The Real Deal - New York Real Estate News

Doggone it: This developer digs canine condos

Posted: 09 Mar 2020 02:15 PM PDT

Developer Young Woo recently brought up building dog condos in Chelsea, which left at least one New Yorker barking mad. Woo floated the idea on a recent panel discussion about dogs at the Museum of Modern Art that also included Columbia University professor of gender studies and English Jack Halberstam. The developer touched on subjects including dog amenities at buildings and how he views his own dogs as part of his extended family. But when

Real estate stocks plunge as coronavirus epidemic spreads

Posted: 09 Mar 2020 02:15 PM PDT

Real estate stocks tanked Monday, as the stock market’s 11-year bull run teetered on the brink of collapse amid coronavirus fears. The New York Stock Exchange halted temporarily when the S&P 500 dropped by 7 percent early in the day. But once trading resumed, prices did not pick up and the indices neared bear-market territory: the S&P closed 7.6 percent lower. The Dow Jones Industrial Average ended the day down 7.8 percent, a drop of

Hudson Yards district’s newest office tower to cost $2.6B

Posted: 09 Mar 2020 01:55 PM PDT

The next skyscraper to rise in the Hudson Yards neighborhood will cost nearly $2.6 billion to develop when all’s said and done. Three Hudson Boulevard, which will stand 56 stories when completed, will have an all-in development cost of $2.58 billion, developers Boston Properties and the Moinian Group disclosed in a public filing. The partners revealed the price tag in an application they filed with the New York City Industrial Development Agency to make payments

Israeli candy maker sues All Year over Rheingold development bonds

Posted: 09 Mar 2020 01:00 PM PDT

When a Bronx real estate investor raised questions last month about All Year Management’s Rheingold Brewery development, bondholders in Tel Aviv appeared to respond with a collective shrug. Now things are getting serious. Toot Food Industries Ltd., an Israeli candy manufacturer that holds a short position on All Year’s Series E bonds, filed a legal action in Tel Aviv Sunday against Yoel Goldman’s firm. Toot Food is asking the district court to declare Brooklyn-based All

Manhattan luxury market records strong week of contracts despite coronavirus concerns

Posted: 09 Mar 2020 12:30 PM PDT

Open-house attendance is down, real estate events are being canceled or postponed and the stock market is tumbling. Amid the deepening concerns over the coronavirus, Manhattan home sale deals march on. There were 27 contracts signed last week for properties above $4 million, according to the latest luxury report from Olshan Realty. Combined, the 54 total contracts signed in the past two weeks represent the strongest two-week period since June 2019. The report’s author, Donna

Managed by Q staffers laid off as competitor picks up firm for $25M

Posted: 09 Mar 2020 11:56 AM PDT

UPDATED, March 9, 2020, 5:05 p.m.: Although the ink is barely dry on WeWork’s deal to sell office-management startup Managed by Q to rival Eden, there’s been a plot twist. The $25 million deal did not include three-quarters of Managed by Q’s workforce. Sources said around 70 of Managed by Q’s 100 employees were laid off ahead of the sale, which closed last Tuesday. A source said WeWork was providing those staffers with severance packages.

Watch your language: Words brokers shouldn’t be using in 2020

Posted: 09 Mar 2020 11:00 AM PDT

You’re in the middle of a home showing, in the master bathroom, and you catch yourself about to say to your clients, a same-sex couple, “Here you’ll find ‘his-and-hers’ sinks.” Oops. And what about calling it a “master” bathroom in the first place? It’s a term that historically referred to the head of a plantation who enslaved people on the property. These words aren’t just impolite. Some are illegal to use, and there’s a

Michael Shvo, partners secure $545M loan for Coca-Cola building

Posted: 09 Mar 2020 10:25 AM PDT

A partnership led by Michael Shvo has secured a $545 million loan to refinance the Coca-Cola building, The Real Deal has learned. The loan, provided by Goldman Sachs and Bank of America, will replace $600 million debt at the iconic property at 711 Fifth Avenue. The transaction closed last week, according to people familiar with the deal. JLL represented Shvo’s group. Goldman Sachs declined to comment. Bank of America did not respond to a request

