The Real Deal - New York Real Estate News

Inside the rent roll at Chetrit’s 26 Broadway

Posted: 09 Feb 2022 04:00 AM 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 you with all the data and market information you need in one single location. Long an imposing figure above Bowling Green and the Charging Bull Statue in Manhattan’s Financial District, Chetrit Group’s 19th-century office building at 26 Broadway has hit the reset button with an up to $330

Thor Equities nabs 131K sf Newark warehouse

Posted: 08 Feb 2022 03:30 PM PST

Joseph Sitt’s Thor Equities advanced its push into industrial real estate with a purchase in New Jersey’s sky-high market. Jewels Transportation sold the warehouse at 241 Oraton Street in Newark JLL announced last week. JLL represented the seller and its team was led by Jordan Avanzato and Marc Duval. The companies did not confirm financial terms of the deal, but BLDUP reported the 131,000-square-foot asset traded hands for $32 million. The two-building property stretches across

Executive exodus at Better.com claims more casualties

Posted: 08 Feb 2022 03:00 PM PST

The next time Better.com CEO Vishal Garg hops on a call with the company brain trust, there will be fewer boxes on his screen. Three more executives have left the company in recent days, including senior director of partnerships Sean Baddeley, who posted a message on LinkedIn that his last day of work was Monday. The company has had a rash of employees leave, both in the wake of Garg’s controversial layoffs and his return

De Niro’s Wildflower Studios development gets DOB blessing

Posted: 08 Feb 2022 01:30 PM PST

It’s about to be anything but quiet on the set at Robert De Niro’s film production studio in Astoria. Wildflower Studios recently received approval from the New York Department of Buildings to begin construction on the 775,000-square-foot project, CNN reported. The $600 million movie studio is backed by the Hollywood star, producer Jane Rosenthal and developer Wildflower. The project is a seven-story building, which will ultimately house 11 sound stages. The 145-foot-tall building will include

“Tinder Swindler” preys on Lev Leviev’s name

Posted: 08 Feb 2022 12:45 PM PST

When diamond-cutter-turned-real-estate-tycoon Lev Leviev cracked the De Beers diamond cartel in the early ’90s, it was “with the instincts of a tiger and the balls of a panther.” But it was with the balls of a catfish that the swindling Shimon Hayut preyed on Leviev’s name — and on women he conned out of millions of dollars by pretending to be his son, Variety reported. In the Netflix hit “Tinder Swindler,” several victims and a

Nest Seekers sues sellers for commission on $118.5M Hamptons deal

Posted: 08 Feb 2022 11:15 AM PST

The nine-figure sale of a pair of megamansions is at the center of an emerging conflict involving two Hamptons brokerages. Nest Seekers International is suing the sellers, clothing magnates Arthur and Jason Rabin, for cutting it out of the commission on the $118.5 million deal for their bayfront compound at 70 Cobb Road in Water Mill last month. Nest Seekers claims that in October 2020, it entered a co-exclusive sale agreement on the property with

Popcorn not included: Westhampton Beach cinema listed

Posted: 08 Feb 2022 10:30 AM PST

Buying a house in Westhampton Beach for $1.1 million is a challenge. A movie house, on the other hand? Very possible. The twin-screen theater at 2 Brook Road in Westhampton Beach was recently listed at that price, Behind the Hedges reported. The Hampton Arts Cinema is being marketed as a “prime retail opportunity” by Cushman & Wakefield. The 8,500-square-foot building sits on a 10,000-square-foot parcel. The movie theater has been closed and cleaned out since

Global Holdings signs three new tenants at 99 Park

Posted: 08 Feb 2022 09:51 AM PST

Eyal Ofer’s Global Holdings has nabbed three fresh tenants for its office building at 99 Park Avenue. Garan, AKAM Associates and CardWorks recently inked deals at the Murray Hill building, the New York Post first reported. The new leases account for a total of more than 65,000 square feet. Asking rents in the building ranged from $64 to $80 per square foot, according to the Commercial Observer. Private label apparel manufacturer and Berkshire Hathaway subsidiary

“We kicked the crap out of ‘21”: Largest U.S. mall owner claims comeback

Posted: 08 Feb 2022 08:25 AM PST

Despite being the nation’s largest mall owner, CEO David Simon has repeatedly claimed that Simon Property Group is more than just “a mall company.” Some of the REIT’s latest moves, detailed on its quarterly earnings call Monday, suggest he may be right. SPG is redeveloping five of its mall locations. The Phipps Plaza in Atlanta will soon be joined by a Nobu-branded hotel and restaurant and a 13-story Class A office building, both expected to

CRE foreign investment roared back in 2021— with a few focus shifts

Posted: 08 Feb 2022 07:30 AM PST

Foreign investors were boxed out of the American commercial real estate market for much of 2020, but they roared back for the sector’s record-breaking 2021. Overseas investors bought $70.8 billion of commercial real estate last year, according to data from Real Capital Analytics reported by the Wall Street Journal. The total almost doubled from 2020 and reached the highest overall total since 2018, when investors spent $94.6 billion. While spending made its way past pre-pandemic

Likely Adams pick Carlo Scissura won’t run EDC after all

Posted: 08 Feb 2022 06:45 AM PST

Mayor Eric Adams is going to need a new candidate to run the Economic Development Corporation, because his first reported pick for the role is out of the running. Carlo Scissura is staying on as president and CEO of New York Building Congress, according to a statement to The City. The decision comes after a report from the outlet showed Scissura was paid to advocate for a property owner without registering to do so. “This

Homecoming: Opendoor tries iBuying in Bay Area

Posted: 08 Feb 2022 06:00 AM PST

Opendoor, the San Francisco-based iBuyer, will attempt to flip homes in the nation’s priciest housing market — its own. The leading iBuyer among the three still operating after Zillow’s stunning withdrawal is entering the Bay Area market, covering 200 zip codes from Sonoma to Santa Clara in Silicon Valley, the company said Tuesday. It will target homes ranging from $400,000 to $2.5 million, or about 60 percent of the market. Zillow’s admission that it was

Future City: Rhino headbutts recent hires

Posted: 08 Feb 2022 05:00 AM PST

Culling the herd The proptech startup Rhino laid off more than 20 percent of its staff, most of them recent hires. The cuts, which came a year after the company’s last funding round, were motivated by recent macroeconomic volatility and a desire to achieve profitability quicker, a Rhino spokesperson said. Rhino’s main offering is an alternative to security deposits — a product that allows renters to pay in small, incremental amounts rather than in an

How Andrew Chung won New York City’s warehouse race

Posted: 08 Feb 2022 04:30 AM PST

Like a shipping container precisely packed to fill every last cubic inch, Andrew Chung’s new Bronx warehouse is squeezed in between the Westchester Creek and the tangled Bruckner interchange. At nearly 1 million square feet — think a Midtown office building turned on its side — 2505 Bruckner Boulevard is the hottest thing in real estate today: a multi-story urban warehouse that serves as a key link in the modern supply chain. It has helped