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The Real Deal - New York Real Estate News |
SL Green buys $250M of its own shares Posted: 20 Jul 2017 03:00 PM PDT SL Green Realty recently made headlines with a blockbuster bid for One Worldwide Plaza, but another big investment rarely received attention. The real estate investment trust bought up around $250 million worth of its own shares in the second quarter and could end up spending $750 million more under a previously announced plan. REITs have grumbled that their shares trade below the value of underlying assets for a while, but until recently SL Green resisted […] |
Posted: 20 Jul 2017 02:30 PM PDT HUD rules that Westchester does not use exclusionary zoning laws After the Department of Housing and Urban Development rejected 10 submissions of analysis from Westchester County that aimed to prove it hadn’t employed discriminatory zoning laws, the 11th attempt was successful. “This is vindication for Westchester and our local municipalities that it is a victory won on facts, on principle and on persistence,” County Executive Rob Astorino said of the ruling. Opponents like Catherine Borgia, the […] |
Investors tied to 199 Lee sell eight-building Bronx-centric portfolio Posted: 20 Jul 2017 02:10 PM PDT Long Island landlord Michael Rubin picked up an eight-building Bronx-centric multifamily package for $35 million, sources told The Real Deal. It’s the third time the properties have traded in five years. The 226-unit package consists of six buildings in the Bronx and two in Marble Hill, the northernmost neighborhood in Manhattan. The seller is Paradise Management, a group of Brooklyn-based investors with a mailing address at the notorious LLC farm 199 Lee Avenue in Williamsburg. […] |
Retail vacancies are up 10% in Manhattan and Brooklyn Posted: 20 Jul 2017 01:50 PM PDT According to this week’s market reports, Tribeca’s outrageous median sales price is only getting bigger, while office sales prices in Manhattan crossed the $1,000 per square foot benchmark for the first time in four quarters. Residential Sales report | PropertyShark Tribeca remained the priciest neighborhood in second quarter, even as median sale prices picked up in most neighborhoods. In Tribeca, median sale price increased 24 percent year-over-year to $5.2 million, and in Fort Greene, the […] |
Brooklyn investment sales stagnate in first half of 2017 Posted: 20 Jul 2017 01:00 PM PDT The Brooklyn investment-sales market remained sluggish during the first six months of 2017. |
Posted: 20 Jul 2017 12:30 PM PDT Is East New York the next neighborhood to experience a transformation? Depends on who you ask. |
Posted: 20 Jul 2017 12:00 PM PDT From the July issue: Real estate pros share picks for books on “Casablanca,” the inspiration for “Seinfeld,“ and the life of Einstein. |
Bill Ackman buys another pad at the Beresford for $9M Posted: 20 Jul 2017 11:30 AM PDT From LLNYC: Why have one combo unit in the Beresford when you can have two? Hedge fund billionaire Bill Ackman has just bought himself yet another apartment at his favorite building, the Beresford, for $9 million, according to city records. Ackman has lived in the building since 2006, when he and his (now ex) wife Karen paid $26 million for a duplex unit on the 17th and 18th floor. With this latest purchase, it seems like he is planning […] |
Blackstone making bets on permanent investment funds Posted: 20 Jul 2017 11:00 AM PDT UPDATED, July 20, 3:15 p.m.: The Blackstone Group plans to focus more of its fundraising on long-term investment funds, the firm said during an earnings call Thursday. “We love to hold our winners,” Blackstone’s president Tony James said. “Generally speaking we see us moving more and more towards permanent capital vehicles.” Traditionally, Blackstone has invested in real estate with money from its closed-ended, opportunistic funds — vehicles with a fixed lifespan that require the firm […] |
Robert Mueller is investigating everyone Posted: 20 Jul 2017 10:35 AM PDT In an Wednesday interview with the New York Times, President Trump said that if special counsel Robert Muller started probing Trump’s personal business dealings in his ongoing investigation of Russian interference in last year’s presidential election, he would be crossing a red line. Consider it crossed. On Thursday, Bloomberg reported that Mueller has vastly expanded his investigation to include the business activities of Trump, White House senior adviser Jared Kushner and former Trump campaign chairman […] |
Millennials will be parents living in suburbs by time Midtown East is ready for redevelopment Posted: 20 Jul 2017 10:15 AM PDT The City Council’s Committee on Land Use is set to vote next week on the proposal to rezone 78 blocks in Midtown East, which is projected to create 6.5 million square feet of new office space over the next two decades. Should the committee approve the plan and the full Council give the final thumbs up in August, however, only a small handful of the 16 sites the city’s identified for redevelopment could get started […] |
