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The Real Deal - New York Real Estate News |
Capital controls strangle Chinese investment — but some firms find ways around them Posted: 01 Nov 2017 03:02 PM PDT Beijing’s capital controls continue to cut into Chinese investment in U.S. real estate. Overseas real estate investment from China totaled $19.7 billion in the first three quarters of the year according to Real Capital Analytics – a far slower pace than 2016, when Chinese firms bought $36.8 billion in properties during the entire year. “One thing that’s concerned the regulators, these rich entrepreneurs were leveraged to the hilt, using investors’ money, using [People’s Republic of […] |
Freddie Mac ramps up multifamily lending Posted: 01 Nov 2017 02:20 PM PDT Freddie Mac’s aggressive push into multifamily lending is gaining traction with landlords, which are finding the agency is beating out the community banks that normally play in that space on its loan terms. The agency funded $968.6 million in loans across the New York metro area during the first nine months of the year through the small-balance loan program it launched three years ago, according to Freddie’s figures. That’s nearly double the $531.2 million it […] |
Posted: 01 Nov 2017 01:50 PM PDT South Norwalk mall developer says Bloomingdale’s and Nordstrom are committed tenants The developer of the under-construction SoNo Collection mall in South Norwalk asserted that anchor tenants Bloomingdale’s and Nordstrom are committed to maintaining their footprints, despite a dismal climate for department stores. Developer GGP has leased 65 percent of available retail space at the mall, which is scheduled to open in the fall of 2018, the Stamford Advocate reported. On a recent conference call, CEO […] |
Editor’s note: How to be a billionaire Posted: 01 Nov 2017 01:20 PM PDT From the November issue: Things are getting hairy for Harry. In our cover story this issue, we go inside the courtroom to bring you tales from real estate’s biggest divorce case — the battle between Harry and Linda Macklowe. Harry, the developer responsible for 432 Park Avenue, the tallest condo building in the city, has been showing the same tenacity and fighting spirit that helped him build a 13 million-square-foot property empire over the years (one […] |
Plans filed to turn Gowanus coal-burning plant into artist manufacturing space Posted: 01 Nov 2017 12:49 PM PDT Brooklyn’s ongoing hipster transformation is continuing with plans to convert a 113-year-old Gowanus coal burning power plant into manufacturing space for artists. Powerhouse Arts, the group behind the effort, filed plans for the project with the city on Wednesday, which call for expanding the three-story warehouse at 153 2nd Street by three stories and doubling its square feet from roughly 74,000 to 143,000. The building will include print, ceramic and metal shops, a catering and […] |
New City Council bill could make life hell for some developers Posted: 01 Nov 2017 11:45 AM PDT Watch out, developers! A new City Council-approved bill could provide members with the ability to fight against as-of-right development. If Mayor Bill de Blasio signs Intro 1685 into law, the Committee on Land Use, the mayor and the borough presidents could file zoning applications without a pre-application statement, Politico reported. The bill is designed to get proposals to land use review quicker, but it may also allow local members to fight as-of-right developments that don’t […] |
Triple Star Realty sells huge Flushing dev site for $115M Posted: 01 Nov 2017 11:15 AM PDT Queens developer Andy Zhu sold one of Flushing’s largest mixed-use development sites for $115 million. Zhu’s Triple Star Realty sold the former home of Korean supermarket Assi Plaza, located at 131-01 39th Avenue, to real estate investor Yuk Ming Yip, sources told The Real Deal. The site, which sits along Flushing Creek near the massive Sky View Parc complex, holds nearly 632,000 square feet of development rights. That brings the deal to a pricing of […] |
More than half of Queens’ new rental units are in LIC Posted: 01 Nov 2017 10:45 AM PDT According to this week’s market reports, new development sales were concentrated in Prospect Heights and Gramercy, and 1,750 new rental units were delivered in Long Island City in the 12-month period ending in September. Residential Townhouse sales | Leslie J. Garfield In the final two weeks of October, four townhouses went into contract in Brooklyn and Manhattan and two closed, both in Manhattan. Eleven townhouses entered the market, and eight other townhouses dropped their ask. […] |
Lightstone Group lands $262M loan for Times Square hotel Posted: 01 Nov 2017 10:15 AM PDT The Lightstone Group just nabbed a $262.2 million financing package for its conversion of a Times Square office building into a new hotel. Goldman Sachs provided a new $57.2 million gap mortgage for the firm’s Marriott Moxy Hotel at 485 Seventh Avenue, which consolidates $205 million in previous financing, documents filed with the city’s Department of Finance show. Square Mile Capital Management issued the $205 million construction loan last year, alongside $125 million in capital […] |
