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The Real Deal - New York Real Estate News |
Charles Kushner part of group bidding for Miami Marlins: report Posted: 09 Feb 2017 03:32 PM PST Fair ball? Charles Kushner is part of an investor group looking to buy the Major League Baseball team Miami Marlins. It wasn’t clear whether Kushner is the main bidder in the group, or whether a deal is likely. According to Forbes, buying the team would likely cost $1.6 billion and require $600 million in cash. Kushner, who headed the namesake real estate company until his 2005 imprisonment for tax evasion and witness tampering, has quietly … [more] |
Terror victim asks US government to seize 650 Fifth Ave. Posted: 09 Feb 2017 02:35 PM PST A complaint filed in a New York federal court on Thursday requests that the federal government seize 650 Fifth Avenue from the Alavi Foundation, a nonprofit alleged to have deep ties to the government of Iran. It’s just the latest skirmish in a decade-long, high-stakes legal war that’s pit the U.S. government against the cultural foundation for control of the 36-story office tower, estimated by some to be worth $1 billion. A related case might be … [more] |
H&R REIT scores $250M refi for 2 Gotham Center Posted: 09 Feb 2017 02:11 PM PST H&R Real Estate Investment Trust pulled off $250 million to refinance its 22-story office building 2 Gotham Center in Long Island City. The financing comes from Northwestern Mutual Life Insurance Company, Great-West Life Assurance Company and Canada Life Financial Corporation, the Commercial Observer reported. The debt replaces a $250 million mortgage from the same three companies, according to the publication.Canada-based H&R used that funding to help buy the building from Tishman Speyer for $416.2 million … [more] |
Elizabeth Diller on why the High Line is such a success Posted: 09 Feb 2017 01:30 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] |
Upper Manhattan multifamily sales jump 42% in 2016 Posted: 09 Feb 2017 01:00 PM PST Multifamily property sales in Upper Manhattan climbed an impressive 42 percent year-over-year in 2016, even as the number of deals declined, according to a new year-end report from Ariel Property Advisors. Sales of multifamily properties totaled $2.8 billion for the year, up from $2 billion in 2015, the report shows. The 9 percent decrease in the number of transactions, from 334 to 304, was offset by several large portfolio deals. There were six multifamily deals … [more] |
No bills to build: The construction lending environment is tighter than ever Posted: 09 Feb 2017 12:30 PM PST If you’re a newbie developer looking for financing to build in New York, fuggedaboutit. But uncertainty over a key financing program and a major tax incentive has made it very tricky for even seasoned players to fill out their capital stacks. Much of the tightness springs from the precarious futures of EB-5 and 421a and the increased conservatism of traditional lenders, panelists said at Anchin, Block & Anchin’s Construction & Development Forum on Thursday. “You can … [more] |
Israeli investors buy W’burg loft building 475 Kent for $56M Posted: 09 Feb 2017 12:00 PM PST A South Williamsburg pasta factory-turned-artist haven that nearly exploded in the late 2000s has sold for the first time in more than 30 years. Nachman Brach sold the 11-story, 150,600-square-foot loft building at 475 Kent Avenue to a group of Israeli investors for $56 million, sources told The Real Deal. The buyer is a group led by Israel-based investment firm Gaia Investment Corp., led by Shlomo Meichor and Assi Arev. The firm, which is not … [more] |
Lutnick’s BGC Partners plans IPO for Newmark Posted: 09 Feb 2017 11:30 AM PST Howard Lutnick’s BGC Partners, the parent company of Newmark Grubb Knight Frank, took the first step Thursday toward spinning the brokerage off into a separate company through an initial public offering. The company issued a statement Thursday saying it had confidentially submitted a draft registration statement relating to the IPO with the Securities and Exchange Commission. “Earlier today, we issued a press release relating to the confidential filing of our registration statement for the proposed … [more] |
This place is great! (mostly because mom and dad are paying) Posted: 09 Feb 2017 11:00 AM PST Millennial renters have found the best lender in town. It’s called the Bank of Mom and Dad. About 40 percent of those aged between 22 and 24 receive some form of financial support from their parents, the New York Times reported, citing surveys that track young people through their first decade of adulthood. Of those who get extra cash from ma and pa, the average amount is about $3,000 a year. That figure — which … [more] |
Rechler wonders: Maybe the dysfunctional Port Authority should be dismantled? Posted: 09 Feb 2017 10:25 AM PST The idea of breaking up the Port Authority of New York and New Jersey is almost as old as the bi-state agency itself. On Thursday, the idea got a new boost from Scott Rechler, CEO of RXR Realty and until recently the Port Authority’s vice chair. “Maybe in reality it’s impossible to keep it from being attacked by politics,” he said at the Anchin Construction & Development Forum, adding that it may be time to … [more] |
Brazilian supermodel lists East Village pad for almost $3M Posted: 09 Feb 2017 09:30 AM PST From Luxury Listings NYC: Brazilian supermodel Caroline Trentini has listed her East Village condominium at 311 East 11th Street for $2.65 million. [more] … [more] |
Clinton Hill townhouse gets Landmarks green light despite community opposition Posted: 09 Feb 2017 09:00 AM PST UPDATED, Feb. 9, 6:33 p.m.: Plans to build a four-story townhouse in Clinton Hill were approved by the city’s Landmarks Preservation Commission this week, despite opponents calling it “monolithic” and out of step with the character of the area. The home at 311 Vanderbilt Avenue is slated to span 1,900 square feet across four floors. The plans were filed in July by hedge funder Adrian Devenyi, but as the home is within the Clinton Hill … [more] |