NY real estate agent asked not to see clients after coronavirus exposure

Posted: 09 Mar 2020 09:37 AM PDT

UPDATED, March 9, 2020, 3:40 p.m.: One of Triplemint’s agents has been asked to not see clients after exposure to someone who later tested positive for coronavirus. The brokerage’s executives learned about the incident on Sunday and informed the firm in an email that its New York City office would be closed on Monday for sanitizing and a “deep clean,” according to Philip Lang, Triplemint’s COO and co-founder. “We recently became aware that last week

Madison International Realty closes $1.2B fund

Posted: 09 Mar 2020 08:05 AM PDT

Madison International Realty closed on its latest private equity fund: a $1.2 billion vehicle aimed at properties in the United States, United Kingdom and Europe. The Ronald Dickerman-led investment firm announced the closing of its seventh fund Monday. Investors include endowments, foundations, public and private pension funds, sovereign wealth funds, family offices, insurance companies and high net worth individuals in the United States, Europe, Asia, the Middle East and Australia, according to the company. “We

Real estate stocks plunge as coronavirus fears batter market

Posted: 09 Mar 2020 07:51 AM PDT

As new cases of the coronavirus proliferated around the globe, U.S. stocks plummeted Monday morning — and real estate stocks followed suit. The S&P 500 was down over 6 percent, and the Dow Jones Industrial Average plunged over 1,600 points, or 6.21 percent shortly after 10 a.m. An early-morning 7 percent plunge in the S&P triggered a 15-minute halt in trading, as the New York Stock Exchange automatically stops trading if it detects severe drops.

Dumbo condo was Brooklyn’s priciest contract last week

Posted: 09 Mar 2020 07:33 AM PDT

A condo in Dumbo was the priciest residential deal to go into contract in the borough last week. The three-bedroom unit at 1 John Street went for $4.75 million. It spans 2,595 square feet and went into contract at its asking price after 161 days on the market. Overall, Brooklyn saw 21 contracts signed for $2 million or more last week, split between 11 houses, eight condos and two co-ops, according to the latest report

Open houses attendance could fall amid coronavirus worries

Posted: 09 Mar 2020 06:45 AM PDT

Coronavirus worries may be coming for New York City open houses, as sellers become more concerned about letting the general public into their homes. Average attendance at open houses last weekend was 4.77 visitor groups, down from 5.62 the weekend before, according to Bloomberg, citing data from Halstead executive director of sales and leasing Fritz Frigan. Frigan’s office, which monitors open house activity, has also seen one possible seller waver on whether to list a

Modell’s Sporting Goods prepares to file for bankruptcy

Posted: 09 Mar 2020 06:00 AM PDT

Modell’s Sporting Goods appears poised to become the latest major retailer to file for bankruptcy. The 130-year-old athletic gear company has stopped looking for an investor to help it renegotiate its leases and is no longer seeking better terms from its vendors, according to the New York Post. CEO Mitch Modell had written to 19 building and mall owners and asked them to “dig deeper” by lowering or deferring rents to help Modell’s stave off

AD Design Show pushed back to June amid Coronavirus fears

Posted: 09 Mar 2020 05:30 AM PDT

The AD Design Show has been postponed until June in the wake of concerns about the coronavirus. The show was originally scheduled to take place from March 19 through March 22 at Pier 94 in Manhattan by 55th Street and 12th Avenue, but it will now take place from June 25 through June 28 instead, organizers recently announced. “Growing concerns over the novel coronavirus (COVID-19) outbreak have prompted the rescheduling by the Show Management, Condé

Flushing vacant lot leads New York’s mid-market investment sales

Posted: 09 Mar 2020 04:30 AM PDT

There were four properties that traded in New York’s mid-level investment sales market last week, including a vacant lot in Flushing and a mixed-use building in the East Village. Here are the details: 1. A Brooklyn-based LLC purchased a vacant lot in Queens for about $23.7 million from a Manhattan-based LLC. In January, developer Vicki Zhi had filed plans to erect a roughly 106,000-square-foot mixed use project on the lot at 136-18 Maple Avenue. The

A tight hustle: TRD’s annual tally of the city’s biggest investment sales firms

Posted: 09 Mar 2020 04:00 AM PDT

It’s not every year that a landmark piece of Manhattan’s skyline trades hands. But that’s what happened last spring when trophy collector Aby Rosen and his partners gained control of the famed Chrysler Building in April. Even more eye popping was the price tag: Rosen and his overseas backers paid just over $150 million to buy the ground lease controlling the Art Deco trophy tower and a smaller property nearby. CBRE’s Darcy Stacom, who brokered