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The Real Deal - New York Real Estate News |
Kaufman closes $65M NoMad ground lease Posted: 07 Sep 2017 03:20 PM PDT The Kaufman Organization closed on its long-term NoMad ground lease at 236 Fifth Avenue, which is valued at $64.5 million, sources told The Real Deal. The deal works out to more than $800 per square foot for the 99-year leasehold on the 11-story, 80,000-square-foot property. Kaufman negotiated the deal with property owner LCT Associates, as TRD originally reported. “I think both parties have a benefit with this structure,” said Michael Kazmierski, Kaufman’s director of acquisitions, who negotiated the […] |
City’s biggest hospital system in talks for $300M UES buy Posted: 07 Sep 2017 03:00 PM PDT Northwell Health, the city’s biggest hospital system, is in talks to buy residential and retail properties along Third Avenue on the Upper East Side for nearly $300 million. The company, which owns 18 hospitals, could knock down the properties — which are located between East 76th and 77th streets and owned by the Glick family — and build a 250,000-square-foot building, Crain’s reported. It’s not clear if Northwell plans to do that. The office of […] |
Posted: 07 Sep 2017 02:35 PM PDT Hudson Valley’s residential market sees low inventory and high demand The summer residential real estate market in Hudson Valley saw high demand from buyers. However, low housing inventory led some homebuyers to desperate measures, including sending flowers and candy to sellers, LoHud reported. “It was extremely busy, unlike any summer market I’ve ever experienced before,” Kenyatta Jones-Arietta, the owner of Nyack-based R2M Realty, told LoHud. The outlet reports that the region has only a four-month supply of unsold inventory […] |
US real estate investment firm plans IPO — in Singapore Posted: 07 Sep 2017 02:10 PM PDT It’s not unusual for U.S. real estate firms to go public. It’s unusual to do it all the way across the Pacific. California-based KBS Realty Advisors wants to raise around $500 million on Singapore’s stock market by listing some of its U.S. properties as a real estate investment trust through a joint venture with local asset manager Keppel. The new public company would include close to a dozen U.S. buildings in cities such as Seattle […] |
Hurricane Irma hits Trump estate in Caribbean, setting course for South Florida Posted: 07 Sep 2017 01:50 PM PDT Hurricane Irma hit President Trump’s 11-bedroom Plum Bay mansion on St. Martin on Wednesday. The Caribbean property has been on the market for $28 million since May, according to The Washington Post. The storm is expected to reach South Florida this weekend, and could potentially damage the “Winter White House,” Trump’s Mar-a-Lago club in Palm Beach. President Trump purchased his Caribbean waterfront Le Chateau des Palmiers, in 2013. Damage to the property is unconfirmed, but […] |
City Council unanimously passes Far Rockaway rezoning Posted: 07 Sep 2017 01:33 PM PDT New Yorkers looking for a place to live just got thousands of new reasons to hitch a ride to Rockaway Beach. The City Council unanimously voted in favor of the Far Rockaway rezoning on Wednesday afternoon, less than one month after approving a rezoning of Midtown East that could bring 6.5 million square feet of new office space to the neighborhood. The Far Rockaway rezoning, which unanimously passed the City Council’s land-use committee on August […] |
Durst taps UAG to construct the newest Hallets Point buildings Posted: 07 Sep 2017 01:16 PM PDT The Durst Organization has selected Urban Atelier Group to handle construction at the two newest buildings at its Hallets Point development, a 2.4 million square-foot mixed-use project planned for the Astoria waterfront. UAG will serve as construction manager on 26-02 First Street and 26-40 First Street, Durst confirmed on Thursday. The developer filed plans for the two buildings in April, calling for a total of 652 apartments across the two projects. The building at 26-02 […] |
