The Real Deal - New York Real Estate News

WeWork stock up on first day, but profitability still fuzzy

Posted: 21 Oct 2021 04:06 PM PDT

Two years after WeWork’s planned IPO imploded in spectacular fashion, the co-working company is now a publicly traded company on the New York Stock Exchange. The flex-office provider pitched itself to investors as WeWork 2.0. Gone were the hard-partying, pot-smoking days of founder Adam Neumann. No more self-interested side deals and pet projects like WeLive or WeGrow. Instead of seeking to “elevate the world’s consciousness,” WeWork’s new core values would be “to do the right

Vornado, Silverstein, BEB propose major mixed-use projects

Posted: 21 Oct 2021 02:45 PM PDT

Three developers just filed plans for major mixed-use projects in the outer boroughs. Vornado Realty Trust wants to double down on Rego Park in Queens by constructing a 32-story tower near the Alexander at Rego Park, its 27-story, luxury rental apartment building atop the Rego Center shopping mall. The new tower, at 61-19 Junction Boulevard, would feature 573 residential units along with 61,000 square feet of commercial space, according to the filing. The 824,000-square-foot building

City expands program that bars construction over tenant harassment

Posted: 21 Oct 2021 02:11 PM PDT

For another five years, some building owners will need to prove their tenants were not harassed before renovating or demolishing their properties. The City Council on Thursday voted to expand a pilot program that requires certain residential property owners to secure a certificate of no harassment (CONH) from the city in order to move forward with apartment alterations and other types of construction work. Initially approved in 2018, the pilot was slated to expire this

Washington Prime Group back from bankruptcy; CEO out

Posted: 21 Oct 2021 01:31 PM PDT

Just a few months after filing for Chapter 11, mall operator Washington Prime Group has emerged from bankruptcy. When the real estate investment trust, which owns more than 100 malls across the country, filed for bankruptcy protection in June, it listed $4 billion in assets and $3.5 billion in debts. Through the process, the company has reduced its debt by nearly $1 billion. The company also announced that Lou Conforti is stepping down as chief

Sheldon Solow’s Hamptons home gets $10M price cut

Posted: 21 Oct 2021 12:45 PM PDT

Sheldon Solow’s Hamptons home just got a $10 million price cut. The 14-acre Wainscott estate, which the late developer bought in 2006 for $19.5 million, initially hit the market in July at $70 million. The estate boasts 800 feet of water frontage and views of Georgica Pond and the Atlantic Ocean. A detached three-car garage, pool house and heated Gunite pool are located on the grounds. The 10,000-square-foot residence was built in 2010 by local

PBC to liquidate $2B in US real estate, including HSBC building

Posted: 21 Oct 2021 12:00 PM PDT

Property & Building Corp. is planning to sell all of its $2 billion in U.S. real estate as its parent company seeks to reinvest in Israel. PBC, led by Eli Elefant, is seeking a buyer for its assets, most notably the 865,000-square-foot building at 452 Fifth Avenue that serves as the home to HSBC’s main New York office. The company, an affiliate of Israeli holding company Discount Invest­ment, has tapped Eastdil Secured’s Roy March and

Investors take bigger bite of US housing, and pay less

Posted: 21 Oct 2021 11:15 AM PDT

Investors aren’t only grabbing more than their usual share of the U.S. homebuying market, but also paying less. The RealtyTrac Investor Purchase Report https://www.realtytrac.com/blog/realtytrac-investor-purchase-report-fall-2021/ found investors were responsible for 15.4 percent of home purchases during the second quarter, a 34 percent jump from the same period last year. Investors’ share of purchases across the country decreased slightly from the 15.9 percent recorded in the previous quarter, but remained at the higher end of the typical

Chinese developer willing to sell Manhattan supertall site at big loss

Posted: 21 Oct 2021 10:30 AM PDT

As the Evergrande crisis continues to unfold in China, one of the country’s largest companies is trying to unload a pricey Manhattan development site — and willing to swallow a big loss. Oceanwide Holdings is looking to sell its development site at the South Street Seaport, where plans for a supertall luxury skyscraper have languished for several years. The developer is seeking to get about $200 million for 80 South Street, sources familiar with the

Chicago Bulls’ DeRozan buys mansion from Michael Jordan’s ex-wife at discounted $4.5M

Posted: 21 Oct 2021 10:08 AM PDT

Chicago Bulls forward DeMar DeRozan, the former Toronto Raptor who signed a three-year, $85 million contract in August, was the buyer of a $4.5 million River North mansion that Michael Jordan’s ex-wife put on the market in June. Juanita Vanoy Jordan paid $4.72 million for the home in 2007, a year after her divorce, according to the Chicago Tribune. Jordan upgraded the rooftop and media room, suggesting DeRozan’s gain is more than $220,000. The house

