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The Real Deal - New York Real Estate News |
Brookfield in contract to buy NY REIT’s 333 West 34th for $255M Posted: 09 Nov 2017 04:07 PM PST Brookfield Property Partners is in contract to acquire a large office building in the Garment District for $255 million, the latest move from the seller New York REIT to liquidate its New York City holdings, The Real Deal has learned. The 10-story, 350,000-square-foot property at 333 West 34th Street offers an additional 150,000 square feet of unused development rights. The price per buildable square foot would translate to $510. The real estate investment trust led […] |
RFR finances 285 Madison for second time in one year Posted: 09 Nov 2017 03:39 PM PST Aby Rosen’s RFR Realty refinanced the office building at 285 Madison Avenue with $270 million in loans from Natixis Real Estate, documents recorded by the city Thursday show. The loan replaces earlier debt provided by Goldman Sachs and Aareal Bank just last December and adds an additional $40 million to the outstanding $230 million balance. At the time, Rosen bought out its partners GreenOak Real Estate, East End Capital and Downtown Properties’ combined 85 percent […] |
Ira Glass lists Chelsea condo that allegedly had a bedbug infestation Posted: 09 Nov 2017 03:10 PM PST More than a year after getting sued for allegedly ceding his Chelsea apartment to unseemly vermin, Ira Glass, one of radio’s leading proprietors of pathos, has listed it for $1.75 million. The apartment at 159 West 24th Street has been gut-renovated since the buggy incident, 6sqft reported. Compass broker Greg McHale is marketing the one-bedroom, 1,020-square-foot home. The building, known as the Carriage House, was converted to condos in 2012. Glass bought the apartment then […] |
Hotelier André Balazs accused of groping multiple women Posted: 09 Nov 2017 02:52 PM PST At least four women have accused André Balazs of groping them, adding the celebrity hotelier to the growing list of powerful men facing allegations of sexual misconduct in the wake of the Harvey Weinstein scandal. Balazs, known for his boutique hotel chain the Standard, is accused of reaching under actress Amanda Anka’s skirt while at a movie premiere party at the Chiltern Firehouse in November 2014, the New York Times reported. The premiere was for […] |
Posted: 09 Nov 2017 02:10 PM PST Compass raises another $100M in funding Venture capital-backed real estate firm Compass raised another $100 million in a new funding round, bringing its total valuation to $1.8 billion. The company plans to use the money to expand to 10 new cities in the next two years and to develop new technology. “We’re just getting started,” Compass’ executive chairman Ori Allon said in a statement to The Real Deal. “The real vision is for Compass to […] |
Day in the life of: Stefani Berkin Posted: 09 Nov 2017 01:18 PM PST UPDATE: Wednesday, Nov. 1 at 6:25 p.m.: Stefani Berkin, 30, is president of Rutenberg NYC, a 100 percent commission model brokerage. Since she took the firm’s helm in 2014, Rutenberg has grown from 489 to 703 agents, unveiled free weekly real estate classes for its brokers and closed $1.8 billion worth of sales. Rutenberg rounded out the top five on The Real Deal’s ranking of the largest residential brokerages by agent count last year. The […] |
Daniel Loeb’s hedge fund takes a stake in Macerich Company Posted: 09 Nov 2017 12:45 PM PST Daniel Loeb’s hedge fund Third Point has acquired a roughly 5 percent stake in Macerich Company, a real estate investment trust that owns regional malls across the country. Third Point will likely pursue changes at the company and look into selling it, according to Bloomberg. The well-publicized struggles of traditional retailers have put Macerich under intense pressure, and the company unveiled a new clause last week that would give top executives higher payouts if they […] |
Greenburger turns condos into rentals at 50 West, lands $95M refi Posted: 09 Nov 2017 12:21 PM PST Francis Greenburger’s Time Equities landed a $95 million loan from First Republic Bank to refinance its Financial District skyscraper development 50 West Street. The mortgage is secured by 46 unsold units in the 191-unit tower. Greenburger said the company plans to keep the apartments, which are scattered throughout the building, as rentals for at least a few years, believing that they will appreciate in value. He insisted that the decision to keep some pads as […] |
Mall sector brings down commercial property values Posted: 09 Nov 2017 11:15 AM PST The country’s struggling mall sector is pulling overall commercial property values down with it, according to a new report. Green Street Advisors’ Commercial Property Price Index declined 1 percent to 125.5 in October, the most dramatic month-over-month decline since the recession, the Wall Street Journal reported. Mall values fell 6 percent in October from September and 11 percent in the past year. The growth in e-commerce has hit second-tier malls especially hard. Few properties are selling and if […] |
Tishman’s refi of Westin in Times Square grows to $312M Posted: 09 Nov 2017 10:49 AM PST Tishman Realty has grown its refinancing of the Westin New York at Times Square to a total of $312 million. The developer secured $57 million from Credit Suisse’s lending arm Column Financial for land beneath the 45-story hotel at 270 West 43rd Street last week, as The Real Deal recently reported. Then, on Thursday, Tishman obtained $255 million for the hotel’s leasehold from both Credit Suisse and Natixis, sources said. Representatives for Tishman and the […] |
“Freaks and Geeks” actor John Francis Daley nabs LA estate Posted: 09 Nov 2017 09:35 AM PST From TRD LA: Actor and writer John Francis Daley dropped $3.9 million on a 5,460-square-foot modernist estate on Libbit Avenue in Encino, Variety reported. The San Fernando Valley home has four bedrooms, six bathrooms, a movie theater and a private rooftop deck. A zero-edge pool and spa, terraces, and an outdoor kitchen complete the post-modern estate. It last traded hands for $1.05 million in June 2011, records show. Sebastian Wolski and Jason Perez of Compass […] |
