The Real Deal - New York Real Estate News

RXR seeking $1.5B refi for Times Square office tower

Posted: 13 Jan 2022 02:00 PM PST

Days after signing Roku to a massive long-term lease, Scott Rechler is in the market for a seven-figure loan to refinance his Times Square office tower. Rechler’s RXR Realty aims to refinance its 1.1 million-square-foot, 39-story tower at 5 Times Square to the tune of $1.5 billion, sources familiar with the property told The Real Deal. RXR is seeking the new debt after signing the streaming service Roku to 240,000 square feet across the building’s

These are Queens’ top brokerages by agent headcount

Posted: 13 Jan 2022 01:30 PM PST

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro— the one-stop real estate terminal that provides all the data and market information you need. Despite kingpins like Compass, Corcoran and Douglas Elliman holding dominant positions across Manhattan and Brooklyn, the king of Queens is local brokerage Winzone Realty, according to a TRD analysis of the borough’s top brokerages by headcount. The Real Deal analyzed

Chinese developer defaults on $175M loan for languishing Manhattan supertall site

Posted: 13 Jan 2022 01:00 PM PST

One of China’s largest companies has taken another hit on its pricey development site in Manhattan’s South Street Seaport. Oceanwide Holdings defaulted on its $175 million loan against 80 South Street, where a planned skyscraper has been stalled for years, Bisnow reported. The loan was taken out against the property in 2019, while Oceanwide was trying to sell it. The loan — believed to be the only debt against the property — was set to

A $190M megadeal at 220 Central Park South

Posted: 13 Jan 2022 12:17 PM PST

In one of New York’s most expensive deals to date, billionaire investor Daniel Och has reportedly sold his penthouse at 220 Central Park South for nearly $190 million. In doing so, Och has just about doubled what he paid for the unit over two years ago, the Wall Street Journal first reported, citing people familiar with the transaction. In 2019, Och paid roughly $93 million for the apartment plus approximately $2 million for a one-bedroom

Extell plans Theater District hotel, avoiding special permit

Posted: 13 Jan 2022 11:59 AM PST

UPDATED Jan. 13, 2022, 5:40 p.m.: When the City Council approved new restrictions on hotel development, it all but ensured that Gary Barnett’s Midtown project would remain unscathed. Barnett’s Extell Development last week received permits for a more than 541,000-square-foot, 1,350-key hotel tower at 740 Eighth Avenue in the Theater Subdistrict, an area in which certain projects are exempt from the recently enacted requirement that developers must obtain a special permit for new hotels. Extell

These boots are made for lending

Posted: 13 Jan 2022 11:33 AM PST

A Texas cowboy-boot maker is betting its stores will walk all over US retail. Austin-based company Tecovas raised $56 million to expand its brand, the Austin American-Statesman reported. Much of that expansion will involve investing in retail stores across the country. Venture capital firm Elephant, founded by Warby Parker co-founder Andy Hunt, led the investment. Access Capital, Seamless Capital and Kemmons Wilson Companies were also part of the deal. Tecovas founder and CEO Paul Hedrick

Regent Properties buys Texas office building for $174M

Posted: 13 Jan 2022 11:15 AM PST

Pandemic be damned—investors are bullish on the Austin office market. Regent Properties, based in Dallas and Los Angeles, bought the high-rise at 816 Congress Avenue in the Texas capital city, the Austin Business Journal reported. The company paid $174 million for the 20-story office building. The deal closed in late December, and Regent announced it today. Regent didn’t disclose the seller, but ABJ reports that Atlanta-based Cousins Properties was the previous owner. Cousins paid Lehman

Brooklyn and Queens closed out 2021 with all-time sale price records

Posted: 13 Jan 2022 10:00 AM PST

The sales markets in Brooklyn and Queens are at it again. Brooklyn set new home price records in the fourth quarter for the sixth time in the past seven quarters, according to a report by appraisal firm Miller Samuel for Douglas Elliman. Queens set new records for the third straight quarter year-to-date. Brooklyn’s median sale price was $941,000 in the fourth quarter, a 7.5 percent increase from last year. The average sale price of $1.2

