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The Real Deal - New York Real Estate News |
Resi brokers talk Irma, sensible pricing and sexual harassment Posted: 26 Oct 2017 03:20 PM PDT From TRD Miami: South Florida’s top residential brokers discussed the state of the market, impact of Hurricane Irma and sexual harassment in the industry at The Real Deal‘s Miami Real Estate Showcase & Forum in Wynwood on Thursday. Making sure sellers are educated is key to closing a deal in a slow market. “It disappoints me when we put all this work in over six months but we don’t educate our sellers,” said Ron Shuffield, CEO […] |
VIDEO: Asia now has more billionaires than the US Posted: 26 Oct 2017 03:00 PM PDT Asia’s super-rich just got richer, and there are now more billionaires in Asia than in the U.S. Led by China, billionaire wealth increased 17 percent to $6 trillion in 2016, according to a report from UBS Group AG and PricewaterhouseCoopers. Still, while there may now be more Asian billionaires, American billionaires still control the most wealth at $2.8 trillion, according to Bloomberg. “In China, one billionaire is created every three weeks,” Qiong Zhang, head of […] |
Crown Building’s PH will ask $100M-plus Posted: 26 Oct 2017 02:47 PM PDT A five-story penthouse at the “crown” of the Crown Building will be priced north of $100 million. Spanning 14,000 square feet, it will have four bedrooms, a wraparound terrace and indoor and outdoor swimming pools, according to Russian developer Vlad Doronin. “This is a unique product,” Doronin told Bloomberg. “I don’t see any competition, because for the moment, we don’t have any similar buildings.” Doronin and broker-turned-developer Michael Shvo bought the office portion of the […] |
HAP co-founder committed fraud in $10M diamond heist: Israeli court Posted: 26 Oct 2017 02:24 PM PDT HAP Investments’ Eran Polack lied about being a victim of a $10 million diamond heist, an Israeli court ruled in September, after more than $5 million of the supposedly stolen inventory was recovered in his possession. Polack, who co-founded HAP with two partners, was enmeshed in a long-running insurance case in Israel, in which he claimed to have been robbed of $10 million worth of diamonds in his office in Hong Kong in 2010. In […] |
Moishe Mana, unplugged: Investor dishes on his plans for Wynwood, and his thoughts on POTUS Posted: 26 Oct 2017 01:30 PM PDT From TRD Miami: What’s Moishe Mana’s rationale for gobbling up large swathes of land in Wynwood and picking up trophy properties along Flagler Street? Mostly, his desire to reshape the city into a global cultural and trade hub, the investor told a standing room only crowd on Thursday during The Real Deal’s fourth annual South Florida Real Estate Showcase & Forum at SoHo Studios in Miami. “Our job is about community building,” Mana said. “Being […] |
Posted: 26 Oct 2017 01:06 PM PDT Newmark Group files for $100M initial public offering Newmark Group filed for a $100 million initial public offering Monday in a bid to spin off from its parent company, Howard Lutnick’s BGC Partners. The filing with the U.S. Securities and Exchange Commission said the entity will include the commercial brokerage Newmark Knight Frank and the mortgage firm Berkeley Point and it will be listed on the Nasdaq under the symbol NMRK. Goldman Sachs, Bank of […] |
Firm tied to Rivington House scandal scores $48M refi in Crown Heights Posted: 26 Oct 2017 12:25 PM PDT The Allure Group just landed a $48.4 million loan to refinance a Crown Heights nursing home. Maryland-based Andrews Federal Credit Union provided a new loan of $13.4 million, which is being consolidated with $36 million in previous debt, records filed with the city’s Department of Finance on Thursday show. The remaining principal on the previous loan is $34.9 million. Allure purchased the facility at 810 St. Marks Avenue — known as the Crown Heights Center […] |
Wendy Silverstein: “We missed the boat with zero foreign buyers in the market.” Posted: 26 Oct 2017 11:55 AM PDT From the October issue: The funniest and most insightful comments on real estate. |
Land use committee approves Rabsky’s Pfizer rezoning Posted: 26 Oct 2017 11:25 AM PDT The City Council’s Committee on Land Use approved a rezoning for Rabsky Group’s redevelopment of former Pfizer pharmaceutical facilities in Williamsburg. According to a report in Politico, the proposal passed the committee with a 17-4 vote on Wednesday. Steve Levin, the Council member representing the district that includes the site, voted in favor of the rezoning. The vote followed a Tuesday deal Rabsky made with the zoning subcommittee members, committing 60 percent of the project’s […] |
Contractors — this lead list shows you which NYC buildings haven’t been renovated recently Posted: 26 Oct 2017 10:29 AM PDT You’re surrounded by construction in New York City. From the ground up development of a new building, to a gut renovation, to the installation of a new bathtub, the city is keeping track of construction as it occurs across the five boroughs. Unfortunately, pulling meaningful information out of the millions of rows of data the city has to offer can be tiresome and often fruitless. TRData has analyzed hundreds of thousands of property records from […] |
Newmark’s mortgage business takes a hit following hurricanes Posted: 26 Oct 2017 09:40 AM PDT As it prepares to go public, Newmark Group took a hit on its much-hyped multifamily-financing business during the third quarter due to hurricanes in Texas and Florida. Berkeley Point Capital, the California-based multifamily-loan originator that Newmark parent company BGC Partners bought in July for $875 million, saw revenue gains from its mortgage business drop by 30.5 percent to $45.5 million during the third quarter from a year earlier, according to BGC’s latest financial statements. The […] |
