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The Real Deal - New York Real Estate News |
Matt Damon’s move to Brooklyn could set a price record Posted: 12 Sep 2017 03:10 PM PDT How do you like them condos? Actor Matt Damon, who was previously spotted scoping out a $40 million mansion at 3 Pierrepont Place, is in contract to buy a Brooklyn penthouse at the Standish on Columbia Heights, according to the Wall Street Journal. The pad was last asking $16.645 million, and if the deal closes at that price, it would set the record for priciest residential sale in Brooklyn, besting the 2015 $15.5 million sale […] |
Law firm is leaving 666 Fifth for SL Green’s 485 Lex Posted: 12 Sep 2017 03:09 PM PDT Law firm Phillips Nizer inked a deal to take 38,243 square feet across the entire 14th floor at SL Green’s 485 Lexington Avenue. The firm is moving from Kushner Companies’ 666 Fifth Avenue, where it leases 49,000 square feet, the Commercial Observer reported. The asking rents in the deal were not immediately available. “This is an opportunity for us to build out new space to our specifications,” Marc Landis, the managing partner at the law firm told […] |
Posted: 12 Sep 2017 03:02 PM PDT A senior facility in Park Slope that was the subject of a series of rancorous lawsuits will get a new life as luxury rentals, according to applications filed by Sugar Hill Capital Partners. The Harlem-based firm filed plans to convert the vacant facility at 1 Prospect Park West to a 67-unit rental with a slew of swanky amenities. According to plans filed with the city Tuesday, Sugar Hill will convert the 198-unit facility to 67 […] |
Monadnock, HPD file for another building in East New York complex Posted: 12 Sep 2017 02:11 PM PDT The city and Monadnock Development are planning a 80-unit rental building in East New York, which would be part of a major affordable housing complex. The building at 516 Schroeders Avenue would span a total of 73,863 square feet, according to a permit filed with the Department of Buildings Tuesday. There would be 66,660 square feet of residential space, 4,615 square feet of commercial space and 2,587 square feet for a community facility. The units are […] |
Steve Schwarzman and Ron Burkle are fighting over a 165-building portfolio Posted: 12 Sep 2017 01:40 PM PDT The Blackstone Group is looking to double down on the logistics sector. Steven Schwarzman’s private equity firm bid $3 billion for refrigerated warehouse provider Americold, which is owned by investor Ron Burkle’s Yucaipa. Burkle, however, is holding out for a higher bid, the New York Post reported, and it’s possible he will take the company public instead. Americold, which manages 165 warehouses, including about a half dozen in California, ran through six CEOs between 2003 […] |
Eichner hunting for $180M condo inventory loan in Flatiron Posted: 12 Sep 2017 01:10 PM PDT Ian Bruce Eichner is back in the market for a condominium inventory loan at Madison Square Park Tower, seeking about $180 million in financing for the new building’s many unsold units, sources told The Real Deal. The developer’s firm Continuum Companies is on the hunt to finance the nearly one-third of apartments that haven’t sold at the Flatiron District’s tallest tower, sources said. The loan would cover roughly 120,000 square feet of apartments at the […] |
EDC files plans for 255-unit Flatbush rental Posted: 12 Sep 2017 12:50 PM PDT The New York City Economic Development Corporation filed construction plans Tuesday for a 255-unit rental development at 2119 Caton Avenue in Flatbush. The plan for the entirely affordable housing development was approved by the City Council in April. The permit application, submitted to the city’s Department of Buildings, calls for 193,000 square feet of residential space and an additional 30,000 square feet for commercial and community uses. The building will top out at 14 stories. […] |
Fortis scores $300M for LICH redevelopment Posted: 12 Sep 2017 12:25 PM PDT Fortis Property Group secured a $297 million construction loan for its development at the site of the former Long Island College Hospital in Cobble Hill. Madison Realty Capital is the lender, Commercial Observer reported. The loan will be used to complete construction on the three residential buildings at 350 Hick Street, 95 Pacific Street and 249 Henry Street. The financing will also retire the previous bridge loan, according to the publication. Madison also provided $107.3 […] |
