The Real Deal - New York Real Estate News

Rockpoint, Highgate slice $75M off price of Meatpacking site

Posted: 13 Jan 2020 01:45 PM PST

An office-and-retail development in the Meatpacking District is back on the market — and this time, it’s freshly packed with meat. Rockpoint Group and Highgate Hotels are once again looking to sell their office development in the Meatpacking District, according to Crain’s. The developers told the publication that the property has inked a brand new retail lease for Turkish restaurateur Nusret “Salt Bae” Gökçe’s Nusr-Et steakhouse. The partners are seeking $275 million for the leasehold

Five priciest homes to hit the market last week all over $22M

Posted: 13 Jan 2020 01:15 PM PST

The first full work week of the decade was a strong one for luxury listings. Five pricey apartments ranging from nearly $23 million to $25 million hit the market, significantly higher amounts than in previous weeks. Combined, the five priciest listings in New York City totaled nearly $120 million. Last week, the combined value of the most expensive five new listings was about $88 million. Notably, a spate of listings at 53 West 53, the

Coming soon: The Real Deal’s 2020 Data Book

Posted: 13 Jan 2020 12:45 PM 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

Trump Org blasts mayor for criminal referral of tax findings

Posted: 13 Jan 2020 12:00 PM PST

The Trump Organization blasted the New York City mayor for saying his probe of the company turned up evidence of a possible crime. Following a news report late last year that President Donald Trump’s development firm reported different income figures to lenders and the government for the same real estate, Mayor Bill de Blasio launched an investigation. The mayor said Friday that some of his administration’s findings had been referred to Manhattan District Attorney Cyrus

Data Alert! Manhattan and Brooklyn investment sales in November 2019

Posted: 13 Jan 2020 11:30 AM PST

Investment sales in Manhattan and Brooklyn Manhattan investment sales had a slow November with just $1.54 billion in deals recorded, a 46% drop from the month before and 37% below the 12-month average. The borough’s largest deal went to the Qatar Investment Authority, which bought the hotel and commercial portions of the St. Regis Hotel building from Marriott International for $310 million. Brooklyn’s investment sales also slowed down somewhat, with $503 million in deals recorded

Warehouse frenzy continues as newcomer makes $134M Brooklyn buy

Posted: 13 Jan 2020 10:45 AM PST

An Illinois-based industrial real estate company is making a massive debut in New York City, purchasing almost 1 million square feet of warehouse space in Brooklyn for $134 million. CenterPoint Properties has purchased the leasehold interest at 101-01 Avenue D, 103-00 Foster Avenue and 101-10 Foster Avenue, along with a one-acre lot on East 105th Street between Avenue D and Foster Avenue, the company announced on Monday. The three-building portfolio spans 925,411 square feet and

Manhattan luxury home market off to worst start in seven years

Posted: 13 Jan 2020 10:09 AM PST

The first two weeks of January saw just 19 contracts signed for Manhattan homes asking at least $4 million — the fewest in that time period since 2012, when 13 such deals were reached. For context, 50 contracts were signed in the first two weeks of both 2014 and 2017. Developer Joseph Chetrit topped last week’s luxury list, finding a buyer for his brownstone at 118 East 76th Street after more than two years of

Cobble Hill townhouse is again priciest Brooklyn contract

Posted: 13 Jan 2020 08:30 AM PST

For the second week in a row, a townhouse on Amity Street in Cobble Hill was the priciest residential deal to go into contract in Brooklyn. At $8 million, the townhouse at 166 Amity Street was the priciest residential deal to go into contract in Brooklyn last week. The week before, a townhouse at 94A Amity Street was the priciest deal in Brooklyn at $6.4 million. The townhouse at 166 Amity Street spans 4,500 square

The obscure reason banks will finally embrace Opportunity Zones

Posted: 13 Jan 2020 08:05 AM PST

Banks may soon have the incentive they need to sink huge amounts of money into Opportunity Zones, the controversial Trump administration tax abatement program that has seen tepid investment levels to date. The federal government plans to give commercial banks credit for issuing loans in low-income communities as part of a larger reform to a 1970s-era law called the Community Reinvestment Act. This is the first direct regulatory incentive for banks to lend in Opportunity

Crown Heights tenants sue infamous landlord for rent overcharges

Posted: 13 Jan 2020 07:30 AM PST

A group of 22 tenants at a Crown Heights apartment complex is suing their landlord — who made the public advocate’s list of “worst” landlords — for $2 million over claims of rent overcharges. The lawsuit says that a 2002 rent-freeze order at 1074 Eastern Parkway banned rent increases until conditions throughout the building were repaired, but the landlord, Rubin Dukler, then increased the rent on every lease renewal offer he made to tenants, according

Laid off WeWork exec Jason Lund lands at Colliers

Posted: 13 Jan 2020 07:00 AM PST

WeWork executive Jason Lund, who was let go from the beleaguered co-working company during its recent round of massive layoffs, has taken a new job at Colliers International. Lund will manage Colliers’ New York City operations, according to Crain’s. He will focus on helping the company recruit brokers and improve its leasing operations. He had been at WeWork from June 2018 until the end of November. Although Lund said his time at the company was

Next phase of Hudson Yards could include 700-foot-long wall

Posted: 13 Jan 2020 06:30 AM PST

The second phase of Hudson Yards could include a 700-foot-long wall. Stephen Ross’ Related Companies is considering elevating the deck of the yard by several stories to accommodate a parking garage below it, according to the New York Times. This means the site would rise up rather than slope down toward the Hudson River, which would create a wall right next to the High Line spanning 700 feet and standing two stories above the park.

Condo owners at 51 Jay sue Slate Property Group, Adam America

Posted: 13 Jan 2020 06:00 AM PST

The blame game over construction defects at a luxury Dumbo condo now includes allegations of fraud. The board of managers at 51 Jay Street is suing Adam America Real Estate and Slate Property Group, the project’s sponsors and developers, alleging breach of contract, fiduciary duty and fraud. The condo board claims the 74-unit luxury warehouse-to-condo conversion “fell far short of the developers’ promises” due to a multitude of construction defects, according to its complaint filed

Brooklyn multifamily building sale tops this week’s list of mid-market deals

Posted: 13 Jan 2020 05:30 AM PST

The Freo Group bought a multifamily building in Brooklyn for almost $23 million this week, while the Moinian Group bought a Brooklyn gas station it plans to turn into a mixed-use development. Here are the details: The Freo Group purchased a Brooklyn multifamily building at 79-87 Clifton Place in Clinton Hill for $22.9 million from seller Ami Ariel. Daniel Shirazi and Jacob Lewis of Skyline Properties brokered the deal for the buyer and the seller.

No gas in your apartment? Don’t hold your breath

Posted: 13 Jan 2020 05:00 AM PST

Graham Ciraulo was living in Inwood in 2016 when he received a notice from his landlord: the building’s cooking gas had to be shut off. It didn’t say for how long. But weeks passed, then months, before tenants could use their stoves again. “It was a seven-month outage in total,” said Ciraulo, who works as a tenant activist. “We were given hot plates, which, ridiculously, we were eventually charged for.” By one measure, Ciraulo and

Rent overcharge cases pile up

Posted: 13 Jan 2020 04:00 AM PST

At least two dozen rent overcharge cases have been brought in the five boroughs since June 2019, according to an analysis by The Real Deal, and many more could be on the way. The onslaught of recent cases, according to landlord attorneys, is spurred by the potential for a greater payday as changes to the state’s rent law last year greatly increased the possible judgments. The legislature extended the period for assessed damages to six