HSBC eyeing move to Tishman Speyer’s Spiral

Posted: 13 Jan 2022 09:15 AM PST

The Spiral is nearing completion, but Tishman Speyer’s Hudson Yards tower is still looking to fill out its enormous office footprint with more tenants. London-based bank HSBC is in discussions to lease about 250,000 square feet at the development for a local headquarters, Bloomberg reported. A source familiar with the negotiations told the outlet tere is still a chance talks fall through. Tishman Speyer’s building at 66 Hudson Boulevard continues to reel in leases as

Brooklyn investor nabs $95M construction financing for Jersey City high-rise

Posted: 13 Jan 2022 08:30 AM PST

UPDATED Jan. 13, 2022, 7:39 p.m.: Sequoia Development Group scored $95 million in construction financing for a multifamily high-rise in Jersey City amid an influx of projects by New York developers. Sequoia, led by Israel Neiman, secured financing from Parkview Financial and Montgomery Street Partners to build a 16-story, 300-unit multifamily project at 711 Montgomery Street. Carlton Group CEO Michael Campbell and managing director Kyle Morque arranged the financing. “This was a very complex transaction

Bronx fire survivors file lawsuit against apartment landlords

Posted: 13 Jan 2022 07:15 AM PST

Two survivors of the fire in a Bronx apartment building that killed 17 people have filed the first lawsuit against the building’s property owners. Lead plaintiffs Rosa Reyes and Felix Martinez are seeking $1 billion in compensatory damages for themselves and other victims of the fire, the Wall Street Journal reported. Defendants in the lawsuit include the current property owner — LIHC Investment Group, Belveron Partners and Camber Property Group — as well as the

These buildings were the best-selling new developments of 2021

Posted: 13 Jan 2022 06:30 AM PST

New developments flew off the shelf last year, but with so many residences popping up across the city, it’s hard to know what buildings are driving the boom. The Real Deal has ranked the top ten selling new developments of 2021 using new data compiled by Brown Harris Stevens Development Marketing. Buyers signed 1,945 contracts last year for an average price of $4.2 million. That adds up to $8.17 billion in sales volume, with roughly

IBM, Franklin Templeton eyeing SL Green’s One Madison

Posted: 13 Jan 2022 05:45 AM PST

Chelsea Piers Fitness could soon have company at One Madison Avenue. Two companies, actually. IBM and Franklin Templeton are in discussions about becoming anchor tenants at SL Green’s 1.4 million-square-foot office development, people familiar with the matter told Bloomberg. The outlet noted that no deal is done and the talks may still collapse. IBM is looking at leasing approximately 350,000 square feet in the development. The company told Bloomberg it would like to consolidate its

These were the five priciest development sites sold in NYC in 2021

Posted: 13 Jan 2022 05:00 AM PST

The land market was one of New York City’s weaker real estate segments in 2021. The five largest deals for development parcels last year fetched nearly $435 million altogether, a slight increase from pandemic-stricken 2020 but still a 27 percent decrease from 2019’s $597 million. As in previous years, proposed residential developments once again dominated the list, but one deal for a warehouse development in Brooklyn — a possible sign of the times as the

Everything must go: I-sales skyrocket in year-end blowout

Posted: 13 Jan 2022 04:00 AM PST

From Ashkenazy Acquisition to ZG Capital, property investors raced to beat the clock and close on investment deals before the calendar flipped to 2022. The bevy of sales helped breathe life into Manhattan’s investment sales market, which accounted for the most deals for the third straight week in the $10 million to $40 million range. The borough recorded 11 sales last week. Brooklyn saw six deals, Queens two and the Bronx one. Twenty mid-market sales

These are Long Island’s top brokerages by agent headcount

Posted: 12 Jan 2022 02:15 PM PST

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need. Douglas Elliman is all alone on an Island, but it’s not stranded. Rather, the firm is thriving as the top real estate brokerage across both Nassau and Suffolk counties. The Real Deal analyzed a Dec. 15 snapshot of New

Build-to-rent takes off in Texas

Posted: 12 Jan 2022 01:45 PM PST

Build-to-rent is taking off in Texas. California’s Banyan Residential said it will build a 34.4-acre community of single-family rental homes in Pflugerville, a booming suburb 18 miles north of the Texas capital, the Austin Business Journal reported. Banyan, in partnership with Salt Lake City’s Bridge Investment, didn’t disclose the price of land bought for the development. The planned community at 2601 Crystal Bend Drive will have 230 single-family homes for rent at market rates. Rents