HNA near deal to sell 1180 Sixth Avenue Posted: 07 Sep 2017 01:00 PM PDT Nightingale Properties is close to signing a hard contract to acquire the 384,000-square-foot Midtown office building at 1180 Sixth Avenue from a subsidiary of HNA Group and partner Murray Hill Properties for about $320 million, sources told The Real Deal. HNA Property Holdings, an affiliate of one of China’s biggest conglomerates, began exploring a sale of the 22-story office property between West 46th and 47th streets in March. HNA paid $259 million in 2011 for […] |
Celeb tattooist Bang Bang heading to Soho Posted: 07 Sep 2017 12:32 PM PDT He’s put ink on the thighs, backs and asses of some of the country’s biggest celebrities. |
The reinvention artist: How Lou Ceruzzi catapulted into the Manhattan condo game Posted: 07 Sep 2017 12:00 PM PDT Lou Ceruzzi couldn’t cement the legacy he craved. His sudden death of a “coronary event” put an end to that. |
Shoe whiz Steve Madden buys $12M Billionaires’ Row pad Posted: 07 Sep 2017 11:40 AM PDT From LLNYC: Steve Madden, founder of the eponymous shoe label, has just bought himself a swanky new pad at 252 East 57th Street for $12.2 million, according to the Wall Street Journal. To put that price in perspective, it’s almost 175,00 pairs of Steve Madden’s infamous slinky platform sandals. The unit Madden bought is 4,624 square feet and has five bedrooms and six and a half bathrooms. Like all units in the newly constructed building, the interiors were done by Daniel […] |
Kash and Skyway to convert Flatiron parking garage to offices Posted: 07 Sep 2017 11:20 AM PDT Shlomo Bakhash’s Kash Group and Steven Mashaal’s Skyway Development Group files plans to convert a seven-story parking garage in the Flatiron District into offices. The makeover of the 77,035-square-foot garage at 23-25 West 20th Street will include retail on the ground floor and offices on the remaining six floors, with roughly 11,000-square-foot floor plates. The garage, between Fifth and Sixth avenues, is currently occupied by Icon Parking, which holds the lease through 2033. The site […] |
Gaia and Acro score $76M to refi new Murray Hill condo conversion Posted: 07 Sep 2017 10:50 AM PDT Gaia Real Estate and Acro Group pulled in $76 million to refinance the Vantage, a 97-unit Murray Hill condominium conversion that was recently completed, according to documents filed with the city Thursday. Blackstone Mortgage Trust is the lender on the building at 308 East 38th Street, documents show. The financing replaces a previous loan of the same amount, issued by M&T Bank in 2015, Gaia Real Estate’s Danny Fishman told The Real Deal. Gaia and […] |
Landlord accused of harassment-by-mold pushes forward with Tribeca condo Posted: 07 Sep 2017 10:20 AM PDT A Tribeca landlord who was accused of allowing toxic mold to grow inside 15 Jay Street is now moving forward with a plan to build luxury condominiums at the address, an offering plan filed with the New York Attorney General’s office shows. David Dilmanian’s Metropolitan Homes, an active condo developer in Brooklyn, wants to bring five apartments to 15 Jay Street, with a total sellout price of $25.5 million. While the offering plan filing indicates […] |
Harlem’s National Black Theatre partners with L+M to redevelop 125th St. property Posted: 07 Sep 2017 09:50 AM PDT A Harlem cultural institution that was on the brink of collapse a few year ago is partnering with one of the city’s best-connected developers to make over its property at the corner of 125th Street and Fifth Avenue. The National Black Theatre, which rescued itself from a potential foreclosure five years ago, is teaming up with L+M Development Partners to redevelop its home a block from Marcus Garvey Park into a mixed-use building with 240 […] |
Compass exec who oversees brokerage’s West Coast expansion steps down Posted: 07 Sep 2017 09:28 AM PDT Shake-up season isn’t over at Compass. Stan Richman, who joined the brokerage in late 2015 to oversee its West Coast expansion, is stepping down from that role, The Real Deal has learned. Richman, who was seen as Compass’ most prominent West Coast hire, will no longer be regional vice president. He will instead work with Compass as a consultant and as a sales broker, according to a spokesperson for the firm. Richman joined Compass in […] |