Tesla expands at LIVWRK’s Red Hook building Posted: 09 Feb 2017 08:30 AM PST Elon Musk’s Tesla Motors is growing its footprint at LIVWRK’s office conversion at 160 Van Brunt Street in Red Hook. The company inked a deal for an additional 6,500 square feet above its existing Brooklyn showroom, according to a source close to the deal. The additional square footage will be used as office space. About a year ago, Tesla signed a lease for a 40,000-square-foot showroom and service center on the ground floor of the … [more] |
Score reprints of The Real Deal’s top features Posted: 09 Feb 2017 08:05 AM PST On the heels of The Real Deal’s February 2017 issue, our 160th, we are offering full-page reprints of our past and current magazine features, including “The Closing,” “Day in the life” and “At the desk.” Since April 2003, TRD has provided an inside look at the big players and major deals in the NYC real estate market. Our coverage has expanded to other cities, including Miami and Los Angeles, as our readership has grown. Our … [more] |
Tequila mogul unmasked as irate buyer suing Harry Macklowe over flood at 432 Park Posted: 09 Feb 2017 07:30 AM PST UPDATED: Feb. 9, 2:35 p.m.: Trouble in Margaritaville? The furious buyer suing Harry Macklowe over a “catastrophic flood” at 432 Park Avenue is none other than tequila heir Juan Beckmann Vidal. Vidal, whose family founded Jose Cuervo in Mexico over 250 years ago, went into contract on the $46.25 million pad in 2013, sources told the New York Post. Worth an estimated $2.4 billion, he is suing Macklowe Properties and CIM Group to recoup an $11.56 million deposit on … [more] |
Chinatown menu? New development, not dumplings Posted: 09 Feb 2017 07:08 AM PST Dumplings and scallion pancakes, move over. Gentrification and new development are taking over Chinatown. The neighborhood’s restaurant scene is on the front lines, with old-time eateries being replaced by new types of cuisine and bank branches. Ali Baba Organic Market now occupies 1 Mott Street, while Pulqueria, a tequila and taco joint, has opened at 11 Doyers Street. Next door at 9 Doyers is Apothoke, a cocktail bar popular with suburbanites, according to the New … [more] |
Pace plans $190M upgrade to Lower Manhattan campus Posted: 09 Feb 2017 06:30 AM PST Pace University’s flagship campus in Lower Manhattan is getting a $190 million facelift. School officials are planning a multi-year renovation of 1 Pace Plaza, the fortress-like building just south of the Brooklyn Bridge, and a neighboring building at 41 Park Row. “When 1 Pace Plaza was built in the 1960s, it was a turbulent time, and the architecture was designed to screen out the city and make it a haven inside a shell,” Stephen Friedman, … [more] |
Matthew Perry scopes out $25K-a-month Midtown rental Posted: 09 Feb 2017 06:00 AM PST From Luxury Listings NYC: Could this apartment be any more expensive? Matthew Perry, who played the lovable neurotic Chandler Bing on “Friends” from 1994 to 2004, might be making a move to the Atelier at 635 West 42nd Street. His rep was spotted checking out units in the building, including a three-bedroom, three-bathroom unit that’s going for $25,000-a-month. [more] … [more] |
Cooley LLP close to inking a lease at 55 Hudson Yards Posted: 09 Feb 2017 05:30 AM PST Cooley LLP, a top Silicon Valley law firm that’s leading Snapchat’s IPO, is the latest tenant bound for Hudson Yards. The international firm is in late-stage talks to lease several floors near the top of the Related Companies’ 55 Hudson Yards, sources told The Real Deal. Cooley will be relocating from Brookfield Office Properties and the Swig Company’s Grace Building overlooking Bryant Park at 1114 Sixth Avenue, where it currently occupies roughly 100,000 square feet. … [more] |
Posted: 09 Feb 2017 05:00 AM PST From the February issue: Mortgage contingencies. Cold feet. Better offers. Politics. In today’s softer market, there are any number of factors that can derail a sale, according to brokers. And both buyers and sellers are increasingly feeling emboldened to walk away at any point in the process — or to hold off on making a move at all — if something doesn’t feel right.[more] … [more] |
NYC construction costs jumped 4% in 2016: report Posted: 09 Feb 2017 04:30 AM PST Construction costs in the city leveled out somewhat last year, seeing a modest increase that’s more in line with national trends than in previous years. New York City saw a 4 percent increase in construction costs in 2016, a slight drop from the 5 percent bumps seen each year from 2013 to 2015, according to a new report released by the New York Building Congress. The modest jump aligns with the construction costs seen nationally, … [more] |
One-third of all Manhattan resi leases in January included concessions Posted: 09 Feb 2017 04:00 AM PST New York City residential landlords are continuing to rely on renters’ incentives to keep vacancies at bay, a trend that is expected to become more widespread throughout 2017. The number of leases with concessions reached new highs in January, according to the monthly rental report from Douglas Elliman. In Manhattan, 31 percent of all new leases included some form of concession last month, nearly double what it was a year ago. In Brooklyn, 18 percent of … [more] |
Most popular stories on The Real Deal Posted: 09 Feb 2017 03:30 AM PST Current reader favorites: 1. The gap between luxury and non-luxury rentals is shrinking 2. Michael Cohen says so 3. First look: Sharif El-Gamal’s 45 Park Place 4. Foreclosure looms over Toledano as he nears deal to sell EV portfolio to Sutton 5. Re-creating Colliers … [more] |
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