Eliot Spitzer’s secret squeeze is an NYC property manager Posted: 12 Sep 2017 12:00 PM PDT From LLNYC: Eliot Spitzer has a new lady in his life, and what do you know? She’s a real estate bigshot! According to the New York Post, Spitzer’s new girlfriend is none other than Roxana Girand, the founder of the property management firm Sebastian Capital. “[Spitzer and Girand] both love real estate, and they both love New York,” a source told the Johnson. “This is a serious relationship.” According to Sebastian Capital’s website, the firm leases and manages […] |
JLL’s Peter Riguardi just closed on an apartment at 212 Fifth Posted: 12 Sep 2017 11:45 AM PDT JLL’s New York chief Peter Riguardi just scored himself a Manhattan crash pad, at a converted office building no less. Riguardi, who lives in New Jersey with his wife Linda, dropped $6.9 million on a three-bedroom condominium at 212 Fifth Avenue in NoMad, property records show. At 2,693 square feet, the price works out to $2,562 per foot for the eighth-floor pad. The asking price was $7 million. The Fifth Avenue building, a condo conversion […] |
New loan from M&T Bank values Empire Stores in Dumbo at $415M Posted: 12 Sep 2017 11:20 AM PDT M&T Bank provided a $250 million loan to the developers of the Empire Stores, seven warehouses along the Brooklyn waterfront that have been converted to offices and retail space. The restored 443,000-square-foot complex at 53-83 Water Street in Dumbo was reopened in the summer of 2016 after sitting vacant for decades. The developers, Midtown Equities in partnership with Rockwood Capital and HK Organization, won a bid in 2013 to redevelop the site and signed a […] |
LA roundup: Elliman making big West Coast moves, Tishman Speyer eyes Santa Monica & more Posted: 12 Sep 2017 10:46 AM PDT From the September issue: Douglas Elliman making big moves on the West Coast Douglas Elliman acquired Beverly Hills-based brokerage firm Teles Properties, making Elliman one of the largest residential players on the West Coast. The deal brings its California roster to 630 agents across 21 offices, and nationally, the company will have more than 7,000 agents and 110 offices. For nearly two years, it was rumored that the Howard Lorber-led brokerage would expand its L.A. […] |
NYC brokers worried about slow sales, sluggish leasing: REBNY Posted: 12 Sep 2017 09:50 AM PDT While buoyed by current financing conditions, brokers are wary about how the residential rental and commercial leasing markets will play out in the next six months. The Real Estate Board of New York’s broker confidence index, which measures overall residential and commercial real estate broker outlook, rose .02 from the first quarter of 2017, hitting 5.89 in the second quarter. The future index, however, which measures confidence in the next six months, fell .14 from the […] |
Cary Paik bringing 11-story luxe condo to High Line Posted: 12 Sep 2017 09:25 AM PDT Architect Cary Paik is well on his way to replacing a one-story project space formerly owned by the Robert Rauschenberg Foundation with an 11-story luxury condominium, after filing an offering plan with the New York state Attorney General’s office in late August. Paik, who his both the architect of record and sponsor of the condo plan, aims to sell the project’s 10 apartments for a total of $77.5 million. The offering also includes 10 “other” […] |
CoStar shelling out $385M for another rental listing website Posted: 12 Sep 2017 08:52 AM PDT UPDATED, Sep. 12, 2:14 p.m.: New York’s brokerage firms may be no match for StreetEasy and its parent Zillow, but CoStar looks to be trying to become one. The real estate data company agreed to buy the rental listing site ForRent.com for $385 million in a bid to list “every single apartment in the U.S. being marketed, whether it’s someone’s garage apartment up to the largest institutional property,” according to its CEO Andrew Florance. ForRent.com […] |
Structure Tone scoops up Canadian construction management firm Posted: 12 Sep 2017 08:40 AM PDT Structure Tone has acquired a Canadian construction management firm as part of its efforts to expand and rejigger its ownership structure. The company purchased Govan Brown, a Toronto-based firm that specializes in commercial, retail and hospitality interiors, Structure Tone announced on Tuesday. Govan completes more than $300 million worth of work each year and has six offices throughout Canada. Structure Tone is one of the city’s most active contractors for renovation and interior work. The […] |
