The Real Deal - New York Real Estate News

From TRD South Florida: The tourism tax-free days for Airbnb users in Miami-Dade County are over. County commissioners on Tuesday voted 10-3 to approve a memorandum of understanding between the Miami-Dade tax collector and the web-based short-term rental booking service provider.

From LLNYC: Christian Candy, the British real estate developer behind London’s most expensive apartment building, One Hyde Park, is trying the market again with his own pad at the Plaza Hotel. His 6,200-square-foot spread is asking $39.7 million.[more]

Yitzhak Tshuva’s Elad Group locked in $90 million in construction financing for a Hell’s Kitchen condominium project. Israel-based Bank Hapoalim is providing the mortgage for the 15-story development at 505 West 43rd Street, property records show. The bank also gave Elad a $42 million acquisition loan in 2014. Elad, owner of the Plaza Hotel and co-developer of 1 West End Avenue with Silverstein Properties, bought the block-through site, located between 10th and 11th avenue, for […]

From the April issue: In March, a judge ruled that singer Katy Perry could close on a $14.5 million Los Feliz convent, clearing the way for her to convert it into her personal residence.

FreshDirect secured $85 million in EB-5 financing for its new Bronx distribution center, according to documents filed with the city this week. The financing for the online grocer’s planned outpost at 2 St Anne’s Avenue in Port Morris comes from the New York Regional Center, which provides EB-5 financing. The loan includes $27.5 million in new money and replaces $57.5 million from Signature Bank, documents show. Typically, EB-5 funds are provided as mezzanine loans and […]

A Connecticut-based commodities producer and trader is taking 60,000 square feet at Vornado Realty Trust’s 330 Madison Avenue. Glencore inked a lease for the entire seventh floor and a portion of the sixth floor in the Midtown office tower, Crain’s reported. The asking rent was in the low $70s per square foot. Glencore currently has space at RFR Realty’s 3 Stamford Plaza in Connecticut. In 2014, a handful of financial firms signed leases in the […]

From LLNYC: American Ballet Theater principal dancer Isabella Boylston just pirouetted her way into a new apartment in Boerum Hill, per city records. She and her husband, Daniel Shin, laid down a little under $2.3 million for a sponsor unit in the new building, 265 State Street.

Ralph Lauren is planning to close its Polo store on Fifth Avenue, the company’s largest retail location, as it tries to right the ship amid declining revenues. The struggling fashion giant will close its 39,000-square-foot Polo store at 711 Fifth Avenue and will move that location’s wares to stores on Madison Avenue and downtown, the Wall Street Journal reported. The company said it will continue to operate its popular Polo Bar restaurant and seven other […]

Extell Development allegedly caused millions of dollars in damage to the city’s steam system during construction of One Manhattan Square, according to a new lawsuit against the developer filed in the Manhattan Supreme Court. Utility company Con Edison is accusing the Gary Barnett-led firm of nearly causing a major steam-main explosion at the site at 250 South Street, the New York Post reported. Con Ed claims it cost $4 million dollars to fix the damaged […]

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), John Catsimatidis (Red Apple Group), Toby Moskovits (Heritage Equity Partners), Dolly Lenz (Dolly Lenz Real Estate) and Richard Steinberg (Douglas Elliman) […]

“Cheap” luxury is having a moment. Contracts are up, and the $4 million-to-$6 million market is seeing the most action. In total, 383 contracts were signed on Manhattan pads asking $4 million and above in the period from Jan. 1, 2017 through March 31, 2017, according to data collected by real estate analytics website Urban Digs and reviewed by The Real Deal. That’s compared to 271 contracts inked during the same period in 2016 — […]

Ivanhoe Cambridge is in late-stage talks to buy Goldman Sachs’ former headquarters at 85 Broad Street in Lower Manhattan for roughly $650 million. A joint venture of MetLife and Beacon Capital Partners owns the 32-story building, and hired Eastdil Secured to market it, according to Bloomberg. At that reported purchase price, the deal would work out to $590 per square foot. Goldman built the tower in the 1980s as its headquarters, but the building sat […]

Alloy Development is planning a massive mixed-use project near Atlantic Terminal in Downtown Brooklyn. The project, known as 80 Flatbush, would include a 920-foot residential tower, making it one of the borough’s tallest, Politico reported. The project is expected to include 200,000 square feet of Class A office space, 900 residential units, two schools, 40,000 square feet of retail and another 15,000 square feet set aside for a cultural center. Alloy needs city approval to […]

The city’s Department of Buildings is investigating a crane accident that killed a construction worker on a union site in Staten Island last month. Antonio Veloso, 54, was struck and killed by a load that fell off a crane at 356 Meredith Avenue on March 10, the New York Post reported. Veloso, a Portuguese immigrant, was a member of the Laborers International Union Local 1010. Construction safety has been a hot-button issue in the city, […]

It seems it wasn’t meant to be. Midtown-based Herrick Feinstein and the Washington, D.C.-based Crowell & Moring have decided against merging, the New York Post reported. The Real Deal first reported in December that the two law firms were in late-stage negotiations to join forces, but talks broke down last week. “It’s like a marriage but infinitely complex,” a spokesperson for Herrick told the Post. “In the beginning, it was appealing, but as you went along you […]

MAC Cosmetics has signed a lease for 86,000 square feet of office space at Stellar Management’s One Soho Square. The company, a subsidiary of the Estée Lauder Companies, will move to the 10th floor and the all-glass penthouses on the 11th through 13th floors at 233 Spring Street, the New York Post reported. The Real Deal first reported in October that MAC was in late-stage negotiations with Stellar for the space. The asking rent for the […]

From the April issue: The ink was barely dry on Zillow’s 2014 agreement to buy Trulia for $2.5 billion when the real estate behemoth got its first real challenge — from media titan Rupert Murdoch, no less. Click here to read the full story.

New York’s largest office landlord SL Green Realty went on a borrowing spree in February, snagging three loans totaling $870 million at 485 Lexington Avenue, 10 East 53rd Street and 315 West 33rd Street. All three made The Real Deal’s list of the top 10 largest real estate loans of the month, compiled from an analysis of transactions filed with the city. In all, the loans totaled about $3 billion. Check out the ranking of closed […]

In February, President Donald Trump — in the words of his press secretary — took “the shackles off” the U.S. Immigration and Customs Enforcement (ICE). A few weeks earlier, the president signed a pair of executive orders aimed at ramping up immigration enforcement and cracking down on so-called sanctuary cities. For industries traditionally populated by immigrants, like construction, the policies could have significant implications. The uncertainty surrounding how these orders will play out nationally and […]

After remaining flat for a year-and-a-half, the number of Manhattan apartment resales jumped in the first quarter of 2017. The number of closed sales of resale condominiums and co-ops hit 2,429 in the first three months of the year, a 7.7 percent increase year-over-year, according to a new quarterly report from Douglas Elliman. Resales made up 84 percent of the Manhattan market in the first quarter of the year. Jonathan Miller, CEO of appraisal firm Miller Samuel […]

Current reader favorites: 1. Paydirt: Unmasking the moneymen behind New York’s biggest real estate players 2. White House’s Gary Cohn is Joe Sitt’s partner on 5 New York buildings 3. Jared Kushner won’t cash out of Dumbo Heights (or out of much else, for that matter) 4. New Yorkers adore Warren Buffett – but will they love his brokerage? 5. Barbara Corcoran is back in the NYC real estate game