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The Real Deal - New York Real Estate News |
Posted: 16 Oct 2017 03:10 PM PDT The financially troubled department store Nordstorm has run into a roadblock on its quest to go private. After scurrying to raise financing for what could be a $10 billion leveraged buyout, Nordstrom announced that it has suspended plans to take itself private, according to the New York Post. The Nordstrom family originally planned to put up its 31 percent stake in the company, which as of Aug. 1 was valued at $2.5 billion, and private-equity […] |
New 194-key hotel heading to Coney Island Posted: 16 Oct 2017 02:50 PM PDT A hotel with 194 rooms is on its way to Coney Island. The seven-story project from developer Gal Horowitz would rise at 2201 Neptune Avenue and span 95,450 square feet, according to plans filed on Monday with the Department of Buildings. The building would be divided up into 81,582 square feet of commercial space and 13,968 square feet of community space, and it would replace a one-story public facility currently on the site. The company that filed the hotel […] |
Triangle Equities is betting $97M on air cargo with Queens project Posted: 16 Oct 2017 02:30 PM PDT Triangle Equities wants to build a $97 million warehouse near John F. Kennedy International Airport, according to filings with the Economic Development Corporation. The three-story warehouse at 130-02 South Conduit Avenue would span about 300,000 square feet with an additional 100,000 square feet of space for loading ramps. It would be used as a distribution facility for industrial air cargo freight. Triangle Equities, which did not respond to a request for comment, is seeking financial […] |
Here’s what the $10M-$20M NYC investment sales market looked like last week Posted: 16 Oct 2017 02:10 PM PDT In the world of mid-market New York City investment sales last week, JPMorgan Chase acquired air rights from a Midtown building it used to own and Marx Realty bought a retail condominium unit in Tribeca. 1.) Carmine Limited bought two Yorkville apartment buildings for $17.5 million. The two adjacent buildings at 1435-1537 First Avenue, between East 74th and 75th streets, have 40 units combined, including four commercial units. The previous owner, Norman Rothman, held the […] |
Parkoff Organization is discriminating against black renters: suit Posted: 16 Oct 2017 01:45 PM PDT The Parkoff Organization has been discriminating against black renters at one of its buildings in Midwood, a new lawsuit claims. The suit, which the Fair Housing Justice Center filed in federal court on Monday, singles out the company for alleged misdeeds at 2828 Kings Highway. The nonprofit says it sent black and white testers to the 48-unit building throughout 2016, and in multiple instances, black testers were told nothing was available and dismissed, while white […] |
Scorecard: Midtown South office leasing reached its highest point since mid-2016 Posted: 16 Oct 2017 01:18 PM PDT A roundup of news and data on the commercial market. |
WATCH: Ben Shaoul embraces Bitcoin Posted: 16 Oct 2017 12:43 PM PDT With so much inventory on the market in New York, developers are looking anywhere and everywhere for an edge. For Magnum Real Estate Group’s Ben Shaoul, that means embracing the cryptocurrency movement. “Our buyer has evolved, they’ve moved from mom and pops to young people who want to pay with various forms of payment,” Shaoul told CBNC. “Cryptocurrency is something that has been asked of us — ‘Can you take cryptocurrency? Can we pay that […] |
The city wants to acquire Gregg Singer’s EV dev site. There’s one major problem Posted: 16 Oct 2017 12:20 PM PDT Mayor Bill de Blasio has announced a plan to buy back a former East Village elementary school to prevent it being turned into dormitories, but he has a pretty big obstacle to overcome: the owner says he won’t sell. Developer Gregg Singer wants to convert 605 East Ninth Street into dorms for Adelphi University, despite strong opposition from community groups and officials. At a town hall forum last week, the mayor said he wanted to […] |
Centaur and Cipriani tapped to complete Battery Maritime project Posted: 16 Oct 2017 12:00 PM PDT The New York City Economic Development Corporation has finally found a developer willing to take on the long stalled redevelopment of the Battery Maritime Building at 10 South Street. Developer Centaur Properties and the high-end hospitality company Cipriani USA will take over the sublease from the Dermot Company, according to Politico. Under Bloomberg, the EDC had selected Dermot to redevelop the historic building into a complex that would include a boutique hotel, a rooftop restaurant, […] |
Rechnitz hit with subpoenas for personal, biz records in federal corruption trial Posted: 16 Oct 2017 11:43 AM PDT Jona Rechnitz, the federal government’s star witness in its prosecution of the former Correction Officer’s Benevolent Association union boss, was hit with subpoenas for personal and business records that his attorneys say are meant to discredit him when he takes the stand next week. Attorneys for former hedge funder Murray Huberfeld, charged with paying a $60,000 kickback to union boss Norman Seabrook, served subpoenas last week on Rechnitz and his firm, JSR Capital, as well […] |
