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The Real Deal - New York Real Estate News |
Here’s what the $10M-$20M NYC investment sales market looked like last week Posted: 21 Feb 2017 03:00 PM PST Last week in mid-market sales, the Tabaks sold a multifamily building in the Financial District at a loss, Coltown bought a gas station in Washington Heights, and controversial landlord Ved Parkash picked up rental apartments in the Bronx. 1.) Eli Tabak’s Bluestone Group sold a 12-unit multifamily building in the Financial District for $19 million at a loss. Bluestone bought the 10-story building at 165 William Street for $20.5 million in 2014 together with the … [more] |
EPIC scores $65M loan for four Manhattan properties Posted: 21 Feb 2017 02:30 PM PST EPIC, the investment vehicle of Steven and Michael Elghanayan, obtained a $65 million loan to refinance four of its lower Manhattan properties, according to documents filed with the city Tuesday. Two commercial condos in Soho at 73 Wooster and 388 West Broadway, and two commercial buildings at 17 West 14th Street and 40 Thompson Street, are financed in the loan from TD Bank. The shopping complex near Union Square at 17 West 14th Street is … [more] |
Caerus files for 95 resi units in Washington Heights Posted: 21 Feb 2017 02:05 PM PST Leo Tsimmer’s Caerus Group is planning to build a nine-story, 95-unit building at the site of a former church in Washington Heights, according to a permit application filed with the city’s Department of Buildings Tuesday. The building at 206 Wadsworth Avenue would span 89,000 square feet, and would include 74,360 square feet of residential space and 14,644 square feet for community facility. The lower levels will hold parking, a house of worship and classrooms, the … [more] |
Ashford Hospitality offers $1.3B to acquire FelCor Posted: 21 Feb 2017 01:40 PM PST Ashford Hospitality Trust is bidding $1.27 billion for FelCor Lodging Trust, which owns the Knickerbocker and Royalton hotels in New York. The Wall Street Journal first reported in early January that FelCor is exploring a sale. Texas-based Ashford already owns 4.5 percent of FelCor’s common shares, according to Reuters. The offering price is 28.2 percent above FelCor’s market value as of Friday. Ashford claims that a merger between the two REITs would create the second-largest … [more] |
Re:cap – This month’s real estate industry wins and fails Posted: 21 Feb 2017 01:00 PM PST From the February issue: Bruce Ratner allegedly boots his estranged wife, Pamela Lipkin, from the office where she practices plastic surgery. Design enforcer Bjarke Ingels files his long-awaited plans for a new $50M police precinct in the South Bronx. Check out those and more in this month’s visual roundup of real estate-related happenings. [more] … [more] |
Jeff Sutton raises $233M on Tel Aviv bond market Posted: 21 Feb 2017 12:30 PM PST Jeff Sutton completed an institutional tender on the Tel Aviv Stock Exchange, raising $233 million at an interest rate of 3.9 percent. The retail mogul began with a $100 million bond offering, and then more than doubled that to $243 million after demand from investors reached almost $500 million. In the public tender, which is slated to occur in the next week, Sutton can raise an additional $30 million. The interest rate is the lowest … [more] |
Massey pledges no city business with campaign donors Posted: 21 Feb 2017 12:00 PM PST Paul Massey says the city won’t do any business with donors to his campaign if he’s elected mayor. But given his deep connections to the industry and how entwined it is with city government, it might be a difficult pledge to keep. During his first press conference since announcing his candidacy for mayor, the Cushman & Wakefield executive stood outside City Hall Tuesday morning and railed against Democratic incumbent Mayor Bill de Blasio. Massey castigated … [more] |
Compass expands Fifth Avenue headquarters by 25K sf Posted: 21 Feb 2017 11:40 AM PST Compass is expanding its global headquarters, signing a lease for an extra 25,000 square feet in Union Square. The deal will see the venture capital-backed residential brokerage taking an additional two floors at Aby Rosen’s 90 Fifth Avenue until the year 2025, the Commercial Observer reported. It brings the company’s total square footage at the building to 115,000 square feet across the third through 11th floors. The asking rent on the vacant floors was $86 … [more] |
Save the date: TRD’s NYC Real Estate Forum & Showcase Posted: 21 Feb 2017 11:00 AM PST The Real Deal is heading back to Chelsea for our 10th annual New York City Real Estate Showcase and Forum! On May 15, the city’s industry professionals will flock to the Metropolitan Pavilion for a day of networking, learning and previewing the hottest new developments around town. Former New York governor and developer Eliot Spitzer (Spitzer Enterprises), Dolly Lenz (Dolly Lenz Real Estate) and Richard Steinberg (Douglas Elliman) are among the real estate heavyweights that will participate on three … [more] |
Community board rejects UES resi project as “grotesque” Posted: 21 Feb 2017 10:30 AM PST Community Board 8 rejected A. Ruth & Sons’ plans to add two stories to a landmarked Upper East Side rental building, calling the proposed design “grotesque.” Local residents reviewed the owner’s application to add two stories and a glass railing to 50 East 96th Street, DNAinfo reported. The six-story building, known as “Woodward Hall,” was built in 1905 and is located in the Expanded Carnegie Hill Historic District. Along with some facade repairs, the owner … [more] |
Trust for Governors Island sues Turner Construction, subcontractor for $5M Posted: 21 Feb 2017 10:00 AM PST The Trust for Governors Island is suing Turner Construction and its subcontractor for more than $5 million, alleging the construction firms made several critical errors when designing the island’s seawall and lift bridges. In a lawsuit filed in Manhattan Supreme Court last week, the trust accuses a Turner subcontractor Ocean Coastal Consultants Engineering of “professional malpractice.” The trust says the company made design errors on several bridges that connect its ferries to docks at the … [more] |