MTA plans mixed-use redevelopment for Greenpoint waterfront

Posted: 21 Oct 2021 10:00 AM PDT

Transportation is in the MTA’s name, but real estate is the latest move in the agency’s game. The agency on Wednesday unveiled a proposal to redevelop its 40 Quay Street property in Greenpoint, Brooklyn with the Gotham Organization. The developer will be charged with turning the site currently housing the transit department’s wash facility into an 840,000-square-foot mixed-use property. The development — dubbed Monitor Point — will feature 900 mixed-income apartments, including about 25 percent

Existing home sales rebound in September, rising by 7%

Posted: 21 Oct 2021 09:30 AM PDT

After dipping in August, U.S. existing home sales rose markedly in September. Sales of existing homes grew 7 percent from the previous month to a seasonally adjusted annual rate of 6.29 million, according to the latest monthly report from the National Association of Realtors. However, the number of existing home sales was still 2.3 percent below where it was a year ago. Such homes include single-family homes, townhomes, condominiums and co-ops. The monthly uptick can

Ex-partners’ feud stalls $140M development in Port Chester

Posted: 21 Oct 2021 08:30 AM PDT

A proposed retail and apartment complex slated for downtown Port Chester is mired in a legal dispute between a tri-state area developer and a West Harrison contractor. Contractor Jean Sinis claims in Westchester Supreme Court that Majic Development’s Michael Caridi broke an agreement signed to develop the project jointly, according to Westfair Online. Caridi said he terminated the partnership because Sinis violated their deal and that Sinis’ complaint includes “readily verifiable falsehoods.” The project in

Chelsea Piers is coming to SL Green’s One Madison

Posted: 21 Oct 2021 07:50 AM PDT

SL Green has locked in its first tenant at One Madison Avenue, marking the next stage of the company’s 1.4 million-square-foot office development. The office landlord announced Wednesday that Chelsea Piers Fitness signed a 20-year lease to occupy portions of the building’s first two levels, in addition to two basement floors. The lease is for nearly 56,000 square feet. Asking rents were not revealed. The Chelsea Piers Fitness location will be the company’s fourth in

Few listings, sustained demand keeps Fairfield home prices near record highs

Posted: 21 Oct 2021 07:16 AM PDT

Sparse inventory continues to push home prices through the roof in Fairfield County, Connecticut. The median sale price for a home in the county was $550,000 in the third quarter, the second-highest mark in history — trailing only the previous quarter, when the median sale price was $570,000 — according to a report by Douglas Elliman by appraiser Miller Samuel. The median sale price was 4.8 percent higher than it was a year ago, when

Alicia Glen raises $108M for affordable housing fund

Posted: 21 Oct 2021 06:36 AM PDT

Former New York City deputy mayor Alicia Glen’s young firm has amassed just over $100 million in its first fundraise for new middle-income housing. Glen’s MSquared raised $108 million from Citigroup, her former emplolyer Goldman Sachs and Wells Fargo, among others, Bloomberg reported, and is gearing up to launch its second fund with hopes of raising more than $150 million. With the new fund, MSquared aims to bring affordable housing to major cities to counter

Residential dealmakers storm city’s investment sales market

Posted: 21 Oct 2021 05:30 AM PDT

Rising rents appear to have investors bullish on the ongoing recovery of the city’s residential market, with a majority of middle-market deals last week targeting residential and mixed-use properties. Other markers of how the pandemic has refocused the city’s property market included an industrial purchase by warehouse giant Prologis, an Amazon-leased parking lot bought by Wildflower and another discounted hotel sale by middle-market lodging king Sam Chang. Six deals closed in Manhattan, three in Brooklyn,

Hello Living faces end as Madison Realty pursues foreclosure

Posted: 21 Oct 2021 05:00 AM PDT

Eli Karp’s Hello Living may have to say goodbye to its East Flatbush apartment complex — and the rest of its portfolio. A judge ruled that Madison Realty Capital can go after interests in the developer’s luxury rental building through a UCC foreclosure sale. The New York Supreme Court judge denied Karp’s attempt to stop the sale of equity interests in 1580 Nostrand Avenue. That allows Madison, the project’s mezzanine lender, to proceed with the

After split, 520 Park sponsor unit sells to Israeli automotive exec for $36M

Posted: 21 Oct 2021 04:00 AM PDT

A three-bedroom condo at 520 Park Avenue has sold for $36 million — or $7,778 per square foot. The 4,628-square-foot sponsor unit went into contract in early September and closed a month later, records show. The buyers are listed as couple Gil-Haim Agmon and Orit Alster Ben Zvi. Agmon is the CEO of Delek Automotive Systems, an Israeli-based holding company that handles the import, distribution and marketing of vehicles and parts. The condo was originally