The Real Deal - New York Real Estate News

Rent guidelines board considers moderate hike in narrow vote

Posted: 05 May 2022 06:24 PM PDT

The rental pendulum, it appears, has begun to swing back toward landlords. But they say it hasn’t moved far enough. In a preliminary vote Thursday night, the Rent Guidelines Board narrowly approved a proposal by Chair David Reiss to hike rents on stabilized apartments by 2 to 4 percent for one-year leases and 4 to 6 percent for two-year leases. The motion passed five to four. A separate proposal introduced by tenant representative Sheila Garcia

Sandwich chain Jersey Mike’s expanding in NY

Posted: 05 May 2022 03:07 PM PDT

A Jersey Mike’s Long Island outpost could have more than the aroma of fresh-baked bread swirling in the air. The former Normandie Inn restaurant in Bohemia is set to welcome the sandwich chain to 155 Smithtown Avenue, Newsday reported. The property has been boarded up since 2004, but will begin welcoming customers by the end of the year. The sandwich chain intends to open four more Long Island locations in 2022, including in Hicksville, Lynbrook,

Architect plans 30-home, energy-efficient community in the North Fork

Posted: 05 May 2022 01:30 PM PDT

The North Fork’s tight housing market is about to receive an influx of green homes. Architect Marc Weissbach’s Baiting Hollow Development Group plans to build 30 homes on a parcel next to Baiting Hollow Golf Club in the East End hamlet, Newsday reported. Construction on the homes is expected to begin in the coming weeks. Powered by electricity including from solar panels, the homes are designed to net zero carbon emissions following construction, meaning they

Private equity firm tightens grip on distressed Madison Ave building

Posted: 05 May 2022 12:30 PM PDT

A private equity firm tied to a wealthy Chinese investor consolidated its ownership of a struggling Madison Avenue property with a $200 million land deal. Titan Golden Capital, which late last year picked up the ground lease on the distressed office building at 645 Madison Avenue for $26.6 million, has now purchased the ground underneath the tower, The Real Deal has learned. The Irvine, California-based fund paid $201 million to buy the property from a

Rising rates slow new development sales in Brooklyn, Queens

Posted: 05 May 2022 11:30 AM PDT

The buying frenzy that’s defined New York’s new development scene for the past year is showing signs of calming. But that’s not necessarily good news for all condo hunters. New developments in the city reported 397 signed contracts for sponsor units in April, a 14 percent dip from March, according to a new report from Marketproof. Most of the decline can be attributed to Brooklyn and Queens, where activity plummeted 26 percent and 24 percent,

Harlem resi towers project to lean on more affordable units

Posted: 05 May 2022 10:30 AM PDT

A controversial Harlem development is hoping more affordable units can be its saving grace amid opposition from local officials. RPG CEO Bruce Teitelbaum, a developer behind the One45 project, plans to add more affordable housing in a proposal slated for next week, The City reported. The pair of 363-foot towers proposed for West 145th Street and Lenox Avenue are slated to include 900 units, but only around the minimum of 220 are set to be

JS Squared gets financing to build 38 Water Mill townhomes

Posted: 05 May 2022 09:50 AM PDT

A townhome development led by two real estate veterans is ready to press on after securing construction financing. JS Squared, helmed by World Wide Group’s James Stanton and Suchman Group’s Jeffrey Suchman, landed $43 million from Madison Realty Capital, the Commercial Observer reported. The loan is for a 38-house project in Water Mill, a Southampton hamlet. The development will have roughly 103,000 sellable square feet. The homes at 66 Nowedonah Avenue will include attached garages,

REBNY doles out resi “deal of the year” awards

Posted: 05 May 2022 08:45 AM PDT

The Corcoran Group’s Lawrence Rich was one of three brokers who took home a top residential award this week, but he’ll be the first to tell you the real prize was the lesson he learned along the way: never work on Yom Kippur. The winners at this year’s Real Estate Board of New York’s residential awards all encountered the unexpected as New York City’s real estate market returned to — and sometimes surpassed — some

Heavyweight lawyers at war in Naftali holdout drama

Posted: 05 May 2022 08:00 AM PDT

The tenant-holdout saga stifling an Upper West Side condo conversion has triggered a personal feud between two high-profile real estate attorneys. Y. David Scharf, representing the Naftali Group, filed a suit Monday accusing attorney Adam Leitman Bailey of abusing the legal system to delay the developer’s project at 215 West 84th Street. Naftali is seeking $25 million in damages from Bailey, who was hired by the holdout tenant. “Adam is not seeking a legitimate judicial