$3B in Manhattan condo projects approved for sale in Q3 Posted: 01 Nov 2017 09:52 AM PDT Manhattan condominium developers received the go-ahead to begin marketing 823 condominium units valued at $3 billion in the third quarter, a steep decline over the prior quarter, according to an analysis of new development condo filings by The Real Deal. The three-month total had risen in each of the past three quarters, as the volume recovered from a steep decline in late 2016. Yet, the market is in the middle of a slowing appetite for […] |
Posted: 01 Nov 2017 09:08 AM PDT Inside The Real Deal’s November issue: The Macklowe’s $2 billion divorce trial, NYCHA’s $17 billion backlog and more. |
Homeownership in the US is on the upswing Posted: 01 Nov 2017 08:20 AM PDT The rate of homeownership across the country increased in the past few months, according to the U.S. Census Bureau, despite the fact home prices are continuing to spike. The homeownership rate hit 63.9 percent in the third quarter of 2017, a year-over-year rise from 63.5 percent, the Wall Street Journal reported, citing Census data. While these are not large increases, according to the Journal, it is the second quarterly gain in a row which indicates […] |
Moinian Group gets $100M-plus construction loan for Hell’s Kitchen project Posted: 01 Nov 2017 07:56 AM PDT The Moinian Group has landed a construction loan of $104 million for the mixed-use building it is planning in Hell’s Kitchen. The loan for the 13-story, 165-unit building at 572 11th Avenue came from the New York State Housing Finance Agency and Bank of China. Moinian will make 46 of the units affordable, and the terms of the loan require the company to substantially finish construction by January 2020, according to documents filed with the […] |
This Hong Kong home just sold for $149M Posted: 01 Nov 2017 07:21 AM PDT Whenever home prices in Manhattan seem out of control, Hong Kong is there to remind us that it could still be worse. A four-bedroom house in the city’s Peak neighborhood just sold for $149 million, according to developer Wheelock Properties. The 9,178-square-foot house is part of the 11-building Mount Nicholson development. It has a garden, an elevator, a two-car garage and a swimming pool. In other words: it’s more or less your average high-end single-family […] |
Florida firm pays $200M for Jehovah’s Witnesses building, plans luxury units for seniors Posted: 01 Nov 2017 06:22 AM PDT UPDATED, Nov. 1, 6:49 p.m.: The Jehovah’s Witnesses continued their Brooklyn selling spree, offloading a Brooklyn Heights apartment building to private equity firm Kayne Anderson Real Estate Advisors for $200 million. The buyer plans to spend another $100 million to renovate the property at 21 Clark Street and convert it into a luxury senior home, the Wall Street Journal reported. The developer hopes to cash in on growing demand for assisted living as baby boomers […] |
Moinian Group seeks investor for 3 Hudson Boulevard, boots Avison Young Posted: 01 Nov 2017 05:32 AM PDT The Moinian Group hired JLL to line up an investor and office tenants for its 3 Hudson Boulevard development on Manhattan’s Far West Side. The brokerage is replacing Avison Young, which has handled leasing for the past few years. Moinian secured a ground loan for the site at 34th Street and 11th Avenue in 2014 and announced plans for a 1,000-foot-tall, 1.5-million-square-foot office tower. A groundbreaking is scheduled for Friday, but the developer has yet […] |
City Council signs off on Rabsky’s Pfizer rezoning in Williamsburg Posted: 01 Nov 2017 05:00 AM PDT City Council voted to approve the rezoning of the Pfizer site in Williamsburg, paving the way for the Rabsky Group’s planned eight-building apartment complex. But seven Council members voted against the rezoning, including Antonio Reynoso, who represents the neighboring district. “It was a complicated rezoning, but I do believe it will serve all the residents of this community,” local Council member Stephen Levin said. The project has led to ethnic tensions in the neighborhood. Hispanic […] |
The biggest price cuts on luxury pads Posted: 01 Nov 2017 04:30 AM PDT Spooked by prices? Sellers are slashing. This Halloween week, 13 Manhattan homes in the $10 million-and-above market received price reductions of more than 5 percent, according to StreetEasy. Here’s a look at the biggest price cuts: 123 Washington Street, PH57 Previous Price: $15.1 million Current Price: $10.5 million Percentage Drop: 30 percent These five units at the Moinian Group-developed W Downtown Hotel and Residences are on the market for $10.5 million — a massive […] |
Brooklyn condo market continues robust growth in Q3 Posted: 01 Nov 2017 04:00 AM PDT Brooklyn’s condominium market is still going strong. The state approved 525 new residential condo units in the borough during the third quarter of 2017, the second highest number of approved units to hit Brooklyn in more than a year, according to The Real Deal’s analysis of data from the state Attorney General’s office. The number of approved units was down slightly from the second quarter of this year, when it was at 559, but up […] |
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