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The Real Deal - New York Real Estate News |
Larry Silverstein to buy $34M penthouse at 30 Park Place Posted: 06 Dec 2016 01:15 PM PST Larry Silverstein knows where the young people hang out. According to the 85-year-old, the place to be is Lower Manhattan — where Silverstein Properties just developed 30 Park Place, a Robert AM Stern-designed condominium. For that reason, Silverstein and his wife Klara, are moving from their Park Avenue digs to the building’s 80th floor, the Wall Street Journal reported. The move will shorten his commute to 7 World Trade Center to under four minutes. Plus, … [more] |
Toll Brothers City Living division struggles in FY 2016 Posted: 06 Dec 2016 12:52 PM PST The super-luxury condo party in New York City is over. That was the message Toll Brothers CEO Doug Yearley had for investors on Tuesday’s fourth-quarter earnings call. Though the nationally-focused real estate firm reported $382.1 million in overall profits in fiscal year 2016 — an uptick of 5.2 percent year-over-year — its luxury-laden urban properties division struggled. Toll Brothers City Living saw revenue slide 18.5 percent to $257.5 million in fiscal year 2016, mostly due … [more] |
Posted: 06 Dec 2016 12:10 PM PST From the December issue: The New York Building Congress has named Carlo Scissura its new president and chief executive officer. Scissura, who will take over on Jan. 1, 2017, succeeds Richard Anderson, the leader of the trade group since 1994. Anderson will assume the title of president emeritus and will serve as a consultant. Scissura comes to NYBC from the Brooklyn Chamber of Commerce, where he served as president and chief executive. Robert Lawrence has joined … [more] |
Posted: 06 Dec 2016 11:40 AM PST Shlomi Reuveni, Town Residential’s managing director of new development, has left after two years at the firm. His departure comes less than two months after the brokerage named Elaine Diratz, an alumnus of Corcoran Sunshine and Extell Development, as co-managing director of new development. At the time, Town CEO Andrew Heiberger attributed the additional hire to growth in the brokerage’s new development pipeline, but sources told The Real Deal that Reuveni may have felt pushed … [more] |
Douglas Elliman brokers using Secret Service as Trump Tower selling point Posted: 06 Dec 2016 11:30 AM PST Some brokers swear they’d take a bullet for their clients. Others use the Secret Service’s willingness to do so as a selling point. Within days of Donald Trump’s victory in the presidential election, two Douglas Elliman brokers sent out an email with the subject line “Fifth Avenue Buyers Interested in Secret Service Protection?” The email promoted an apartment on the market at Trump Tower, a one-bedroom listed for $2.1 million by the two brokers, Ariel … [more] |
Posted: 06 Dec 2016 10:50 AM PST RKF is opening its first overseas office in Tokyo to help bring in Japanese business, the Midtown-based retail brokerage announced Tuesday. The firm hired local leasing veteran Kaishu Okada to head the office as vice president. “With Okada’s extensive experience and deep knowledge of the business environment and government regulations in Japan, he will help us orchestrate and drive Japanese-based retail expansion in the U.S., creating valuable opportunities for many of Japan’s leading retail and … [more] |
Bruce and Charles Ratner resign from board as Forest City gives up dual stock structure Posted: 06 Dec 2016 10:25 AM PST Following pressure from an activist investor, Forest City Realty Trust today announced it would eliminate a dual-share structure that gave the Ratner family unchallenged voting control over the company. Simultaneously, Bruce and Charles Ratner announced they will resign from the real estate investment trust’s board at the end of the year. Bruce Ratner will continue to serve as executive chairman of Forest City Ratner, the trust’s New York division. “After carefully reviewing the Company’s options … [more] |
Westbrook, Largo sell new W’burg rental the Berkley for $69M Posted: 06 Dec 2016 09:55 AM PST Westbrook Partners and Largo are cashing out on their development of the Berkley, a 95-unit Williamsburg rental property that opened earlier this year. Trinity Place Holdings and Pacolet Milliken Enterprises paid $68.8 million for the seven-story structures at 223 North 8th Street, the companies said. Freddie Mac provided a $42.5 million interest-only senior loan. The Berkley, which launched leasing in the spring, consists of two buildings connected by a courtyard. The apartments range in rent … [more] |
Mastercard looks to expand Midtown South tech hub Posted: 06 Dec 2016 09:20 AM PST There are some things money can’t buy. A 150,000-square foot block of space in Midtown South just might be one of them. Mastercard, which about two years ago leased just under 60,000 square feet in the Flatiron District for its digital group, is scouring the tight Midtown South market for a space more than twice that size, according to sources familiar with the search. The payment-processing giant signed a deal in 2014 at L&L Holding … [more] |
Axel Stawski’s daughter lists lavish UES apartment for $7M Posted: 06 Dec 2016 08:50 AM PST From Luxury Listings NYC: Though her father, billionaire developer Axel Stawski, may have made his fortune developing “small and stylish boutique buildings,” Naomi Altholz seems to have rather more elaborate tastes. Her lavish condo at 450 East 83rd Street just hit the market for $6.9 million, and based on the pictures, it seems that the heiress is not afraid to use color or the odd black chandelier in her decorating scheme. [more] … [more] |
