The Real Deal - New York Real Estate News

Cerberus raises nearly $3B for new real estate fund

Posted: 30 Mar 2021 03:00 PM PDT

Cerberus Capital Management has raised about $2.8 billion for a new real estate fund — exceeding its target of $2 billion. The fund, known as Cerberus Institutional Real Estate Partners, will focus on investing “opportunistically,” according to a release. That means looking at direct assets as well as entities with significant real estate exposure and debt, including non-performing or defaulted loans. The company did not give much detail about how it will invest this money

Corcoran rolls out bridge lending and reno services to sellers

Posted: 30 Mar 2021 02:00 PM PDT

The Corcoran Group is joining other New York City brokerages that offer “end-to-end” services aimed at helping home sellers move their properties faster. The Realogy-owned company is rolling out a new home improvement program, dubbed RealVitalize, to provide sellers working with its brokers with renovation services and interest-free financing of up to $50,000. The program is run by Angi Homeservices, a publicly traded subsidiary of Barry Diller’s media conglomerate IAC. Angi operates as an online

Socialite relists UES co-op for $45M

Posted: 30 Mar 2021 01:30 PM PDT

Socialite Shafi Roepers has relisted her 7,000-square-foot Upper East Side co-op with another price chop. Roepers is now asking $45 million for the unit at 4 East 66th Street. That’s $20 million less than she had sought in 2015, when it first hit the market. It was last priced at $55 million in 2017. While the listing price has dropped, the monthly maintenance fee on the full-floor unit has jumped. Maintenance is now $20,770, up

Luba Marks’ Southampton home, asking $37M, in contract

Posted: 30 Mar 2021 12:45 PM PDT

The Southampton home designed and owned by the late fashion designer and Broadway performer Luba Marks is in contract. It had been asking $37 million. Built in 1972, the 3,727-square-foot, single-family house at 1210 Meadow Lane is situated on 3.32 acres of oceanfront. It features three bedrooms, four and a half bathrooms, a tennis court and a pool on more than 200 feet of white-sand beach. The property is being represented by Douglas Elliman’s Michaela

Multifamily giant Irving Langer pays off defaulted loan after selling properties

Posted: 30 Mar 2021 12:14 PM PDT

Irving Langer is breathing easier these days. The multifamily giant, who has been selling off properties outside New York City, has paid off a defaulted loan he used to leverage his 3,000-unit multifamily portfolio. Langer’s E&M Management recently retired the last $16 million of a $42 million loan from Churchill Real Estate that the investor had used to finance his equity stake in the 42-building portfolio. E&M defaulted on the loan last year, which left

Mack-Cali Realty sells Metropark complex for $254M

Posted: 30 Mar 2021 11:15 AM PDT

Mack-Cali Realty has unloaded another New Jersey office complex in its quest to shed its suburban portfolio. The Jersey City-based REIT announced that it sold its four-building Metropark complex in Edison and Iselin, New Jersey, to Opal Holdings, a New York City REIT, for $254 million. The 946,000-square-foot parcel consists of 99 and 101 Wood Avenue South and 333 and 343 Thornall Street, and is more than 90 percent leased, according to the company. “This

Zigg Capital nabs $225M to invest in proptech startups

Posted: 30 Mar 2021 10:30 AM PDT

Zigg Capital, a proptech venture capital firm co-founded by entrepreneur Dave Eisenberg, has raised $225 million to double down on real estate technology. The haul is double the size of Zigg’s debut fund, which deployed $100 million into startups over the past two years. Zigg will continue to focus on early-stage startups, but it will now be able to write bigger checks and participate in growth-stage rounds at a time when the pandemic has pushed

Sneaker hub HypeClub to open brick-and-mortar location in SoHo

Posted: 30 Mar 2021 09:45 AM PDT

HypeClub is opening its first brick-and-mortar location in SoHo. The online sneaker marketplace signed a lease for 2,900 square feet at Kushner Companies’ 285 Lafayette Street, according to the Commercial Observer. The storefront will include 900 square feet on the ground floor and 2,000 square feet a lower level. The store, where users of HypeClub can buy and sell shoes, will open early next month, according to the report. While pricing details for the deal

