The Real Deal - New York Real Estate News

Bond New York closes Chelsea office amid “changes”

Posted: 01 Nov 2019 03:00 PM PDT

Bond New York is closing its Chelsea outpost amid “management changes.” Co-founder Bruno Ricciotti said the closure of the firm’s 4,400-square-foot Chelsea sales office was part of a longer-term plan to consolidate into its new Midtown headquarters. “It’s always been a small underutilized office,” he said in an emailed statement. “We have considered consolidating the operations of this office for years, our agents were aware of this and we decided it was finally time.” Bond

With move to Mar-a-Lago, Trump could use Florida real estate law to protect himself from creditors

Posted: 01 Nov 2019 02:48 PM PDT

In late September, President Trump and his wife Melania became the latest New Yorkers to relocate to Florida. The state has long been a refuge for business moguls, celebrities and athletes who are keen to protect their assets from looming threats. On the surface, Trump’s decision to move his permanent residence from Trump Tower to Mar-a-Lago appears to be motivated by the tax benefits he would reap. Because of a somewhat obscure state rule, the

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

Posted: 01 Nov 2019 02:30 PM PDT

Here are a couple of real estate events worth attending next week! Host: REBNY Date: November 4 Time: Noon to 2 p.m. The Real Estate Board of New York is holding a Sales Brokers Committee Meeting on the State of the Office and Residential New Construction Market at Convene, 530 Fifth Avenue. Come to discuss upcoming projects in the sectors and the hurdles of acquiring and developing them. Paul Massey of B6 Real Estate Advisors

Here’s what last week’s $10M-$30M investment sales market looked like

Posted: 01 Nov 2019 02:15 PM PDT

Here’s what New York’s $10-$30 million investment sales market looked like last week. Just two mid-market investment sales in New York City were made public last week: L+M’s $23.7 million purchase of a nine-story apartment building in East Harlem and an LLC’s $10.7 million purchase of a five-story apartment building in the East Village. Here are the details. 1. L+M purchased 1890 Lexington Avenue in East Harlem for $23.7 million from Brookfield. The property was

Condo sellers cry, Forever 21 fans cheer and Trump quits New York

Posted: 01 Nov 2019 01:53 PM PDT

Every weekday, The Real Deal rounds up New York’s biggest real estate news. 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 4:53 p.m. It’s no secret that the Manhattan condo market could be better. But an analysis of contract data reveals that condo sales are even worse than conventional measures suggest. The data show that sales for the first

Editor’s note: Thinking big – or not thinking enough?

Posted: 01 Nov 2019 12:49 PM PDT

He’s the guy that told Adam Neumann he should act more crazy. Masayoshi Son is the eccentric-but-gifted entrepreneur who launched SoftBank’s $100 billion Vision Fund that went on to invest in a crop of promising startups, including WeWork. Of course, what looked revolutionary even six months ago now looks like a mess. With WeWork’s implosion, other SoftBank-backed, real estate-focused companies — including Compass, Opendoor, Lemonade and Katerra — are all under increased scrutiny as many

Barneys’ flagship Madison Avenue spot will stay open — but with a smaller footprint

Posted: 01 Nov 2019 11:37 AM PDT

Barneys New York’s iconic location on Madison Avenue will stay open for at least the next 12 months — though on a shrunken scale. Ashkenazy Acquisition Corporation, which co-owns 660 Madison Avenue, struck a deal with Barneys’ new owner to keep the flagship property operating, the landlord’s president Daniel Levy said in a statement Thursday. But Barneys, which occupies 275,000 square feet, will now stay open in a “smaller footprint.” Freds, the restaurant housed within

On to the next one: Rabsky planning yet another Brooklyn project

Posted: 01 Nov 2019 11:15 AM PDT

Another day, another Brooklyn project for Rabsky Group. Just one day after pre-filing plans for a 65-unit mixed-use project at 58 Union Avenue in Williamsburg spanning about 73,000 square feet, the firm did the same for a 50-unit mixed-use project at 269 Wallabout Street in Williamsburg, according to city records. The Wallabout Street project will stand eight stories and 90 feet tall, and include residential, commercial and community space totaling about 159,000 square feet. The

Warburg’s Clelia Peters joins board of VC-backed virtual brokerage

Posted: 01 Nov 2019 10:30 AM PDT

Warburg Realty’s Clelia Peters is branching out further beyond traditional brokerage. Peters, Warburg’s president and an early investor in real estate tech startups, has joined the board of Side, a venture-backed virtual brokerage based in San Francisco. Founded in 2017, Side provides back-office and marketing support for high-producing agents who want to grow their personal brands. Unlike traditional firms, it gives agents the ability to run their own businesses while providing access to white label

The Real Deal’s November issue is now available to all subscribers!

