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The Real Deal - New York Real Estate News |
Posted: 22 Feb 2017 03:29 PM PST A $5.24M listing you can be jazzed for Scat a little tune for this one. The Sag Harbor residence that once housed jazz musician Richard “Dick” Hyman recently hit the market for $5.24 million, according to the New York Post. The bayfront home has three bedrooms and 3.5 bathrooms. It features a sun room, library, chef’s kitchen, and 100 feet of water frontage. Outside, there’s a pool and gazebo. Enzo Morabito of Douglas Elliman has … [more] |
Housing nonprofits form trust to compete with investors Posted: 22 Feb 2017 03:15 PM PST A new housing organization is trying to pool thousands of affordable apartments owned by nonprofits into a single trust, in a bid to make them more competitive with for-profit landlords. The organization, called Joint Ownership Entity or JOE NYC, plans to launch in the coming months. Nonprofits can contribute their properties to the trust and will get paid out returns from the apartments. The idea is that by pooling apartment management, nonprofits can save costs, … [more] |
Toll Brothers plays defense as NYC’s luxury market falters Posted: 22 Feb 2017 02:40 PM PST With New York City’s luxury market going sideways, national homebuilder Toll Brothers is playing an increasingly aggressive game of defense. The company — which slashed prices last year at 400 Park Avenue South and 1110 Park Avenue — is reducing its equity stake in new projects through joint-venture partnerships and offering to pay transfer and mansion taxes for buyers who sign contracts by Feb. 26. “We are being cautious… We haven’t bought land in New … [more] |
Thor lists Allen House and 840 West End for a combined $90M Posted: 22 Feb 2017 02:20 PM PST Joseph Sitt’s Thor Equities is looking to sell two properties it bought during a push into the multifamily space in 2014. The company has formally listed a 39-unit rental building at 840 West End Avenue and the residential component of another property at 201 East 71st Street, sources told The Real Deal. The asking prices are $40 million and $49 million for the properties, respectively. A spokesperson for Thor did not immediately comment on why … [more] |
Lawyer Michael Lefkowitz on developers who acquired sites at optimistic prices Posted: 22 Feb 2017 01:56 PM PST From the February issue’s “In their words” feature, a roundup of the funniest and most insightful comments on real estate: To read other smart and/or funny sayings, click here for the full feature. … [more] |
Buy your tickets for TRData’s Big Data + Real Estate Forum Posted: 22 Feb 2017 01:20 PM PST To get an edge in the fiercely competitive world of New York City real estate, insiders are turning more frequently to Big Data and technology. In response to the expanding demand for actionable intelligence in one of real estate’s most dynamic fields, The Real Deal is hosting a Big Data + Real Estate Forum on March 9 in Midtown. The Real Deal is bringing together some of New York City’s most knowledgeable Big Data and … [more] |
Aurora, Gottlieb secure $55M loan for Gansevoort project Posted: 22 Feb 2017 01:10 PM PST A judge ordered them to stop the work. But it won’t stop the money. Aurora Capital Associates and William Gottlieb Real Estate, the forces behind the Gansevoort Street redevelopment project in the Meatpacking District, took a $55 million mortgage backed by two buildings at the site, according to documents filed with the city Wednesday. The developers, whose construction progress is currently at the mercy of a lawsuit brought by the Save Gansevoort group that opposes … [more] |
Blackstone, Fairstead sell 18-story Kips Bay rental for $52M Posted: 22 Feb 2017 12:35 PM PST Blackstone Group and Fairstead Capital quietly sold an 18-story Kips Bay rental building to Adam and Aaron Daniels’ A.D. Real Estate Investors for $52 million, sources told The Real Deal. Since the firms paid $690 million for the Caiola family’s 24-building Manhattan multifamily portfolio in 2015, they have quietly looked to sell at least a few of the properties, despite frequently touting their multifamily investments as long-term plays. Blackstone and Fairstead made the first one-off sale … [more] |
The week in real estate market reports Posted: 22 Feb 2017 12:00 PM PST According to the most recent market reports, Manhattan co-ops were popular in January, new development deals in the mid-market price range increased in 2016, and rental prices in Manhattan, Brooklyn, and Queens stayed basically flat in January. Residential Manhattan, Brooklyn and Queen rental report | MNS Rental prices January stayed basically flat, increasing by less than one percent in Brooklyn and Manhattan, and decreasing by less than one percent in Queens. Read the full reports … [more] |
