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The Real Deal - New York Real Estate News |
Posted: 13 Jul 2017 03:35 PM PDT Midtown office leasing is up nearly 12 percent from where it was at the halfway point of 2016, and that’s a big deal. Or, rather, it’s big deals. Leases of 100,000 square feet or more have driven activity in Midtown throughout the first half of the year, according to Cushman & Wakefield. So far, there have been 10 new leases or renewals of that size, compared to five at the halfway point last year. Leasing […] |
Posted: 13 Jul 2017 03:20 PM PDT RXR Realty sells off its Westchester and Fairfield office portfolio Scott Rechler’s RXR Realty appears to be exiting the office markets in Westchester and Fairfield counties. Along with its affiliate, the Australian real estate investment trust RNY Property Trust, RXR has sold or is in contract to sell off six office properties in the two counties. Two of Westchester’s oldest real estate firms, Robert Martin Company and GHP Office Realty, are buying two office buildings […] |
New condo plans have an expected sellout of $6.4B Posted: 13 Jul 2017 03:05 PM PDT Not since 2015 have projected condominium sellouts reached such heights. The record $4 billion valuation of Extell Development’s Central Park Tower brought the total targeted sellout for condo filings accepted by the New York state Attorney General’s office in the second quarter of the year to $6.4 billion. The total has only been exceeded twice, in the second and fourth quarters of 2015, at $6.8 billion and $8.6 billion respectively, according to a TRData analysis […] |
Realogy subsidiary buys NY-based title insurance firm Posted: 13 Jul 2017 02:55 PM PDT Realogy Group — the parent company of Corcoran Group and Citi Habitats — is taking a bigger bite out of the title insurance business. The firm’s Title Resource Group subsidiary, has acquired Syosset-based EAM Land Services, in order to boost its title services in commercial real estate, the company said. Financial terms of the deal were not disclosed. In a statement, Realogy said EAM would merge with TRG’s existing title operation, called Skyline Title. The […] |
Chinese buyers unfazed by restrictions aimed at taming housing market Posted: 13 Jul 2017 02:35 PM PDT “It’s the crazy thing about people. The more you say no, the more they want in on something.” When Christian Bale’s character in “American Hustle” said this he wasn’t talking about China’s housing market — but he could’ve been. As the Chinese government tries to tame a frenzy of home purchases — through a series of policies, such as by raising mortgage rates, limiting apartment ownership and upping down payments required on second homes — […] |
This $125K-a-month Time Warner PH is the most expensive (non-hotel) rental in the city Posted: 13 Jul 2017 02:15 PM PDT From LLNYC: Why buy an incredibly expensive apartment when you can rent one? The owner of this penthouse at the Time Warner Center is certainly banking on someone feeling this way; he or she (their name is shielded behind an LLC obviously), just listed it for a whopping $125,000-a-month. That price makes it the most expensive, non-hotel listing in the whole city. Congratulations? The listing, with Elizabeth Sample and Brenda Powers of Sotheby’s International Realty, was first spotted by Curbed. Coming […] |
Real estate lending could be due for the Hunger Games Posted: 13 Jul 2017 01:55 PM PDT With so many players in the non-bank real estate debt arena, competition could start pushing yields down to levels that are unsustainable for smaller funds. That could kick off a “Hunger Games” type scenario where only the strongest will survive, according to a new report. There are now roughly 100 alternative debt platforms operating in the United States, a major increase resulting from Dodd-Frank, Basel III and HVCRE rules implemented in the wake of the […] |
Scorecard: Monthly condo offerings hit record high Posted: 13 Jul 2017 01:35 PM PDT From the July issue: Manhattan saw $4.5 billion in new condo offerings accepted for sale by the New York state Attorney General’s office in May — a record amount. Almost all of it came from Extell Development’s 179-unit Central Park Tower project, which was approved for $4.02 billion. The Brooklyn and Queens condo market posted more modest figures, with 231 apartments at a total offering price of $239.9 million greenlighted for sale, a slight increase in […] |
