The Real Deal - New York Real Estate News

Jeff Sutton buys Gravesend home from Chera family for $14M

Posted: 19 Jul 2022 03:00 PM PDT

Billionaire Jeff Sutton bought a house in Gravesend from fellow retail magnates the Chera family for $14 million, an apparent record for the Brooklyn neighborhood. An entity tied to Sutton bought the two-story, single-family home on East 3rd Street in June, according to property records, which list Ronni and Carol Chera as the sellers. It’s the highest price paid for a home in Gravesend in at least 18 years, according to city records. The average

RXR, Blackstone sell 1330 Sixth Avenue for $325M

Posted: 19 Jul 2022 02:22 PM PDT

RXR and the Blackstone Group are in contract to sell 1330 Sixth Avenue weeks after putting the 40-story office property on the market. The joint venture is selling the building to Empire Capital Holdings for $325 million, a person with knowledge of the deal told the Commercial Observer. When marketing efforts were first reported in June, the joint venture was looking for $350 million. Empire Capital plans on putting new debt on the property to

Sapir faces ticking clock to refinance Madison Avenue office loan

Posted: 19 Jul 2022 01:31 PM PDT

The Sapir Organization is officially on the clock to refinance a pair of Madison Avenue office buildings. Sapir failed to pay off a $231 million CMBS loan for its high-rises at 260 and 261 Madison Avenue before its mid-June maturity date, according to Trepp, a data service that tracks securitized mortgages. Sapir entered into a forbearance agreement with the loan’s servicer, allowing an additional 60 days to pay off the debt. The firm, led by

Rotem Rosen faces holdout neighbor on Billionaires Row

Posted: 19 Jul 2022 12:48 PM PDT

Already this year, blue-chip developers have battled holdout tenants and holdout sellers — but how about a holdout neighbor? MRR Development, the firm founded by Anand Mahindra, Rotem Rosen and Jerry Rotonda, has spent four years and nearly $100 million building a 10-lot assemblage on the corner on Lexington Avenue between East 56th and 57th streets. But before it can join the glass giants of Billionaires Row, the developer needs access to a squat building

Signature Bank to rein in real estate lending as deposits falter

Posted: 19 Jul 2022 11:45 AM PDT

Major multifamily lender Signature Bank reported record earnings in the second quarter, but said it will roll back in its commercial real estate lending in the coming months. The primary culprits: rising interest rates and plunging crypto markets. At $339.2 million or $5.26 per share, Signature’s earnings jumped 58 percent from the same period last year as revenue surged 43 percent to $686.8 billion. But those figures masked underlying headwinds: Deposits declined after a cryptocurrency

Rose Hill Compound in Water Mill hits market at $65M

Posted: 19 Jul 2022 11:00 AM PDT

The founder of a major investment firm is trying to sell high in the Hamptons. Roger and Susan Hertog listed the Rose Hill Compound in Water Mill with Bespoke Real Estate for $65 million, the Wall Street Journal reported. The couple put together the nearly 13-acre estate in the 1990s across five parcels, paying $10 million in all. The property off Mecox Bay includes a 6,000-square-foot main house with six bedrooms, a guest house, a