The Real Deal - New York Real Estate News

Three listings asking more than $20M went live last week

Posted: 23 Dec 2019 02:41 PM PST

There’s something in the air and it’s not just holiday spirit. As Manhattan’s luxury market is seeing its busiest December in years when it comes to contract signings, listings with high price tags are hitting the market in numbers with three of last week’s priciest listings asking over $20 million. All told, the third week of December saw the five most expensive homes new to the market range from $59 million to $8.5 million, according

Behold the largest projects of 2019

Posted: 23 Dec 2019 01:31 PM PST

More than two years ago, the city rezoned more than 70 blocks in Midtown East, paving the way for some 6.5 million square feet of new office space. The first major project to take advantage was JPMorgan’s new headquarters at 270 Park Avenue. The company announced in early 2018 that it would demolish its existing headquarters and build another one 1,400 feet and 70 stories tall. But not until this June did the company submit

Analysts still baffled by Brookfield’s big bet on malls

Posted: 23 Dec 2019 12:30 PM PST

Brookfield Asset Management’s massive investment in malls is looking worse than ever to some observers. Since its nearly $15 billion acquisition of General Growth Properties in 2018, Brookfield Property Real Estate Investment Trust, a publicly traded vehicle formed after the purchase, has seen its shares decline by 13 percent, the Wall Street Journal reported. The second-largest mall owner in the country, GGP’s portfolio includes 125 buildings — mostly malls. According to an analysis by Green

Two of Elliman’s big hitters join Compass

Posted: 23 Dec 2019 12:04 PM PST

Darren Sukenik and Benjamin Glazer, two of Douglas Elliman’s heavy hitters in new development, have decamped to Compass. Their seven-person team, which was Elliman’s top team in Tribeca and Greenwich Village last year, joined the Softbank-backed brokerage Monday, the company said. Compass said the Sukenik-Glazer team has sold $5 billion to date. It has worked on new developments including 111 Murray Street, 10 Madison Square West and 150 Charles Street. Last year, the team sold

Prospect-Lefferts Gardens is getting a new 165-unit apartment building

Posted: 23 Dec 2019 11:30 AM PST

A Queens-based family firm filed plans on Friday for a new apartment building in Prospect-Lefferts Gardens. K2 Real Estate Partners filed plans for an eight-story, 161,000-square-foot apartment building at 210 Clarkson Avenue, Department of Buildings records show. The project is expected to feature 165 apartments, as well as a supermarket on the first floor. Manhattan-based Hill West is the architect of record. An entity tied to Shmuel Wallerstein purchased the site for $20.5 million in

Developers call Inwood ruling another blow in war against them

Posted: 23 Dec 2019 10:56 AM PST

Developers say a judge’s ruling last week against the Inwood rezoning was a stunning example of why they feel under attack by New Yorkers. In a decision that surprised even its supporters, New York Supreme Court Justice Verna Saunders overturned the rezoning Thursday, assailing the city’s review process for not considering the potential socioeconomic impact of the rezoning. The development community was horrified. “I was so shocked by the annulment because, if you think about

Busiest December in years for Manhattan luxury property deals

Posted: 23 Dec 2019 10:22 AM PST

Don’t look now, but there’s a rally of sorts in New York’s luxury market — spurred by price chops, not bidding wars. More than 60 contracts have been signed this month for Manhattan homes at prices of $4 million or higher, according to Olshan Realty. That makes this month the best December in three years — and there’s still one week to go. Donna Olshan called the 18 signed contracts in her firm’s latest weekly

Even foes of Inwood rezoning shocked by its reversal

Posted: 23 Dec 2019 08:45 AM PST

When a judge overturned the Inwood rezoning last week, developers were shocked. So were the activists who opposed the rezoning. During an extended long-shot campaign, a coalition of community organizations, under the banner Northern Manhattan is Not for Sale or “NMN4$,” staged raucous protests and packed the courtroom to voice their discontent with the city’s plan. The rezoning was approved in August and few expected the lawsuit to get traction. “I didn’t think the court

