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The Real Deal - New York Real Estate News |
Rose Associates, DTH Capital secure $375M loan for 70 Pine Posted: 27 Apr 2017 03:00 PM PDT Rose Associates and DTH Capital received a $375 million loan to refinance their Financial District building at 70 Pine Street. Brookfield Real Estate Financial Partners, an affiliate of Brookfield Asset Management, arranged the financing. Brookfield structured it to take the subordinate mezzanine loan, with Bank of China and ING providing the debt on the senior loan, according to the Commercial Observer. DTH Capital is the majority owner of 70 Pine Street, and Rose Associates is […] |
Sitt’s Thor trying to get out of $43M Bronx deal: sources Posted: 27 Apr 2017 02:20 PM PDT Joseph Sitt’s Thor Equities is trying to exit a hard contract to pay $42.5 million for a large Bronx rental building, sources told The Real Deal. Thor entered contract in September for the six-story, 280,000-square-foot, 182-unit property at 975 Walton Avenue, in what was poised to be one of the largest recent single-building deals in the borough. The closing price would come out to about $150 per square foot. But in the seven months since […] |
China’s scrutiny of capital flows could crush trophy US deals: ex-China Orient exec Posted: 27 Apr 2017 01:45 PM PDT Should Chinese institutional investors eyeing trophy New York properties think twice? One major Chinese executive thinks they will. Ludwig Chang, the recently retired co-founder of COAMC International, a subsidiary of leading state-owned asset management firm China Orient Asset Management, said the Chinese government is taking a skeptical look at moves to buy major real estate assets in the U.S. – and that clampdown may have already caused some casualties. Speaking on a panel at the […] |
Construction spending pushes de Blasio’s budget up by $6B Posted: 27 Apr 2017 01:15 PM PDT Mayor Bill de Blasio’s capital budget for the city jumped 7 percent since January, thanks to an extra $6 billion in infrastructure spending. The capital budget was at $89.6 billion in January, and is now at a record $95.8 million, a record high, the New York Post reported. The mayor released an updated 10-year construction plan Wednesday, and said the extra $6 billion is needed to fund the city’s infrastructure needs. Among the new items […] |
Re:cap: A roundup of real estate-related happenings from last month Posted: 27 Apr 2017 12:45 PM PDT From the April issue |
WATCH: Panelists discuss dev opportunities, condo financing at Broward showcase Posted: 27 Apr 2017 11:47 AM PDT Scoring financing these days can be a tricky feat for condo developers. At The Real Deal’s third annual Broward Real Estate Showcase and Forum, the industry’s top brass discussed how South Florida builders are getting condo projects off the ground, despite a tough lending environment. “The real estate market has its ebbs and flows, and when things go down a little bit, the market gets tighter and money gets tighter,” Jimmy Tate, a partner at Tate Capital, […] |
“MDLNY” stars Ryan Serhant and Fredrik Eklund go rogue, get their own shows Posted: 27 Apr 2017 11:15 AM PDT From LLNYC: As if Ryan Serhant and Fredrik Eklund didn’t have enough going on, Bravo just announced that the two “Million Dollar Listing” stars are now getting their own shows on the network. |
421a land mines: Attorneys sound off on program’s uncertainties Posted: 27 Apr 2017 10:45 AM PDT Real estate attorney Jay Seiden is pretty sure the city is going to muck up 421a for developers. “Nothing is ever simple,” he said during a panel on Thursday. “The future will be as confused as the last.” For one, the new 421a doesn’t employ a preliminary certificate of eligibility. Instead, developers apply for the tax exemption after the project is completed. Seiden said this means dealing with increases in assessed values during the three […] |
Obama’s former townhouse hits the market Posted: 27 Apr 2017 10:20 AM PDT President Barack Obama’s bachelor pad in Park Slope is now on the market. The brownstone at 640 2nd Street — where the former president lived in his pre-Michelle days — is asking just shy of $4.3 million. Commissioned in 1903, the three-story house has five bedrooms and four fireplaces. At approximately 3,860 square feet, the asking price works out to around $1,113 per square foot. Obama and his then-girlfriend shared a top-floor apartment in the mid-1980s, […] |
Blackstone Group closes on three pricey office sales in LA Posted: 27 Apr 2017 09:40 AM PDT From TRD Los Angeles: Spring cleaning at the Blackstone Group means a massive payday. The firm just closed on a two-building portfolio to a joint venture between Douglas Emmett and the Qatar Investment Authority for $352.8 million, CoStar data show. One of the properties, the 205,700-square-foot Wilshire Palisades building at 1299 Ocean Avenue, traded for north of $1,300 per square foot, sources said, breaking the price-per-foot record in Santa Monica that was held by Oracle’s purchase […] |
“House of Cards” star Michael Kelly lists LES pad for $1.3M Posted: 27 Apr 2017 09:10 AM PDT From LLNYC: Michael Kelly, an actor best known for his role as Kevin Spacey’s weird henchman Doug Stamper on Netflix’s “House of Cards,” has just listed his apartment at 568 Grand Street on the Lower East Side for $1.29 million. |
Town sues Shlomi Reuveni for $25M over alleged breach of noncompete Posted: 27 Apr 2017 08:35 AM PDT Town Residential has slapped its former managing director of new development Shlomi Reuveni with a $25 million lawsuit, alleging he breached the terms of his noncompete agreement by trying to woo away clients and brokers for his own new venture. The suit comes two months after Reuveni filed his own suit against Town, for $16.3 million, alleging he’d been forced to terminate his agreement with Town due to the company’s “numerous breaches and other inappropriate […] |
