The Real Deal - New York Real Estate News

Milstein Properties secured a $120 million condo-inventory loan to refinance 215 apartments at its 30 Lincoln Plaza apartment building, property records filed with the city Wednesday show. Apple Bank assumed a $72 million loan provided to the developer in 2013 by Wells Fargo, and provided $48 million in new financing, records show. Representatives for Milstein and Apple Bank were not immediately available for comment. Milstein began converting the tower at 30 West 63rd Street into […]

A man who posed as the owner of an apartment at the Moinian Group’s Atelier condominium building to steal money from would-be renters was sentenced to three to six years in state prison, the Manhattan District Attorney’s office announced Wednesday. Jon Girodes, a former Republican candidate for the state Senate, advertised a luxury rental apartment at 635 West 42nd Street on Craigslist. Posing as apartment owner, he met with 13 renters between August and September […]

  According to this week’s market reports, rents are down by 2 percent in Manhattan, and TAMI tenants made up 27 percent of Downtown Manhattan office leases in 2017. Residential Condo and co-op sales | CityRealty The price difference between condos and new-development condos narrowed for the fourth consecutive month, to $314 per square foot, and price per-square-foot in new developments dropped 18 percent year-over-year to $2,074. Read the full report here. Rental report | […]

Amazon confirmed on Wednesday that it will open a distribution center on Staten Island, although it will be slightly smaller than previously thought. The company has announced that it will move into an 855,000-square-foot, $100 million facility on Staten Island’s west shore, according to the New York Post. The paper had previously reported that the center would be 975,000 square feet. The state’s Excelsior Jobs Program will provide Amazon with $18 million in tax breaks, […]

Don’t let the extravagant birthday cake and the yacht jaunts fool you: Harry Macklowe says he’s broke. The developer has listed his personal net worth as negative $400 million, but his soon-to-be ex-wife Linda says that his debts are due to the fact that he hasn’t paid taxes since the Reagan administration. Linda Macklowe took the stand Wednesday morning for the first day of the couple’s billion-dollar divorce trial, where according to the New York […]

  One thing this feuding family can agree on is there are 14.5 million good reasons to sell  Art dealer Sam Salz died in 1981, but his family is still sorting out his estate. There is an unresolved lawsuit over some paintings — just a Claude Monet, a Pierre-Auguste Renoir and an Edgar Degas — but the fate of his eight-acre plot at 1990 Meadow Lane is sealed. The 7,448-square-foot, five-bedroom, 7.5-bathroom house sold for […]

Andrew MacArthur‘s Brooksville Company and Rockpoint Group are in contract to buy Starrett City for $850 million from a group of owners including President Trump. The deal with the seller, Starrett City Associates, for the massive Brooklyn rental complex is subject to approval from the federal Department of Housing and Urban Development as well as state housing officials, the New York Times reported. The sale raises potential conflicts of interest for Trump, who owns a […]

From the September issue: Last month, The Real Deal reached out to more than 50 top real estate executives for a quick gut check after President Donald Trump’s controversial remarks about the violence in Charlottesville, Virginia. While the majority declined to talk, or disregarded the inquiry, there was no shortage of emails, Twitter responses and online comments after the story went live. The many reactions — both supportive and critical of our coverage — remind us that uncomfortable […]

The Gap has renewed its lease at the Durst Organization’s 30-story building at 655 Third Avenue. The clothing retailer is keeping 15,942 square feet at the building located at the corner of East 42nd Street, the New York Post reported. Its space includes 8,421 square feet on the ground level and 7,363 on the lower level. The asking rent was $250 per square foot, according to the publication. In July, Durst, led by Jody and […]

Ivanhoe Cambridge and Callahan Capital Properties are looking to sell an office building at 330 Hudson Street.

