The Real Deal - New York Real Estate News

Office behind Joseph Tsai revealed as buyer in 220 Central Park South megadeal

Posted: 20 Jan 2022 07:15 AM PST

Billionaire investor Daniel Och last week notched one of New York’s most expensive residential real estate deals when he sold his penthouse at 220 Central Park South for $190 million. The buyer’s identity was unclear for days after news broke of the record-breaking deal, but New York registry documents reported by Bloomberg show Blue Pool Capital, the family office of Alibaba executive vice chairman Joseph Tsai, spent $188 million on the 73rd-floor unit. The firm

XS Ranch in Texas finally finds a buyer after emerging from bankruptcy

Posted: 20 Jan 2022 07:09 AM PST

An 8,700 Texas ranch that sat in development purgatory for more than five years finally emerged from bankruptcy and found a buyer, setting the stage for its potential development. Capital Land Investments 3 LP bought 10,000 acres in Bastrop County, including the XS Ranch, from CL Bastrop, the Austin Business Journal reported. A previous owner, XS Ranch Fund, laid out plans in 2013 for 7,000 residential units, 300,000 square feet of commercial space and a

Watch: What happens when fintech blurs into proptech?

Posted: 20 Jan 2022 06:30 AM PST

Ryan Simonetti divides real estate into four key buckets: design and development, service and operations, sales and marketing, and finance. The key to shaking up all of them at once, he believes, is applying fintech. “There is a massive opportunity for fintech-oriented solutions to enable a lot of the movement of money and payments across that entire value chain across every asset class,” Simonetti, the founder of flex-space operator Convene and an active proptech angel

New name, same basic idea: Hochul pitches 421a reform

Posted: 20 Jan 2022 05:45 AM PST

It may have a new name, but Gov. Kathy Hochul’s proposed development tax break looks a lot like 421a. In her executive budget, the governor outlined a replacement for the incentive program, often cited by developers as essential to the construction of rental housing in New York City. Hochul re-branded it Affordable Neighborhoods for New Yorkers, but would create a new tax code for the five-borough program, 485w. If approved by the legislature — which

Alo Yoga inks lease on Fifth Avenue

Posted: 20 Jan 2022 05:00 AM PST

Fifth Avenue is set to welcome a new tenant come spring. Fitness brand Alo Yoga has signed a lease at 600 Fifth Ave., replacing Ann Taylor, sources told The Real Deal. The retailer, which carries fitness clothing, gear and accessories, will be taking over 5,000 square feet on the ground and 4,400 square feet on the lower level. Alo Yoga will pay $3 million each year for the space and its lease is for seven

LA industrial developers turn to office conversions

Posted: 20 Jan 2022 04:30 AM PST

It looked like just another Southern California office deal when a couple of low-rise office buildings with plentiful parking lots traded for $175 million in August. Except the buyer was Brentwood-based Rexford Industrial Realty, one of Southern California’s largest owners of warehouses, distribution centers and manufacturing properties. Plans to convert the buildings aren’t the result of distress at the Santa Ana properties — both are leased up, with tenants including Behr Paint’s corporate headquarters and

WeWork, Neumann join forces against former landlord in lease dispute

Posted: 20 Jan 2022 04:00 AM PST

Two years after their acrimonious split in the wake of an IPO debacle, WeWork and its co-founder Adam Neumann find themselves battling a common foe. Neumann recently joined WeWork in fighting back against a lawsuit brought by former landlord the Sapir Organization, which alleges the co-working firm abandoned its lease at a Midtown office building in March of last year and owes close to $17 million in damages. Sapir Organization’s lawsuit, filed in August, alleged