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The Real Deal - New York Real Estate News |
Jack Terzi’s JTRE sues Chinese firm Sonangol over 23 Wall deal Posted: 22 Dec 2017 02:42 PM PST Jack Terzi’s $140 million deal to buy the former JPMorgan building at 23 Wall Street is in jeopardy because the seller, China Sonangol, allegedly refuses to play ball. According to a lawsuit Terzi filed against Sonangol in Manhattan Supreme Court Friday, he alleges that his deal isn’t moving forward because of Sonangol’s refusal to cooperate with the escrow agent. The escrow agent has refused to release the down payment on the purchase, because of concern that controversial […] |
Talking LA’s latest supertall Angels Landing, with developer Don Peebles Posted: 22 Dec 2017 02:15 PM PST From TRD LA: Los Angeles, meet Don Peebles. The East Coast developer has officially arrived in L.A., and he’s doing so in a big way — building what will be one of the tallest residential towers in the western U.S. Earlier this week, the City Council unanimously approved a $1.2 billion plan put forth by Angels Landing Partners LLC — a partnership between Peebles Corporation, Claridge Properties and MacFarlane Partners — to redevelop the largely […] |
Prosecutors subpoenaed Kushner Companies’ Deutsche Bank records: report Posted: 22 Dec 2017 01:45 PM PST The U.S. Attorney’s office in Brooklyn subpoenaed Deutsche Bank records concerning entities tied to Kushner Companies, according to a report in the New York Times. It’s unclear what kind of records prosecutors wanted and why, the Times reported. The paper also noted it found no indication that the request had anything to do with a federal probe into Russian meddling in the 2016 U.S. Presidential election. “We are unaware of any inquiry directed at Deutsche […] |
No reservations… because it’s canceled: Anthony Bourdain’s Pier 57 project is toast Posted: 22 Dec 2017 01:15 PM PST Stick a fork in Anthony Bourdain’s Pier 57 project, because it’s done. The celebrity chef said that, more than two years after announcing his vision for a Singapore-inspired night market, the project has been “challenging” and he still hasn’t signed a lease with developers RXR Realty and YoungWoo & Associates, Eater reported. “Launching what is admittedly a very ambitious venture has proven to be challenging at every turn,” he says. “It seems increasingly clear that […] |
State probes three title companies over marketing expenses Posted: 22 Dec 2017 12:45 PM PST Days after enacting — and then delaying — strict new rules to curb excessive marketing among title insurers, the state is investigating three companies’ gift-giving and marketing expenses. The state’s Department of Financial Services has requested itemized lists of marketing expenses and descriptions of gifts given to clients from Everest Abstract, Riverside Abstract and Royal Abstract, Crain’s reported. DFS also asked Everest Abstract to turn over a list of joint ventures, business affiliates and employees. […] |
Shhh! K&R Preservation suing BFC Partners for “secretly acquiring” properties Posted: 22 Dec 2017 12:15 PM PST BFC Partners violated a joint venture agreement it had with K&R Preservation by “secretly acquiring” low-income housing in 2013, according to a lawsuit filed by K&R. The two companies launched their joint venture in 2010 with the purpose of buying, building, renovating and managing affordable housing projects, the lawsuit states. Both companies had a 50 percent stake in the venture, called Preservation Development Partners, and shared all development and transaction fees equally, K&R claims. The […] |
“And so it ends”: Macklowe fortune now in judge’s hands Posted: 22 Dec 2017 11:30 AM PST After a 14-week whirlwind narrative of shattered deals, marital discord and valuations that seemed to exist in parallel universes, testimony in real estate’s biggest divorce trial came to a close. “And so it ends,” Harry Macklowe said aloud to a nearly empty courtroom Friday. Throughout the proceedings, both sides have tried to downplay the value of their reportedly $2 billion fortune – from Linda Macklowe’s vast art collection to Macklowe Properties’ 13 million-square-foot real estate […] |