TRData has the leads — use our list of Q2 2017 TCOs to generate some sales Posted: 13 Jul 2017 12:54 PM PDT Residential brokers in New York City need more than a flashy smile and a few talking points to seal a deal in the information age. The Real Deal‘s constantly expanding New York City real estate database, TRData, has an active pipeline of over 5,000 properties in development and we’re keeping track of every filing and permit issued in the five boroughs. When a building is issued a TCO, or temporary certificate of occupancy, the property is […] |
From the archives: Is the New York Wheel spinning out of control? Posted: 13 Jul 2017 12:10 PM PDT This story about the New York Wheel project, which was “indefinitely delayed,” originally ran in January 2016. In September 2014, Rich Marin stood on stage at TEDx St. George and invoked Cornelius Vanderbilt. He spoke of a passion project worthy of the Commodore’s native borough: transforming Staten Island’s sleepy waterfront into “the gateway to America” by building a giant wheel, the world’s largest. “It’s been said that Staten Island never misses an opportunity to miss an opportunity,” […] |
Urban Muse sells two retail condos on the Bowery for $20M Posted: 13 Jul 2017 11:40 AM PDT Developer Urban Muse sold the two commercial condominiums at the base of 347 Bowery for $20.3 million, according to property records. The space at the 13-story building sold to 347 Bowery Commercial Holdings LLC, managed by Eli Goldstein. Goldstein could not be reached for comment, nor could Urban Muse, which is led by Glauco Lolli-Ghetti. 347 Bowery features 8,439 square feet of retail space on the lower level of the building and the first two […] |
Dustin Stolly joining Newmark as co-head of debt team Posted: 13 Jul 2017 11:20 AM PDT UPDATED, 2:49 p.m., July 13: Dustin Stolly, a prominent mortgage broker who left JLL last month, is joining Newmark Knight Frank as vice chair and co-head of the debt and structured finance group for the New York tri-state region, sources told The Real Deal. Stolly would partner with Jordan Roeschlaub to run the department, which doesn’t currently have a clear leadership structure, sources said. Stolly and Roeschlaub would both have the title of vice chair. […] |
This patch of land in the Hamptons is asking $150M Posted: 13 Jul 2017 10:50 AM PDT From LLNYC: A property in four parcels on Meadow Lane in Southampton has just hit the market asking $150 million. Its hefty price tag means it is among the most expensive listed properties in the Hamptons right now, beating out a $140 million listing “Briar Patch” in East Hampton and a $145 million listing “La Dune” in Southampton. This property, with Harald Grant of Sotheby’s International Realty, is composed of about 14 acres, with several homes scattered between them, according […] |
Wheel of misfortune: New York Wheel project now “indefinitely delayed” Posted: 13 Jul 2017 10:15 AM PDT The Ferris wheel in Staten Island no longer goes round and round. The New York Wheel developer fired the project’s design and build team Mammoet-Starneth, in a move that puts construction of the project on hold indefinitely. The developer claimed in court filings that Mammoet, the Netherlands-based company whose team helped build the London Eye, failed “to meet multiple design and construction deadlines,” the Staten Island Advance reported. New York Wheel says Mammoet’s delays has […] |
Former Newmark Knight Frank exec Mike Arnold wants his sexual harassment accuser unmasked Posted: 13 Jul 2017 09:30 AM PDT An attorney for former Newmark Knight Frank executive Michael Arnold says “Jane Doe,” the anonymous woman who sued him for alleged sexual harassment in April, has no right to anonymity. In a motion filed Friday, attorney Tara-Jane Flynn argues that, because of the anonymity of the accuser, Arnold and his family are “handcuffed from defending their reputation.” Meanwhile, the high-profile legal team for Jane Doe can freely argue her case through the media, Flynn’s motion […] |