Kuafu development chief Jeff Dvorett jumps ship to Midwood Posted: 22 Feb 2017 11:30 AM PST Jeff Dvorett, who joined Kuafu Properties as head of development in 2014, is leaving the firm, the latest executive shake-up at the Chinese private equity-backed developer. Dvorett is taking on a new role at Midwood, a New York-baded real estate development and investment firm led by John Usdan. A spokesperson for Midwood said Dvorett, formerly a vice president of development at Extell Development, was one of several executive hires the company had made in a … [more] |
Karim Rashid lists his all-white Hell’s Kitchen home Posted: 22 Feb 2017 11:00 AM PST From Luxury Listings NYC: Interior designer Karim Rashid — whom Time magazine once described as the “most famous industrial designer in all the Americas” — just listed his townhouse at the Dillon on 425 West 53rd Street for $4.7 million. [more] … [more] |
US home sales climb in January to a 10-year high Posted: 22 Feb 2017 10:40 AM PST The number of home sold across the country climbed in January to the highest level since February 2007 despite limited supply and rising prices. Deals on previously owned homes, which comprise the overwhelming majority of U.S. sales, hit a seasonally adjusted annual rate of 5.7 million in January, a 3.3 percent increase from December, according to data from the National Association of Realtors cited by the Wall Street Journal. The increase from the end of … [more] |
Black Spruce buys Bronx multifamily building for $26M Posted: 22 Feb 2017 10:10 AM PST Black Spruce Management, led by Josh Gotlib, snapped up a 99-unit multifamily building in the Bronx for $26 million. The company purchased 1765 Townsend Avenue, an 11-story, 88,227-square-foot building between 175th and 176th streets, according to documents filed with the city on Wednesday. The previous owner, Gigi Porcelli, purchased the building in 1991, though public records don’t indicate how much Porcelli paid. When reached by phone, Gotlib declined to comment. Cushman & Wakefield’s David Simone, … [more] |
Sam Zell says NYC’s resi supply growth is slowing down Posted: 22 Feb 2017 09:55 AM PST [caption id="attachment_1461420" align="aligncenter" width="570"] Sam Zell (Credit: Bloomberg)[/caption]Real estate billionaire Sam Zell said the surge in residential real estate supply in New York city is slowing down, but demand remains high. Click here to watch the video and read more. |
Elementary, my dear Watson: IBM searching for massive new NYC office Posted: 22 Feb 2017 09:30 AM PST IBM supercomputer Watson is helping people file their taxes, upgrading the city’s 311 system and helping to turn Internet of Things devices into points of sale. But all that high tech still needs some brick-and-mortar office space. IBM, which is headquartered about 35 miles north of Manhattan in Armonk, NY, and has offices in the city on Madison Avenue and in the East Village, is looking for as much as 350,000 square feet of additional … [more] |
Witkoff may sell Park Lane Hotel: judge Posted: 22 Feb 2017 08:30 AM PST Developer Steve Witkoff has a federal judge’s blessing to sell the Park Lane Hotel as part of an agreement to oust scandal-plagued Malaysian investor Jho Low. U.S. District Court Judge Dale Fischer approved plans by Witkoff and the Department of Justice as part of a cooperation agreement reached last year after Low became ensnared in a massive money-laundering scandal. Initially, Witkoff and the Department of Justice asked the court to approve a sale of Low’s … [more] |
Legislators call for more scrutiny on Chinese investment in US Posted: 22 Feb 2017 08:00 AM PST From the South Florida website: Following a record year of Chinese investment in the U.S., Republican and Democratic lawmakers are calling for more federal scrutiny of future deals. Encouraged by President Donald Trump’s campaign promises to raise import duties on Chinese goods, legislators are pushing to strengthen the Committee on Foreign Investment in the U.S., or CFIUS, according to the Wall Street Journal. The president’s administration is looking to give the committee more authority to reject technology … [more] |
Aion Partners shopping 115K sf Tribeca commercial condo Posted: 22 Feb 2017 07:30 AM PST Michael Betancourt and Siraj Dadabhoy’ Aion Partners is shopping a 115,000-square-foot office and retail condo at 86 Chambers Street in Tribeca. According to its website, Aion bought the condo in September 2004. Property records show that it refinanced the asset in April 2016 with a $43.5 million loan from TH Commercial Mortgage. Colliers International’s Richard Baxter, Ron Cohen and Scott Latham have the listing, the New York Post reported. The office portion’s biggest tenant is … [more] |
