The Real Deal - New York Real Estate News

Gilmartin splitting from Lapidus, Levinson

Posted: 14 Dec 2019 05:21 PM PST

After less than two years, MaryAnne Gilmartin is splitting off from her development partners David Levinson and Robert Lapidus to go it alone. Gilmartin, the former CEO of Forest City Ratner who teamed up with L&L Holding Co.’s Levinson and Lapidus to form L&L MAG in January 2018, has exercised an option to exit the partnership, Crain’s reported. Her new firm, to be called MAG Partners, will continue to focus on ground-up projects. “Two years

Burt Resnick, who headed major landlord Jack Resnick & Sons, dies

Posted: 14 Dec 2019 03:12 PM PST

Burton Resnick, who helmed his family firm Jack Resnick & Sons for over three decades, building up its holdings and clout to count it among the dynasties of New York real estate, died Saturday. “Burt’s dedication to improving our City and representing the best interests of our industry was unmatched,” the Real Estate Board of New York, a powerful industry trade group which Resnick twice chaired, said in a statement. Resnick, who grew up in

What #vanlife says about a possible recession

Posted: 14 Dec 2019 10:00 AM PST

Despite the many articles touting millennials embracing glamping and #vanlife, the recreational vehicle industry has struggled with declining sales and a glut of product over the last two years. It’s particular concerning because some believe the RV market is a predictor of an economic downturn. “The RV industry is better at calling recessions than economists are,” Michael Hicks, an economist at Ball State University, told the Wall Street Journal in August. But manufacturers say the

Joe Sitt’s $100M plan for Pablo Escobar’s Tulum compound

Posted: 14 Dec 2019 07:00 AM PST

It was Pablo Escobar who once said, “Everyone has a price, the important thing is to find out what it is.” For Joe Sitt, that price was apparently $17.5 million. That’s how much the Thor Equities head paid to acquire a piece of a Tulum compound that once belonged to the notorious Columbian cocaine trafficker. Known as Casa Magna, the collection of three-story beach houses are currently vacant. Sitt plans to spend up to $100