properties just a block away from each other — the Coca Cola and Crown Buildings at 711 and 730 Fifth Avenue. (Note: loans are ranked by the amount recorded in city property records, which exclude mezzanine and other subordinate debt.) 1) Coca collateral – $625 million Nightingale Properties and