The Real Deal - New York Real Estate News

College leases 40K sf at ex-Sears in Yonkers

Posted: 25 Jan 2022 05:45 AM PST

Sears may not be providing appliances to the next generation, but its former retail footprint could provide lessons instead. Marx Realty announced Monday it finalized a 10-year, 40,000-square-foot lease with SUNY Westchester Community College at the Cross County Center in Yonkers. The lease marks a 30,000-square-foot expansion for WCC at the open-air shopping center. The school previously used its limited space for classrooms and offices for professors. By increasing its real estate footprint, WCC will

Howard Lorber’s $1.8M salary at Elliman offset by Vector pay cut

Posted: 25 Jan 2022 05:00 AM PST

As CEO of newly spun-off Douglas Elliman, Howard Lorber will receive an annual salary of $1.8 million, a recent filing shows. But instead of that being tacked on to what he makes already as Vector Group CEO, it will be subtracted from his Vector compensation package. That figure could go up: Lorber can get a cost-of-living adjustment, and the board of directors of Douglas Elliman has the power to increase — but not decrease —

Meridian Capital could get exclusive on All Year’s $1B portfolio

Posted: 25 Jan 2022 04:00 AM PST

Meridian Capital Group is in line to become the exclusive financing broker for All Year Holdings’ bankrupt $1 billion real estate portfolio in Brooklyn. The request is before a bankruptcy judge in New York’s Southern District. If Meridian gets the green light and is able to ink a deal with a new lender, it could be in for a hefty payday. All Year tapped Meridian to broker its equity recapitalization in April where Meridian solicited

Sheldon Silver, convicted development kingmaker, dies

Posted: 24 Jan 2022 04:28 PM PST

Sheldon Silver, who as speaker of the Assembly for two decades held tremendous influence over real estate — and abused that influence to benefit prominent developers — died Monday. He was 77. Silver was serving out a six-and-a-half-year sentence in Massachusetts on federal corruption charges. Though his 2015 conviction on those charges was overturned, the case was later retried and Silver was again found guilty in 2018. The charges of money laundering and extortion stemmed

“The end of an era”: Fredrik Eklund quits Million Dollar Listing

Posted: 24 Jan 2022 03:57 PM PST

Fredrik Eklund announced on Instagram that after 11 years on “Million Dollar Listing” he is quitting the hit show. “It’s the end of an era and a new start for me,” the Bravo star and real estate agent wrote. Eklund was the first agent on the franchise to appear regularly on both the New York and Los Angeles editions of the series. He has starred in nine seasons of “Million Dollar Listing: New York” since

Southampton Town considers buying 40 acres

Posted: 24 Jan 2022 03:04 PM PST

Revitalization of a hamlet can be grimy business, as evidenced by Riverside’s need for a sewer district to stir redevelopment. Southampton Town is looking at buying approximately 40 acres across three parcels at 448 and 500 Flanders Road, according to 27East. The Susan E. Shumejda Credit Shelter Trust is seeking $1.7 million in a sale of the land, which is adjacent to nearly 25 acres of preserved land and 16 acres of town open space.

Brown Harris Stevens adding TikTok training to its arsenal

Posted: 24 Jan 2022 12:45 PM PST

Who said you can’t teach an old brokerage new tricks? Brown Harris Stevens announced last week that the 25-year-old real estate agent turned TikTok star Madison Sutton is joining its flagship office with her five-person team. Sutton will develop training materials for BHS agents to develop content and cultivate business on the app, where she posts under the name @thenycagent for almost 99,000 followers. “I was initially a little bit surprised myself, but when I

$8M Dumbo condo tops Brooklyn home contracts

Posted: 24 Jan 2022 11:45 AM PST

Condominiums and townhouses were both winners in Brooklyn last week, topping Compass’ weekly report on the borough’s signed luxury contracts. The priciest home on the list was a 3,067-square-foot condo in Dumbo. The unit at 30 Front Street was asking $8 million, or $2,607 per square foot. It has four bedrooms, three and a half bathrooms and a 489-square-foot terrace facing the East River. The second most expensive unit to go into contract last week

