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The Real Deal - New York Real Estate News |
Sumi Properties refis Subway Inn development site with $100M Ozarks loan Posted: 28 Apr 2017 03:29 PM PDT Sumi Properties Group refinanced its supertall development site at the former location of the Upper East Side’s Subway Inn with a $100 million loan from Bank of the Ozarks. The Arkansas-based bank has been in the deal since 2015, when it lent about $115 million on the property collateralized against a $200 million loan Mack Real Estate Group provided to Kuafu Properties, which acquired the six-building site at 143-161 East 60th Street between Lexington and Third […] |
“Stuck like Leon Black”: Top brokers caution against short-term bets on the new dev market Posted: 28 Apr 2017 03:24 PM PDT The buyers who rushed into the Manhattan luxury real estate market in the frothy days of 2014 and 2015 did so with the expectation that their apartments would rise in value. But some have woken up just two years later to find that they must stomach a loss to resell their units. So, what happens when buyer flip-flops? “When I got into this business, the sure bet was new development,” said broker Dolly Lenz, speaking […] |
In resi development, “Other People’s Money” no longer cuts it Posted: 28 Apr 2017 03:00 PM PDT For years, one of real estate’s dirty little secrets was how little equity some developers put in their own real projects. The mantra was “Other People’s Money,” which allowed sponsors to recover from failures with only superficial wounds. No longer. Now, “there’s enough skin in the game where it would be painful for the developer to walk,” said Don Peebles, CEO of the Peebles Corporation. “Capital is plentiful, but it’s not dumb,” added Billy Macklowe, […] |
Billy Macklowe: “I think retail is f*cked, plain and simple” Posted: 28 Apr 2017 02:18 PM PDT The retail slowdown has become a key theme in the narrative of the market over the last year-and-a-half. Brokers bemoan stubborn landlords holding out for higher rents, but many landlords remain optimistic they’ll find tenants willing to pay top dollar for a presence on the city’s most popular shopping corridors. Not so, says Billy Macklowe. “I think retail is fucked, plain and simple,” the head of the William Macklowe company said Friday, adding that the signs […] |
Time is running out for city to use design-build on BQE repairs Posted: 28 Apr 2017 02:00 PM PDT The clock is ticking on the city being able to employ a project delivery system that could cut costs from planned repairs to the Brooklyn-Queens Expressway. Earlier this month, the state Legislature ultimately declined to expand design-build authority to all state agencies. Gov. Cuomo had proposed the expansion — leaving out city agencies — as part of New York’s $163 billion budget. With the $1.7 billion in repairs planned for a section of the BQE […] |
Tech firm takes 32K sf at Vornado’s 1 Park Avenue Posted: 28 Apr 2017 01:40 PM PDT Software company AutomotiveMastermind inked a deal to take 32,000 square feet at Vornado Realty Trust’s 1 Park Avenue. The firm creates software that helps car dealerships target buyers, and currently leases 8,000 square feet at American Realty Capital’s 123 William Street, Crain’s reported. Asking rents in the deal at 1 Park Avenue was around $70 per square foot, according to the publication. AutomotiveMastermind’s founder, Marco Schnabl, told Crain’s the new office means the company’s New […] |
OSHA finds subcontractor responsible for death on DoBro construction site Posted: 28 Apr 2017 01:30 PM PDT Safety officials found a subcontractor working on GFI Capital Resource Group’s hotel development site in Downtown Brooklyn responsible for an accident that resulted in a construction worker’s death late last year. The Occupational Safety and Health Administration earlier this month ruled that N.Y.D. & E. Group, an Ozone Park-based foundation contractor working at the site, failed to maintain conditions that were “free from recognized hazards that were causing or likely to cause death or serious […] |
Posted: 28 Apr 2017 01:00 PM PDT From the April issue: Newly elected Gov. Herbert Henry Lehman, whose father, Mayer Lehman, co-founded Lehman Brothers, moved to protect thousands of small investors in guaranteed mortgage certificates, the New York Times reported 84 years ago this month. The planning and construction of 1250 Broadway, between West 31st and 32nd streets, was announced 50 years ago this month. |
