The Real Deal - New York Real Estate News

Exalted urban planner Alexander Garvin dies at 80

Posted: 18 Dec 2021 12:17 PM PST

Urban planning expert and author Alexander Garvin, a longtime professor at Yale best known for the top roles he played in designing Atlanta’s BeltLine, the reconstruction of Ground Zero and New York City’s bid for the 2012 Summer Olympics, died Friday at the age of 80 after an extended illness. His death was confirmed by his brother, George. Garvin was head of AGA Public Realm Strategists, a firm he started in 2004 with the goal

Aloha: Buyers can’t snap up Hawaii’s luxury homes fast enough

Posted: 18 Dec 2021 08:56 AM PST

Surf, sand, sun – and about 16 luxury homes sold every week for 39 weeks in a row. Aloha, Hawaii, where the top-end property market has never been hotter. More than 600 homes sold for $3 million or above in the first three quarters of 2021, double the number of a previous record set in 2017, according to a Hawaii Life Real Estate report cited by CNBC. Some $3.7 billion of luxury homes were sold,

CoStar Group to build new tallest building in Richmond, Virginia

Posted: 18 Dec 2021 08:17 AM PST

The skyline in Richmond is reaching new heights. The Richmond Times-Dispatch is reporting that Virginia’s capital city will get a new tallest building when CoStar Group, a commercial real estate analytics and research firm, expands its James River campus with a 26-story skyscraper. The tower will rise on vacant land adjacent to a nine-story building the Washington-based company acquired last year, and will be part of a $460 million expansion of its corporate campus in

Rockefellers to launch branded real estate venture in southern Spain

Posted: 18 Dec 2021 07:30 AM PST

More than 18 months after announcing a branded real estate venture, the Rockefeller family has its first project. The first Christian A. Rockefeller property is slated for nearly 500 acres in southern Spain’s Costa del Sol, according to a news release from Brand Labs International. Christian and his father, Steven Rockefeller Jr. are principals in SixRock Group, the family’s property firm. SixRock formed a partnership with Brand Labs last April. The Spain team includes ICICB

Aspen seeks to hike in-lieu affordable housing fees

Posted: 18 Dec 2021 06:00 AM PST

Not on my mountain. Aspen, the Colorado ski resort city that imposed a six-month moratorium on home building last week, is pondering whether to hike fees paid by developers to offset otherwise required affordable housing, the Aspen Times reported. The new rules could in some cases triple the fees. The moves come as the pandemic pushes buyers to Aspen and many other mountain towns, shrinking the number of available homes and lifting prices. The median

What Council Speaker Adrienne Adams means for real estate

Posted: 17 Dec 2021 02:24 PM PST

Queens Council member Adrienne Adams has won the race to become City Council speaker, having clinched support from more than 30 incoming members and even the mayor-elect. Adams’ team on Friday released a list of colleagues who have endorsed her, announcing that she has secured support from a majority of the council. Mayor-elect Eric Adams, who had been pushing Council member Francisco Moya for the post, tweeted Friday that he believes Adrienne Adams is the

CommonWealth Partners closes on $1B Hudson Commons buy

Posted: 17 Dec 2021 01:51 PM PST

The Hudson Commons office building is the site of the biggest investment sale in New York City in two and a half years. Los Angeles-based CommonWealth Partners closed on 441 Ninth Avenue on Friday for just over $1 billion, the Commercial Observer reported. The Real Deal reported last month that the adviser to the California Public Employees’ Retirement System fund was in contract to buy the office and retail building for 10 figures. According to

Insurance payouts from deadly tornadoes could hit $5B

Posted: 17 Dec 2021 12:30 PM PST

Insurance claims filed in the wake of the tornadoes that devastated parts of six states and claimed at least 88 lives last weekend could result in $5 billion in insurance payouts. The potential payout number would make it one of the most costly tornado disasters ever, according to the Wall Street Journal. Aon PLC data reported by the outlet show the costliest tornado disaster to take place a decade ago, when storms hit Tuscaloosa, Alabama

Elite Core Club signs lease at SF’s Transamerica Pyramid

Posted: 17 Dec 2021 12:05 PM PST

A social club for the 1 percent is coming to San Francisco’s Transamerica Pyramid. The Core Club signed a 20-year, 45,000-square-foot lease with SHVO, according to The San Francisco Business Times. Core Club will lease three floors and plans to open in 2023. The lease comes days after the Wall Street power club agreed to a 60,000-square-foot lease with Michael Shvo’s 711 Fifth Avenue in Manhattan. Shvo along with his partners, Deutsche Finance America and

