The Real Deal - New York Real Estate News

A home on Lake Montauk for just $500K? Here’s why

Posted: 11 Jun 2021 02:30 PM PDT

The East End market is as hot as it has ever been, but a lakefront property in Montauk can be yours for the low price of $500,000 — if you’re willing to compromise on space, according to Behind the Hedges. Unit 3 at the Outrigger co-op complex on East Lake Drive just went up for sale with that price tag, making it the cheapest listing on Lake Montauk and one of the least expensive in

Seller’s remorse: Nick Mastroianni returns Jupiter mansion

Posted: 11 Jun 2021 02:00 PM PDT

The sellers of a waterfront Jupiter mansion were able to buy back their house within days, in a classic case of seller’s remorse. EB-5 fundraiser and developer Nick Mastroianni II, who paid $7.3 million less than a month ago for the home of workers’ rights attorney Jerry Neil Paul and his wife, Elizabeth Ann Paul, sold the property back to them for $7.5 million. The first sale of the mansion at 19681 Loxahatchee River Road

Hudson Pacific puts FiDi project into construction with $120M loan

Posted: 11 Jun 2021 01:30 PM PDT

Guardian Realty Management just found a new guardian angel. Hudson Pacific Properties, a Los Angeles-based REIT, provided a $60.1 million construction loan for the firm’s new mixed-use building in New York’s Financial District, according to public records. Guardian additionally refinanced nearly $60 million in existing loans with the REIT, bumping Hudson Pacific’s total contribution up to $120 million. The 23,250-square-foot project at 1 Park Row will rise at least nine stories, with the bottom three

Mandarin Oriental, 737 Park units sell at substantial losses

Posted: 11 Jun 2021 01:09 PM PDT

Two well-heeled homeowners have accepted heavily discounted prices to unload their sprawling Manhattan pads. Green Mountain coffee founder Bob Stiller had paid $35.5 million to assemble a 5,300-square-foot spread on the 74th floor of the Mandarin Oriental Residences at 80 Columbus Circle between 2011 and 2014. He sold the unit last month for $23 million — a 35% loss, property records show. At the same time, an entity linked to the Qatari royal family sold

SL Green shareholders cry foul on CEO bonus

Posted: 11 Jun 2021 08:00 AM PDT

After a year that saw SL Green’s stock fall by as much as 54 percent, shareholders of New York’s biggest office landlord say the chief executive’s performance doesn’t warrant a bonus. Nearly two-thirds of SL Green investors during the company’s annual meeting Tuesday opposed a compensation package that would have padded CEO Marc Holliday’s pockets with an added $14.8 million for 2020, Crain’s reported. The bonus would have been 9 percent lower than what Holliday

Life sciences leasing breaks annual record in five months

Posted: 11 Jun 2021 07:31 AM PDT

Life sciences leasing in New York is going at full steam with no signs of stalling. The sector topped an annual high this month with 257,000 square feet leased, far and above the 156,000 square feet rented in all of 2020, according to a CBRE analysis reported by the Commercial Observer. Mayor Bill de Blasio said Wednesday that the city would throw at least another $500 million into life sciences development, bringing total investment up

Steve Cohen’s $30M condo sells above asking — after a 74% cut

Posted: 11 Jun 2021 07:01 AM PDT

After eight years on the market, the luxury duplex of Mets owner and Point72 Asset Management founder Steve Cohen finally sold for 3.4 percent above asking price — after a significant price cut. The five-bedroom duplex at 151 East 58th Street first hit the market at $115 million in 2013. It bounced between four brokerages, shedding millions of dollars from its price with each relisting, Bloomberg News reported. A final cut to $29.5 million —

Former Elliman, WeWork marketing chief joins “Bumble for homes” startup

Posted: 11 Jun 2021 06:35 AM PDT

A marketing veteran who held high-level posts at Douglas Elliman and WeWork is joining a dating-app-inspired proptech startup. Nicole Oge, who previously served as chief marketing officer at Douglas Elliman and oversaw marketing at WeWork, is taking on the post of chief growth officer at the app-centric residential brokerage Casa Blanca. Similar to dating apps like Bumble and Tinder, Casa Blanca uses a swipe left, swipe right interface to help users navigate home listings. Oge

Landlords plea for water rate freeze ahead of vote

Posted: 11 Jun 2021 06:00 AM PDT

New York City landlords are hoping to avoid taking a bath on their water bills. As the city’s Water Board moves Monday to vote on a proposed 2.76 percent water-rate hike, landlords are calling on board members to consider the financial straits of property owners and instead freeze rates for a second straight year. The Rent Stabilization Association said that after 15 months of unpaid rent, the owners it represents are struggling to pay their

Unicorn founders hold court on proptech’s resi revolution

Posted: 11 Jun 2021 05:45 AM PDT

Home is where the heart is. Often, for U.S. homeowners, it is also where the heartbreak is. The process of building, buying, selling, financing and insuring a home has for decades been fraught with red tape, misdirection and hidden fees. It’s only over the past few years that startups have gained the traction, funding and ability to take on this hidebound industry. Hundreds have failed, running out of money or time, but for the survivors,

Real estate winners and losers of the legislative session

Posted: 11 Jun 2021 05:00 AM PDT

The legislative session is over — for now. Several real estate–related measures passed, including a bill encouraging the conversion of hotels and office buildings into affordable housing, while others, such as the repeal of 421a, never got off the ground. Lawmakers could always opt to return, as they did for a July session last year. The Senate and Assembly left unresolved a few issues that seemed primed for passage, including a measure to reorganize the

From Picasso’s estate to squatting in Soho: The 470 Broome Street affair

Posted: 11 Jun 2021 04:00 AM PDT

Early in his career, an indigent and isolated Pablo Picasso channeled his pain into a series of moody paintings that categorize his Blue Period. Today, Rayo Withanage, sitting in the artist’s former estate in the South of France, faces a blue period of his own. According to a bankruptcy petition filed June 7 in Manhattan, the financier from New Zealand defaulted on the loan he used to buy Picasso’s estate and owes more than $50 million.