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The Real Deal - New York Real Estate News |
Here’s what the $10M-$20M NYC investment sales market looked like last week Posted: 13 Nov 2017 03:12 PM PST In the world of mid-market New York City investment sales last week, HH Realty Equities bought a Flatiron District commercial building, and Sam Chang made an assemblage play in Chelsea. 1.) Ariel Akkad’s HH Realty Equities bought a six-story commercial building in the Flatiron District for $15.5 million. The seller, Sealand Realty Corp., has owned the 16,720-square-foot building at 17 West 20th Street since 1970. The site is next door to Gale International’s 15-story condominium […] |
Johnny Depp sold last of five condos at LA building Posted: 13 Nov 2017 02:30 PM PST From TRD LA: The pirate is officially sailing away from Eastern Columbia Building. Actor Johnny Depp sold his last remaining penthouse at the 13-story Art Deco building at 849 South Broadway for $1.43 million, the Los Angeles Times reported. It is now listed for lease at $5,500 per month. The penthouse was part of a five-unit complex which originally listedfor a combined $12.78 million last year. Altogether, the actor raked in $10.88 million, roughly $3.7 million more than […] |
John Catsimatidis wants to replace Gristedes in Battery Park City with new tenant Posted: 13 Nov 2017 02:00 PM PST The number of Gristedes stores in Battery Park City could soon drop from two to one. John Catsimatidis‘ supermarket chain has two locations in the neighborhood at 71 and 315 South End Avenue. He told The Real Deal he hopes to rent out the store at the former address, adding it does not make much sense to have two located so close to each other. “Sometimes it doesn’t pay to have two supermarkets, so we’re […] |
A look inside The Real Deal’s Shanghai event Posted: 13 Nov 2017 01:30 PM PST More than 2,200 people from China and the United States descended on The Real Deal’s annual U.S. Real Estate Showcase and Forum in Shanghai this year and if you missed any of the action, we’ve got you covered. Check out the above slideshow for an inside look at our three-day event at the Jing An Shangri-La. You can also check out TRD‘s event coverage by reading the stories below: – Douglas Durst gives keynote at TRD’s […] |
Scorecard: Condo inventory edges down Posted: 13 Nov 2017 01:00 PM PST From the November issue: A roundup of news and data on the residential market. |
Price reduction in aisle three: Supermarkets ask NYC to rid them of commercial rent tax Posted: 13 Nov 2017 12:40 PM PST Supermarket owners want the city to abolish the commercial rent tax for their industry, arguing that it is hurting their growth. The grocers are asking Mayor Bill de Blasio and the City Council to remove the tax for them, which puts a 3.9 percent surcharge on businesses below 96th Street where rents are $250,000 or higher, according to the New York Post. A total of 132 supermarkets pay the tax, and officials say it increases […] |
SMI pays $73M for stake in Toll project Posted: 13 Nov 2017 12:07 PM PST The U.S. arm of Shanghai Municipal Investment just shelled out $73 million for a majority stake in a Toll Brothers project in Tribeca. SMI USA and Toll Brothers City Living plan to develop a 19-story, 111-unit luxury condominium at 351-355 Broadway, the companies announced earlier this month. According to records filed on Monday with the city’s Department of Finance, as part of the companies’ joint venture, SMI bought a 75 percent stake in the two […] |
Winter is coming — and so is TRD’s December issue! Posted: 13 Nov 2017 11:00 AM PST From TRD Miami: Just like the holidays, The Real Deal South Florida’s winter issue is right around the corner! A must read for anyone in the industry, the magazine is packed with the most timely and important real estate stories. Highlights from the upcoming issue include: – What everyone from commercial brokers to development marketers and real estate attorneys are getting paid, on average, in South Florida – Which residential brokerages are doling out the biggest […] |
Joel Gluck scores $69M Bronx refi Posted: 13 Nov 2017 10:30 AM PST Joel Gluck’s Spencer Equity has secured $69 million to refinance its 238-unit multifamily rental building in the South Bronx. The financing for the affordable housing building, called Noonan Plaza and located at 105 West 168th Street, consists of one $53 million loan and two $7.8 million loans of state and city funding, according to a report filed on the Tel Aviv Stock Exchange. The $53 million loan is due in 2047, while the two $7.8 […] |
Former US ambassador slashes price of Fifth Avenue pad Posted: 13 Nov 2017 10:00 AM PST Former U.S. Ambassador Bruce Gelb is at the negotiating table — with another price chop for his Fifth Avenue apartment, once asking $65 million. After slashing the price of the 15-room co-op to $38 million in June, Gelb has shaved another $3.5 million from his asking price. He’s also swapped brokers, replacing Dolly Lenz with agents from Stribling & Associates and Compass, Curbed reported. A former Commissioner for the United Nations, Gelb was ambassador to […] |
What NYC neighborhoods get the most parking tickets? Posted: 13 Nov 2017 09:30 AM PST Roughly $200 million worth of parking tickets were issued in Manhattan last year, nearly half of the $440 million dished out citywide. An average of 25 tickets was written per parking spot in the Financial District, while the Upper East Side saw an average of 24 summonses per spot, according to a new report by SpotAngels cited by the New York Post. Meanwhile, Stuyvesant Town-Peter Cooper Village and Harlem had an average of three and […] |