Tom Barrack’s Colony Capital in talks to acquire Weinstein Co. Posted: 16 Oct 2017 10:23 AM PDT From TRD LA: Tom Barrack’s Colony Capital might just be the lifeboat for Harvey Weinstein’s sinking empire. The multibillion-dollar investment firm, founded by Barrack, is in talks to potentially acquire Weinstein Co. after Weinstein was ousted amid a sea of allegations of sexual harassment and rape, Bloomberg reported. Colony would give Weinstein Co. a much-needed cash infusion, and would potentially come to own the film and television studio, according to a Weinstein Co. statement released […] |
HPD planning senior housing facility in Manhattan Valley Posted: 16 Oct 2017 09:45 AM PDT The city wants to build an 11-story senior housing facility on West 108th Street between Broadway and Amsterdam Avenue. The 196,000 square foot-building at 149 West 108th Street would feature 195 units, a medical facility, offices, waiting rooms, a dining room and a play room, filings with the Department of Buildings on Monday show. The New York City Department of Housing Preservation plans to replace the five-story Valley Lodge senior housing that’s now on the […] |
Bronstein Properties makes $43M play in Williamsburg Posted: 16 Oct 2017 09:17 AM PDT Bronstein Properties is adding to its large New York rental portfolio with its pending purchase of 456 Grand Street in Williamsburg for $43.3 million. The site is currently owned jointly by AB Capstone and RJ Capital Holdings, and the sale to Bronstein is expected to close early in 2018, according to sources familiar with the deal. It is under contract for slightly less than its asking price of $45.5 million. The six-story building at 456 […] |
WATCH: How much political clout does the real estate industry have? Posted: 16 Oct 2017 08:45 AM PDT Like it or lump it, Mayor Bill de Blasio appears to be coasting to a second term. |
Sugar Hill floats 66 condos at site of former Park Slope senior center Posted: 16 Oct 2017 08:00 AM PDT Harlem-based Sugar Hill Capital Partners is looking to take its 1 Prospect Park West conversion project condo, an application filed with the New York State Attorney General’s office shows. Last month, Sugar Hill submitted plans with the Department of Buildings to convert a troubled senior living facility at 1 Prospect Park West in Brooklyn into luxury apartments, with amenities like wine storage replacing broken air conditioners and allegedly rotting food. And according to a CPS-1, […] |
Here are the week’s top luxury sales Posted: 16 Oct 2017 07:30 AM PDT Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. |
Illegal Airbnb listings are thriving in hipster Brooklyn, hotel lobby says Posted: 16 Oct 2017 07:00 AM PDT The city might be trying to crack down on illegal Airbnb listings, but the site’s black market is still very popular in Brooklyn’s hipster neighborhoods. The Hotel Association of New York hired the firm of former NYPD officer Herman Weisberg to look into illegal Airbnb activity, and he found that illegal listings in Williamsburg, Bushwick and Bedford-Stuyvesant—three of the most popular Airbnb neighborhoods in New York—are thriving, according to the New York Post. Some hosts […] |
NYC biz leaders make the case to Jeff Bezos for HQ2 Posted: 16 Oct 2017 06:40 AM PDT The Partnership for New York City is urging Amazon.com CEO Jeff Bezos to pick the Big Apple as the location of its new company headquarters. |
Roth looking to torpedo Kushner’s 666 Fifth plan: report Posted: 16 Oct 2017 06:07 AM PDT Vornado Realty Trust is telling brokers to expect a much more modest renovation to the Midtown tower that would see it continue to operate as an office building. |
Nonresidential construction starts up significantly thanks to Javits Center, Moynihan Hall projects Posted: 16 Oct 2017 05:37 AM PDT New construction starts for nonresidential projects tripled to more than $3 billion in August due largely to massive undertakings at the Jacob K. Javits Convention Center and the Moynihan Train Hall. The total dollar volume for nonresidential construction starts in new York City jumped to $3.66 billion in August, a 203 percent increase from $1.21 billion a year earlier, according to data from Dodge Data & Analytics reported by the Commercial Observer. Through August, the […] |
Bob Weinstein strikes deal to sell UWS pad Posted: 16 Oct 2017 05:07 AM PDT Harvey Weinstein’s brother struck a deal to sell his Upper West Side brownstone with an asking price of $18 million, one of 21 luxury contracts signed last week. The other celeb deal was on an apartment owned by rock icon Sting at 15 Central Park West, which was asking $56 million, according to Olshan Realty’s luxury market report. The New York Post reported last week that an unnamed buyer bought the home for $50 million. […] |
Are Borough Park’s insular days numbered? Posted: 16 Oct 2017 04:30 AM PDT From the October issue: Gentrification may be synonymous with Brooklyn at this point, but the seemingly unstoppable phenomenon has yet to overtake Borough Park. The Orthodox Jewish enclave nestled in the borough’s southwest corner has largely shielded itself from high-rise towers and large commercial hubs. In addition to limited buildable land, there’s a shared aversion to large-scale development among Borough Park’s influential residents, industry sources and community leaders told The Real Deal. That aversion has held […] |
100 E 53 will live or die by Aby Rosen’s vision Posted: 16 Oct 2017 04:00 AM PDT Plagued by construction delays and slow sales, 100 East 53rd Street, one of Midtown’s most hyped developments is finally seeing life — maybe. |
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