Everything you need to know about the ballot initiative that could kill development in LA Posted: 06 Dec 2016 08:25 AM PST From the Los Angeles website: Last week, The Real Deal ran a five-part series on the Neighborhood Integrity Initiative, the March ballot measure that seeks to halt most development in Los Angeles for a period of two years. In case you missed it, here’s a recap. [more] … [more] |
Landmarks delays vote on Pearl Paint redevelopment Posted: 06 Dec 2016 07:52 AM PST Trans World Equities’ plans to redevelop one of Tribeca’s iconic Pearl Paint buildings have hit a snag. The Landmarks Preservation Commission held off on approval of the repositioning of the property — which falls within the Tribeca East Historic Preservation District — at a public hearing last week. The developer wants to turn 310 and 308 Canal Street into mixed-use buildings, adding two stories on top of both buildings, New York YIMBY reported. The designs … [more] |
Landlords accused of violating 421a rules would’ve paid $304M in property taxes this year Posted: 06 Dec 2016 07:10 AM PST The latest batch of landlords accused of violating the terms of 421a would’ve paid $304 million in property taxes this year without the tax break, according to city officials. Officials warned the owners of 3,103 rental buildings — with 37,141 apartments— that they will lose their 421a benefits if they fail to meet a basic requirement of the tax break. The landlords allegedly failed to file a Final Certificate of Eligibility with the city’s Department … [more] |
Andrew Farkas’ UES townhouse is in contract Posted: 06 Dec 2016 06:30 AM PST Billionaire real estate investor Andrew Farkas has found a buyer for his Upper East Side townhouse, six months after listing the five-story limestone home for $42.5 million. The house at 12 East 73rd Street — located between Fifth and Madison avenues — spans more than 10,400 square feet and was asking $4,082 per foot. Farkas, who is chairman of Resource Capital Corp., bought the house in 2007 for $23 million, or $2,209 per foot. He … [more] |
Crossix inks 28K sf lease at Westbrook’s 1375 Broadway Posted: 06 Dec 2016 06:00 AM PST A healthcare data analytics company just inked a lease for 28,000 square feet at Westbrook Partners’ 1375 Broadway. Crossix is ditching its current location at 1001 Sixth Avenue, where the company currently leases 18,000 square feet, the New York Post reported. The asking rent for the new space was in the mid-$60s per square foot. The Midtown tower has recently attracted other tech companies looking to expand. The Muse, an online career resource, took 18,000 square feet in … [more] |
NYC’s 10 biggest office leases signed in November Posted: 06 Dec 2016 05:34 AM PST [caption id="attachment_1268944" align="aligncenter" width="570"] From left: Steve Immelt, 390 Madison, 787 Eleventh Avenue (credit: 787 Eleventh Avenue) and Bill Ackman[/caption]What the office market lacked in blockbuster transactions in November it made up for in tenant diversity, with everything from a millennial mommy blog to an affordable housing investor taking space in this month’s top 10 leases list. To see the full list of the top 10 leases in November, compiled from The Real Deal and CoStar Group reporting, click here. |
Leonardo DiCaprio sells Greenwich condo at a $2M loss Posted: 06 Dec 2016 05:03 AM PST He may be a great actor, but Leonardo DiCaprio doesn’t seem to be the shrewdest real estate investor. “The Revenant” star unloaded a 3,663-square-foot condo at 66 East 11th Street for $8 million, the New York Observer reported. DiCaprio paid $10 million for the unit just two years ago. Information on the buyer was not available. In October 2015, DiCaprio sold another condo in the building — known as the Green Delos building. The triplex penthouse … [more] |
NRT’s love affair with Pam Liebman Posted: 06 Dec 2016 04:30 AM PST From the December issue: Barbara Corcoran made her name with the sale of her eponymous firm for about $70 million in 2001. As a 51-year-old former receptionist who started the firm with $1,000 gifted to her by an ex-boyfriend, Corcoran’s was the classic rags-to-riches story. [more] … [more] |
Bob Knakal renegotiates Cushman contract to shorten it by nearly 2 years Posted: 06 Dec 2016 04:00 AM PST Bob Knakal, who signed a five-year contract with Cushman & Wakefield after selling his eponymous brokerage to the firm, has renegotiated his contract and can potentially become a free agent in 2018, sources told The Real Deal. As Doug Harmon and Adam Spies were joining the firm in October, Knakal, chair of Cushman’s investment sales division in New York, worked out a deal to restructure his contract, according to sources familiar with the internal discussions … [more] |
Most popular stories on The Real Deal Posted: 06 Dec 2016 03:30 AM PST Current reader favorites: 1. The Trump whisperer 2. Inside the sex life of a divorced Williamsburg broker 3. Paydirt: JLL’s top I-sales team jumps to Colliers, VTS and Hightower’s arranged marriage, Nike kicks retail market into frenzy with pricey deal … & more 4. The sloppy 421a dispute 5. WeWork raises the rent at Wall Street co-living space … by a lot … [more] |
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