The Real Deal - New York Real Estate News

Live like a don: “Godfather” mansion touted on Airbnb

Posted: 23 Jul 2022 12:00 PM PDT

Don’t forget to take the cannoli if you’re interested in a month-long stay at Vito Corleone’s mansion on Staten Island. The house, whose exterior served as a setting in the 1972 Oscar-winning mafia film “The Godfather,” has been listed on Airbnb, where fans — or anyone looking to temporarily enjoy a single-family home can stay for at least 30 nights. Competition may be fierce. The listing has received attention from everything from Time Out to

Michelle, Ron Riggi list Lake Placid complex for $31M

Posted: 23 Jul 2022 09:00 AM PDT

Michele and Ronald Riggi are asking what would be a record area price for their 46-acre, five-building Lake Placid estate. Known as “Casa Del Paradiso,” the property is listed for $31 million, more than double the $13 million that the Last Chance Ranch sold for in 2005, the Adirondack Daily Enterprise reported. The estate is off Bear Cub Road, near the John Brown Farm Historic Site. Margie Philo and Justin McGiver of Berkshire Hathaway Adirondack

China pushes back as homebuyers protest mortgage issues

Posted: 23 Jul 2022 06:00 AM PDT

Chinese authorities are censoring social media posts in response to growing protests from homebuyers who are threatening to stop repaying home loans on unfinished projects. Frustrated buyers gathered in Wuhan last week outside the office of a bank regulator, saying they wouldn’t make payments for more than 300 unfinished properties across the country, the Wall Street Journal reported. The projects include some from developers such as China Evergrande, whose chairman was just forced out, and

Catsimatidis gets $153M refi on Coney Island apartment towers

Posted: 22 Jul 2022 02:15 PM PDT

John Catsimatidis has refinanced his glassy new apartment buildings looming above Coney Island. The billionaire Red Apple Group CEO landed a $153 million loan from Bank of America and Santander Bank for his dual-towered development, known as Ocean Drive, at 3514 Surf Avenue. Catismatidis told The Real Deal that with interest rates climbing, he opted for a short-term loan rather than getting locked in for the next 10 years. “We think interest rates are going

Southampton spec mansion sells for $30M, 14% off initial ask

Posted: 22 Jul 2022 01:03 PM PDT

One of the priciest homes listed in the Hamptons last year has finally sold — for $5 million less than its developer originally sought. Luxury home builder Yale Fishman sold a 16,000-square-foot mansion at 63 Duck Pond Lane in Southampton for $30 million, the New York Post reported. The nine-bedroom home, which sits on a two-acre lot, was one of the Hamptons’ priciest listings when it hit the market last April for $35 million. In

Mirante, Liebersohn jump to Savills from Avison Young

Posted: 22 Jul 2022 12:02 PM PDT

A pair of veteran New York City office leasing brokers are jumping from Avison Young to Savills. After a decade at Avison Young, Arthur Mirante will head to Savills next month, Commercial Observer reported. Joining him will be Mitti Liebersohn, who Mirante brought to Avison Young from JLL in 2015. Both men have been credited with establishing the Canadian-based Avison Young’s foothold in New York commercial leasing over the last decade. Mirante joined Avison and

“Wile E. Coyote moment”: Apartment deals at risk as interest rates spike

Posted: 22 Jul 2022 11:06 AM PDT

The commercial real estate market is singing a sad tune as rising rates drive investors loony. Commercial transactions are slowing as interest rates spike, Bloomberg reported. The market slowdown is putting apartment and industrial deals at risk, with one economist comparing the period to an iconic cartoon character suddenly realizing the bottom is falling out. “It almost feels like a Wile E. Coyote moment,” MSCI Real Assets chief economist for real estate Jim Costello told

Major Food Group exits JV in Stern’s Miami condo tower

Posted: 22 Jul 2022 09:15 AM PDT

Major is no longer. Major Food Group parted ways with Michael Stern’s JDS Development Group to co-develop the hotel-condo tower in Brickell, The Real Deal has learned. Major, a 90-story tower planned for 888 Brickell Avenue, is now called 888, according to a joint statement from Stern and Major Food Group partner and co-founder Jeff Zalaznick. The two New York-based companies partnered in December to reveal plans for the 259-unit development, which marked Major Food

Pinko sues Abercrombie & Fitch over pending loss of Soho store

Posted: 22 Jul 2022 08:45 AM PDT

Pinko has added a new chapter in its fight over a sweet pandemic deal on its Soho space. The Italian fashion brand, which is already engaged in a dispute at 143 Spring Street, filed a lawsuit against Abercrombie & Fitch, the Commercial Observer reported. Pinko is partly placing the blame for the dispute on Abercrombie, claiming in a complaint filed to New York County Supreme Court it strong-armed sublandlord One Kings Lane Holdings into bailing

“Sucks, right?” Long Island landlord fined for fair housing violation

Posted: 22 Jul 2022 07:45 AM PDT

“Sucks, right?” That was the response from a Long Island landlord to a woman he refused to rent an apartment to because of her daughter’s disability, according to federal authorities. It “sucks” to be him now, though, because he was fined for the fair housing violation. Brentwood landlord Alex Raimos was fined $70,000 for discriminating against the woman, the U.S. Department of Housing and Urban Development wrote in a court order reported by Newsday. Approximately

Alexandria takes tenant bicoastal at Kips Bay life sciences center

Posted: 22 Jul 2022 06:40 AM PDT

One of New York City’s prominent life sciences facilities has a new tenant, but the landlord won’t need an introduction. Eikon Therapeutics signed a 25,000-square-foot lease at the Alexandria Center for Life Science in Kips Bay, the biotech company announced Thursday. The space at the Alexandria Real Estate Equities building will be used for clinical development and research. The facility will serve as an East Coast base for Eikon, which is based in Hayward, California.

SL Green reports $44M quarterly loss as it pivots to paying down debt

Posted: 22 Jul 2022 05:36 AM PDT

Office landlord SL Green reported a net loss of $44 million, or 70 cents a share, in the second quarter as leasing fell behind targets and the company pivoted to paying down its debts amid rising interest rates. The quarterly loss follows a net income of $1.56 per share for the same period last year, reflecting changes in strategy as the cost of borrowing and carrying debt increases. Funds from operations, a key metric for

Tri-state deals: Tesla snaps up 50K sf for showroom, Albany hotel trades hands

Posted: 22 Jul 2022 05:00 AM PDT

Maine Course Hospitality Group purchased the dual-branded Homewood Suites & Tru by Hilton Albany Crossgates Mall in New York’s capital city from Pyramid Management Group. The sales price was not disclosed. The 192-key hotel includes 96 traditional guest rooms and 96 suites with fully equipped kitchens, designed for guests planning on an extended stay. A JLL Hotels & Hospitality team led by Alan Suzuki and Matthew Enright represented the seller. The hotel is across the

Former City Planning chief Anita Laremont to join Fried Frank

Posted: 22 Jul 2022 04:00 AM PDT

After ending a nearly decade-long tenure at the City Planning department, Anita Laremont will soon be responsible for lobbying her former colleagues on some of the city’s biggest development projects. Laremont will join the law firm Fried Frank’s land use and zoning group in September, a spokesperson for the firm told The Real Deal. An eight-year City Planning veteran, Laremont was appointed chair of the City Planning Commission and director of the department last fall