The Real Deal - New York Real Estate News

$45M penthouse helps Manhattan’s luxury market rebound from five-month low

Posted: 19 Jul 2021 02:32 PM PDT

The Manhattan luxury market has picked up where it left off. Buyers last week signed 33 deals signed for properties asking $4 million or more, a week after the count dropped to 28, the lowest number since February. The holiday-week slump had ended an unprecedented string of weeks with 30 or more deals, according to the Olshan Report, which tracks the volume and value of Manhattan luxury contract signings. “The market doesn’t show any indication

Tricon Residential lines up $5B single-family rental venture

Posted: 19 Jul 2021 01:45 PM PDT

A new joint venture led by Tricon Residential plans to invest $5 billion into thousands of single-family rental homes in the U.S., signaling the insatiable demand of institutional investors in the asset class. The Toronto-based investment firm partnered with the Teacher Retirement System of Texas and Pacific Life Insurance Company on the joint venture — one of the largest deals in the single-family sector’s history — which will target homes in the Sunbelt. The joint

Real estate players back Newsom in California recall election

Posted: 19 Jul 2021 01:20 PM PDT

In May, California Association of Realtors gave $1.5 million to a political action committee called “Stop the Republican Recall of Governor Newsom.” In July, another $1.1 million poured into pro-Newsom efforts from California Building Industry Association, a homebuilding trade group whose members include Toll Brothers and Lennar. In all, $3.3 million has been raised from 130 real estate developers, investors, brokers and organizations to help Gov. Gavin Newsom win in the Sept. 14 recall election,

Rose Associates heiress sells $10M Tribeca condo to distressed mortgage trader

Posted: 19 Jul 2021 01:17 PM PDT

An heiress to the Rose Associates real estate fortune has made a transaction of her own, selling her Tribeca condo unit for eight figures to a distressed mortgage trader. Isabel Rose unloaded the unit at 90 Franklin Street for $10 million to Scott Yedid of Cerberus Capital, six years after initially putting it on the market for $14 million. Rose previously told The Real Deal that she purchased the property for $2 million in 2000.

Real estate developer to auction $11M Jersey Shore mansion

Posted: 19 Jul 2021 12:15 PM PDT

A prominent real estate developer is taking the unusual step of auctioning off one of his homes — and not just any home. Michael Cantor is putting his waterfront mansion in Rumson, New Jersey, up for bid this week through Concierge Auctions. It will be offered without reserve or minimum bid from July 22 to July 27, according to Mansion Global. The 3.71-acre property on the Jersey Shore is listed by Burke and Manna for

Surfside condo developer faced legal trouble in Canada, found clean slate in South Florida

Posted: 19 Jul 2021 11:29 AM PDT

UPDATED, July 19, 6 p.m.: As Nathan Reiber faced tax evasion charges and possible disbarment in Canada in the 1980s, he was already basking in a life of luxury in Miami Beach. A few years earlier, Reiber started a new chapter as a prominent real estate investor and benefactor to the Jewish community and the arts, rubbing shoulders at posh fundraisers with the likes of Elizabeth Taylor. His reinvention followed a familiar narrative in South

Clark Halstead’s nephew tapped to lead BHS Connecticut

Posted: 19 Jul 2021 10:45 AM PDT

Real estate legend Clark Halstead is no stranger to leadership, having co-founded big name brokerages Sotheby’s International Realty and his namesake, Halstead Property. Now it’s his nephew’s turn to take the lead — starting in Connecticut. Christopher Halstead is ditching his role as an agent to run Brown Harris Stevens’ Connecticut brokerage as executive sales director. Halstead previously spent 12 years as an agent in New York City for his uncle’s namesake firm and stayed

Abandon hope, all ye who work here: Hamptons workers shut out

Posted: 19 Jul 2021 10:15 AM PDT

As $812 million mansions are snapped up by financiers as fast as they can be built and it’s hard to find a seat on a helicopter trip to the Hamptons, the people who build the houses there leave in pickups and vans around 4 p.m. each day. The road out is bumper-to-bumper. The trade parade, as it’s called, exists because most workers cannot afford a home in the area. In 2020, its median home price

Gordon Ramsay to open first South Florida restaurant in Miami Beach

Posted: 19 Jul 2021 09:30 AM PDT

Gordon Ramsay is taking his talents to South Beach. The celebrity chef, known for his reality show “Hell’s Kitchen,” signed a lease for a restaurant in the South-of-Fifth neighborhood, The Real Deal has learned. He will be opening a Lucky Cat restaurant at the Yukon building, at 119 Washington Avenue, according to sources. Lucky Cat is taking a 9,000-square-foot space, listing broker Cyril Bijaoui of The Company Real Estate confirmed. The space was asking about