L&M, J&R Music founders lock in $235M loan for Park Row condo project Posted: 27 Apr 2017 08:15 AM PDT L&M Development Partners and the founders of the iconic J&R Music store landed $235 million in construction financing from Bank of the Ozarks for their 54-story condominium project overlooking City Hall Park, property records filed with the city Thursday show. The partners plan to build a 691-foot-tall, 266,000-square-foot tower at 23 Park Row, the site of the former J&R Music and Computer World location. The developer formed a partnership with J&R founders Joe and Rachelle […] |
Anthony Malkin concerned over “PR bruise” from Trump travel ban Posted: 27 Apr 2017 07:55 AM PDT Empire State Realty Trust’s CEO Anthony Malkin said he is worried Donald Trump’s travel ban could hurt tourism in New York. “It’s very clear that we absolutely have a concern about reported incidents” of travelers bypassing the U.S., Malkin said during the real estate investment trust’s quarterly earnings call Thursday. The REIT gets a big chunk of its revenue from the Empire State Building’s observation deck which in turn relied on a steady flow of […] |
Letitia James calling for review into “corrupt” city housing program Posted: 27 Apr 2017 07:35 AM PDT Public Advocate Letitia James is calling for an independent review into a housing program that allows renters to buy city-owned apartments for as little as $250. The city’s Tenant Interim Lease program, which offers below-market rents in city-owned buildings with the understanding tenants will eventually be able to buy the apartments, is currently being probed by the city’s Department of Investigations, DNAInfo reported. The department is looking into accusations that the coordinators of the rent-to-own […] |
Sitt Asset shopping leasehold at 2 Herald Square Posted: 27 Apr 2017 06:45 AM PDT Sitt Asset Management is reportedly shopping its leasehold interest at 2 Herald Square, where the company’s $250 million loan has been on the brink of default. Sitt Asset Management owns a 51.75 percent controlling interest in the property, split five ways between four Sitt brothers and their mother. The 354,000-square-foot property at 1328 Broadway is valued at at least $500 million. The brothers tapped Cushman & Wakefield to market the interest, Real Estate Alert reported. […] |
Shaun White bails on East Village penthouse Posted: 27 Apr 2017 06:10 AM PDT Gold medals not included. Snowboarding and skateboarding champion Shaun White is looking to sell his East Village penthouse for $2.79 million. Located at 425 East 13th Street, the two-bedroom pad measures 1,174 square feet, and has floor-to-ceiling windows with 12-foot ceilings. Citi Habitats’ Steve Duggan has the listing, the New York Post reported. Property records show the apartment last traded for $2.9 million in 2014. The eight-story condominium building, developed by Ascend Group, was built […] |
A decade on, first resi building to open at Domino Sugar in July Posted: 27 Apr 2017 05:55 AM PDT The first building in Two Trees Management’s long-delayed Domino Sugar megaproject is scheduled to open this summer. According to the Wall Street Journal, the 16-story, copper-and-zinc clad rental building at 325 Kent Avenue will open to residents in July. The building, which holds 522 rental units, including 104 affordable apartments, is part of the $3 billion project that’s a decade in the making. When complete, the mixed-use five-building campus would include about 2,800 apartments and […] |
Hamptons middle market picks up in Q1 Posted: 27 Apr 2017 05:00 AM PDT As the high-end Hamptons residential market continues to soften, sales for homes priced between $1 million and $5 million jumped in the first three months of the year, according to the quarterly report from Douglas Elliman. The number of sales in that middle sector increased by 21.6 percent year-over-year, said Jonathan Miller, CEO of appraisal firm Miller Samuel and author of the report. By comparison, sales for pads priced over $5 million dropped almost 13 […] |
Anbang denies reports of Wu Xiaohui’s detainment Posted: 27 Apr 2017 04:50 AM PDT Anbang Insurance Group dismissed social media reports that its chairman, Wu Xiaohui, had been detained by authorities in Beijing, saying there was no truth to the chatter whatsoever. “There is no validity to the unfounded rumors that any Anbang executives, including Chairman Wu, have been detained by authorities,” a spokesperson said in a statement issued late Wednesday night. “There has been no interruption to Anbang’s business activities, both foreign and domestic, which continue as usual.” Chinese social media […] |
Scorecard: Manhattan condo supply is down year-over-year Posted: 27 Apr 2017 04:30 AM PDT From the April issue: Manhattan added 170 new condo units to the sales pipeline in February, according to a TRD analysis of offering plans approved by the New York State Attorney General’s office. But Manhattan was outdone by Brooklyn and Queens, which added a combined 222 new units. The total offering price of those new Manhattan condos is $622.22 million. For the Brooklyn and Queens condos, the target sellout totals $210.27 million. |
Manhattan hotel revenue dips for the 4th straight winter to $164 per room Posted: 27 Apr 2017 04:00 AM PDT The coldest winter Manhattan’s hotel market ever saw … may have just passed. The borough’s hoteliers saw revenue per available room – a widely used metric of the market’s health – dip to its lowest point of the current cycle as the hotel market struggles to absorb new supply. The winter months, which are typically the slowest time of year for the city’s hotels, saw RevPar dip 2.3 percent year-over-year between January and March to […] |
Posted: 27 Apr 2017 03:30 AM PDT Current reader favorites: 1. New York landlords exploit loophole to hike rents despite freeze 2. Hidrock said to buy debt on El-Gamal, Sturner’s Dream Hotel site: sources 3. Rumors circulate of Chinese government detaining Anbang chief Wu Xiaohui 4. The Other Chetrit: Isaac stitches together mini-empire in Garment District 5. Israeli billionaire is Kushner’s partner on 15 Manhattan buildings |
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