The Real Deal - New York Real Estate News

Ex-Navillus CEO found guilty of cheating unions

Posted: 22 Oct 2021 05:50 PM PDT

A jury has convicted the former CEO of Navillus, one of the city’s largest construction contractors for his role in a scheme that cheated unions out of more than $1 million. Donal O’Sullivan was found guilty on multiple counts of wire fraud, mail fraud, embezzlement from employee benefits funds, submission of false remittance reports to union benefits funds and conspiracy to commit those crimes, federal prosecutors announced Friday. His sister Helen O’Sullivan, the company’s treasurer,

5 perfect new development homes for you and your dog (or cat)

Posted: 22 Oct 2021 02:30 PM PDT

Few animals represent Manhattan better than a dog traversing the sidewalks in a stroller or a classic bodega cat. Whether dog people or cat people, New Yorkers in particular have leaned into their collective affinity for furry friends during the pandemic. One much needed feel-good story last year was the shortage of dogs and cats available for fostering. The city’s shelters were temporarily emptied as remote workers sought the comfort of a wagging tail beside

Is Miami’s residential architecture overplayed? No way!: TRD panel at Artefacto

Posted: 22 Oct 2021 01:30 PM PDT

To break up the glass-and-steel monotony of his next planned condo tower, developer Gil Dezer will be spending extra money to create a dramatic design element. His Dezer Development is teaming up with Bentley to build the Bentley Residences in Sunny Isles Beach, which will be the luxury automaker’s first residential building in the world. During an architecture panel Thursday evening, Dezer revealed one of the project’s features, triangular windows fastened together to look like

Bank OZK loan originations reach highest level since 2017

Posted: 22 Oct 2021 12:30 PM PDT

Bank OZK, one of New York and Miami’s most active construction lenders, saw loan originations reach their highest levels in nearly four years. Arkansas-based Bank OZK’s Real Estate Specialties Group closed $2.21 billion of new loans during the third quarter, marking the highest quarterly level of originations since the fourth quarter of 2017. The bank also recorded almost zero write-downs on problematic loans. The mid-size bank, led by George Gleason, is closely watched by the

Real estate powers Blackstone’s best quarter ever

Posted: 22 Oct 2021 12:24 PM PDT

Blackstone reported a blockbuster third-quarter this week — the best in its 36-year history. Earnings more than doubled year-over-year to $1.28 per share, trouncing the average Wall Street analyst estimate of 91 cents. And assets under management swelled 25 percent to $731 billion, besting industry records, said Stephen Schwarzman, the firm’s chairman and CEO. A workhorse behind that growth: real estate. A look at the firm’s assets under management shows real estate investment grew to

Single-family rentals soaring in hot housing market

Posted: 22 Oct 2021 11:20 AM PDT

Americans are finding homeownership increasingly out of reach or not worth the commitment, and are instead turning to the next closest thing: single-family rentals. Built-to-rent homes, which are constructed for single families as rentals, were surging even before Covid. The pandemic accelerated the trend, as the number of built-to-rent homes soared by 30 percent from 2019 to 2020, according to the New York Times. Built-to-rent homes make up 6 percent of all homes being constructed

Crow Holdings, Marcus Partners teaming up for luxury Westchester multifamily

Posted: 22 Oct 2021 10:00 AM PDT

Two developers are teaming up on their first multifamily project in New York, a 450-unit luxury residence in Westchester County. Trammell Crow Residential, the multifamily development arm of Crow Holdings, and Marcus Partners are developing the Alexan Harrison in Harrison, New York, the companies announced Thursday. The developers broke ground in August and aim to complete the project in April 2024. The five-story luxury residence at 3 Westchester Park Drive will consist of two buildings

Robert Durst charged with murder in wife’s disappearance

Posted: 22 Oct 2021 08:40 AM PDT

Weeks after Robert Durst was convicted of murder and sentenced to life for a 2000 killing, the former real estate heir is facing charges in the 1982 disappearance of his wife. State Police investigator Joseph Becerra this week filed a second-degree murder complaint in Lewisboro, New York, the New York Times reported. The complaint precedes a formal murder charge. Becerra has reportedly been working on the case for 20 years and Westchester County DA Miriam

JLL buys Building Engines for $300M

Posted: 22 Oct 2021 07:15 AM PDT

JLL is building out its proptech capabilities with its acquisition of Building Engines for $300 million. The Boston-based building operations software firm will be tucked into the JLL Technologies umbrella, Business Insider first reported. Building Engines CEO Tim Curran will become executive managing director of his company upon the closing of the transaction, which is expected by the end of the year. Building Engines has its tools integrated into an app called Prism. The company

Terreno Realty pays $44M for NJ industrial site

Posted: 22 Oct 2021 06:30 AM PDT

Terreno Realty Corp. paid $44 million for an industrial building in Elizabeth, New Jersey, in the latest move notched amid the scorching industrial real estate market in the Northeast. The San Francisco-based company announced its acquisition of the 31,000-square-foot property on Thursday morning, but did not identify the seller of the six-acre site. Located at 228 North Avenue, the site abuts the New Jersey Turnpike and offers access to major transportation hubs nearby, including Port

Madison Realty’s altered plans for SI complex approved

Posted: 22 Oct 2021 06:15 AM PDT

Madison Realty Capital’s project on the St. George waterfront in Staten Island is floating towards fruition. The City Council’s land use committee approved the development on Thursday after the proposed complex cut tower heights and unit counts. The approval, first reported by SI Advance, came one day after the City Council’s zoning committee also approved the revised plan. From here, the proposal returns to the City Planning Commission, which approved the previous plan last month.

Pandemic forces mom-and-pop landlord to sell out

Posted: 22 Oct 2021 05:00 AM PDT

Many multifamily landlords pursue a “buy and hold forever” strategy. But the pandemic has made that untenable for many smaller owners. Five multifamily properties in Kearny, New Jersey, just changed hands for $10.9 million, the second sale for the town this week — and evidence that suburban demand for rentals remains robust among investors seeking post-Covid opportunities. Property records show the seller was Leonard Rosenberg, a Hudson County owner for the past 40 years whose

Manhattan buyers shun fixer-uppers

Posted: 22 Oct 2021 04:00 AM PDT

Short supply, rising prices and now — uncompromising buyers. The latest trend to emerge from the pandemic is a preference for renovated homes over budget-friendly fixer-uppers among Manhattan buyers, a new report indicates. Real estate data firm UrbanDigs found that the gap in sales prices between fresh-faced apartments and those requiring work has widened by nearly 30 percent in the last year, the second-largest such divide in a decade. As demand for units in mint,