Posted: 01 Nov 2019 10:00 AM PDT

The Real Deal’s November issue is now live, and digital subscribers are getting the first look at what’s inside. Subscribers now have access to stories on: – SoftBank (in the wake of WeWork’s implosion) along with closeups on two of the other companies the Japanese mega-firm is backing: Compass and Katerra – How big institutional players are jumping into the rent-reform fight – The Silicon Valley techies who are buying luxury NYC pads – JLL

Ben Shaoul uses Bitcoin to sell retail condo for $15M

Posted: 01 Nov 2019 09:33 AM PDT

Ben Shaoul has sold an Upper East Side retail condo for $15.3 million in Bitcoin. The landlord, whose firm Magnum Real Estate Group is converting 389 East 89th Street from rentals to condos, sold the 11,400-square-foot space earlier this month, The Real Deal has learned. The buyer is a Taiwanese entity called Affluent Silver International LLC, according to a person familiar with the deal. To complete the transaction the parties used Bitpay and Starr. Eric

The Lobbyist’s playbook: how the industry is preparing for another rent regulation battle

Posted: 01 Nov 2019 08:15 AM PDT

If there’s one home truth landlords have learned of late, it’s that millions of dollars in lobbying muscle can only take you so far. With lawmakers in major U.S. cities prioritizing rent regulation, owners have been left to lick their wounds, evidenced in the statewide rent control measure recently passed in California. It’s a victory for the 4.6 million renters in properties that will be subject to the new law (AB 1482), which caps all

Howard Lorber picks up unit at the Bristol in West Palm Beach

Posted: 01 Nov 2019 07:30 AM PDT

UPDATED, Nov. 1, 11:50 a.m.: Howard Lorber is now an owner at the Bristol in West Palm Beach. Property records show Vector Group CEO and Douglas Elliman chairman paid $6.87 million for unit 1601 at the luxury condo tower, which overlooks the nearby Palm Beach island, where the luxury market has seen record sales this past summer. Flagler Investors, led by Al Adelson and Gene Golub, developed the Bristol, a 25-story, 69-unit luxury tower at

WeWork’s white elephant: Insiders savage Lord & Taylor building buy

Posted: 01 Nov 2019 05:15 AM PDT

As WeWork attempts to scrub its image clean of Adam Neumann, some of the ousted CEO’s transactions serve as a bitter reminder of the company’s former culture of excess. One is WeWork’s $850 million purchase of the Lord & Taylor building. Six current and former WeWork employees familiar with the acquisition told The Real Deal that WeWork overpaid, perhaps by as much as $200 million. Moreover, some said, the deal was rife with potential conflicts

Downtown Brooklyn is getting another Hilton

Posted: 01 Nov 2019 04:30 AM PDT

Brooklyn’s getting a new Hilton, just a block from another one. The new hotel at 88 Schermerhorn Street will operate as a Motto by Hilton, a micro-hotel brand Hilton launched about a year ago, its developers confirmed. It’s a stone’s throw from Flank’s Hilton Brooklyn at 140 Schermerhorn Street. The new Motto hotel is owned by AWH Partners and partner Opterra Capital, a company founded two years ago by former Blackstone Group managing director Glenn

Real estate donors: Election? What election?

Posted: 01 Nov 2019 04:00 AM PDT

There’s a citywide election next week, but don’t look now. The real estate industry hasn’t. The sector sank money into the February special election for public advocate, but has almost completely ignored winner Jumaane Williams’ bid to remain in office. Two reasons: The Democrat is forsaking real estate donations and is heavily favored to defeat Republican City Council member Joseph Borelli and Libertarian candidate Devin Balkind Nov. 5. The relative insignificance of the post is