NBCUniversal chairman Stephen Burke lists co-op for $19M — again

Posted: 12 Jan 2022 01:30 PM PST

If at first you don’t succeed, try again — at the same asking price. NBCUniversal chairman Stephen Burke has re-listed his Lincoln Square co-op with Compass for $18.9 million. The executive tried to sell the luxury unit at 41 Central Park West last April with Compass and Douglas Elliman, asking $18.9 million. With apparently no buyers in sight, Compass delisted the property in October, according to Streeteasy, while Douglas Elliman hung on. Now, Compass is

Judge Andrew Napolitano ditches Trump condo after Fox News ouster

Posted: 12 Jan 2022 12:45 PM PST

Months after his exit from Fox News amid harassment allegations, Judge Andrew Napolitano is moving on from his condo at Trump International Hotel & Tower on Central Park West. Napolitano, a former New Jersey judge and longtime legal analyst for the cable network, sold his apartment at the luxury condo and hotel building for $6.05 million, property records show. The buyer was a shell company represented by attorney Daniel Akselrod. Napolitano bought the unit for

Texas capital tumbles from top slot among hot housing markets

Posted: 12 Jan 2022 12:32 PM PST

Austin’s hot housing market, which topped a national ranking last year, may be about to cool – and then some. The Texas capital, ranked No. 1 by Zillow among U.S. markets last year, plunged to No. 10 in the real estate site’s predictions for 2022. The main reason: Austin’s market got so expensive that fewer people can afford to live there. Prices have been rising for years as home builders failed to keep up with

Grubb planning 173-unit Hempstead rental

Posted: 12 Jan 2022 12:00 PM PST

North Carolina-based Grubb Properties is continuing its march into New York, this time turning its eyes east towards Long Island. The developer is planning a $77.7 million apartment complex at 257 Main Street in Hempstead, Nassau County, Long Island Business News reported. The building will be five stories tall and include 173 units. The building will span more than 220,000 square feet and include a 73,000-square-foot parking garage. There will also be a 2,300-square-foot retail

Sutton’s lender selling $195M loan at 529 Broadway

Posted: 12 Jan 2022 11:15 AM PST

The lender to Jeff Sutton’s Wharton Properties and its partners at 529 Broadway is looking to sell the loan on the six-story retail property in Soho. UK-based Rothesay Life is looking to sell the $195.3 million loan on the property, a person familiar with the deal told the Commercial Observer. Eastdil Secured has been charged with marketing the loan. The loan was provided by UBS and Morgan Stanley in 2016 to joint venture of Wharton, A&H

Hakimian sells hotel at 75 Wall Street

Posted: 12 Jan 2022 10:45 AM PST

The Hakimian Organization is checking out of the hotel at 75 Wall Street. The group has sold the hotel portion, titled Andaz Wall Street, of the building to Navika Capital Group for nearly $85 million, according to public records filed Tuesday. The upper portion of the building was converted in 2008 to include luxury condominiums. The 253-room Hyatt-branded hotel takes up the lower floors of the building, which are zoned for residential and commercial use,

Abba-Zaba! Maker of Rocky Road bars sells Hayward candy-making site to Fortress

Posted: 12 Jan 2022 10:16 AM PST

Annabelle Candy, maker of Rocky Road, Big Hunk and Abba-Zaba candy bars, sold its office and manufacturing plant in Hayward to an affiliate of New York-based Fortress Investment Group. The company, founded by a Belarussian immigrant to the East Bay, sold the property at 27211 Industrial Boulevard for $13 million, SiliconValley.com reported. Members of the Gogol and Karl families, which have been linked to leadership positions with Annabelle Candy for years, were also involved in

Owning is more affordable than renting, even amid rising home prices

Posted: 12 Jan 2022 09:45 AM PST

The housing market is still soaring, but a new report outlines a promising indicator for those looking to buy amid record-high home prices. It’s still more affordable to own a home than to rent in a majority of the United States, according to ATTOM’s 2022 Rental Affordability Report, which analyzed the differences between a median-priced home and three-bedroom rental in 1,154 counties across the country. The analysis found home ownership to be more affordable in

