The Real Deal - New York Real Estate News

Grocery store takes 20K sf in NYCHA’s Williamsburg Houses

Posted: 11 Mar 2022 01:00 PM PST

A new supermarket is moving into NYCHA’s Williamsburg Houses. Associated Supermarkets signed a 30-year lease at 229-247 Graham Avenue for 10,700 square feet of ground level and another 10,000 square feet of lower level space, which will be used for storage. Greg Parassio and Brian Doyle from Booth Capital represented both the landlord and tenant on the deal. At the building, NYCHA is collaborating with private developer MDG Design and Construction, which will renovate the

WeWork’s losses narrow but are still huge

Posted: 11 Mar 2022 11:39 AM PST

WeWork’s quarterly losses narrowed throughout 2021, but the year’s total was a sobering reminder of the flex office company’s struggle to regain its former glory. WeWork’s stock tumbled around 3 percent Friday, then rebounded, after the company reported a $4.4 billion net loss for the year. That’s up from losses of $3.1 billion in 2020 and $3.3 billion in 2019. As of midday the stock was trading at around $5, just off a record low

Simon Development marketing $425M Queens tower

Posted: 11 Mar 2022 11:27 AM PST

Simon Development’s Long Island City luxury apartment complex is on the block, sporting an estimated value of $425 million. The firm, formerly Simon Baron Development, is listing the 43-story, 466-unit Alta+ complex at 29-22 Northern Boulevard in Queens, according to research platform Green Street. Cushman & Wakefield is spearheading the marketing. The building is 97 percent occupied, per Green Street. Its apartments range from studios to three-bedroom units. Amenities at the building include a lap

Douglas Elliman reveals its top-grossing tri-state agents for 2021

Posted: 11 Mar 2022 10:35 AM PST

Last year certainly kept tristate area resi brokers on their toes. A listings shortage and strong demand made for a frenzied market and intense competition for homes. When the dust cleared, Douglas Elliman, as it always does, tallied up its transactions (59,550 sales and rentals) to see which of its agents and teams earned “Ellie Awards.” The top individual prize, based on gross commission income, went to Michaela Keszler from the Southampton office for the

Gen Z renters flood big cities, driving market activity

Posted: 11 Mar 2022 08:00 AM PST

Generation Z renters are zooming to big cities, reviving markets believed to be left for dead in the wake of the pandemic. A report from RentCafe found Gen Z — those born between 1997 and 2012 — has become the most active faction in the housing market, flocking to major cities that some claimed were doomed by the pandemic. The platform analyzed rental application data sourced from tenant screening software RentGrow from January to October

Developer plans 129K sf of affordable housing in East Harlem

Posted: 11 Mar 2022 07:00 AM PST

More affordable housing is planned for East Harlem, years after a neighborhood rezoning paved the way. Developer Eli Fouerti filed plans for a 129,000-square-foot building at 2005 Third Avenue on East 110th Street, Crain’s reported. The plans call for a 15-story building standing 173 feet tall with 91 units; Studio V Architecture is the architect of record. The project includes ground-floor retail space and a day care. The timeline for the project is not clear,

Fight is on for “leaning” Seaport tower after mediation falls apart

Posted: 11 Mar 2022 05:00 AM PST

Nearly all prospective buyers have backed away from a troubled development site near the South Street Seaport, where a still-unfinished condo tower leans slightly to the north. But that’s just one of the problems facing 161 Maiden Lane, whose future is uncertain as the developer and its lender fight over who is to blame for the project’s cash flow problems. Bank Leumi is seeking to foreclose on a $120 million loan on One Seaport, a

Bank OZK dominated Manhattan’s top real estate loans in February

Posted: 11 Mar 2022 04:00 AM PST

After years of legal wrangling, Gary Barnett’s Extell Development is moving forward with its planned condo tower near Lincoln Center. And he has a new lender to prove it: Bank OZK took over the senior debt on the project with $212 million in new proceeds. The prolific lender from Little Rock, Arkansas, also took over construction debt at the Ritz-Carlton Hotel and Residences in Nomad and a hotel and condo building at 5 Beekman Street

Rabina reels in $540M in financing for Fifth Ave skyscraper

Posted: 10 Mar 2022 02:30 PM PST

Rabina’s vision to build a supertall skyscraper on Fifth Avenue is one step closer to reality thanks to a half-billion-dollar assist from two lenders. The developer says it has closed on $540 million in construction financing for its planned 1,000-foot-tall mixed-use tower at 520 Fifth Avenue. Work has already begun on the building, which is slated to become the avenue’s second-tallest, trailing only the Empire State Building. Ceruzzi Properties and SMI USA are also involved

Single-family rental marketplace Roofstock hits $2B valuation

Posted: 10 Mar 2022 02:00 PM PST

It’s heady times in the single-family rental market. Roofstock, an online marketplace for investors in the asset class, raised $240 million from SoftBank’s Vision Fund 2 and others in a Series E round — more than doubling its equity funding — at a valuation just shy of $2 billion. The Oakland-based company’s $1.94 billion valuation more than triples the $600 million valuation given at the time of its $50 million Series D in January 2020.