WATCH: NYC real estate’s week in numbers Posted: 28 Apr 2017 12:30 PM PDT A $6 billion jump in Mayor Bill de Blasio’s capital budget, a 60 percent drop in the multifamily market and just one office tenant signed at One Vanderbilt. In real estate, it’s all about the numbers. This past week, The Real Deal reported on Thor Equities trying to exit a hard contract for a Bronx rental building, the growth in Manhattan’s retail availability during the first three months of 2017 and the new corporate tax rate proposed by President Trump. To see […] |
Durst Organization files plans for 652 units at Hallets Point complex Posted: 28 Apr 2017 12:00 PM PDT Durst Organization is planning two more mixed-used buildings at its Hallets Point development along the Queens waterfront, according to permits filed with the city Friday. The building at 26-02 1st Street would span 269,346 square feet and feature 294 units, documents show. The 26-story building will also have 2,443 square feet of commercial space, and 163 enclosed parking spaces, according to filings filed with the Department of Business. The second building at 26-40 1st Street […] |
Port Authority may opt to renovate existing bus terminal instead of building a new one Posted: 28 Apr 2017 10:55 AM PDT The Port Authority of New York and New Jersey is shifting gears on plans to move its Midtown bus terminal a block west, choosing instead to study what it would take to renovate the existing station. The bi-state agency ordered a study of its current bus terminal on Thursday to assess the cost of revamping its existing facility, the Associated Press reported. Officials have estimated that moving the terminal a block west would cost $10 […] |
Urbanspace to open food hall at Feil’s 570 Lex Posted: 28 Apr 2017 10:05 AM PDT Urbanspace, the trendy food hall from the people behind outdoor markets like the Union Square holiday shops and Mad. Sq. Eats, is opening its second permanent location at the Feil Organization’s 570 Lexington Avenue. The company signed a lease for 11,400 square feet in the space that was long home to the hot-ticket Chinese eatery Mr. K’s, the New York Post reported. It will be Urbanspace’s second location in Midtown East after the Urbanspace Vanderbilt, which […] |
Everything you need to know about Beyoncé and Jay Z’s prospective new LA home Posted: 28 Apr 2017 09:25 AM PDT From TRD Los Angeles: Third time’s the charm, right? Either way, don’t hold your breath: Beyoncé and Jay Z may have made a $120 million offer on a spec home in Bel Air — their third reported offer on aLos Angeles home since 2014 — but the deal is far from sealed. In fact, the home at 454 Cuesta Way, which was listed at $135 million, has not yet been completed, said Jeff Hyland of Hilton […] |
Toll Brothers City Living shoots for $323M sellout at 91 Leonard Posted: 28 Apr 2017 08:50 AM PDT They might be playing defense in a rocky condominium market, but Toll Brothers City Living is still moving full steam ahead with big projects already in the pipeline. Last week the developer filed an offering plan with the New York State Attorney General’s office for 91 Leonard Street in Tribeca, where it wants to sell 111 apartments to the tune of $323 million. The price tag makes 91 Leonard the most expensive offering plan submitted […] |
Home inspections are the No. 1 real estate deal killer: report Posted: 28 Apr 2017 08:20 AM PDT Most home buyers and sellers don’t think much about what might derail their purchase or sale. But here’s a sobering fact: One of every 20 sales contracts blows up along the road to closing. And roughly one of every four runs into an issue that delays the scheduled settlement. These statistics come from new survey research conducted by economists at the National Association of Realtors, covering the period of December 2016 through February of this […] |
Greta Garbo’s East Side co-op has already found a buyer Posted: 28 Apr 2017 07:55 AM PDT From LLNYC: The fuchsia-filled East Side apartment that belonged to Hollywood legend Greta Garbo has found a buyer after little more than a month on the market. |