Contender for NJ gov. says he’ll fight Cuomo over bus terminal Posted: 21 Feb 2017 09:30 AM PST The top Democratic contender for New Jersey governor has vowed to go toe-to-toe with New York’s Gov. Andrew Cuomo over funding for the new Port Authority Bus Terminal in Midtown. Phil Murphy, former U.S. ambassador to Germany turned gubernatorial candidate, said the $3.5 billion dedicated to the terminal in the bistate agency’s newly approved $32 billion capital plan isn’t enough for the project, Politico reported. “We have to fight tooth and nail to make sure … [more] |
The Real Deal is headed back to Long Island! Posted: 21 Feb 2017 09:00 AM PST Which firms made the list of top residential brokerages in Nassau and Suffolk counties? What new developments can we expect? What are Long Island’s priciest listings? The Real Deal is excited to head back to the Island and will soon release our second Long Island Market Report, a roundup of real estate news and information about Nassau and Suffolk counties’ residential and commercial markets. Our coverage of the market includes rankings of the top residential firms and … [more] |
Jack Resnick & Sons secures $85M to refi 315 Hudson Street Posted: 21 Feb 2017 08:30 AM PST Jack Resnick & Sons locked down $85 million to refinance its office building at 315 Hudson Street. JPMorgan Chase Bank provided the funding, according to property records filed with the city Tuesday. The loan includes a new $50 million mortgage and replaces a $35 million loan, issued in 2007 by Lehman Brothers, and securitized by Morgan Stanley. Jack Resnick & Sons declined to comment. Representatives for JPMorgan Chase were not immediately available. The building has … [more] |
Paydirt: WeWork hits puberty, StreetEasy becomes the enemy … & more Posted: 21 Feb 2017 07:50 AM PST WeWork grows up: WeWork brought in some adults to help manage the $16.9 billion playground. James Woods, the head of the Brooklyn Bowl, came on board, as did Richard Gomel, a former executive at Starwood Capital and Junius Real Estate Partners. The company has been restructured into four divisions – co-working, co-living, services and an enterprise business catering to big corporations – and sliced into geographic areas. It’s a structure common among public companies or … [more] |
The week in luxury: A map of NYC’s priciest apartment sales Posted: 21 Feb 2017 07:20 AM PST Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. Click here to see this week’s version. |
Banks backing away from apartment projects Posted: 21 Feb 2017 06:50 AM PST Banks are shying away from financing new apartment projects as supply starts to outpace demand. This year more than 378,000 new apartments are expected to be completed nationwide, according to real estate researcher Axiometrics Inc. But only 50,000 of the 88,000 apartments completed in the fourth quarter of last year were rented out, the Wall Street Journal reported. Developers are increasingly turning to non-traditional lenders and small regional banks, like the Arkansas-based Bank of the … [more] |
New bill seeks to reform how AMI is calculated for 421a projects Posted: 21 Feb 2017 06:15 AM PST A new bill seeks to change how affordability in housing projects is calculated, a measure that could dramatically reshape the makeup of projects built under a new 421a. Democratic State Senator Michael Gianaris and Assemblymember Brian Barnwell introduced legislation that would change how area media income (AMI) is calculated. The U.S. Department of Housing and Urban Development looks at AMI regionally, using a formula that lumps the five boroughs together with Putnam, Westchester, and Rockland … [more] |
Brokerages blast StreetEasy’s new “premier agent” feature Posted: 21 Feb 2017 06:00 AM PST StreetEasy is planning to roll out a new feature that would connect prospective homebuyers with agents who buy advertising on the platform’s for-sale listing pages. The initiative, sources told The Real Deal, is invoking the wrath of major New York brokerages, with the heads of some firms suggesting a boycott of the platform. Brokers are concerned that buyers will be directed to third-party agents who have no connection to the property, rather than to the … [more] |
Civil rights group to ditch longtime Tribeca digs for larger office Posted: 21 Feb 2017 05:00 AM PST A civil rights organization, LatinoJustice PRLDEF, is ditching its longtime home in Tribeca for a bigger space. The organization, formerly known as the Puerto Rican Legal Defense and Education Fund, is leaving 99 Hudson Street, the New York Post reported. LatinoJustice owns the 14th floor of the building, where it’s been for 25 years. CBRE Group is consulting on the sale of the 12,328-square-foot space. The group is looking to move to a bigger space, though the location has … [more] |
Suddenly less liquid, Chinese buyers shift strategies in NYC Posted: 21 Feb 2017 04:30 AM PST When real estate agent Geovanna Lim’s client went into contract on a $3 million new development condominium in Midtown Manhattan more than two years ago, the pad was an easy get for the Chinese national. He agreed to put $300,000 down and even decided against a mortgage contingency. But late last year, when the developer obtained a temporary certificate of occupancy and began closings, Lim’s client entered crisis mode. Faced with China’s strict new capital … [more] |
Disregarding a down market, developers build on Posted: 21 Feb 2017 04:00 AM PST From the February issue: Despite an uncertain political climate and a challenging real estate market — in which office leasing has slowed and condominium sales turned sluggish — scores of New York developers are plowing ahead with tens of millions of square feet of new developments, including tens of thousands of residential units. The Real Deal analyzed thousands of projects to determine how many were active but not yet completed, as defined by receiving their … [more] |
Most popular stories on The Real Deal Posted: 21 Feb 2017 03:30 AM PST Current reader favorites: 1. What’s up with the names of Bronx neighborhoods? 2. A real estate investors guide to NYC’s most expansive and diverse borough 3. Boxed in: NYC landlords struggling to deal with residents’ online shopping addiction 4. At Mar-a-Lago, Trump asks LeFrak to build the wall 5. EB-5 is a big, beautiful door for Trump corruption: State Dems … [more] |
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