The Real Deal - New York Real Estate News

These stats tell the story of WeWork’s fall and CEO Adam Neumann’s ouster

Posted: 04 Nov 2019 02:00 PM PST

Even after controversial CEO Adam Neumann’s spectacular ouster, WeWork remains the most talked about company in the business world. Watch this video for the most telling stats of WeWork’s fall from grace.

Who’s buying what? Here are our top luxe resi sales

Posted: 04 Nov 2019 01:30 PM PST

Pricey deals continue to close at Vornado Realty Trust’s ultra-luxury tower 220 Central Park South. And Lee Radziwill’s long-time abode on the Upper East Side also traded hands last month. Here are some other notable sales from around the Big Apple. Source: A review of public records filed with the New York City Department of Finance from Oct. 28 to Nov. 1. 1. Aleksandra Melnichenko, a former model and singer and the wife of Russian

From Shaq to Leonardo DiCaprio, the latest celebrities to invest in real estate

Posted: 04 Nov 2019 12:45 PM PST

Celebrities from Jennifer Aniston to Sting to Oprah Winfrey regularly make headlines when they buy or sell lavish homes, but a handful of actors, athletes and public figures have taken their real estate investing to the next level. Retired all-star Yankee Alex Rodriguez — who was featured on The Real Deal’s cover last month — is a case in point. His firm, A-Rod Corp., has purchased more than 15,000 apartments nationwide since 2003 and is

Apple follows Google and Facebook with $2.5B housing plan for California

Posted: 04 Nov 2019 12:00 PM PST

First it was Google, then Facebook. Now, Apple has become the latest Silicon Valley titan to pledge billions of dollars to address California’s affordable housing crisis. On Monday, the Cupertino-based company announced a $2.5 billion housing plan, according to the New York Times. About $1 billion will go to develop affordable housing — and like Google and Facebook — the plan includes building on Apple-owned land in San Jose. Another $1 billion will help first-time

Wing execs shocked by pregnancy lawsuit; Macklowe can’t get permits for illegal work

Posted: 04 Nov 2019 11:35 AM PST

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]. Updated as of 2:35 p.m. Executives at The Wing are shocked that one of the company’s directors is named in a pregnancy discrimination lawsuit. Jennifer Berrent, WeWork’s chief legal officer and a director of The Wing, is named as a defendant in a complaint

These were NYC’s top office leases in October

Posted: 04 Nov 2019 11:15 AM PST

October was an exciting month in New York City office leasing, with nearly 2.2 million square feet across the top 10 deals made public. Each of the top three leases on this month’s list was 300,000 square feet or more. Tenants ranged from real estate firms to software companies. The total square footage of October’s top 10 office leases was a major jump from September’s total of 820,500 square feet. 1) Tribeca Associates, Meadow Partners,

Corcoran’s Brian Meier heads to Christie’s

Posted: 04 Nov 2019 10:31 AM PST

Brian Meier — one of the Corcoran Group’s top-producing agents — has joined Christie’s International Real Estate’s two-year-old New York brokerage. Meier and his 11-person team, including his wife, Kate, moved to Christie’s Friday, he confirmed. Meier joined Corcoran in 2015 from Douglas Elliman. Last year, the team closed $112.6 million in sales. It currently has more than a dozen for-sale exclusives, including 310 West 88th Street, an 8,850-square-foot townhouse asking $14.5 million. Meier said

Netflix and … filled: Streamers are gobbling up remaining space in LA, but how much is left to go around?

Posted: 04 Nov 2019 09:45 AM PST

The streaming wars’ latest skirmish came in October when Apple announced it would produce the World War II series “Masters of the Air” in-house at the company’s Apple TV+ studio in Culver City. Hollywood saw the news as proof that Apple is joining Netflix and Amazon Studios as streaming’s biggest threats to film studios, and that it would be foolish to bet against Apple, what with its $1 trillion-plus valuation. “Apple is ready for takeoff,”

Pair of DoBro properties up for sale by Slate, Meadow Partners

Posted: 04 Nov 2019 09:03 AM PST

One of Downtown Brooklyn’s newest apartment towers as well as a site next door that can accommodate an even bigger one are for sale. Developer Slate Property Group and its private equity real estate partner, Meadow Partners, have put the 19-story, 183-unit rental building they completed last year at 1 Flatbush Avenue on the market. Slate and Meadow are also looking to sell the development site next door at 570 Fulton Street, which the city

New Equinox tops list of NYC retail leases in October

Posted: 04 Nov 2019 08:19 AM PST

Pounds on, pounds off. October featured another month of restaurants and gyms populating the list of New York City’s top 10 retail leases. Fitness chain Equinox secured the top retail lease of the month. This list also includes sports leagues, harvest markets, and clothing providers. Last month’s retail leasing numbers continued the downturn in total square footage seen from August to September. October’s top 10 retail leases totaled 103,348 square feet, compared to September’s 187,900.

Ambitious Bronx project gains powerful union ally

Posted: 04 Nov 2019 07:30 AM PST

A breathtakingly ambitious Bronx project now has Gary LaBarbera in its corner. The president of the Building and Construction Trades Council of Greater New York came out strongly in favor of the project during a tour of the expansive site, citing the employment the development would create. “It is going to open opportunity for thousands of jobs, 10,000 permanent jobs for residents of the Bronx,” the powerful labor leader said. “And it’s going to create

“It’s not the end of the world,” landlord says of new rent laws

Posted: 04 Nov 2019 06:05 AM PST

New York Multifamily Summit A Halloween panel of multifamily industry players had sobering market predictions — and a call to action — for an audience of landlords, investors and brokers. “We are seven votes shy of universal rent control. ‘Just cause’ eviction, carried by Senator Julia Salazar, has 25 sponsors as it is written. And it is going to happen unless this industry does something about it,” said Jay Martin, executive director of small-landlord lobby

Here’s one Democratic challenger who’ll take real estate money

Posted: 04 Nov 2019 05:15 AM PST

Josue Pierre is challenging Brooklyn State Sen. Kevin Parker — and accusing the incumbent of accepting donations from the “slumlord lobby.” But unlike many other insurgent candidates taking on Democrats, Pierre is not rejecting all real estate money. He said he will accept contributions from developers who are “doing the right thing.” Walking both sides of that line, however, is proving to be problematic for the Senate hopeful. Asked to identify Parker’s alleged “slumlord” donors,

Piecing together SoftBank’s disruptive real estate bets

Posted: 04 Nov 2019 04:30 AM PST

Masayoshi Son was widely regarded as an eccentric-but-gifted entrepreneur when, in 2014, he dazzled investors during an earnings presentation by showing them a picture of a large, brown-feathered bird. “SoftBank wants to become the goose that lays the golden eggs,” Son told them, two years before launching a $100 billion Vision Fund that went on to anoint a crop of promising startups. But over a turbulent six weeks starting in September, one of its biggest

Breather hires former Regus exec to lead real estate division

Posted: 04 Nov 2019 04:00 AM PST

Office-space company Breather is stocking its executive ranks in a bid to ramp up expansion. The firm, which offers meeting spaces on an hourly basis, and office space from a day to months at a time, has hired former Regus executive Dan Suozzi to lead its real estate division. He started Friday. “My main priority is to expand the portfolio,” said Suozzi. That mission comes at a tumultuous time for real estate startups. Many face