The Real Deal - New York Real Estate News

Council to vote on bill to curb Mitchell-Lama cheating

Posted: 13 Nov 2019 03:00 PM PST

The New York City Council is expected to pass a bill Thursday that aims to highlight violations of the Mitchell-Lama waitlist. The bill, sponsored by Public Advocate Jumaane Williams, seeks to shed light on how residents are chosen for Mitchell-Lama housing — coveted because it provides affordable rental and cooperative apartments to moderate- and middle-income families. Selections are made from individual waitlists at each property. The bill would require the Department of Housing Preservation and

One of Gary Barnett’s longtime deputies is leaving Extell

Posted: 13 Nov 2019 02:45 PM PST

One of Gary Barnett’s longtime deputies is leaving Extell Development after more than two decades at the prolific builder. Raizy Haas, Extell’s senior vice president of development, has made plans to step down, sources told The Real Deal. It’s not clear what Haas plans to do next or who will take over her duties at Extell. But one source said she will stay on through the rest of the year. Barnett confirmed Hass’ plans to

Macklowe selling out of Midtown tower, Brooklyn lawmaker wants to rewrite federal housing rules

Posted: 13 Nov 2019 02:35 PM 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]. This page was last updated at 5:35 p.m. Video produced by Sabrina He Sotheby’s International Realty tapped a new chief marketing officer. A. Bradley Nelson, previously the firm’s senior vice president of marketing, was promoted to CMO. The firm also moved into its new

Battle of the boroughs: Tallying the city’s top law firms by real estate sales

Posted: 13 Nov 2019 02:00 PM PST

Fried, Frank, Harris, Shriver & Jacobson took the lead by investment sales dollar volume in Manhattan at $2.43 billion between July 2018 and June 2019, as well as in Queens ($475 million) and the Bronx ($203.5 million). And the global law firm came in first in Queens thanks to just one deal: Blackstone Group’s purchase of Parker Towers from the Jack Parker Corporation last November. But Fried Frank was nowhere to be found on TRD’s

Inside the Waldorf Astoria’s condo conversion

Posted: 13 Nov 2019 01:15 PM PST

Luxury buyers will soon be able to own a pad in the famed Waldorf Astoria. Chinese developer Anbang Insurance Group is pouring $1 billion into converting the 47-story, hotel into condominiums, according to the Wall Street Journal. And it’s banking on the hotel’s history — of housing presidents, royals and celebrities — to draw in deals. Anbang acquired the iconic Park Avenue building in 2015 for $1.95 billion, and the hotel has been closed since

Central Park South deal tops list of week’s luxury home sales

Posted: 13 Nov 2019 01:00 PM PST

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

Trump Organization sues Dean & DeLuca over rent defaults

Posted: 13 Nov 2019 12:00 PM PST

Add a lawsuit from the Trump Organization to the litany of problems facing Dean & DeLuca. President Donald Trump’s family firm has sued the struggling gourmet grocer for defaulting on its lease at 40 Wall Street, according to Crain’s. It is seeking more than $16 million but is still waiting on a response from Dean & DeLuca. The lawsuit was filed in July, and according to Crain’s, the grocer doesn’t appear to have hired legal

City doing surprise lead inspections on older buildings

Posted: 13 Nov 2019 11:51 AM PST

Two city agencies are teaming up to perform surprise lead inspections on older buildings undergoing work. The Buildings and Health departments are showing up unannounced at sites with active construction permits, targeting pre-1978 buildings under renovation. Inspectors are looking for excessive dust. If lead is found in the dust, additional violations and a stop-work order are issued. So far this year the agencies have conducted 63 such inspections and issued 39 violations at 17 different

National groups fund NY landlords’ suit against rent law

Posted: 13 Nov 2019 11:01 AM PST

It’s not just New York trade associations fighting back against Albany’s new tenant-friendly rent law. Five real estate trade groups — National Apartment Association, National Association of Realtors, National Multifamily Housing Council, National Association of Home Builders and New York State Builders Association — are providing financial backing to a lawsuit looking to upend New York’s rent law. “The whole effort will collectively cost several million dollars,” said Jay Martin, the executive director of the

Long Island City building fetches $47M in wake of rent law

Posted: 13 Nov 2019 10:00 AM PST

A sign of life has just flashed across New York City’s multifamily market. Sales have come to a virtual halt since New York drastically tightened its rent law in June, but Arik Lifshitz’s DSA Property Group is purchasing a 115-unit rental building at 29-28 41st Avenue in Long Island City for $47 million, according to sources familiar with the deal. The units are market-rate and largely exempt from the new limits on rent increases. “The

The people left behind by SoftBank’s startups

Posted: 13 Nov 2019 08:29 AM PST

A Chicago real estate agent was unable to access basic marketing materials after joining brokerage Compass. A hotel owner in India is facing eviction after hospitality startup Oyo stopped making payments. And an employee for Rappi, a Colombian delivery startup, was told he would need to buy a new phone after he was robbed on the job. These people are among those sidelined by startups backed by SoftBank’s $100 billion Vision Fund, which provided them

CW Realty to bring mixed-use project to troubled Williamsburg site

Posted: 13 Nov 2019 05:15 AM PST

Third time’s a charm? Cheskie Weisz’s CW Realty Management is bringing an eight-story mixed-use complex to a Williamsburg site that had seen plans for two hotels fall through. The project, to be built at 280 Meeker Avenue, near Lorimer and Withers streets, will span nearly 51,000 square feet and house 69 apartments, according to an application with the Department of Buildings. There also will be space for parking and a community facility. Weisz’s firm entered

Sizing up NYC’s real estate law firms with the highest attorney headcounts

Posted: 13 Nov 2019 04:30 AM PST

The law firm face-off continues. On the heels of last month’s ranking and story “NYC’s barrister brain trust,” The Real Deal dove deeper into the numbers. This month, we sized up the real estate-only firms with the highest attorney headcounts and the firms that oversaw the largest commercial sales and loan dollar volumes by borough (excluding Staten Island). “It’s very competitive,” said Kramer Levin Naftalis & Frankel partner Jay Neveloff. “There are still a lot

Design it the Martha Way: Martha Stewart to brand real estate developments worldwide

Posted: 13 Nov 2019 04:00 AM PST

How would Martha design it, build it and sell it? Soon, we’ll find out. Marquee Brands, which owns the Martha Stewart brand, hired real estate agency Brand Labs International to identify cities, developers and real estate projects for the Martha Stewart brand, The Real Deal has learned. Brand Labs International’s CEO Florian Haffa said that Stewart will be involved in the design of various developments. The partnership is in talks with specific developers in the