Nationwide rent index hits largest monthly gain in 35 years

Posted: 10 Mar 2022 01:30 PM PST

American price pain isn’t limited to the gas pumps and grocery stores. The cost of rent is surging to new peaks as well, posting its biggest gain in more than three decades last month. The seasonally adjusted index for rent of primary residence increased 0.6 percent from January to February, according to data released by the Bureau of Labor Statistics on Thursday. Bloomberg reported that’s the largest monthly gain for the index since 1987. The

JDS launches sales at Brooklyn’s highest tower

Posted: 10 Mar 2022 12:30 PM PST

Brooklyn’s first supertall is officially open for business. Michael Stern’s JDS Development has launched sales at Brooklyn Tower, the 1,066-foot, 93-story skyscraper at 9 DeKalb Avenue. Douglas Elliman Development Marketing is overseeing sales at the building, which is the city’s tallest outside Manhattan. Prices for the tower’s 150 condos, located on the 53rd floor and above, will range from $875,000 for studios to about $8 million for four-bedroom units. Sales on a small number of

Jersey City office building sells for $48M

Posted: 10 Mar 2022 11:30 AM PST

Another office building has traded hands in busy Jersey City, this time at 15 Exchange Place. New Jersey-based office investor American Equity Partners purchased the waterfront property from Hartz Mountain Industries for $48 million, according to Connect CRE, which reports that the 11-story, 136,000-square-foot building is 71 percent leased to tenants including financial and data firms. In addition to offices, the property includes ground-floor retail space occupied by a Starbucks and a Potbelly Sandwich Shop,

Alexander, Altman and Eklund | Gomes teams mark Elliman’s ‘Billion Dollar Club’

Posted: 10 Mar 2022 11:18 AM PST

In 2021, Douglas Elliman notched a record-shattering year and red-hot debut as a publicly traded company. The brokerage’s top teams also reached new heights: Three sold over $1 billion of real estate last year for the first time ever. The inaugural members of The Billion Dollar Club were announced Tuesday as part of Douglas Elliman’s 2022 Ellie Awards. The top brokers include Alexander Team, led by Tal and Oren Alexander, the Eklund | Gomes Team,

San Francisco, NYC submarkets lead priciest offices

Posted: 10 Mar 2022 08:45 AM PST

The office market is still trying to find its footing in a post-pandemic world, but prices in some areas of the country are faring better than others. California dominated with more than half of the 50 priciest office submarkets in the nation during the fourth quarter of 2021, according to a CommercialSearch report of the priciest office markets by price per square foot last quarter. Menlo Park, a San Francisco submarket, led the way with

Rockrose secures $210M refi for LIC apartments

Posted: 10 Mar 2022 06:45 AM PST

Rockrose Development refinanced a luxury apartment building in the nick of time, dodging the specter of rising interest rates. Rockrose refinanced its multifamily asset at 47-05 Center Boulevard in Long Island City for $210 million, the Commercial Observer reported. MetLife provided the 15-year, fixed-rate loan on the property. The 31-story luxury building was constructed in 2007. The building includes 396 units and amenities like an indoor swimming pool, a spa with a steam room, a

Ashkenazy could lose another retail property to foreclosure

Posted: 10 Mar 2022 05:45 AM PST

Ben Ashkenazy is facing another retail foreclosure. A foreclosure suit initiated Tuesday alleges that Ashkenazy Acquisition Corp. defaulted on its $12.3 million mortgage for the retail portion of 1400 Fifth Avenue, an eight-story condo building in Harlem. A trustee for the loan’s bondholders alleges that Ashkenazy stopped making monthly mortgage payments in April 2020. Barcalys originated the $12.3 million loan in September 2018, which was subsequently securitized and sold to investors. The trustee claims that

February frenzy: Manhattan rents smash records as bidding wars become norm

Posted: 10 Mar 2022 05:00 AM PST

Forget the winter rental doldrums. Apartment hunting in New York City last month was not for the faint of heart. Rents in Manhattan broke records in February, hitting $3,700 and outshining the previous high of $3,450 in April 2020, according to a report by appraisal firm Miller Samuel for Douglas Elliman. Relocating renters now have a one-in-five chance they’ll face a bidding war before locking down a new lease. Rentals sat on the market for

The Closing: Amar Lalvani

Posted: 10 Mar 2022 04:30 AM PST

Young Hollywood partying on blue Astroturf by the pool on the Sunset Strip. X-rated exhibitionism towering over the High Line. Trendsetting design, middlebrow cool, the Boom Boom Room. For the past two decades, the Standard Hotel has helped define what the good life looks like. Scaling that boutique sensibility is a challenge, and it’s one Amar Lalvani has spent the past decade working on. Lalvani, who is part-owner after taking over Standard International from André

Thor planning warehouse in Paterson

Posted: 10 Mar 2022 04:00 AM PST

The industrial (real estate) revolution shows no signs of stopping as Thor Equities takes aim at its next warehouse target: Paterson. The developer is looking to build a $35 million warehouse across five blocks of the New Jersey city’s 6th Ward, NorthJersey.com reported. The warehouse would be developed on the 17-acre site at the corner of Getty and Madison Avenues. An industrial building has stood on the site of Thor’s planned development for more than

EB-5 is back: Cash-for-visa program returns with tweaks

Posted: 09 Mar 2022 05:43 PM PST

EB-5, a cash-for-green card program that became a key fundraising mechanism for real estate projects, is back from the dead. Lawmakers finally inked a deal on the EB-5 regional center program that will likely be put forward in a larger spending bill possibly this week. The new deal resolved longstanding disputes with Sen. Chuck Grassley and Sen. Patrick Leahy, who expressed concerns over fraud and abuse in the federal program. Under the amended rules, the

Trump Tower scores mortgage $100M refi

Posted: 09 Mar 2022 01:30 PM PST

Donald Trump secured a $100 million mortgage refinancing for Trump Tower in February, after Wells Fargo put the former president’s Fifth Avenue building on notice. The loan from San Diego-based Axos Bank hit public records on Tuesday, but the transaction took place in mid-February. Eric Trump signed the documents on behalf of the Trump Organization through the entity Trump Tower Commercial LLC. The refinancing of the commercial condo of the 58-story, 257,000-square-foot 725 Fifth Avenue