The Real Deal - New York Real Estate News

Affordable housing developers look to feds for financing fix

Posted: 04 Dec 2020 02:10 PM PST

For an affordable housing project in Brooklyn, a small change to a federal affordable housing program could mean a difference of $7 million. The project, a 128-unit apartment building planned for 1601 DeKalb Avenue, is not alone. The value of the Low Income Housing Tax Credit program, which has helped finance more than 3 million apartments since it was created in 1986, hinges on interest rates set by the Treasury Department. For that reason, during

NYC’s biggest brokerages take on Albany

Posted: 04 Dec 2020 01:37 PM PST

The threat of new property taxes has brought together executives from three of New York City’s largest residential brokerages. Douglas Elliman, the Corcoran Group and Brown Harris Stevens have formed the Coalition for Livable Neighborhoods, which will lobby lawmakers on legislation that would impact the selling and leasing of homes in the city. State Sen. Brad Hoylman’s proposed pied-à-terre tax is chief among those issues. “We’re putting our money where our mouth is,” said Pam

JPMorgan, Fisher Bros. land $400M refi on 605 Third

Posted: 04 Dec 2020 12:51 PM PST

Fisher Brothers and JPMorgan Asset Management secured a $400 million refinancing on their office tower at 605 Third Avenue, as the bank still looks to sell its stake in the property. Morgan Stanley provided the 10-year, fixed-rate commercial mortgage backed securities loan, according to Commercial Observer. Eastdil Secured’s Grant Frankel, Ken Ziebelman and Ethan Pond arranged the debt. Fisher Brothers and its partners have made more than $100 million in upgrades to the building since

Ken Griffin continues buying spree with $25M Miami Beach parcel

Posted: 04 Dec 2020 11:56 AM PST

Billionaire hedge fund manager Ken Griffin has purchased another property on Star Island, likely completing his assemblage there, The Real Deal has learned. Griffin acquired 10 Star Island Drive for $25 million, according to sources. A deed for the transaction shows Star West Property LLC sold 10 Star Island Drive to Florida Way Charter LLC, a Delaware company. All told, Griffin has likely spent about $95 million on the Star Island properties. A company tied

Chetrit, Bistricer’s Gramercy Square condo lands $207M loan

Posted: 04 Dec 2020 10:47 AM PST

Joseph Chetrit and David Bistricer’s Clipper Equity have secured $207.5 million in fresh financing for their Gramercy Square condominium. G4 Capital Partners provided the debt, which recapitalizes the 223-unit project, according to sources. The deal comes after U.K.-based billionaires, the Reuben brothers, bought a $100 million piece of the existing debt on the building at a discount in May. SL Green Realty had originally provided a $380 million debt package in 2018. G4’s managing partners

Amid bleak jobs report, gains in construction and warehousing

Posted: 04 Dec 2020 10:25 AM PST

The U.S. economy added just 245,000 jobs in November, down from an adjusted gain of 6100,000 in October, representing the slowest month of growth in six months. “The pace of improvement is clearly slowing in the face of an uptick in the intensity of Covid-19 cases,” said Mike Fratantoni, chief economist of the Mortgage Bankers Association. “Certain segments of the economy, particularly in-person service sector jobs, are going to be slower to come back from

Lawsuit targets Trump for “fraudulent” rent overcharge scheme

Posted: 04 Dec 2020 09:30 AM PST

Former residents of buildings previously owned by the Trump family have filed a lawsuit against President Donald Trump, seeking restitution for a rent overcharge scheme that affected as many as 14,000 tenants over more than a decade. In the lawsuit, which amended an initial complaint filed in October, the 20 named plaintiffs seek class-action status, the New York Times first reported. A favorable ruling for the tenants could open up the Trump Organization to paying

Developer Don Peebles relists Coral Gables estate for $15M

Posted: 04 Dec 2020 09:00 AM PST

UPDATED, Dec. 4, 2:05 p.m.: Don Peebles is looking to sell his sprawling Coral Gables estate for nearly $15 million. The developer previously listed the property for sale in 2017, asking nearly $13 million. He and his wife, Katrina, tapped Jill Eber and Judy Zeder of The Jills Zeder Group at Coldwell Banker to list the two-story, 15,688-square-foot mansion at 11501 Old Cutler Road, according to a press release. The 2.9-acre property, called “Casa Arboles,”

Blackstone acquires $358M warehouse portfolio

Posted: 04 Dec 2020 07:36 AM PST

Blackstone is doubling down on logistics with its acquisition of a $358 million warehouse portfolio. The asset manager bought 13 properties from Iron Mountain, which will lease back the properties in California, northern New Jersey and Pennsylvania’s Lehigh Valley, Bloomberg reported. The portfolio totals 2.1 million square feet, adding to Blackstone’s existing warehouse portfolio, which was approximately 800 million square feet in February 2020. The sale represents the latest logistics deal for Blackstone continues to

Reuben Brothers pick up Surrey Hotel at a discount

Posted: 04 Dec 2020 06:45 AM PST

British billionaires David and Simon Reuben are getting a bargain on a New York City hotel. Reuben Brothers, the investors’ private equity firm, is purchasing the Surrey Hotel at 20 East 76th Street for less than its $215 million asking price, Bloomberg reported. The ritzy hotel filed for involuntary bankruptcy earlier this year, when Ashkenazy Acquisitions, the ground lease holder, filed for Chapter 11 after the hotel operator missed payments. At the time, lawyers for

“It took off like crazy”: How brokers use TikTok to rent apartments

Posted: 04 Dec 2020 06:00 AM PST

When real estate agent Alexander Zakharin downloaded TikTok in February, he wasn’t sure what to expect. Zakharin, a broker at GZB Realty in Manhattan, knew that the short-form video app had a rapidly growing audience. He was willing to give anything a try to grow his business and figured, at the very least, it could be a place to organize apartment tour videos. But on a platform where 60 percent of users are between the

Kate Winslet letting go of Chelsea penthouse

Posted: 04 Dec 2020 05:50 AM PST

When it comes to her Manhattan penthouse, Kate Winslet is jumping ship. The luxury apartment, located at 532 West 22nd Street, is asking $5.7 million, and a team from Douglas Elliman has the listing, Variety reported. The award-winning English actress, star of “Titanic” and “Sense and Sensibility,” bought the 3,000 square foot penthouse in 2004 for $4.995 million, with her now-ex husband, director Sam Mendes. After the two divorced in 2012, Winslet bought out his

Wonder Work Construction sues lender to stop foreclosure

Posted: 04 Dec 2020 05:00 AM PST

Wonder Works Construction is not letting an Upper East Side condo go without a fight. The developer has filed a lawsuit against mezzanine lender Nahla Capital, aiming to block a UCC foreclosure auction for a loan tied to its building at 302 East 96th Street, known as the Vitre. Nahla Capital hired a team of JLL brokers to market the loan back in October, with the auction scheduled for Dec. 8. But in a lawsuit

Controversial sprinkler bill stalls after landlord backlash

Posted: 04 Dec 2020 04:00 AM PST

Following an outcry from small building owners, the City Council is going back to the drawing board on a bill that would require fire sprinklers in thousands more apartment buildings. Council member Barry Grodenchik, who sponsored the 2018 bill, said it became obvious after a three-hour hearing Wednesday that it “could not go forward as currently written.” Between Monday and Thursday, four of the bill’s 12 sponsors dropped their support. The bill mandates automatic sprinklers