The Real Deal - New York Real Estate News

Scarcity play: Hoboken apartments fetch $56M

Posted: 28 Jun 2022 02:12 PM PDT

It’s all about scarcity. A joint venture purchased a 99-unit multifamily complex in a tight New Jersey rental market for well over half a million dollars per apartment. The venture between Skylight Real Estate Partners and PCCP bought the Grand Adams complex at 300 Grand Street in Hoboken for $56.7 million, Jersey Digs reported. JLL Capital Markets arranged equity for the recapitalization. The deal works out to about $573,000 per unit. Bennat Berger, a founding

Joe Sitt, Bert Dweck settle Madison Ave dispute with fashion house

Posted: 28 Jun 2022 11:30 AM PDT

UPDATED June 28, 2022, 4:06 p.m.: A two-year legal dispute over an allegedly unreturned $360,000 security deposit has been settled. Yves Salomon came to terms Tuesday with Thor Equities’ Joe Sitt and Premier Equities’ Bert H. Dweck, ending a lawsuit in which the fashion house had accused them of keeping the deposit after its lease expired at 790 Madison Avenue. The lawsuit “is hereby discontinued with prejudice without costs to either party as against the

U.S. home price growth slows for first time in five months

Posted: 28 Jun 2022 10:32 AM PDT

Is the U.S. housing market finally slowing down? The latest report gives inconclusive answers. The S&P CoreLogic Case-Shiller Index posted a 20.4 percent annual gain in April, a slight drop from the 20.6 percent gain posted in March and the first time since November that annual price growth decelerated. The evidence of slowing price growth is far from clear, though. The 10-city composite, which measures the country’s 10 largest metro areas, increased 19.7 percent in

Hochul challengers bang pro-tenant drum before primary election

Posted: 28 Jun 2022 09:45 AM PDT

Democratic candidates for state office seized the final 24 hours before the primary election to align themselves with a political zeitgeist — tenant protections against landlords. Gov. Kathy Hochul’s challengers took the opportunity to set themselves apart from the incumbent by portraying themselves as candidates for the people and not the property owners. Rep. Tom Suozzi, a Long Island centrist and Hochul’s closest competitor, appeared outside NYCHA’s downtown Manhattan headquarters Monday afternoon to bemoan the

IBM CEO: Only 60% of office workers will ever return full-time

Posted: 28 Jun 2022 08:45 AM PDT

IBM, which became one of America’s largest employers by staying ahead of the technological curve, revealed a new prediction this week: Remote work will endure long after the pandemic subsides. At the Aspen Ideas Festival on Monday, IBM CEO Arvind Krishna said that only 20 percent of the company’s employees were going into the office at least three times a week, and that only about half will ever return to their desks more often than

Hot rental market boosts NJ multifamily despite rate hikes

Posted: 28 Jun 2022 08:00 AM PDT

While soaring interest rates have doomed some commercial deals, multifamily brokers in New Jersey say demand is still strong enough for trades to happen without a discount. Marcus & Millichap associate David Ferber points to his $76 million Hudson County listing as an example. The 30-building, 319-unit portfolio concentrated in Jersey City with some properties in Bayonne is asking about $238,000 per unit. That’s 6 percent higher than the average sale price in late 2021,

Black Spruce, Orbach strike $1.8B NYC multifamily deal

Posted: 28 Jun 2022 07:15 AM PDT

Rising interest rates and a looming recession weren’t enough to deter Josh Gotlib’s Black Spruce Management from the city’s biggest multifamily deal since the start of the pandemic. Black Spruce and Orbach Affordable Housing Solutions have agreed to buy a six-building Upper East Side apartment portfolio for $1.75 billion, the Wall Street Journal reported. The buildings, which were not identified apart from 1 East River Place on East 72nd Street, comprise approximately 1,700 units, meaning

Developer nixes age restriction on 385 homes planned at elusive Elwood site

Posted: 28 Jun 2022 06:30 AM PDT

A Long Island-based developer is altering its plans for a large development parcel in Elwood after learning that locals weren’t jazzed about becoming neighbors with a nearly 400-condo retirement community. Last week, the Beechwood Organization submitted a modified proposal to the town of Huntington for its Country Pointe at Elwood project, Newsday reported, withdrawing an earlier plan put forth in April. The new proposal is much like the old one: The developer still intends to

Future City: Flat is the new up

Posted: 28 Jun 2022 05:45 AM PDT

Three’s company HomeLight, a San Francisco-based proptech firm that facilitates contingency-free, cash transactions, bought the Denver-headquartered fintech Accept.inc — its third acquisition in as many years — making it the largest “agent-focused cash offer program” in the U.S. HomeLight said it used stock to purchase Accept, a self-described iLender that similarly facilitates cash offers for mortgage-ready buyers, but it did not disclose an equivalent dollar value for the deal. The company, which in early 2021