Another massive shop shutters in Soho Posted: 26 Oct 2017 09:10 AM PDT In vacancy plagued Soho, another one bites the dust. Pirch, a try-before-you-buy appliance store, has shuttered its 32,000-square-foot retail space. Pirch opened in the three-story space at General Growth Properties’ 200 Lafayette Street in May 2016. It was the California chain’s first store in New York, according to the Commercial Observer. “Pirch has decided to restructure and operate out of their Southern California base and therefore a decision has been made to exit all non-[California] […] |
“Twilight” star Kristen Stewart picks up fixer-upper Noho loft Posted: 26 Oct 2017 08:45 AM PDT Kristen Stewart, the 27-year-old star of the “The Twilight Saga,” is putting down roots in Manhattan. She’s pursuing more indie roles of late – like “Still Alice” and “Personal Shopper” — and what better base camp for cool kid cred than a Downtown loft? Stewart just paid a little over $5.6 million for a loft at 1 Bond Street in Noho, according to Variety. The 3,000-square-foot apartment is positioned on a lower floor of a […] |
This is how NYC’s affordable housing orgs plan to compete with investors and developers Posted: 26 Oct 2017 08:15 AM PDT A new land trust wants to help low-income New Yorkers compete with developers and investors for homes. One key component of the land trust’s plan is to keep ownership of land under their homes, allowing them to control the prices that they resell for and keep them relatively inexpensive, according to the Wall Street Journal. Founding members of the land trust include Habitat for Humanity New York City and the Mutual Housing Association of New […] |
Paul Manafort is likely to lose his LA real estate at a $4M loss Posted: 26 Oct 2017 07:55 AM PDT From TRD LA: One day before reports emerged that he is facing another money laundering probe, former Trump campaign chairman Paul Manafort was dealt a separate blow in bankruptcy court. Manafort and his family stand to lose the more than $4 million they invested in Los Angeles real estate, Bloomberg reported. “Paul will likely lose his entire investment in these properties, if they go to auction and he is not the high bidder,” said Manafort’s […] |
Staten Island borough prez takes aim at another developer Posted: 26 Oct 2017 07:10 AM PDT Two key politicians withdrew their support for a planned 470,000-square-foot shopping center along Staten Island’s waterfront. Borough President James Oddo and Councilmember Joe Borelli said they are concerned the development, dubbed Riverside Galleria, could lead to traffic jams. “Frankly, I have no faith in the traffic plan presented to us, and the threat of a weeklySaturday morning traffic Armageddon along Arthur Kill Road easily outweighs the value of reclaiming this stretch of waterfront and the […] |
Brooklyn landlord allegedly crammed over 20 Airbnb guests into townhouse, fined over $100K Posted: 26 Oct 2017 06:45 AM PDT A Brooklyn landlord could pay up to $116,200 in fines for illegally packing dozens of Airbnb guests into her townhouse at 381 Nostrand Avenue in Bedford-Stuyvesant. Landlord Pearl Chan ignored a city citation from September for running an illegal Airbnb hostel out of her townhouse, and officials have since put a partial vacate notice on the property, city officials told DNAinfo. Investigators found more than two dozen guests crammed into Chan’s three-story townhouse during their […] |
Fee war between private equity firms and pension funds is heating up Posted: 26 Oct 2017 06:20 AM PDT The country’s big public pension plans are increasingly unhappy about the high fees fund managers charge them. The question is: do they have any viable alternatives? “With fundraising so robust, managers could say, ‘Look, you guys are too difficult, I’m not going to put up with that, and I will fill your subscription with somebody else,’” Karen Rode of fund manager of advisory firm Aon Plc told Bloomberg. “Demand is so great, limited partners don’t […] |
WATCH: Ryan Serhant on his career trajectory, walking away from sellers & more Posted: 26 Oct 2017 06:00 AM PDT Ryan Serhant’s first day as a real estate broker was a momentous one. It was Sept. 15, 2008, the day that Lehman Brothers collapsed. “Everyone was in the conference room, watching the world fall apart — but I had no money, so I was like ‘Aw man, tough day. What do I do next?’” he told The Real Deal’s Hiten Samtani during a one-on-one interview. “My career kind of started from the bottom there. … […] |
Retail rents fall in most Manhattan corridors Posted: 26 Oct 2017 05:00 AM PDT According to this week’s market reports, the New York metro area has the highest number of zombie foreclosures in the nation, and over 60 percent of Manhattan retail leases in the third quarter were for short-term deals. Residential Luxury sales | Olshan Realty Twenty-two residential contracts were signed last week at $4 million and above, the second consecutive week to hit above 20 after a long dry spell. Read the full report here. Zombie foreclosures […] |
Will the craving for food halls die out in NYC? Posted: 26 Oct 2017 04:30 AM PDT Food halls are hotter than a dollop of artisanal ghost pepper mayonnaise in the summer. There are about 100 of the upmarket, cafeteria-style eateries operating across the country — a number that could at least double in the next four years, according to hospitality consultant Steven Kamali. With success stories in New York City, including Chelsea Market and Smorgasburg, it’s no surprise that landlords want in on the action. Food halls can drive foot traffic […] |
The luxury market may be soft, but the “Hamptons middle” is doing all right Posted: 26 Oct 2017 04:00 AM PDT The season may over but the housing market is still churning forward in the Hamptons. The so-called “Hamptons middle,” i.e. properties priced from $1 million to $5 million, saw a moderate year-over-year gain in the third quarter, according to Douglas Elliman’s market report. The median sale price of a property in the Hamptons was $890,000 in the third quarter, a 7.9 percent improvement over the same period in 2016. However, the median sales price fell […] |
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