Intercontinental Exchange expands mortgage play with $13B Black Knight buy

Posted: 05 May 2022 07:15 AM PDT

Intercontinental Exchange, the owner of the New York Stock Exchange, has agreed to acquire mortgage data firm Black Knight for $13.1 billion, the companies announced Wednesday. The cash and stock deal comes at $85 per Black Knight share, about a 13 percent premium to the share price as of mid-morning Thursday. The acquisition is expected to close in the first half of next year, pending approval from Black Knight shareholders. Jacksonville-based Black Knight employs close

FedEx buys warehouse, Gindis shop in Brooklyn in slow week for i-sales

Posted: 05 May 2022 06:30 AM PDT

Investors took an early summer vacation in New York City last week as only five deals for commercial properties trading in the middle of the market hit city records. One notable transaction occurred in Queens. FedEx, one of the nation’s largest renters of industrial real estate, became a buyer in Maspeth, where it picked up a warehouse and parking lot at 55-70 and 55-80 48th Street for $50 million. Sellers listed in property records include

CRE finance marketplace Lev raises $70M Series B, confirming TRD report

Posted: 05 May 2022 05:45 AM PDT

Lev, the digital commercial real estate finance marketplace, has raised $70 million in a Series B round at an undisclosed valuation. A Thursday announcement by the New York City-based startup confirmed The Real Deal’s report in March on the prospective raise. Sources familiar with the negotiations at the time estimated the company’s valuation at around $400 million, but CEO Yaakov Zar declined to comment in an interview Wednesday. “We’re not sharing details on our valuation,”

Gary Barnett hunts lucrative Hell’s Kitchen assemblage

Posted: 05 May 2022 05:00 AM PDT

Gary Barnett’s Extell Development is working with Eli Tabak’s Bluestone Group to gain control of a large development assemblage in Hell’s Kitchen, court records show. A limited liability company affiliated with Extell and Bluestone seeks to acquire a property integral to the assemblage, according to a lawsuit filed Monday. Standing in their way is Robert Gans, who owns or leases the 60,000 square feet they covet west of 11th Avenue between West 45th and West

Empty boxes: As remote work endures, many office buildings are losing value

Posted: 05 May 2022 04:30 AM PDT

Blackstone is handing back the keys to an outdated office building north of Times Square. In Chicago, Alliance HP walked away from the leasehold on a West Loop office. A loan on Jamison Properties’ Equitable Life Building in Los Angeles is on a watchlist of properties in danger of defaulting. Office landlords across the nation, hammered by the work-from-home revolution, are coming to terms with the first signs of distress. While a number of buildings

Manhattan market cools as mortgage rates rise; Brooklyn busier

Posted: 05 May 2022 04:00 AM PDT

With mortgage rates on the rise, Manhattan’s residential market took a breather in April. Contract signings to buy co-ops declined 6 percent from a year ago, while for condos they edged down 0.6 percent, according to a report by Douglas Elliman compiled by Miller Samuel. The shortage of available homes eased, as was expected for the spring selling season, but compared with last April, new listings declined 3 percent for co-ops and increased by less

Judge runs out of patience with Nir Meir

Posted: 04 May 2022 01:30 PM PDT

A judge has had enough of former HFZ Capital Group principal Nir Meir’s delay tactics. Thirteen months ago, a state judge ruled that Meir was on the hook for more than $19 million owed to an affiliate of Israeli auto magnate Yoav Harlap. But Meir has not paid a dime of the debt, which stems from a delinquent loan on a failed Upper East Side project by HFZ. On Tuesday, the Manhattan judge determined that

Catch a fireside chat with Gary Barnett at TRD’s NYC Showcase

Posted: 04 May 2022 01:01 PM PDT

It’s nearly showtime. We hope you’ve marked your calendars, because The Real Deal’s NYC Real Estate Showcase + Forum is back and better than ever. As promised, New York City’s premier real estate event is locked and loaded with an array of star speakers ready to dish on the red hot residential market, the future of development, the latest innovations in proptech and much more. We’ve introduced you to a handful of them so far

Times Square Sheraton loss $33M worse than reported

Posted: 04 May 2022 12:01 PM PDT

The seller of one of New York City’s largest hotels suffered an even greater loss on the deal than was initially reported. Host Hotels & Resorts unloaded the Sheraton New York Times Square Hotel to MCR Investors for $323 million, according to property records filed Tuesday. It was reported in March that MCR acquired the 1,780-room hotel for $356 million, or $33 million more than the actual price. The sale represents a humbling haircut for

NAR catches break in one antitrust lawsuit

Posted: 04 May 2022 11:15 AM PDT

As one agent commissions lawsuit against the National Association of Realtors trudges along, the group can breathe a sigh of relief over a similar suit. A federal judge this week dismissed a lawsuit filed last year by New Jersey homebuyer Judah Leeder against NAR, Realogy, Keller Williams, RE/MAX and HomeServices of America, Inman reported. The suit was seeking class-action status. The lawsuit alleged commission sharing between listing and buyer brokers violates the Sherman Antitrust Act,