Trump’s immigration plans could hit housing market hard Posted: 22 Feb 2017 07:00 AM PST The Trump administration’s plans to deport more undocumented immigrants and restrict legal immigration could be bad news for the U.S. housing market. “If Trump gets the immigration plan he wants, the housing market will get hit harder than any other,” Alex Nowrasteh of libertarian think tank Cato Institute told Bloomberg. If “millions of people get deported and more people don’t come in to take their place, then you’ll have downward pressure on home prices, especially … [more] |
WeWork takes 64K sf at 130 West 42nd Street Posted: 22 Feb 2017 06:30 AM PST WeWork signed a 64,390-square-foot lease for four floors at 130 West 42nd Street, expanding its already considerable footprint in the Bryant Park area. China Vanke and Tribeca Associates jointly own the leasehold on the 220,000-square-foot office building, dubbed Bush Tower. The Chinese developer took over a majority stake in 2015, buying out Meadow Partners for $125 million. The Industrial and Commercial Bank of China funded the tower’s leasehold with a $80 million mortgage. Asking rents … [more] |
Scorecard: Manhattan condo prices bounced back to end 2016 Posted: 22 Feb 2017 06:00 AM PST From the February issue: The median resale price of a Manhattan condominium stood at almost $1.5 million in December 2016, up from the previous month but down from $1.6 million a year earlier, based on closed sales in city records. New-development prices, however, rose almost 50 percent year-over-year in the borough to reach $2.97 million in December. In Brooklyn and Queens, condo resales have gone three months with little price growth or reduction, but new-development … [more] |
The Debriefing: Shermichael Singleton on his ouster from HUD Posted: 22 Feb 2017 05:30 AM PST “Politics has been my life since I was in middle school,” said Shermichael Singleton, the 26-year old conservative political consultant, who up until his ouster last week was likely the youngest “senior adviser” to ever serve the Department of Housing and Urban Development. Singleton’s life in Republican politics started early, but he didn’t get into it to be popular. “Republican just wasn’t a favorable thing,” said Singleton, who grew up in Dallas, Texas. “But I’ve … [more] |
Landmarks creates Morningside Heights historic district Posted: 22 Feb 2017 05:00 AM PST The city’s Landmarks Preservation Commission voted to approve a new Morningside Heights historic district Tuesday, with the Cathedral of St. John the Divine receiving individual landmark status. The commission voted unanimously to designate 116 buildings — including the cathedral — from 109th to 119th streets between Riverside Drive and Amsterdam Avenue, according to DNAinfo. In addition, Landmarks released a 3D online map providing information about each building. The new district includes townhouses dating back to … [more] |
Office startup Knotel raises $25M in Series A Posted: 22 Feb 2017 04:30 AM PST Office space startup Knotel raised $25 million in a Series A funding round as it prepares to take on WeWork in the growing market for flexible workspace. The round included venture firms Bloomberg Beta, Rocket International, 500 Startups and Invest AG. Knotel manages and builds out office space under partnership agreements with landlords and leases the spaces out to small- and mid-sized companies under short-term deals. The New York-based startup has eight locations running and … [more] |
WATCH: 4 things real estate investors are tracking in 2017 Posted: 22 Feb 2017 04:00 AM PST With a surprise presidential election and a certain tax abatement program up in the air, uncertainty seems to be the flavor of 2017 thus far. If investors want to stay ahead of the game, they’re going to need to keep an eye on a few major stories that are still developing. To see what those in the know are paying close attention to this year, watch the video here. |
Most popular stories on The Real Deal Posted: 22 Feb 2017 03:30 AM PST Current reader favorites: 1. Brokerages blast StreetEasy’s new “premier agent” feature 2. Suddenly less liquid, Chinese buyers shift strategies in NYC 3. A real estate investors guide to NYC’s most expansive and diverse borough 4. Banks backing away from apartment projects 5. Brooklyn developers aren’t keeping up with the condo demand … [more] |
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