Key takeaways from The Real Deal’s Shanghai event Posted: 09 Nov 2017 09:11 AM PST “The United States is still the United States,” former New York governor George Pataki said at The Real Deal’s last U.S. real estate showcase and forum in Shanghai. Well, this year, the main lesson from the event could very well be: “China is still China.” Despite the Chinese government tightening capital outflows and questions brought up by the 19th National Congress of the Communist Party of China, investor demand for U.S. real estate remains robust, […] |
Sign up to receive The Real Deal’s National Weekly Roundup Posted: 09 Nov 2017 08:20 AM PST The Real Deal’s National Weekly Roundup features a mix of market analysis, breaking news, insider information and much more. It’s the simplest way to stay on top of what’s happening in the biggest real estate markets around the country. Join 80,000 residential and commercial brokers, developers, lenders, general contractors, architects and other industry professionals by subscribing to the Friday newsletter here. Email Advertising@TheRealDeal.com to learn more about advertising opportunities. |
Herald Square Properties, Evo Real Estate to merge Posted: 09 Nov 2017 07:52 AM PST Herald Square Properties and Evo Real Estate Group are combining to form a new full-service real estate firm called HSP Real Estate Group. Herald Square principals Gerard Nocera and Michael Reid will head up the new company, while Evo Real Estate Group partners Ira Fishman and Dana Moskowitz will work with HSP on new business opportunities and acquisitions, according to the Commercial Observer. About 40 people in total work for the two companies, and there […] |
Bank of Ozarks sheds a layer of regulation Posted: 09 Nov 2017 07:05 AM PST Bank of the Ozarks in June did away with its holding-company structure as a way to save costs by removing oversight by the Federal Reserve. And while other banks have the same structure, some say the institutions could be going back to the days of “regulatory arbitrage” seen before the financial crisis when banks sought more lenient regulators, the Wall Street Journal reported. “It might be arbitrage,” said Karen Shaw Petrou, managing partner of the […] |
Fannie Mae wants to make it easier to build a home Posted: 09 Nov 2017 06:52 AM PST Mortgage giant Fannie Mae wants to make it easier for prospective homebuyers to build new homes. The company is considering multiple initiatives that would help address the lack of affordable homes in the U.S. real estate market, with its first pilot program consisting of making it easier to get a construction loan, according to Bloomberg. The program would let lenders sell their construction loans to Fannie on the day that construction starts. The company would then […] |
Asset manager Varagon takes take full floor at 299 Park Posted: 09 Nov 2017 06:04 AM PST Fisher Brothers’ 299 Park Avenue now has a tenant for the third floor. Varagon Capital Partners, an asset manager, signed a 28,316-square-foot lease at the 1.2 million-square-foot building, spanning the entire third story of the 42-story tower, according to Real Estate Weekly. The firm was previously located at 488 Madison Avenue and plans to move into Park Avenue by the end of the year. Fisher Brothers recently inked a 25,000-square-foot lease for Valerie Wilson Travel and a 60,000-square-foot […] |
Vans inks lease for flagship store at 530 Fifth Posted: 09 Nov 2017 05:30 AM PST New York skaters are getting a giant new store on Fifth Avenue. Vans, the popular shoe and skatewear company, has signed a lease for a flagship store at 530 Fifth Avenue spanning 8,573 square feet across two floors, according to the Commercial Observer. The store will take up 6,010 square feet on the building’s lower level and 2,563 square feet on its ground floor. This will be the second Vans store in Manhattan, following the 2011 […] |
Why developers can’t find tenants for certain “affordable” apartments Posted: 09 Nov 2017 05:00 AM PST In a city grappling with an affordability crisis, thousands of hopeful tenants apply for a limited number of subsidized apartments. But some developers are having trouble finding tenants to fill these spots, specifically those reserved for higher-income residents. A particularly hard slot to fill is reserved for people who earn 130 percent of the area median income (AMI) or higher — which in New York City is $86,840 for an individual. According to some, the problem […] |
Ranking NYC’s property management powerhouses Posted: 09 Nov 2017 04:30 AM PST From the November issue: When Forest City tapped FirstService Residential to manage its 363-unit modular Brooklyn rental building at 461 Dean Street in Pacific Park, at least five other companies were vying for the gig. But FirstService, one of the largest property management firms in North America, had a clear advantage. The company was already managing two other Forest City buildings: its 76-story rental tower at 8 Spruce Street in Lower Manhattan and its 36-story rental […] |
Womp womp: Rental vacancies and concessions stay high in Manhattan Posted: 09 Nov 2017 04:00 AM PST Though slightly down from last month, the vacancy rate in Manhattan rental apartments in October remained high. According to Douglas Elliman’s latest market report, the vacancy rate hit 2.5 percent last month. In September, the rate reached 2.6 percent, the highest seen all year. Concessions rose last month, with 28 percent of new leases offering concessions, a roughly 4 percent increase year-over-year. Meanwhile, median rents stayed flat at $3,400 in October, around the same as […] |
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