The Real Deal - New York Real Estate News

Fourteen-story residential conversion planned for 75 Essex Street

Posted: 04 May 2022 09:37 AM PDT

A developer has filed permits to convert a commercial building to a mixed-use building, paving the way for more residences steps away from the Essex Crossing development. Soft Stone Development Group filed permits to convert the four-story building at 75 Essex Street in the Lower East Side to a 14-story mixed-use building, New York YIMBY reported. Rise Architecture is listed as the architect on the permits. The converted building will stand 162 feet tall with

Airbnb’s losses narrow as bookings hit all-time high

Posted: 04 May 2022 08:45 AM PDT

Pleasure travel is back with a vengeance, and Airbnb is reaping the rewards. The company on Tuesday reported a record 102 million night and “experiences” bookings for the first quarter, surpassing the 100 million mark for the first time despite the war in Ukraine, rising interest rates and inflation plaguing consumers. Hosts charged higher prices, pushing Airbnb’s revenue to $1.5 billion, beating Wall Street analysts’ estimate of $1.45 billion. The total represented a 70 percent

Top Hamptons team joins Hedgerow

Posted: 04 May 2022 08:00 AM PDT

UPDATED, May 2, 2022, 11:15 a.m.: A brokerage team is jumping to a rising name that’s been making waves Out East. Broker Terry Cohen and her four-person team are joining boutique Hamptons firm Hedgerow Exclusive Properties from Saunders and Associates. Cohen has been a top producer in the Hamptons, transacting over $2.5 billion dollars of real estate over the last 20 years. Cohen joined Saunders in 2008 and the Terry Cohen team was founded in

American Dream lost $60M in 2021

Posted: 04 May 2022 07:00 AM PDT

The previous year didn’t wake up the American Dream mall owner from the financial nightmare it’s enduring. The New Jersey mall lost roughly $60 million in 2021, according to a securities filing reported by Bloomberg. The mall generated about $173 million in revenue last year, but expenses totaled more than $232 million for the beleaguered retail hub. The mall recorded $305 million in sales last year, well below the $2 billion initially forecasted for the

TA Realty picks up Connecticut shopping center for $58M

Posted: 04 May 2022 06:15 AM PDT

Boston-based asset manager TA Realty is expanding its reach into Connecticut with a retail property purchase in Fairfield County. TA Realty bought the King’s Crossing shopping center in Fairfield Township for about $58 million, JLL announced. The shopping center is about 82,000 square feet, so the price works out to about $700 per square foot. JLL, which identified the seller only as an institutional investor, did not immediately respond to a request for comment. In

Bill Ackman getting his glass penthouse … mostly

Posted: 04 May 2022 05:30 AM PDT

Bill Ackman is getting his penthouse in the sky, but not quite the one he wanted. The Landmarks Preservation Commission approved Ackman’s amended plan to build a glass penthouse atop the century-old co-op building in the Upper West Side, where the billionaire investor owns a unit, 6sqft reported. Ackman was subject to the commission’s whims because 6-16 West 77th Street is in the Upper West Side-Central Park West Historic District. In a Zoom meeting last

Nuptials Mar-a-Lago style: Donald Trump, Don Peebles, Barry Sternlicht among real estate elite at Witkoff wedding

Posted: 04 May 2022 05:00 AM PDT

Some are calling it the wedding of the year. Zach Witkoff, president of Witkoff Capital, married model and actress Sophi Knight at the Mar-a-Lago Club in Palm Beach last weekend, and the event attracted real estate’s elite. Zach is also EVP of his father Steve Witkoff’s eponymous New York-based firm, Witkoff. Former President Donald Trump, who owns the private club, and his wife former First Lady Melania Trump attended the wedding, according to sources and

Battle of the builders: Ranking New York’s top general contractors

Posted: 04 May 2022 04:30 AM PDT

Building is back. Amidst war, disease and economic uncertainty, New York’s skyline is growing, and the contractors who hoist those bricks and beams have no shortage of jobs. JP Morgan is moving ahead with a brand-new, 2.5 million-square-foot headquarters in Midtown. A $30 billion to $40 billion megaproject surrounding Penn Station has support from the governor and the mayor. And just as $8 billion of renovations wrap up at LaGuardia Airport, the state now plans

U.S. industrial vacancy falls to 27-year low

Posted: 04 May 2022 04:00 AM PDT

Warehouse space nationwide is getting harder to find, if that’s possible, even as rent for it continues to rise. U.S. industrial market vacancy dropped to a 27-year low of 4.2 percent last quarter, according to a report released Monday by the commercial real estate services firm Savills. Asking rents for industrial real estate nationwide rose year-over-year by almost 9 percent during the first three months of 2022, continuing a trend of rising costs in response