Five Upper West Side apartments straight out of a holiday film

Posted: 17 Dec 2021 10:15 AM PST

There’s just something about New York City that goes hand-in-hand with the holiday season. Sure, you have the classic sights of the Rockefeller Center Christmas Tree (now available as an NFT, if you’re into that sort of thing), Macy’s with its annual holiday facelift and the Salvation Army’s jingling donation bells. You also have the backdrop of numerous classic holiday films, from “Miracle on 34th Street” to “Elf” and “Home Alone 2.” Even “When Harry

Chrome Hearts co-founder picks up West Village home for $14.5M

Posted: 17 Dec 2021 09:30 AM PST

The co-founder of fashion label Chrome Hearts has picked up a shiny new object. Luxury designer Richard Stark and his wife Laurie Lynn Stark, who also helms the high-end apparel and accessory brand, purchased a West Village home at 32 Perry Street for $14.5 million, property records show. The roughly 4,450-square-foot property was renovated from a multi-family building into a two-unit home with a separate entrance for a garden level suite. The main home on

Blackstone closing in on One Manhattan West stake

Posted: 17 Dec 2021 08:45 AM PST

Blackstone is reportedly close to a deal to snap up a stake in one of New York City’s most prominent office developments. The Wall Street Journal reported the firm is in advanced discussions to acquire a 49 percent stake in Brookfield Asset Management’s One Manhattan West. The deal would value the office building at more than $2.85 billion. People familiar with the matter told the Journal a deal for the stake could be reached in

LVMH books Rodeo Drive hotel for $200M: sources

Posted: 17 Dec 2021 08:00 AM PST

It’s the four-letter word that every seller on Rodeo Drive loves to hear: LVMH. The Paris-based luxury conglomerate, which owns Louis Vuitton, Dior, Tiffany & Co, Fendi and other brands, bought the former 86-key Luxe hotel on Rodeo Drive from the Harkham family for $200 million, sources familiar with the transaction told The Real Deal. JLL announced the sale yesterday, but did not disclose the buyer or the price. LVMH did not respond to a

Meadow Partners scores $259M CMBS loan at 80-90 Maiden Lane

Posted: 17 Dec 2021 07:15 AM PST

A new loan is not Meadow Partners’ maiden voyage refinancing a Financial District office property, but the developer is likely still thrilled with its new debt. Meadow Partners landed a $258.9 million CMBS loan from JPMorgan Chase at 80-90 Maiden Lane, the Commercial Observer reported. The financing retires a debt of about $250 million from Invesco Real Estate that came from a refinancing in 2018. The 612,000-square-foot office property consists of two adjacent buildings of

Davean Holdings, Meadow Partners buy 12 properties in Manhattan and Brooklyn

Posted: 17 Dec 2021 06:30 AM PST

Davean Holdings and Meadow Partners bought 12 free-market buildings in Manhattan and Brooklyn for $58 million in separate, all-cash deals — the latest sign that investors are betting again on New York City. The New York-based firms purchased the small, mixed-use properties from a variety of sellers. After closing on the purchases, the group secured $50.5 million in cross-collateralized financing from Fortress Investment Group. David Lloyd, the co-founder of Davean Holdings, said his company has

Retail foot traffic is picking up, but shoppers are still cautious

Posted: 17 Dec 2021 05:45 AM PST

Between holiday shopping and a slow return to the office, downtown districts across the country notched slight boosts in foot traffic. Pedestrian traffic in US downtowns continued to strengthen in November, marking the greatest monthly improvement in pedestrian traffic so far in 2021, according to data firm Springboard. The figure is 30 percent down from the 2019 level, but represents a slight bump from 38 percent down from October. The boost was reflected in New

432 Park Avenue is doing just fine, thanks

Posted: 17 Dec 2021 05:00 AM PST

The skyscraper at 432 Park Avenue opened in 2015 to a mixture of fanfare and criticism over its slender design and its significance as a looming status symbol for the ultra-wealthy. Six years later, the supertall condo tower is perhaps best known for its 1,500 alleged construction defects, surging common charges and, most recently, a $250 million lawsuit brought by its condo board against developers Harry Macklowe and CIM Group in September. But these issues