Veteran RE reporter S. Jhoanna Robledo dies Posted: 20 Jul 2017 09:35 AM PDT S. Jhoanna Robledo, a fixture in New York City real estate and the editor-in-chief of Brick Underground, died on Wednesday. Jhoanna was always wonderful to work with and a true bright spot in our industry. She will be missed. https://t.co/7l0i0hSujv — Brown Harris Stevens (@Established1873) July 20, 2017 Robledo became editor-in-chief of the Brick Underground in 2015, after serving as an unofficial advisor to the website for nearly a decade. As the website’s “chief muse,” […] |
RFR refis Union Square office building with $105M loan Posted: 20 Jul 2017 09:05 AM PDT Aby Rosen‘s RFR Realty refinanced the once troubled 90 Fifth Avenue office building with $105 million in loans from the Goldman Sachs Mortgage Trust, documents filed with the city Thursday show. The financing includes a new $35.5 million mortgage and also replaces an existing $69 million mortgage from M&T Trust Company. The 11-story building near Union Square is the headquarters of the brokerage Compass, which holds space on floors three through 11. Until 2013, the […] |
Beauty mogul Laura Mercier lists Walker Tower apartment for $11M Posted: 20 Jul 2017 08:45 AM PDT From LLNYC: Is it any wonder that a beauty expert would have an absolutely beautiful apartment? Makeup artist and entrepreneur Laura Mercier, founder of — you guessed it — Laura Mercier Cosmetics, has just listed her apartment at Walker Tower for $11.15 million, the Wall Street Journal reports. Mercier paid $5.9 million for the apartment in 2013 and was one of the first to buy in the art deco building after it was converted into condos. She […] |
REITs don’t want to build — here’s why that’s actually a good thing Posted: 20 Jul 2017 08:15 AM PDT Real estate investment trusts have been reluctant to build in recent years, a caution that helped prop up property values and extended the market cycle, according to a new report from Fitch Ratings. “Throughout this postcrisis cycle, REITs have demonstrated discipline, as the sector has navigated an environment of historically low-cost debt capital, record high commercial real-estate values and good liquidity positions,” the report notes. The Wall Street Journal reported that REITs have learned from […] |
Construction companies argue safety bill endangers local workers Posted: 20 Jul 2017 07:45 AM PDT Some contractors argue that a construction safety bill could make it difficult for companies to hire local workers. The central issue is training: If workers are required to undergo more training than the 10 hours required by the U.S. Occupational Safety and Health Administration, they may have to pay out of pocket and take time off of work — two things many can’t afford, some companies argue. The bill proposes increasing required training to 59 […] |
Posted: 20 Jul 2017 07:20 AM PDT From the Los Angeles summer issue: It’s a tough time to be a renter in Los Angeles. Then again, it’s a tough time to be a landlord, too. L.A.’s multifamily market is hotter than ever, particularly in the neighborhoods surrounding Downtown. But due in part to the layers of bureaucratic red tape surrounding development, inventory is tight: Housing units from new construction increased by less than half a percent, to 16,600, in L.A. County in […] |
KKR exec claims London prices could fall 10%, sees opportunities in NYC Posted: 20 Jul 2017 06:45 AM PDT Private equity bigwig Ralph Rosenberg thinks prices for London’s core commercial and residential properties could fall by 5 to 10 percent following the Brexit vote. The real estate head at investment firm KKR also told Bloomberg that there could be opportunities found in Manhattan’s luxury condo and hotel markets, which he said are suffering from imbalance. The hotel market in particular has suffered from excess supply and reduced international demand because of a strong U.S. […] |
Brooklyn landlord sues city over $15K Shepard Fairey mural fine Posted: 20 Jul 2017 06:00 AM PDT A Brooklyn landlord is suing the city over a $15,000 fine for putting a Shepard Fairey mural on her building’s wall. The landlord, Jean Sausa, hired Fairey, who is famous for creating the Obama Hope image, to paint a mural on 556 Driggs Avenue in 2014. She removed it after the Department of Buildings fined her $15,000. The mural included an image from an album cover for the band Interpol, and the DOB argued that […] |
The Long View: Real estate technology and the M-word Posted: 20 Jul 2017 05:30 AM PDT StreetEasy’s decision to charge for rental listings set off the five stages of agent grief. |
These luxury pads had the biggest price chops last week Posted: 20 Jul 2017 05:00 AM PDT In total, 10 homes in the over-$10 million market were reduced. |
Re-penning the nation’s busiest transportation hub Posted: 20 Jul 2017 04:30 AM PDT From the July issue: When Vornado Realty Trust, Related Companies and Skanska finalized a deal with New York State for the creation of a $1.6 billion train hall at the old James A. Farley Post Office last month, it marked an important step in the modernization of Penn Station. Vornado is planning the transformation of One and Two Penn Plaza into a 4.2 million-square-foot tech-focused megacomplex directly above the station, and just west, 18 million square feet of commercial […] |
Here’s how syndicated listings will work on REBNY’s RLS Posted: 20 Jul 2017 04:00 AM PDT REBNY is providing more details on the finer points of how brokers will syndicate their listings to consumer-facing websites. |
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