The Real Deal - New York Real Estate News

Blumenfeld to “de-mall” failing Long Island property

Posted: 06 Jul 2022 02:15 PM PDT

The sun hasn’t set on the Sun Vet Mall just yet. Blumenfeld Development Group signed a 99-year ground lease for the hapless Holbrook retail property, the Long Island Business News reported. The lease was signed with an affiliate of Marvin Lindner’s estate, which owns the mall at 5801 Sunrise Highway. Terms were not disclosed. The 270,000-square-foot mall has endured some tough times in recent years, as have many dated, suburban shopping complexes. Both of its

Woolworth Tower apartment featured in “Succession” sells for $20M

Posted: 06 Jul 2022 12:30 PM PDT

A condo that served as a key backdrop in the latest season of HBO’s “Succession” has found a buyer, selling for $19.5 million. Pavilion A at the Woolworth Tower Residences was featured as Kendall Roy’s war room for a frantic series of meetings in a scheme to take over his father’s media empire. The buyer was undisclosed in public filings recorded Tuesday. Jeremy Strong as Roy holes up in the home, which was cast as

Bisnow CEO Will Friend dies at 33

Posted: 06 Jul 2022 12:14 PM PDT

William Friend, a British emigré who lived a life worthy of a Horatio Alger novel, becoming one of the youngest leaders in commercial real estate media, has died. He was 33. Friend, the head of Bisnow, was struck by lightning Sunday while on a boat in North Carolina, near Masonboro Island, according to WECT News. Emergency responders attempted to resuscitate him, but he was pronounced dead in the ambulance, according to the news outlet. The

Bravo pausing “Million Dollar Listing NY” after 9 seasons

Posted: 06 Jul 2022 12:00 PM PDT

The drama and deal-filled run of “Million Dollar Listing New York” has come to an end after nine seasons. Variety first reported the development for the Bravo series, citing unnamed sources. When reached for comment, the network said only that it was “on pause,” but declined to elaborate. Bravo favors designating shows as “on pause” instead of “canceled,” due to the network’s tendency to re-launch its franchises after years off the air, as noted by

SL Green gets restraining order against HNA at 245 Park Ave

Posted: 06 Jul 2022 11:30 AM PDT

A federal judge has granted SL Green’s request to prohibit an affiliate of HNA Group from dumping assets to avoid paying it $185 million in their long-running legal dispute over 245 Park Avenue. The REIT obtained a temporary restraining order against the Chinese conglomerate that prevents its entity from selling assets until SL Green receives the $185 million, which was awarded in arbitration. The order was issued last week by Judge John Koeltl of the

American Express tycoon’s 174-year-old townhouse tops BK luxury market

Posted: 06 Jul 2022 10:30 AM PDT

A Brooklyn Heights townhouse topped the borough’s luxury market 174 years after it was built. The priciest of the 30 contracts signed last week was 158 Clinton Street, which asked $6.6 million, according to Compass’ weekly report of homes asking $2 million or more. The house, built in 1847, was home to Henry Wells, a businessman who founded the precursors to Wells Fargo and American Express. Much of the 4,200-square-foot home’s original detail has been

Sale brewing for legendary North Fork coffee shop

Posted: 06 Jul 2022 09:30 AM PDT

Every year, someone writes a “discovering the North Fork” story and Greenport gets a little busier — but no bigger. So anyone who bought commercial property in the modest village decades ago is now looking at a handsome capital gain from the investors buying and renovating in the area. But that’s not the reason Aldo Maiorana, owner of Aldo’s Coffee Company, is selling his. Maiorana, who opened Aldo’s coffee and biscotti shop in 1987, told

Korean heiress buys 212 Fifth pad

Posted: 06 Jul 2022 08:30 AM PDT

A South Korean heiress is the latest notable buyer at 212 Fifth Avenue. Property records indicate that Lee Seo-hyun, the youngest daughter of the late Samsung Electronics chairman Lee Kun-hee, closed on a three-bedroom, 3.5-bath apartment for $10.5 million. Seo-hyun signed the contract in May and closed on June 14 after a relatively short 66 days on the market. She is the 11th-richest person in South Korea with a net worth of $3.4 billion, according

Manhattan offices continue struggle as downtown hits new low

Posted: 06 Jul 2022 07:45 AM PDT

Manhattan’s office market continued its struggle into the summer, hovering around record vacancies. Leasing volume fell 3.9 percent in the second quarter to roughly 7.3 million square feet of office space, according to Colliers quarterly data reported by Crain’s. The vacancy rate in Manhattan for the second quarter was 17.2 percent, a slight improvement from the previous period. It was an increase year over year, however, and not far off from February’s record 17.4 percent

Cushman held in contempt in Trump property probe

Posted: 06 Jul 2022 06:30 AM PDT

A judge has decided enough is enough, holding Cushman & Wakefield in contempt for failing to comply with a subpoena in the investigation into Donald Trump and the Trump Organization. Judge Arthur Engoron signed the contempt order on Tuesday, The Daily Beast reported. The commercial real estate giant will be fined $10,000 per day until it hands over evidence to state investigators. The judge said in the order the company “fails to identify any good

String of multifamily deals rounds out June mid-market investment sales

Posted: 06 Jul 2022 05:30 AM PDT

Dealmakers closed out June with a string of multifamily deals, highlighting an otherwise slow period for mid-market investment sales in New York City. Nine transactions involving commercial properties between $10 million and $40 million hit city records last week. Three of the deals were in Manhattan, while two transactions each were in Brooklyn, Queens and the Bronx. Below are more details on each of them. 1. An LLC tied to Adam Mermelstein’s Treetop Development bought

TRD Pro: Ranking Tribeca’s priciest residential deals of the past year

Posted: 06 Jul 2022 05:00 AM PDT

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 all the data and market information you need. The latest list of Tribeca’s top sales shows downtown Manhattan is surging, powered by a hot condo market in the first half of the year. Condos and co-ops got off to a hot start, with a 46 percent increase

In housing-starved NYC, tens of thousands of affordable apartments sit empty

Posted: 06 Jul 2022 04:30 AM PDT

In a Washington Heights apartment building, vacant units are littered by the forsaken belongings of tenants. A wall decal in one reads “I love God” in bubble letters. In another, a dresser gathers dust beneath a boarded-up window. In a third, abandoned possessions poke holes through trash bags. The abandoned items were left by tenants of rent-stabilized apartments that now sit unoccupied and unavailable in a city desperately in need of low-cost housing. Landlord David

The stats don’t lie: NY’s housing markets are cooling

Posted: 06 Jul 2022 04:00 AM PDT

New York City’s post-lockdown real estate bonanza is over. Pick a category, and contract signings were down last month. Manhattan co-ops? Down 30 percent from a year ago. Manhattan condos? Down 29 percent. Brooklyn condos, co-ops and single-family homes? All down. Long Island single-families? Long Island condos? Hamptons single-families? Down, down, down. Miller Samuel CEO Jonathan Miller lays out the bad news for real estate agents in his monthly report for Douglas Elliman, but the