The Real Deal - New York Real Estate News

Don’t call him funny: Joe Pesci sells NJ home after 2 years on market

Posted: 06 Oct 2021 03:00 PM PDT

Joe Pesci is no longer playing the role of the clown, selling his home in Lavallette, New Jersey two years after putting it on the market for its original asking price. The “Goodfellas” star went into contract Monday for the sale of his eight-bedroom, eight-and-a-half bathroom home at a $6.5 million asking price, according to the New York Post. The 78-year-old first put the home on the market in November 2019 for the same asking

Real estate’s richest get richer on Forbes’ billionaire list

Posted: 06 Oct 2021 02:31 PM PDT

Despite a pandemic that caused general havoc for the rest of us, the world’s richest grew $500 billion richer over the past year, upping the ante for a spot on Forbes’ annual ranking of the 400 wealthiest Americans. Those who made the list included tech titans, hedge funders, retail giants and, of course, real estate moguls. Warren Buffett, whose Berkshire Hathaway Homeservices is just one part of his vast investing empire, led the pack in

Concord Hospitality sells shuttered Times Square hotel for $89M

Posted: 06 Oct 2021 02:11 PM PDT

New York’s hotels may be in a depression, but some buyers are betting on an imminent recovery. Days after acquiring a Financial District hotel from Sam Chang’s McSam Hotel Group for $69 million, Concord Hospitality has offloaded its 21-story hotel building at 30 West 46th Street for $88.5 million, according to public records filed Wednesday. The building most recently housed a 196-key Cambria Hotel, which is now permanently closed. Concord bought the Times Square-adjacent plot

After Newmark partnership ends, Knight Frank inks deal with Cresa

Posted: 06 Oct 2021 01:53 PM PDT

One day after its alliance with Newmark Group ended, Knight Frank has already locked in a new partner to expand its U.S. presence. On Wednesday, the London-based real estate firm announced a strategic partnership with Cresa, a tenant-focused commercial real estate firm based in Washington, D.C. Combined, the two firms have over 16,000 people across 384 offices in 51 territories. Knight Frank’s new deal will look different from its global partnership with Newmark, which officially

You’ve built it. Now will they come? Inside construction tech’s struggle

Posted: 06 Oct 2021 01:00 PM PDT

Success in the rapidly expanding field of construction technology appears to hinge on dreaming big. Just not too big. For Social Construct, a San Francisco-based startup attempting to revolutionize how multifamily buildings are planned and built, success would also depend on dreaming at the right time. The company was finishing its first ground-up project in Oakland in the spring of 2020 when construction sites across the country went dormant with the onset of the pandemic.

Nasser family’s Fifth Ave co-op sells for $35M, a third off asking price

Posted: 06 Oct 2021 12:06 PM PDT

Another day, another discount. The Nasser family, which made its fortune in textile manufacturing, just sold its triplex at 990 Fifth Avenue for $35 million, a third off the asking price. The co-op hit the market in 2019 asking $52 million. At the time, Harry Nasser was listing the property with his colleague and cousin Lois, the Wall Street Journal reported. The Nasser family home isn’t the only high-end property getting its price hacked down.

Brooklyn Heights condo poised for year’s priciest in the borough

Posted: 06 Oct 2021 12:00 PM PDT

A hot streak rages on at Quay Tower in Brooklyn Heights, where another unit appears poised to reach a borough-high price for this year. A condo asking for more than $10.6 million recently went into contract at the building along Bridge Park Drive. If the condo closes for that asking price, it would mark the most expensive condo sale in Brooklyn this year, according to 6sqft. The condo is a 4,544-square-foot unit with four bedrooms

New development sales slow in September

Posted: 06 Oct 2021 11:15 AM PDT

The spring and summer frenzy at new developments may have disappeared with scorching temperatures, but buyers are still on the prowl. The pace of new development contracts slowed down in September by 2021’s record standards, but volume remained elevated compared to the previous two years, according to a monthly analysis of new development sales contracts by Marketproof, a real estate analytics company . There were 337 contracts signed for new development condos in the city

Controversial Two Bridges towers top NYC’s biggest filings in September

Posted: 06 Oct 2021 10:54 AM PDT

Multifamily developments continue to drive construction in New York City, accounting for all of the city’s 10 largest building plans filed in September. Brooklyn had four of the month’s 10 largest projects, followed by the Bronx with three, Manhattan with two and Queens with one. When it comes to the number of proposed units, however, Manhattan led the pack, thanks to a giant project in Lower Manhattan. Below are September’s top 10 building filings, ranked

These are King Abdullah’s secret Malibu properties

Posted: 06 Oct 2021 10:44 AM PDT

The three Cliffside Drive homes perched side by side are a combined 22,000 square feet, and offer commanding views of the Pacific Ocean. Bought for $70 million over a three-year period, their ownership remained a mystery to neighbors in the exclusive Point Dume section of Malibu. The largest one, a 12,000-square-foot mansion, was registered to an address in Switzerland. Another, a four-bedroom villa, was purchased by a company in the British Virgin Islands. And the