Two retailers want out of 711 Fifth Avenue. Now comes the hard part Posted: 07 Sep 2017 09:02 AM PDT Retailers looking to pay top-dollar for prime real estate on Fifth Avenue, take notice: two storefronts totaling 53,000 square feet at Coca-Cola’s 711 Fifth Avenue are now available for sublease. The space has been made available by the closure of Ralph Lauren’s Polo flagship and Swiss Breguet’s move to the St. Regis Hotel. Ralph Lauren shut its doors in April, which has left a space of 38,638 square feet, including the 10,034 square foot restaurant. The […] |
For Hurricane Irma, a condo tower becomes a shelter – for exotic cars Posted: 07 Sep 2017 07:45 AM PDT From the South Florida site: While you may be considering leaving your high-rise, beachfront condo for a shelter in the face of Hurricane Irma, Prestige Imports owner Brett David is already moving his most expensive cars to one. Porsche Design Tower is housing up to 10 of Lamborghini Miami’s $5 million-and-up cars, including a $5 million Ferrari and a $15 million Pagani Zonda, developer Gil Dezer told The Real Deal. The 60-story, 132-unit tower at […] |
Posted: 07 Sep 2017 07:15 AM PDT The city’s Department of Youth and Community Service is close to finalizing a 20-year lease for two floors at 123 William Street in the Financial District. The agency plans to take 40,600 square feet on the 17th and 18th floors of the building, which is owned by American Realty Capital. The lease starts at $2.1 million a year, or $51 per square foot, Commercial Observer reported. The rent increases every five years, hitting $2.6 million […] |
Posted: 07 Sep 2017 06:45 AM PDT LaBarbera, citing roster data through an apprenticeship program, says nonunion group’s opposition to construction safety bill is “hypocritical.” |
Chinese billionaire living at $78M Sherry-Netherland seeks asylum in US Posted: 07 Sep 2017 06:19 AM PDT A Chinese billionaire who’s accused powerful officials and businessmen of corruption from his self-imposed exile at the Sherry-Netherland is seeking asylum in the U.S. Guo Wengui — also known as Miles Kwok — has been holed up in his swanky co-op since 2015. With his tourist visa set to expire this year, Guo is now seeking political asylum on the basis that his accusations have made him a political target in China, his attorney, Thomas […] |
Gut check for brokerages after Zillow, Realogy cut deal Posted: 07 Sep 2017 05:30 AM PDT A deal between Realogy and Zillow has weakened an alliance of NYC firms seeking to unseat StreetEasy. |
Oxford Properties in contract to buy St. John’s Terminal site: report Posted: 07 Sep 2017 05:06 AM PDT Toronto’s Oxford Properties Group — Related Companies’ partner on Hudson Yards — is in contract to purchase the St. John’s Terminal site from Westbrook Partners and Atlas Capital, according to a report. The $700 million price tag for the 1.7 million-square-foot mixed-use complex works out to $443 per square foot, the New York Post reported. Other bidders for the three-block-long site, located at 550 Washington Street, were Vornado Realty Trust, Scott Rechler’s RXR Realty and Brookfield […] |
Where NYC resi brokers are investing their own money Posted: 07 Sep 2017 04:30 AM PDT From the September issue: Over the past three years, broker Nadine Adamson has helped celebrities like Michelle Williams and Lake Bell double their money in the Brooklyn townhouse market. But the Brown Harris Stevens agent isn’t just dispensing investment advice; she’s also putting it to use. Adamson began investing in the early 1990s, when she bought a $225,000 Soho co-op after getting a cash infusion from an unexpected source: a $20,000 buyout on her rent-stabilized […] |
Posted: 07 Sep 2017 04:00 AM PDT In late July, around the time the FBI raided his Virginia home, former Trump campaign chair Paul Manafort was out making real estate deals. Manafort, who spent decades as a Washington power broker for oligarchs and dictators, was attending a meeting at the New York office of architecture firm Perkins Eastman. The group, which included representatives from engineering firm Langan, sipped Trump-branded water and perused printed materials. There with Manafort was his client Yan Jiehe, […] |
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