McDonald’s sells Midtown retail building for $35M

Posted: 23 Dec 2019 08:15 AM PST

McDonald’s parted with a three-story retail building it had owned in Midtown Manhattan for decades. The fast-food giant sold the nearly 5,800-square-foot building at 429 Seventh Avenue for $35 million, property records filed with the city on Friday show. McDonald’s didn’t immediately return a request for comment. The buyer was Buvet Fee Owner LLC, whose authorized representative is Michele Gagnon, according to records. The deal works out to just over $6,000 per square foot. The

Emily Ratajkowski and husband got paid to leave NYC pad

Posted: 23 Dec 2019 07:45 AM PST

Try this move on for size. Supermodel Emily Ratajkowski and her movie producer husband Sebastian Bear-McClard — who was behind the recently-released film “Uncut Gems” — skipped out on $160,000 of rent over two years before being paid to leave, according to the New York Post. The couple’s justification for not paying their rent was that they were “fighting the good fight against a real estate conglomerate” that bought their building, 49 Bleecker, for $40

WeWork’s rescue package may be in trouble

Posted: 23 Dec 2019 06:19 AM PST

SoftBank Group is trying to borrow $3 billion from Japan’s three largest banks as part of its effort to save WeWork and it’s not going well. Talks have stalled amid the lenders’ concern over credit risk and reports that the banks have hit internal limits, Reuters reported. The three banks involved are Mizuho Financial Group, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group. Despite halting discussions, the banks are trying to work with the

Brooklyn Hospital Center plans land sale amid redevelopment

Posted: 23 Dec 2019 06:01 AM PST

Brooklyn Hospital Center is plotting to redevelop its Fort Greene site and plans to unload some of its property along the way. The proceeds from the sale would go toward the hospital’s planned $1.2 billion renovation and $50 million in deferred maintenance costs, according to the Wall Street Journal. To kick off its redevelopment, the hospital will submit paperwork seeking the rezoning of its 5.5-acre site that fills an entire block adjacent to Fort Greene

Data alert: Brooklyn and Queens’ latest condo inventory stats are in

Posted: 23 Dec 2019 05:30 AM PST

New development condo report Brooklyn • Inventory expanded as developers filed more units than were purchased • Developers filed 16 plans with 140 units • The state approved seven plans with 88 units valued at $59 million • Buyers purchased 115 units valued at $122 million Queens • Inventory expanded as developers filed more units than were purchased • Developers filed three plans with 75 units • The state approved one plan with 46 units

Bronx pol has two connections to our weekly deals list

Posted: 23 Dec 2019 05:00 AM PST

The five mid-market investment deals made public in New York City last week included two with an indirect connection to City Council member Mark Gjonaj. In one, his brother Paul Gjonaj sold a Bronx multifamily building for about $12.5 million. In the other, Steven Squitieri, who according to Crain’s once co-owned a City Island restaurant with Paul Gjonaj, sold a Bronx warehouse for $28.5 million. Simone Development, led by Joseph Simone, a major figure in

Elliman buys Houston luxury brokerage John Daugherty Realtors

Posted: 23 Dec 2019 04:30 AM PST

Everything’s bigger in Texas, including the brokerage wars. Douglas Elliman just acquired residential brokerage John Daugherty Realtors in Houston, Texas for an undisclosed price, according to the Houston Chronicle. Founded in 1967, John Daugherty Realtors has 125 agents with a focus on luxury sales. It claimed $1.1 billion in sales volume in 2018, ranking No. 7 in the market, according to data from Real Trends. The deal is expected to close in January. New York-based

New York’s most buzzworthy designs of 2019

Posted: 23 Dec 2019 04:00 AM PST

This year’s collection of the hottest renderings run the gamut from supertall Midtown offices to a Williamsburg beach. Some of the images face an uncertain path to realization, but indicate that the next generation of New York City’s prominent projects will loom large above their surroundings or provide access to the concrete jungle’s shoreline. Buildings earmarked to become offices along Park Avenue notably dominated 2019’s most compelling designs, though waterfront projects in Brooklyn and the