New renderings offer look inside 25 Kent Ave Posted: 13 Nov 2017 09:08 AM PST Companies considering moving into the first speculative ground-up office development in Brooklyn in decades can now get a better idea of what it might look like. Rubenstein Partners and Heritage Equity Partners have released new renderings for their building at 25 Kent Avenue, according to Curbed. Amenities will include a public plaza, art space, shops, restaurants, a roof deck, and a private balcony for each floor. The eight-story building is being designed by Gensler and […] |
Eliot Spitzer’s UES bachelor pad hits the rental market Posted: 13 Nov 2017 08:11 AM PST Former New York Gov. Eliot Spitzer’s apartment on the Upper East Side has hit the market for $20,500 a month. The three-bedroom unit at 800 Fifth Avenue just recently became available, according to the New York Post. It is ready for a December move-in, and amenities include a concierge, a parking garage and a gym, according to its listing on StreetEasy. Once owned by Standard Oil treasurer Jabez Bostwick, and later, by a Rockefeller – […] |
These real estate and construction firms are among New York’s biggest private companies Posted: 13 Nov 2017 07:35 AM PST Congratulations, John Catsimatidis: you have the largest private company in New York with a real estate business. Crain’s has come out with its list of New York’s top 150 privately held companies based on revenue from 2016, and although media companies dominate the top of the rankings — Hearst is number one, followed by Bloomberg LP at number two and Horizion Media at number three — real estate and construction firms are well represented. Catsimatidis’ […] |
Luxury resi market hits sixth straight week of 20+ contracts Posted: 13 Nov 2017 06:30 AM PST A $15 million contract at KUB Capital’s 150 Wooster Street led the luxury market to its sixth-straight week of 20 or more contracts at $4 million and above, according to Olshan Realty’s weekly luxury market report. There were 25 luxury contracts signed last week, half of which were in new construction, according to Olshan. The 4,271-square-foot, four bedroom Loft 6 unit at KUB’s $105 million project had an asking price of $14.85 million. KUB in August […] |
Roommate-matching startup Roomi raises $11M in Series A round Posted: 13 Nov 2017 06:04 AM PST Online roommate finder Roomi raised $11 million in a Series A round, as investors continue to pile into shared-living startups. Atami Capital led the round, which also included Rosecliff Ventures, Townsquare Media, JXC Investors, Great Oaks Venture Capital and DCM. Citigroup executive Dan Keegan, former Trulia president Paul Levine and Global Switch CEO John Corcoran also invested, the company announced Monday. The Series A round brings Roomi’s total funding to $17 million. Founded in 2015 […] |
DC real estate lobby apprehensive about the Republican tax plans Posted: 13 Nov 2017 05:40 AM PST Two of the real estate industry’s biggest lobbying organizations have expressed concerns with Congress’ proposed tax reforms. “Simply preserving the mortgage interest deduction in name only isn’t enough to protect homeownership,” said National Association of Realtors president Elizabeth Mendenhnall, according to Mortgage Professional America. Mendenhall said NAR has concerns over how the proposal could impact middle-class homeownership. “We’ve already seen that a near-doubling of the standard deduction, combined with the elimination of other deductions like […] |
Brookfield makes $15B bid to buy remainder of GGP Posted: 13 Nov 2017 05:00 AM PST Brookfield Property Partners made a $14.8 billion offer Saturday to buy the remaining 66 percent of shares that it doesn’t already own in GGP. Brookfield offered to pay $23 per share, half of it in cash and the other half in equity, the Wall Street Journal reported. Any deal would need the approval of a majority of GGP shareholders not affiliated with Brookfield. The move comes after reports surfaced last week that Brookfield was in […] |
The obscure investor who could sabotage NYC’s second-tallest planned condo tower Posted: 13 Nov 2017 04:30 AM PST From the November issue: For a giddy instant in 2013, an obscure investor rose to new heights after paying $56 million for a majority stake in a joint-venture project to build the tallest residential tower in the Western Hemisphere. It’s been downhill ever since for Richard Bianco and his firm, AmBase Corporation, as well as the ambitious 111 West 57th Street spire and its two sponsors — Michael Stern’s JDS Development and Kevin Maloney’s Property Markets […] |
Selling a luxury condo in Brooklyn? You could be in for a long wait Posted: 13 Nov 2017 04:00 AM PST Pricey condominiums used to belong almost exclusively to the Manhattan real estate market, while high-end real estate in Brooklyn was dominated by the borough’s famed brownstones. But the transformation of Brooklyn into one of the country’s hottest real estate markets has helped to upend this, with luxury condo developments like the Pierhouse, One Brooklyn Bridge Park and 51 Jay Street now lining the borough’s waterfront. And while prices at the top end of the market still […] |
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