Corporate tenants ride motorcycles in a Midtown high-rise: lawsuit

Posted: 19 Jul 2021 09:00 AM PDT

Some occupants of a Midtown East high-rise may be traveling for business, but a suit filed Thursday says they’re staying to party. The complaint filed by Perlbinder Realty, landlord at the Rivercourt, 429 East 52nd Street, alleges the occupants of 11 of the building’s 292 units have yelled, played loud music, hot-boxed their rooms smoking pot and rode motorcycles in the courtyards — and possibly in the hallway. The landlord is suing Corporate Habitat, which

BHS agent Richard Ferrari named Douglas Elliman’s New York CEO

Posted: 19 Jul 2021 08:57 AM PDT

Douglas Elliman has gone with a 30-year industry veteran to fill the vacancy atop its New York office, naming Richard Ferrari its new chief executive of New York City and the Northeast region. Ferrari comes to the role from a six-year stint as an agent at Brown Harris Stevens. Between 2015 and 2018, he was a sales director in the Hamptons for the firm and, over the past year, was an adviser for BHS’s businesses

Shopping center trade group ICSC drops shopping centers from name

Posted: 19 Jul 2021 08:17 AM PDT

The International Council of Shopping Centers is no more. Innovating Commerce Serving Communities will now rise in its place. The world’s largest retail real estate trade association is rebranding in the wake of a pandemic that has accelerated struggles faced by brick-and-mortar retailers in recent years. CNBC reports that the rebrand has been in the works for nine months. The group is hoping to widen its membership to technology startups and real estate service providers,

UWS co-op owned by Jerry Stiller hits market for first time in 50 years

Posted: 19 Jul 2021 07:30 AM PDT

Want to live in the co-op where movie star Ben Stiller grew up? Miss this opportunity and it might not come up again for another half-century. The fifth-floor residence at 118 Riverside Drive has hit the market for the first time since husband-and-wife comedians Jerry Stiller and Anne Meara bought it in 1968, according to the New York Times. Douglas Elliman’s Bruce Ehrmann and Andrew Anderson have the listing, asking $5 million, plus $7,593 in

Alloy lands $240M construction loan for Boerum Hill towers

Posted: 19 Jul 2021 06:35 AM PDT

After years of struggles to get the project off the ground, a new $240 million loan may finally prompt the start of construction of Alloy Development’s mixed-use “Alloy Block” complex in Boerum Hill. The Brooklyn-based developer closed on the construction financing package from Goldman Sachs, the Related Cos. and Ares Management, according to Crain’s, which reported that work can begin on the first phase of the project — previously known as 80 Flatbush — in

“Too much money and no guardrails:” WeWork book authors dish on collapse

Posted: 19 Jul 2021 06:00 AM PDT

Whenever Eliot Brown heard another wild Adam Neumann anecdote, he’d tell his editor. And the response would be: “Why are you not working on a profile of him again?” So Brown, armed with a perma-smirk and a background in real estate reporting, started gathering string. There was plenty to go around. Even in an era of Silicon Valley excess, Neumann, the co-founder and chief executive of WeWork, distinguished himself. When Brown’s profile ran in the

“I am going to kill you”: Tenant from hell wreaks havoc

Posted: 19 Jul 2021 05:30 AM PDT

It’s been a rough stretch for small landlords. Cash-strapped tenants, shielded by state and federal protections, have skipped rent payments without fear of eviction. But Copperwood Real Estate, a fourth-generation firm with 20 buildings in Yorkville, has moved to boot a tenant allegedly so noxious that even the eviction moratorium might not save him. Adonis Tan, a resident of Copperwood’s 20-unit walk-up at 428 East 89th Street, has behaved so erratically that the landlord called

Condos sales still dominate co-ops in $10M+ category

Posted: 19 Jul 2021 05:00 AM PDT

In Manhattan and Brooklyn, condo sales are still king in the $10 million-plus category. In the first six months of the year, 61 of the 70 luxury home sales were condos, according to a Serhant report. The remaining nine were co-ops. That continues a near decade-long trend of condo supremacy, dating to the first half of 2012, the report showed. Co-ops have “fallen out of favor as new development condos became the preferred choice of

The last mile-high club: Brokers adapt to a booming industrial market

Posted: 19 Jul 2021 04:30 AM PDT

Brian Thene was looking to break into commercial brokerage at the beginning of 2020. After spending a few years working in sustainability and corporate solutions at Cushman & Wakefield, he wanted to be a dealmaker. He cast a wide net, trying his luck in several aspects of commercial brokerage, from office to retail to multifamily. In February, Thene heard from JLL. The brokerage had an opening in its industrial division in Southern California on a