Nassau County freezes assessments after home-price surge

Posted: 24 Jan 2022 10:45 AM PST

Just call Laura Curran the Ice Queens. Before leaving her post as Nassau County executive, Curran — for a second straight year — froze the values on which homes are taxed, according to Newsday. Curran froze property values for the 2023-24 tax year before being replaced by Bruce Blakeman, a Republican elected in November. The values were revealed in the tentative assessment roll published by the county. In December 2020, Curran also froze assessments, that

Village, UWS condos tie for Manhattan’s priciest signed contract

Posted: 24 Jan 2022 09:45 AM PST

Two condos tied for the priciest to go into contract in Manhattan last week, with both units asking $21.5 million. One was a duplex penthouse at 160 West 12th Street and the other was apartment 37A at 200 Amsterdam Avenue. The duplex, apartment PH2, is 3,905 square feet and includes three bedrooms, three and a half bathrooms, a library, a terrace and floor-to-ceiling casement windows. The seller paid $16 million for the unit in December

Blackstone to pay $3.7B for REIT in latest rental push

Posted: 24 Jan 2022 08:45 AM PST

The Blackstone Group notched another deal this week in its continued push into the rental market. Philadelphia-based Resource REIT announced it was being acquired by Blackstone Real Estate Income Trust in a transaction valued at $3.7 billion. BREIT agreed to acquire outstanding shares of the REIT for $14.75 per share, a premium of 63 percent on the REIT’s Net Asset Value of $9.06 per share, determined last January. “This transaction represents a continuation of our

Pretium to launch $600M JV for build-to-rent development

Posted: 24 Jan 2022 07:45 AM PST

A major player in the build-to-rent space has signed a new partnership to expand its share of the booming market. Pretium Partners inked a joint venture with Indianapolis-based developer Onyx+East for approximately $600 million, Bloomberg reported. The venture aims to build more than 2,000 rental homes including either three or four bedrooms in Ohio, Indiana and the west coast of Florida. Pretium signed a similar deal with Crescent Communities in September, Bloomberg noted, in which

@properties sells Christie’s NYC brokerage to Brown Harris Stevens

Posted: 24 Jan 2022 07:00 AM PST

Chicago-based @properties sold Christie’s International Real Estate’s New York City brokerage to Brown Harris Stevens and is severing ties with Berkshire Hathaway HomeServices’ Long & Foster and Harry Norman. The changes come about a month after @properties purchased the Christie’s International Real Estate brand and network from Christie’s. Its latest moves align with the international brand’s goal to support independent firms while growing its global affiliate network and moving away from its corporately owned structure.

Looking for a home in Connecticut? Good luck

Posted: 24 Jan 2022 05:45 AM PST

Connecticut’s home market has proved to be no exception to the low inventory problem punishing buyers since the onset of the pandemic. In Fairfield County, single-family listings have dropped to their lowest level on record, according to appraisal firm Miller Samuel for Douglas Elliman. Listing inventory in the quarter was 898 homes, a 46.4 percent drop from the third quarter and a 38.8 percent drop year-over-year, marking the fastest-moving market in 17 years. It was

“We’re done”: Seller comes to grips with NJ mansion mistake

Posted: 24 Jan 2022 05:00 AM PST

Bigger isn’t always better, as a businessman who bought, built and abandoned a massive estate in New Jersey now admits. The story involves a 60-acre Alpine property once owned by the family of steel magnate Henry Clay Frick, the Wall Street Journal reported. Richard Kurtz, the founder of New Jersey-based apartment owner and manager Kamson purchased the estate in 2006 for $58 million and split it into smaller — but not small — parcels. Kurtz

Bad vibes threaten Rybak’s Upper East Side project

Posted: 24 Jan 2022 04:00 AM PST

Rybak Development and Congregation Kehilath Jeshurun got off to a shaky start, no matter how you measure it. In 2020, the Brooklyn-based developer spent $26 million for 126 East 86th Street on the Upper East Side. It soon demolished the building and scored city approval to replace it with a 20-story development with ground-floor retail and apartments above. But as Rybak prepared for excavation work, it hit an unlikely snag that threatened to derail its