Location data firm Placer.ai hits unicorn status with $100M Series C

Posted: 12 Jan 2022 09:00 AM PST

The first proptech unicorn of the new year has landed. Location analytics startup Placer.ai raised a $100 million Series C round, achieving a $1 billion valuation a little more than three years after launch. Since 2018, the California-based firm has focused primarily on tracking foot traffic using cell phone data, offering commercial landlords and tenants, particularly in the retail space, insight into how individual buildings and stores perform. The startup expanded into new verticals last

The future is non-fungible: introducing Future City 2022

Posted: 12 Jan 2022 08:30 AM PST

Real estate executives: the Bahamas await you. The Real Deal is thrilled to announce Future City 2022, an executives-only luxury retreat this spring featuring the thought leaders and change-makers that are making waves at the intersection of real estate and technology. From March 20–22 at the gorgeous Baha Mar resort, hundreds of C-level real estate executives will dive into the ever-evolving world of proptech, a sector with nearly 2,000 innovative companies poised to disrupt the

Meta postpones office return

Posted: 12 Jan 2022 07:45 AM PST

Meta Platforms is the latest to revise its plans for an office return amid a surge in coronavirus cases, pushing its reopening back while adding a Covid-19 booster mandate. Facebook’s parent company is looking to bring employees back to the office on March 28, Reuters reported. The new return date is almost two months later than its previously planned return on Jan. 31, and the decision comes a month after the company offered an option

Nonprofits call for greater access to city vouchers as evictions loom

Posted: 12 Jan 2022 07:00 AM PST

Nonprofits are calling on Mayor Eric Adams and a revamped City Council to help stem an expected tide of eviction filings after Gov. Kathy Hochul confirmed that the state’s eviction moratorium will expire this weekend. The policy they’re pushing for: a further expansion of the city’s housing voucher program. To make vouchers accessible to more residents, nonprofits RiseBoro Community Partnership and the Robin Hood Foundation suggest that the city eliminate the requirements that tenants must

Exclusive: Turnbridge Equities closes $500M Texas recap deal

Posted: 12 Jan 2022 06:30 AM PST

Turnbridge Equities completed a $500 million recapitalization deal on Music Lane, a commercial strip that has been transformational for Austin, Texas. New York-based Turnbridge developed the urban mixed-use project, an assemblage of properties on 15 acres at 1007-1221 South Congress Avenue. The recapitalization of Music Lane frees up funds to renovate two of the company’s South Congress multifamily properties, said Andrew Joblon, Turnbridge managing principal. In a month or two, Music Lane will be home

Paramount+ debuting drama inspired by NYC construction boss

Posted: 12 Jan 2022 05:45 AM PST

A New York City construction magnate is serving as the inspiration for a forthcoming streaming series. “Construction,” a new Paramount+ series, will follow a fifth-generation, Black and female construction leader in New York City as she navigates business and family, Deadline reported. The show’s premise closely echoes the life story of Cheryl McKissack Daniel, president and CEO of McKissack & McKissack. McKissack Daniel helms the eponymous firm, which bills itself as the oldest minority and

Northern NJ industrial properties are fetching record rents

Posted: 12 Jan 2022 05:00 AM PST

Warehouse tenants in 2021 paid more for proximity to the largest consumer market in the U.S. than ever before. Retailers, manufacturers and other industrial renters want so badly to be near New York City that they’re willing to pay 50 percent more for space within a few miles of it than they would have a couple years ago. Asking rents in northern New Jersey’s industrial market ticked up 23 percent in 2021 to an average

Looming end of tax break triggers real estate “hunger games”

Posted: 12 Jan 2022 04:30 AM PST

Developers made a gamble in Gowanus in November, likely to avoid an even bigger risk: paying real estate taxes for the next 25 years. More than three weeks before the city approved a contentious rezoning in the Brooklyn neighborhood, Domain Companies and the Vorea Group filed plans for two projects totaling 628 apartments. Both sites were, at the time, limited to manufacturing use. A few days later, Property Markets Group filed plans for a 344-unit,

These were Manhattan’s largest retail leases of 2021

Posted: 12 Jan 2022 04:00 AM PST

As Manhattan’s residential market boomed in 2021, office and retail landlords struggled through another year of pandemic-driven uncertainty. While big-box stores and luxury brands have dominated previous years’ rankings of the borough’s top retail leases in terms of both square footage and rent, the tenants that topped this year’s list — charter schools, fitness chains and supermarkets — represented a sign of the times. As major retailers have reduced their brick-and-mortar presence in the city