Industrious partners with Wolfson for 44K sf at Cunard Building

Posted: 28 Jun 2022 05:00 AM PDT

As office landlords nervously watch tenants struggle to lure employees back to their desks, Industrious is continuing to expand. The co-working startup next month will open its 18th New York City location. The company is partnering with the Wolfson Group to open a 44,000-square-foot flex office within the Cunard Building at 25 Broadway in the Financial District. The coworking space is expected to have more than 350 seats, the company said. The flex workspace provider

Is innovation dead? These real estate disruptors say no

Posted: 28 Jun 2022 04:00 AM PDT

Innovation. Innovation, innovation, innovation. Did you feel that? As the word “innovation” has migrated from Silicon Valley into marketing materials worldwide, it may have entered the realm of triteness. The ex-buzzword triggers eye-rolling because of how much has been promised under its banner relative to what it has actually delivered. Few sectors love innovation as much as real estate. WeWork promised innovation of the office (and later schools, apartments, banks and life itself); infused with

New Empire plans ambitious condo in quiet Woodside

Posted: 27 Jun 2022 02:00 PM PDT

New Empire Real Estate acquired a site in Woodside where it plans to build a 120-unit condominium, a rarity for the quiet Queens neighborhood. The New York-based development firm, led by Bentley Zhao, paid $16.2 million for a 19,000-square-foot corner lot at 58-01 Queens Boulevard occupied by Walgreens. New Empire is planning to build a mix of one-, and two-bedroom units with an average price of around $750,000, according to Zhao. Construction is expected to

See clear across Brooklyn, unclothed: Buyer claims $5M penthouse

Posted: 27 Jun 2022 01:00 PM PDT

If naked views of Brownstone Brooklyn and the Verrazzano Bridge are your thing, you just missed an opportunity at 11 Hoyt Street. And we do mean naked. A buyer just signed a deal at the Tishman Speyer condominium tower for penthouse E, where the featured bathroom offers those sweeping vistas. The asking price of $5 million was the second highest among the 26 Brooklyn homes to go into contract last week, according to Compass’ weekly

Rudin gets $415M refi for 3 Times Square makeover

Posted: 27 Jun 2022 12:00 PM PDT

The Rudin family secured a major financing deal for its renovation of 3 Times Square. A group of lenders led by JPMorgan provided the $415 million refinancing, which Rudin Management will use to continue renovating the 30-story, 885,000-square-foot Midtown office tower, which it co-owns with Thomson Reuters. The New York Post was first to report the deal. Bank of America and M&T Bank also took positions in the three-year, floating-rate loan, which comes with options

Bidding wars proliferate in rental market

Posted: 27 Jun 2022 11:00 AM PDT

Bidding wars for rentals are not new to New York City, where they have been increasingly common in recent months. But now other cities are seeing similar surges in competitions once left to home sales. Agents in cities including Chicago and Atlanta have seen an unprecedented volume of offers above asking rents, the Wall Street Journal reported. This has led to bidding wars as prospective tenants try to secure leases. Record home prices, low inventory

Fifth Ave co-op tops another slow week for Manhattan luxury contracts

Posted: 27 Jun 2022 09:41 AM PDT

As the broader housing market cools, demand for luxury Manhattan homes appears to have chilled, too. Just twenty contracts were signed last week for residential properties in the borough asking $4 million or above, according to Olshan Realty’s weekly report, which had been averaging 30 or more contracts a week from the start of 2021 through early May. Last week’s 20 deals — following a mere 12 contracts the week before, the lowest weekly total

How not to discriminate: Long Island Realtors launch fair housing effort

Posted: 27 Jun 2022 08:44 AM PDT

The Long Island Board of Realtors has launched a fair housing awareness campaign, two years after a probe found rampant discrimination by local agents. The effort, called “Home to All of us: Committed to Delivering Fair Housing Across Long Island,” is basically a website at this point. The two-page site’s initial focus is source-of-income protections in New York state, though it will eventually cover a range of issues related to fair housing. The Board of

“Paralysis” hits Manhattan home buyers

Posted: 27 Jun 2022 08:25 AM PDT

UPDATE: June 28, 1:15 p.m. ET: Buyers in the Manhattan housing market have lost their sense of urgency as a myriad of factors change the landscape. Agents and real estate experts have more caution among shoppers in the borough, Bloomberg reported. The reasons include a rise in mortgage rates and big drops in the stock market and cryptocurrency. While signs of a nationwide slowdown are beginning to appear, a particularity about the Manhattan market is the

Rumors fly regarding Cushman-Newmark merger: report

Posted: 27 Jun 2022 06:30 AM PDT

As Cushman & Wakefield and the Newmark Group continue to vie for the top spot in the commercial brokerage world, rumors are flying that the two behemoths could merge. Whispers of a potential merger made the rounds at last week’s Real Estate Board of New York gala, the New York Post reported. One source told the publication that the merge possibility “cratered a long time ago,” while another said talks are back on after they