A former Bronx parking facility is on its way to becoming an affordable housing complex with more than 400 units. The Ader Group, a Monsey-based real estate investment firm based, filed plans through an authorized signatory on Wednesday for a 14-story building at 1001 Whitlock Avenue that will contain 243 units and span roughly 211,000 square feet. The residential units will take up about 200,000 square feet, while the remaining space will be used for […]

The American Arbitration Association subleased roughly 47,000 square feet from the global insurance company XL Catlin at RXR Realty’s 32 Old Slip in the Financial District. The nonprofit group will occupy the 33rd and 36th floors of the 36-story through June 2025, the Commercial Observer reported. The financial terms of the deal were not revealed, but asking rent on a low floor was $59 per square foot in July 2016, according to CoStar Group. A […]

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Chinese real estate giant Dalian Wanda Group is going after at least 10 China-based social media accounts, claiming that “false” reports they published about its chairman Wang Jianlin caused the company stocks to plummet. The company argues that an “inaccurate” report about Wang being detained by police at Tianjin airport led to “market panic” and caused an almost 10 percent decline in the shares of its publicly listed unit in Hong Kong, according to a […]

From LLNYC: A penthouse apartment owned by the Gindi family, founders of the discount department store Century 21, has just hit the market asking a hair under $9 million, per city records. Isaac “IG” Gindi, who runs the store with his brother Raymond, appears to be the original owner of the apartment at 380 Rector Place. He bought it in 1995, though he transferred it into a family trust in 2008. The pad is only about a 10-minute walk to […]

UPDATED: Sep. 6, 7:54 p.m.: A storied recording studio on the Far West Side is selling to Hedge fund manager Pete Muller for close to $20 million, who will lease it out to the Berklee College of Music, sparing it a death by condo conversion. The former Power Station studio at 441 West 53rd Street, where Bruce Springsteen recorded his “Born in the USA” hit, has been for sale for two years. Chieko Imamura bought […]

Hudson Yards will require another $440 million to prevent a partially finished tunnel from becoming a useless component of the massive project. The $750 million plan by Related Companies to deck over the western half of their megaproject in 2018 has ratcheted up the pressure on state politicians to raise the extra millions needed to complete a concrete box tunnel under the construction site linking the Gateway tunnel underneath the Hudson River to Penn Station, […]

The New York City Department of Sanitation has a new place to scatter trash cans. The agency inked a 20-year lease for 72,180 square feet at the Verizon Tower at 375 Pearl Street. The deal had been in the works for a while, but earlier this year the New York Post reported that it was one of several leases put on hold by City Hall. Now it finally got the green light, according to the […]

For much of 2016, real estate finance types worried that new risk retention rules would put a sizable dent in the Commercial Mortgage Backed Securities market. It seems those fears were overblown. Between January and July $47.4 billion in new CMBS debt was issued, according to Commercial Mortgage Alert, up from $37.9 billion in the same period last year. And the trend looks set to continue: for September alone $16 billion in new CMBS are […]

Agents at Corcoran, Citi Habitats and Sotheby’s won’t pay to post rental or sales listings.

When a developer wants a medical facility in his company’s skyscraper, sitting on a hospital’s board doesn’t hurt. Mount Sinai Medical Center is taking space on the second floor of 55 Hudson Yards, where it will run a facility open only to Hudson Yards residents and tenants. Related Companies’ CEO Jeff Blau, who is a member of the hospital’s board, helped arrange the deal, the New York Post reported. Related is developing the mixed-use complex […]

  UPDATED Sep. 6, 12:48 p.m.: In the world of mid-market New York City investment sales last week, three multifamily buildings sold in East Harlem, and Metrovest Equities picked up a retail building in Greenwich Village for $17 million.  1) In East Harlem, Madison Realty Capital sold off a rental they bought at auction, for $11.7 million. Madison bought the 22-unit property at 230 East 124th Street, which was under construction, along with an adjacent […]

The real estate billionaire on the supply-and-demand lessons he got from Playboy, cursing and the last time he flew coach.

Cape Advisors pulled off a $52 million construction loan from Bank of the Ozarks to build a boutique Tribeca condominium at 65 West Broadway, sources told The Real Deal. Cape and private equity firm Forum Absolute Equity Partners recently secured the financing for the 23-unit, 57,000-square-foot property it plans to construct. First, the firms will demolish the existing structures at 65-69 West Broadway, 71-73 West Broadway, 61 Warren Street and 59 Warren Street, which Cape […]