The 10 biggest retail leases of August Posted: 12 Sep 2017 08:11 AM PDT The summer slowdown hit retail leasing in New York City during the month of August. Last month’s activity stalled significantly when compared to prior months. The 10 biggest retail lease deals signed last month totaled 185,153 square feet, down 34,789 square feet from July’s total of 219,942 square feet. The largest retail lease in August was inked in the Bronx. Check out the list of the top 10 below: 1) Burlington, 2948 3rd Avenue, Melrose […] |
Socialite slashes $10M off price for UES co-op, swaps brokers Posted: 12 Sep 2017 07:16 AM PDT Socialite Shafi Roepers is finally getting serious about selling her pricey Fifth Avenue co-op. It’s now on the market with a $10 million price chop. Two years after listing the unit, located on the third floor of 4 East 66th Street, Roepers is now asking $55 million for the pad. She’s also swapped brokers, replacing Serena Boardman of Sotheby’s International Realty with Brown Harris Stevens’ John Burger. At around 7,000 square feet, the new asking […] |
City inks 20-year lease at former Bushwick brewery Posted: 12 Sep 2017 06:45 AM PDT The city’s Department of Citywide Administrative Services inked a 20-year lease at Savanna and Hornig Capital Partners’ 95 Evergreen Avenue in Bushwick. The agency is taking the entire building — 158,150 square feet — for the city’s Human Resources Administration, the Commercial Observer reported. For the first five years, rent will be $6.9 million each year. For years six through 10, rent will jump to $7.5 million annually and then to $8.1 million for years […] |
Posted: 12 Sep 2017 06:00 AM PDT Tommy Hilfiger is giving the market another go by re-listing his Plaza Hotel penthouse for $50 million. That’s a 37.5 percent discount from the last time the fashion designer listed the unit, the Wall Street Journal reported. Hilfiger most recently marketed the duplex for $58.9 million in November 2016 before yanking it off the market in April. “It’s a dose of reality for Mr. Hilfiger,” Nikki Field of Sotheby’s International Realty, told the Journal. “Listings […] |
RXR and SL Green inch closer to buying stake in One Worldwide Plaza Posted: 12 Sep 2017 05:30 AM PDT RXR Realty and SL Green Realty have agreed to buy a 49 percent stake in New York REIT’s One Worldwide Plaza, a property valued at $1.73 billion. The Real Deal first reported that the two companies were in talks for the 1.8 million-square-foot office tower. According to the Commercial Observer, the deal is expected to close in the fourth quarter. Earlier this year, New York REIT purchased an additional 49.9 percent stake in the trophy tower, bringing its […] |
Knotel trolls WeWork by parking bus outside its HQ Posted: 12 Sep 2017 05:00 AM PDT Is it a school bus? Is it a prison bus? No, it’s a flexible office space startup trying to mess with its $20 billion rival. Several WeWork members and employees had a strange encounter on Friday, when a gray bus advertising rival office space provider Knotel parked outside the company’s headquarters on West 18th Street. “Graduate from coworking” read the ad on the side of the bus. Like WeWork, Knotel offers serviced office space on […] |
The tricksters’ playbook: How NYC retail investors squeeze the most out of their buildings Posted: 12 Sep 2017 04:30 AM PDT From the September issue: In New York City’s retail world — which serves residents’ around-the-clock needs from late-night pad thai to Gucci loafers — there are two types of “facades”: the tens of thousands of actual storefronts and the well-concealed side deals between landlords and retail tenants. One of those deals took place in early 2013, when the Carlyle Group was looking to sell its 27-story office building at 650 Madison Avenue, which sits between […] |
The perks and perils for developers who do their own construction Posted: 12 Sep 2017 04:00 AM PDT In 1898, Julius Tishman built a six-story tenement building, ultimately sparking the creation of the family’s development firm, Tishman Realty & Construction. The “construction” portion of the company’s name initially indicated that it was self-sufficient, that it could build its own projects — but the construction arm grew to one of the most active shops in the city and eventually was bought by engineering giant AECOM. More than 100 years later, several developers are returning […] |
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