Here are the elections for real estate to watch

Posted: 27 Jun 2022 05:45 AM PDT

In the final days of the legislative session, tenant advocates crowded outside the offices of state Senate and Assembly leaders, calling on the lawmakers to pass statewide good cause eviction. But the measure failed to move forward — another reminder that for real estate, elections matter. Tenant and environmental groups blamed the Assembly in particular for standing in the way of their legislative priorities, including good cause, the electrification of all new buildings in the

Billionaires’ Row landlord fed up with outdoor dining

Posted: 27 Jun 2022 05:00 AM PDT

UPDATED June 27, 2022, 5:39 p.m.: Some landlords have embraced outdoor dining to save their struggling tenants, but one Billionaires’ Row building owner is decidedly not a fan. The restaurants renting space at the Osborne have turned the landmarked apartment building into a “three-ring circus,” the owner declares in a lawsuit. The Open Restaurants program, which oversees New York City’s outdoor dining situation, provided a pandemic lifeline to as many as 12,500 restaurants, and the

Nelson Management eyes $200M for Bronx apartments

Posted: 27 Jun 2022 04:00 AM PDT

Nelson Management and its partners are looking to sell a large multifamily portfolio in the Bronx for more than $200 million. The owners have put their Lafayette Boynton and Promenade Nelson apartment complexes, which count roughly 1,300 units combined, up for sale with a whisper price north of $200 million, The Real Deal has learned. The properties are covered by an agreement under the state’s Article XI program, which provides landlords an exemption on their

Tribeca triplex for sale after fetching $85,000 a month as a rental

Posted: 26 Jun 2022 12:00 PM PDT

A Tribeca triplex that rented for $85,000 a month has hit the market for $30 million. The penthouse at 1 North Moore Street comes with an outdoor pool, two outdoor grills and views of One World Trade Center, according to The Wall Street Journal. The 5,500-square-foot home has three bedrooms and three full bathrooms and a media room that can be converted into a fourth bedroom. It also has 2,200 square feet of outdoor space

Shaquille O’Neal trades big Florida home for smaller Texas one

Posted: 26 Jun 2022 11:37 AM PDT

Comparatively, he’s moving to a Shaq. NBA legend Shaquille O’Neal, who earlier this year sold his 35,000 square-foot mega-mansion in Florida after three years on the market, could be landing in a much smaller, five-bedroom, six-bath estate in the suburbs of Dallas. The New York Post is reporting the Hall-of-Famer most likely dunked down more than $1.244 million asking price for the home in Carrollton, considering how quickly it came and went from the seller’s

Flame off: Country’s first “wildfire-prepared” home is completed

Posted: 26 Jun 2022 09:52 AM PDT

A roof made from material that is resistant to catching fire from embers. An eighth-inch mesh screen over vents in the attic. Clear gutters. At least 5 feet of space to the nearest combustible materials — including wood fencing. These are some of the parameters needed for a home to be designated as “wildfire-prepared” by the Insurance Institute for Home and Business Safety. And those measures and others were taken into account during the construction

Hawaiian ranch next to Oprah hits market for $75M

Posted: 26 Jun 2022 09:00 AM PDT

Talk about surf and turf! A 3,600-acre Hawaii ranch adjacent to land owned by Oprah Winfrey is up for sale. Hana Ranch is asking $75 million for the Maui ranch, one of Hawaii’s largest pieces of land for sale, the Wall Street Journal reported. The 37-parcel property has an 1,800-square-foot two-bedroom home, an office, stables and a riding arena. It includes walking trails and eight acres of mature fruit orchards, including banana, breadfruit, citrus and

Home built by Johnny Cash on the market for $1.8M

Posted: 26 Jun 2022 07:57 AM PDT

Cash is accepted. A five-bedroom California home built by country music icon Johnny Cash in the 1960s has hit the market for $1.795 million. The Wall Street Journal is reporting the 4,500-square-foot house sits on about six acres in Casitas Springs in Ventura County, about 80 miles from Los Angeles. Cash bought the property with his first wife, Vivian, back in the ’60s, and built the ranch home, which has an in-ground pool in the

Rhinebeck farm once owned by mob boss lists for $1.5M

Posted: 26 Jun 2022 06:00 AM PDT

One mob boss was more interested in raising horses than using their remains to terrify a recalcitrant movie mogul. The 98-acre Rhinebeck horse farm once owned by Anthony “Fat Tony” Salerno, the late boss of New York’s Genovese crime family, has hit the market for $1.5 million. “Tony’s Horse Farm,” as the listing calls it, has pastoral mountain views, more than a mile of riding trails and an in-ground pool, making it a peaceful spot