The Real Deal - New York Real Estate News

For the birds: NYC buildings told to use flight-friendly materials

Posted: 10 Dec 2019 02:52 PM PST

Flight conditions in New York City just got a little clearer — for birds, that is. The City Council on Tuesday approved a bill that requires bird-friendly materials to be used for 90 percent of the building envelope on new projects and major renovations. It applies to the first 75 feet of a structure, into which birds are most likely to fly. The measure defines “bird-friendly” as glass and facade materials that are more visible

Porter House penthouse among NYC’s 5 priciest homes to hit the market last week

Posted: 10 Dec 2019 01:00 PM PST

The first week of December saw pricier listings come online, with homes ranging from $19.5 million to just under $10 million hitting the market. Combined, the top five listings in New York City totaled $62.4 million. Here’s a look at the priciest ones to hit the market between Dec. 2 through Dec. 8, according to an analysis of StreetEasy and Compass data. 1. 1 West End Avenue, Unit 29B | Lincoln Square | $19.5 million

Cuomo goes after Sam Chang as union drama unfolds

Posted: 10 Dec 2019 12:10 PM PST

UPDATED, 9:14 p.m. Dec. 10: Hotel union drama appears to be behind a $2 million lawsuit against Sam Chang. And now Gov. Andrew Cuomo has the prolific hotel developer in his crosshairs. After the cleaning workers at his Club Quarters Wall Street hotel voted to join the New York Hotel Trades Council over the summer, Chang abruptly fired them about two months later, according to the New York Daily News. A total of 48 workers

Lonely townhouse finds a match after years on market

Posted: 10 Dec 2019 11:45 AM PST

For 1,651 days, a Georgian-style townhouse on a stately Upper East Side block waited for a buyer. The 10,021-square-foot listing was passed from one brokerage firm to another, and another. Finally, last week, 15 East 90th Street went into contract for $16.5 million. It was the highest-priced luxury signing of the week, according to the latest Olshan market report. The property was one of 19 above $4 million to go into contract in that period.

Gary Keller walks into Berkshire Hathaway’s backyard and takes its top team

Posted: 10 Dec 2019 11:12 AM PST

Berkshire Hathaway’s residential brokerage just lost one of its biggest stars to its chief rival Keller Williams. In its own stomping grounds of Omaha, Nebraska, no less. Jeff Cohn and his 35-person team, Omaha’s Elite Real Estate Group, plan to join Keller Williams in January, the company said. Cohn’s team is No. 1 at Berkshire Hathaway HomeServices, with 617.5 transactions last year, according to research firm RealTrends. Those deals were valued at more than $100

RedSky sells building across from Barclays Center as partner liquidates holdings

Posted: 10 Dec 2019 10:15 AM PST

RedSky Capital sold one of its Brooklyn retail properties as its publicly listed partner looks to shed assets and pay back shareholders. The Williamsburg-based developer sold the Triangle Sports building across from the Barclays Center in Park Slope to Hidrock Properties for $7 million, sources told The Real Deal. Hidrock, which is run by the Hidary family, is planning a multi-million dollar renovation of the three-story building at 182 Flatbush Avenue, which has 196 feet

Toll’s profits plunge 20% amid housing slowdown

Posted: 10 Dec 2019 09:55 AM PST

Lackluster home sales took a bite out of Toll Brothers’ 2019 profits, which dropped 20 percent to $590 million, the homebuilder reported Monday. The Pennsylvania-based firm reported $7.08 billion in 2019 revenue from home sales, down 1 percent year over year. Net signed contract value dropped 12 percent to $6.71 billion. But the company said buyer demand rose during the fourth quarter of the year — signaling improvement ahead. At the end of the quarter,

They paved paradise to sell a parking lot

Posted: 10 Dec 2019 09:30 AM PST

“They paved paradise to put up a parking lot,” Joni Mitchell famously sang. However, in hot real estate markets, we’re well past that. Developers, desperate for prime land upon which to build, are increasingly eyeing parking lots, and that has caused trading activity of such assets to soar. In 2016, for example, there were over 200 sales of parking lots, according to CoStar Group data cited by the New York Times. That’s more than double

Big tech puts Manhattan office leasing within reach of annual record

Posted: 10 Dec 2019 08:45 AM PST

Manhattan office leasing is closing in on a strong finish to the year, as Facebook’s massive Hudson Yards deal pushed November’s leasing activity to a 5 percent increase year-over-year. The social media giant’s 1.5 million-square-foot lease across 30, 50 and 55 Hudson Yards accounted for nearly 40 percent of the island’s 3.87 million square feet of office space leased last month, according to the latest market snapshot report from Colliers International. “We are very close

Here are the top seller’s and buyer’s markets across the country

Posted: 10 Dec 2019 08:00 AM PST

Buyers waiting on the sidelines, waiting for the market to turn in their favor. Sellers refusing to adjust their prices, in the hopes that conditions will swing their way: It’s the stuff brokers’ nightmares are made of. Getting a better sense of which markets across the U.S. lean in favor of the buyer or seller might lead to more sensible pricing decisions and boost activity. And a new analysis aims to do just that. According