“He is a monster”: Virginia landlord faces $8M lawsuit

Posted: 06 Oct 2021 10:01 AM PDT

Tenants in southeastern Virginia alleged a landlord left properties in dilapidated states and repeatedly inflicted racist and sexist harassment on renters. Virginia Attorney General Mark Herring last week filed an $8 million housing discrimination lawsuit against David Merryman, who owns several rental properties worth $5 million. Herring told The Daily Beast the suit was the first of its kind in the state. The lawsuit alleges Merryman, who is white, frequently used the N-word and made

NAR should play ball with regulators: antitrust experts

Posted: 06 Oct 2021 09:00 AM PDT

Antitrust experts recently advised the National Association of Realtors and other industry members to work with federal authorities as the agencies ramp up their attention on the sector’s rules. Panelists at last month’s Council of Multiple Listing Services conference warned federal authorities are paying more attention to consolidation and consumer issues across a wide spectrum of industries, including real estate, Inman reported. The NAR last month moved to block an antitrust probe from the DOJ

Opendoor amasses $9B in borrowing capacity

Posted: 06 Oct 2021 08:42 AM PDT

Opendoor is trying to outgrow its competition in the iBuying wars, amassing billions in new borrowing capacity to purchase more homes. The company recently arranged an amended mezzanine debt facility with a $3 billion limit, Bloomberg reported, that combined with other transactions, has increased its borrowing capacity to $9 billion. Bloomberg noted that with the $3 billion facility and more senior debt, Opendoor has the capability to acquire more than 40,000 homes at an average

Howard Hughes wins key legal battle at 270-unit Seaport tower

Posted: 06 Oct 2021 07:01 AM PDT

A judge this week served a legal defeat to a coalition opposing a proposed tower for the South Street Seaport Historic District. Judge Arthur Engoron dismissed a lawsuit filed in May from Save Our Seaport, the South Street Seaport Coalition and Children First, which contested a proposed tower at 250 Water Street was approved illegally and under unfair influence from city officials. Crain’s New York first reported on the decision, in which Engoron claimed the

Vacation home sales took a dip this summer

Posted: 06 Oct 2021 06:00 AM PDT

Vacation home sales cooled this summer but pricing was still hot. Overall, second-home rate locks, a proxy and leading indicator for sales, fell 26.6 percent year over year during the summer as buyers eased off pandemic-fueled purchases, according to data compiled by the second-home startup Pacaso. Of the 50 top second-home markets, 46 saw a decline in transactions. Pacaso selected the top 50 vacation home markets by identifying counties where the percentage of seasonal homes

New listings rise in Manhattan and Brooklyn, but fail to meet fierce demand

Posted: 06 Oct 2021 05:30 AM PDT

More homes are being added to the market in New York City, reversing a months-long trend of year-over-year declines, but they’re no match for robust demand. New listings in both Manhattan and Brooklyn rose year-over-year in September for the first time in four months, according to a report by appraisal firm Miller Samuel for Douglas Elliman. But amid sustained demand from buyers, the uptick in supply was modest compared to the number of contracts signed.

Richard Grossman joins Avenue 8 to lead East Coast expansion

Posted: 06 Oct 2021 05:00 AM PDT

That was fast. In less than two weeks, Richard Grossman, the recently departed New York City regional president for Brown Harris Stevens, has figured out his next act. The industry veteran is joining Avenue 8, a mobile-first brokerage based in San Francisco founded last year by agent Justin Fichelson and Michael Martin, a former managing partner at marketing and design agency Code and Theory. Grossman is Avenue 8’s first hire outside of California, where it

First we take Manhattan: Inside Reuben Brothers’ NYC shopping spree

Posted: 06 Oct 2021 04:30 AM PDT

If you’re having trouble getting a hold of David and Simon Reuben, don’t take it personally. They’re just very, very private people. The billionaire brothers have given one on-the-record interview in the 21st century, and promptly sued the publication for libel. They never appear on video, and the same handful of photos from some gala offer the only glimpses of them on the internet. They, like many people who’ve worked with them, declined to be

Serhant takes on Sousa’s snakebit townhouse, asking $26.5M

Posted: 06 Oct 2021 04:00 AM PDT

Let’s get ready to rumble: In one corner, star agent Ryan Serhant and colleague Nicole Palermo. In the other, a 19th century Greenwich Village townhouse entangled in a foreclosure lawsuit. The home once belonged to John Philip Sousa, composer of the U.S. national march “The Stars and Stripes Forever” — which is also about how long it is taking to sell. Serhant is picking up sales at 80 West Washington Place, which not one, not