Durst secures $1B loan package from group led by Citi’s private bank Posted: 13 Jul 2017 09:00 AM PDT The Durst Organization secured a $1 billion financing package from a group of lenders led by Citi Private Bank, with plans to potentially use some of the money for acquisitions. The package includes $600 million in mortgage debt on five Manhattan properties and a $400 million credit line, Durst’s chief financial officer Ira Marx told The Real Deal. Citi chipped in $650 million, JPMorgan Chase $100 million, TD Bank $100 million, Bank of New York […] |
Meryl Streep’s daughter Mamie Gummer lists Chelsea crash pad for $1.8M Posted: 13 Jul 2017 08:32 AM PDT From LLNYC: Mamie Gummer, the daughter of Meryl Streep and a celebrated actress in her own right, has just listed her apartment at 315 West 23rd Street for $1.8 million, per city records. Gummer was a regular on the CBS drama “The Good Wife,” and also had her own show on the CW called “Emily Owens, M.D.” She is one of Meryl Streep’s four children with her husband, sculptor Don Gummer. Gummer’s two-bedroom, two-bathroom pad looks […] |
Here’s how much money the GM Building makes Posted: 13 Jul 2017 08:00 AM PDT The GM Building could make a whopping $184.3 million annually in net operating income over the coming years. |
Owner of 740 Park duplex slashes asking price to $22M Posted: 13 Jul 2017 07:25 AM PDT In a sign of just how soft the market’s become for luxury co-ops, the owner of a duplex at 740 Park Avenue is now offering his apartment for $22.5 million — nearly 25 percent off the original asking price. The 7,500-square-foot unit, located at one of the Upper East Side’s most prestigious addresses, is priced at $3,000 per square foot following the price chop. The five-bedroom apartment first hit the market in 2013, when it […] |
Appeals court overturns Sheldon Silver’s corruption conviction Posted: 13 Jul 2017 06:55 AM PDT Slick Shelley is a free man. |
WeWork shakes up C-suite and installs chief cultural officer Jen Berrent as COO Posted: 13 Jul 2017 06:35 AM PDT On the heels of a $760 million cash infusion that valued WeWork at around $20 billion, the co-working giant is shaking up its management team. The hierarchy of the new structure is murky, but Jennifer Berrent — who was the company’s chief cultural officer — has ascended to the role of COO. The job was previously held by Artie Minson, a Time Warner Cable CFO who was tapped as WeWork’s president and COO in 2015. […] |
Home sale prices in BK and Queens continue upward climb Posted: 13 Jul 2017 06:00 AM PDT This is now the fourth quarter in a row that Brooklyn has set a record for median sales price. |
Kushner Companies hopes to nearly triple its money on BK Heights rental buildings Posted: 13 Jul 2017 05:40 AM PDT Kushner Companies is looking to cash in on a pair of brownstone Brooklyn Heights rental buildings it bought in 2014. The firm — which was until January led by presidential senior adviser Jared Kushner — put the “fully renovated” properties at 18 Sidney Place and 144 Willow Street on the market for $20 million, the New York Post reported. Kushner bought the buildings from Brooklyn Law School for $7.6 million. The seven-story property at 18 […] |
Jona Rechnitz booted as partner on commercial property in Borough Park Posted: 13 Jul 2017 05:00 AM PDT Controversial investor reportedly skipped town. |
Posted: 13 Jul 2017 04:30 AM PDT From the July issue: Nathan Berman is the managing principal of the Manhattan-based Metro Loft Management, which he founded in 1997. The developer — who’s been called the King of FiDi — has been a pioneer in Lower Manhattan since then, converting more than 3 million square feet of office space into residential rentals. Those properties have included high-profile buildings like 63 Wall Street, 67 Wall Street and 20 Exchange Place. More recently, Berman tackled his first […] |
BK rents decline as landlords drop prices Posted: 13 Jul 2017 04:00 AM PDT The Brooklyn rental market continues to weaken, with the borough’s prices falling for the second month in a row. In Brooklyn during June, the median net-effective rent, which takes concessions into account, declined nearly 2 percent year-over-year to $2,813, according to the monthly rental report from Douglas Elliman. However, the median face rent — the figure landlords advertise — also declined one percent to $2,850. Concessions, which landlords have relied on to keep face rents […] |
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