Madison Realty Capital planning condo by Madison Square Park

Posted: 10 Dec 2019 07:15 AM PST

Madison Realty Capital is planning a new condo building along Madison Square Park. The firm filed plans with the Department of Buildings on Friday for a roughly 81,000-square-foot project at 14-16 Fifth Avenue that will stand 21 stories and 244 feet tall with 18 residential units. Madison Realty Capital bought the mixed-use property in 2015 with City Urban Realty for $27.5 million. At the time, the companies said they planned to renovate the building’s existing

The priciest Brooklyn condo filings of 2019

Posted: 10 Dec 2019 06:30 AM PST

UPDATE: Tuesday, Dec. 10, 2019, 4:20 p.m: Yoga studios, private parks, multi-level fitness centers: Developers behind this year’s 10 priciest Brooklyn condo filings are leaning into health-conscious amenities in the battle for buyers. In an effort to inspire visions of a lifestyle, rather than just a place to live, marketing materials for 98 Front in Dumbo claim spaces inside the property are “designed to practice self-care.” At another Front Street project, three blocks away at

Adam Neumann looks to sell Gramercy penthouse

Posted: 10 Dec 2019 06:18 AM PST

The price could come out to five “We” trademarks. Former WeWork CEO Adam Neumann is looking to sell his triplex penthouse at 78 Irving Place, Bloomberg reported. The former SoftBank darling is working with Nick Gavin of SoftBank-backed Compass to find a buyer, sources told the outlet. Two years before the co-working firm’s botched IPO attempt and Neumann’s billion-dollar ouster, the charismatic businessman picked up four units at the seven-story property for $35 million, The

Coming soon: The Real Deal’s 2020 Data Book

Posted: 10 Dec 2019 06:00 AM PST

The Real Deal is preparing the 15th edition of its Data Book, the most comprehensive collection of information on the New York–area real estate market. Included in the 2020 Data Book will be a ranking of Manhattan’s top residential brokerages, Brooklyn’s most active developers, the city’s biggest real estate loans of the year and more! With data pulled, vetted and analyzed on all major aspects of the industry, the Data Book provides vital information for

Following merger, Viacom could sell CBS’ Midtown HQ

Posted: 10 Dec 2019 05:44 AM PST

After merging with CBS for the second time in twenty years, Viacom is once again considering a sale of CBS’ 38-story Midtown headquarters. ViacomCBS CEO Bob Bakish announced Monday that the newly formed media conglomerate had tapped CBRE to review its entire real estate portfolio, Bloomberg reported. The company aims to cut costs by $500 million. No price was indicated for the 1965 skyscraper, designed by Finnish-American architect Eero Saarinen. When Viacom first purchased CBS

For gifting season: the books every real estate pro should read

Posted: 10 Dec 2019 05:30 AM PST

It’s that time of year again, when so many of us face dicey gift-giving situations with friends, clients and colleagues. Are we definitely exchanging? How much are we spending? Is a bottle of wine appropriate? Does a gift card seem too impersonal? Ugh. Go for the fail-safe option by gifting them an insightful book that’ll be a pleasure to read while providing some invaluable knowledge on the world of real estate. Below, The Real Deal

What are Ryan Serhant’s politics?

Posted: 10 Dec 2019 05:00 AM PST

There’s an unspoken rule among residential agents: don’t talk politics. Ever. Conventional wisdom dictates that any public statement of political affiliation risks alienating a potential client. As a broker whose personal life has been exposed for the cameras for years on “Million Dollar Listings: New York,” Nest Seekers broker Ryan Serhant has deftly managed to keep this one thing about himself under wraps. “I’m public enough. I don’t need to be that public,” he said

Ben Carson vs. the critics

Posted: 10 Dec 2019 04:30 AM PST

Ben Carson’s office is what one might expect from a former neurosurgeon: clean, with few distractions, in a sterile, hospital-like setting. The Secretary of the U.S. Department of Housing and Urban Development has routinely characterized the agency’s 1960s-era concrete semi-circular structure — the Robert C. Weaver Federal Building — as the ugliest in Washington, D.C. One of the few paintings in his office is of members of the president’s original cabinet, including Carson, crossing a

Why a $68M townhouse listing was abruptly pulled off the market

Posted: 10 Dec 2019 04:00 AM PST

It could have been one of the priciest townhouses ever sold in New York. This October, British antiques dealer Carlton Hobbs, who was accused of selling fakes a decade ago, quietly listed his Upper East Side commercial townhouse for $68 million. The 57-foot wide limestone mansion at 60 East 93rd Street measures a whopping 23,000 square feet. The property, which last traded hands in 2002, was being shopped by Brown Harris Stevens’ John Burger, who