Painter’s foundation sues after $82M project loan never materialized

Posted: 30 Mar 2021 09:00 AM PDT

A year ago, as the pandemic brought New York City to a standstill, the Chen Foundation was searching for $82 million to complete its Garment District condominium. The foundation — a family-run developer affiliated with renowned Taiwan-born painter Dr. Tsing-Fang Chen — says it paid $75,000 to have Tribeca Realty Capital do due diligence and secure a loan for its project at 355 West 35th Street. The loan never came to fruition, and now the

US home price growth hits 15-year high

Posted: 30 Mar 2021 08:20 AM PDT

Home price growth hit levels not seen in 15 years. The S&P CoreLogic Case-Shiller U.S. National Home Price Index jumped 11.2 percent year over year in January. That’s up from the 10.4 percent gain in December, which was the best December in seven years. The index’s highest annual rate of price growth on record was in February 2006. The housing market has seen rapid growth since mid-2020, with buyers taking advantage of low interest rates.

Meryl Streep’s former West Village home sells for half of original ask

Posted: 30 Mar 2021 07:30 AM PDT

A West Village townhouse that Meryl Streep once called home sold for just about half of its former asking price. Frozen food mogul Elisabeth de Kergorlay originally listed the Greek Revival townhouse at 19 West 12th Street in 2016 for $35 million, according to the New York Post. It sold to a limited liability company, 19W12 LLC, for $17.25 million, according to property records. It was last listed for $22.5 million. Streep purchased the property

What distress? Dry powder piles up with few discounts in sight

Posted: 30 Mar 2021 07:16 AM PDT

After raising billions of dollars to spend on commercial real estate, distress investors are having a difficult time spending it. Despite projections of massive discounts in real estate prices, few have arisen. Banks have yet to write down loans and commercial property owners have had little incentive to sell. These factors, along with generous stimulus packages from the federal government, have led some investors “to push prices up and their yields down in order to

Subleases up 40% across US as companies ditch space

Posted: 30 Mar 2021 06:40 AM PDT

JPMorgan Chase, Salesforce and PricewaterhouseCoopers are among a growing number of firms looking to sublease space as the demand for traditional offices diminishes. About 137 million square feet of office space was up for sublease across the U.S. at the end of last year, according to CBRE Group, the Wall Street Journal reported. That represents a 40 percent annual increase and the most since 2003. Companies are aiming to reduce their physical presence as they

Brooklyn sees huge boom in luxury contracts signed

Posted: 30 Mar 2021 05:30 AM PDT

The number of luxury contracts signed in Brooklyn last week was the highest it’s been since Compass started releasing its weekly report in 2018. Forty contracts worth $2 million and more were inked, up from the previous week’s 21, according to Compass’ weekly report. The total sales volume swelled to nearly $133 million, double the $66.7 million in deals signed the week before. It’s also the biggest upswing the Brooklyn luxury market has seen since

Wolkoff family firm snags $350M loan for 5Pointz

Posted: 30 Mar 2021 05:00 AM PDT

The Wolkoff family’s real estate firm snagged $350 million in financing from JPMorgan Chase for its apartment project at a Long Island City site made famous by graffiti. G&M Realty secured the financing for 5Pointz, its 1.3 million-square-foot, mixed-use development at 22-44 Jackson Avenue, according to property records. The project will have more than 1,100 apartments. The money will refinance a $300 million construction loan obtained from Bank OZK in 2018. The father-son duo Scott

Harlem and Park Slope apartment buildings lead mid-market sales

Posted: 30 Mar 2021 04:30 AM PDT

Deeds were flying around northern Manhattan last week as a portfolio of six buildings sold in West Harlem and a future development site traded hands in East Harlem. Meanwhile, an apartment building in Prospect Park fetched the highest price in the middle of New York City’s real estate investment sales market, defined by The Real Deal as between $10 million and $30 million, and an office building sold in the Bronx. Here are the details

Exodus over? NYC expected to turn corner in April

Posted: 30 Mar 2021 04:00 AM PDT

An exodus of New Yorkers to pieds-à-terre, new suburban homes or in some cases, South Florida, may finally be over. By April, the influx of people coming to New York City is expected to outpace those who jump ship, according to a new report by real estate consultant Nancy Packes Data Services and Eastdil Secured. The gap between the number of households filing a request to change their address from a city ZIP code to