Amtrak Chairman Anthony Coscia: NYC real estate depends on Gateway Posted: 28 Apr 2017 07:00 AM PDT When tracks are pushing 100 years old, even minor derailments can play havoc with commuters’ lives for days (or longer). After two derailments at Penn Station already this year, AMTRAK announced on Thursday that it will close down several tracks this summer for major repairs. The future disruption highlights a harder truth: In order to complete all the repairs and updates the tracks need, Amtrak would have to completely shut down the tunnel. Without a […] |
Not disappearing: Snapchat expands office in old NYT building Posted: 28 Apr 2017 06:45 AM PDT Fresh off its $3.4 billion IPO, Snap Inc. — parent company of Snapchat — is expanding its footprint at the old New York Times building. The company inked a deal to lease 26,000 square feet at 229 West 43rd Street, where it will now occupy 121,000 square feet, the Commercial Observer reported. The lease, which expires in June 2027, was signed in February and disclosed ahead of landlord Columbia Property Trust’s earnings report Thursday. “They […] |
Marty Golden’s bill would repeal the state mansion tax Posted: 28 Apr 2017 06:00 AM PDT On the heels of passing a state budget that excludes Mayor Bill de Blasio’s proposed city mansion tax, state Sen. Marty Golden wants to do away with the state mansion tax altogether. The Brooklyn lawmaker, a Democrat who caucuses with Republicans, introduced a bill to repeal the state’s existing 1 percent tax on sales of residential property above $1 million. By doing so, he estimated purchases could save $380 million in tax payments, Politico reported. […] |
New bipartisan House bill could boost construction lending Posted: 28 Apr 2017 05:30 AM PDT When mortgage bankers complain about Obama-era financial regulations hurting the industry, they usually point to one obscure rule: High Volatility Commercial Real Estate, or HVCRE. Now, a new bipartisan House bill wants to overhaul the rule and make it easier for banks to fund development projects. HVCRE, which is part of the Basel III international regulatory framework and went into effect in January 2015, is aimed at preventing banks from binging on risky real estate […] |
NYC multifamily market slides 60% to $1.6B in Q1: report Posted: 28 Apr 2017 05:00 AM PDT New York City’s multifamily market slumped through the first quarter following last year’s Trump bump. Total dollar volumes fell 60 percent year-over-year to $1.6 billion during the first quarter as fewer deals materialized late last year amid uncertainty surrounding the presidential election, according to a new quarterly report from Ariel Property Advisors. That was the lowest sales total for a quarter since the beginning of 2013, and a sharper decline of 51 percent in the […] |
Scorecard: Midtown leasing activity is down, availability flat Posted: 28 Apr 2017 04:30 AM PDT From the April issue: Midtown leasing activity fell sharply in February, to just over 1 million square feet, down from a high 1.5 million feet in January. At the same time the availability rate remained flat over the past two months at 11.8 percent. The biggest lease in February was law firm Kramer, Levin, Naftalis & Frankel’s 265,348-square-foot renewal at 1177 Sixth Avenue. Leasing activity also fell in Midtown South. In February, tenants inked deals […] |
These are the top 10 Manhattan office leases inked March 16-April 15 Posted: 28 Apr 2017 04:00 AM PDT Though new office leasing activity has been relatively quiet in recent weeks, a handful of big-ticket renewals helped push the Manhattan market over 1 million square feet of space inked in the 30 days ending April 15, according to a review of leasing deals by The Real Deal. Together, the 10 biggest lease deals in Manhattan made public during this period account for 1,096,952 square feet of space. JLL took part in five of the […] |
Posted: 28 Apr 2017 03:30 AM PDT Current reader favorites: 1. LLCs, rejoice! Cohn and Mnuchin debut tax plan that would be amazing for landlords 2. Rumors circulate of Chinese government detaining Anbang chief Wu Xiaohui 3. New York developer pays $19M for site on Fort Lauderdale Beach Boulevard 4. Israeli billionaire is Kushner’s partner on 15 Manhattan buildings 5. The Other Chetrit: Isaac stitches together mini-empire in Garment District |
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