Xceligent employee files class-action lawsuit against DMGT Posted: 22 Dec 2017 10:44 AM PST UPDATED, 7:10 p.m., Dec. 22: A former Xceligent employee filed a class-action lawsuit against the data company and its British parent, the Daily Mail and General Trust, over its abrupt closure and mass layoffs last week. Last Thursday, workers were informed Xceligent is filing for Chapter 7 liquidation and that they were “separated from employment effective immediately.” The company gave its employees 30 minutes to collect belongings and leave the building. The lawsuit, filed by […] |
Former “Real Housewife” joins Dolly Lenz Posted: 22 Dec 2017 10:30 AM PST Kelly Killoren Bensimon, once a housewife on Bravo’s “The Real Housewives of New York,” is joining Dolly Lenz Real Estate. The reality star’s first listing as an agent will be her own fourth-floor co-op apartment, which she plans to list for around $10 million, the New York Post reports. The 2,600-square-foot unit is in the Police Building at 240 Centre Street in Little Italy. As the name suggests, the 55-unit building, built in 1905, was […] |
Benchmark has now sold over $400M worth of its holdings since 2015 Posted: 22 Dec 2017 09:45 AM PST Jordan Vogel and Aaron Feldman’s Benchmark Real Estate Group continues its selling spree. The value-add investor sold off a Greenwich Village rental for $32.5 million to Florida-based real estate firm Exan Capital, according to property records filed with the city Friday. The 25-unit building at 82 West 12th Street is the third and final piece of a trio of Greenwich Village buildings Benchmark had marketed as a package. The firm was originally asking $130 million […] |
NJ developer plans Williamsburg hotel Posted: 22 Dec 2017 09:16 AM PST A New Jersey-based developer plans to build a six-story hotel in East Williamsburg. Nehalkumar Gandhi filed a permit application Friday for a 92-key hotel for for 187 Cook Street, between White Street and Bushwick Avenue. The hotel will span a little over 26,000 square feet, according to documents filed with the city’s Department of Buildings. The brand of the hotel was not immediately clear. In May 2016, New York YIMBY reported that the Loketch Group […] |
Yep, the BQX is already behind schedule Posted: 22 Dec 2017 08:00 AM PST Commuters hoping to take a ride on the Brooklyn-Queens Connector could be in for a long wait. The ambitious project, largely backed by real estate players, is already running behind schedule, as the Economic Development Corporation had originally planned to start the public-review process for the streetcar by the end of the year but will now likely not start it until the first quarter of 2018, according to Crain’s. The agency will keep studying the […] |
GOP tax plan has people nervous about buying homes Posted: 22 Dec 2017 07:15 AM PST The new Republican tax plan has Americans concerned about becoming homeowners. A recent Realtor.com poll found that more than half of the 2,300 respondents said they were concerned or very concerned about buying a home in the wake of the tax bill, according to Bloomberg. The recently passed tax overhaul limits interest deductions in new mortgage debt down to the first $750,000 from the current $1 million cap, and a Moody’s analysis found that it […] |
Fannie and Freddie to keep $3B in reserves Posted: 22 Dec 2017 06:30 AM PST Fannie Mae and Freddie Mac, the country’s two dominant mortgage giants, will get to keep $3 billion in capital in an agreement reached by the U.S. Treasury Department and the Federal Housing Finance Agency. The agreement is meant to help protect the companies from future losses, according to the Wall Street Journal. The terms of Fannie and Freddie’s relationship with the government changed in 2012, when the Obama administration required them to send the majority […] |
One night in Brooklyn: Borough’s hotel room rates see significant rise Posted: 22 Dec 2017 05:49 AM PST Even people just staying in Brooklyn for a few nights on vacation can’t escape the borough’s pricey real estate. New research from the hotel and analytics firm STR has found that room rates in the borough have gone up by 4.1 percent year-over-year to $182.13, according to the Commercial Observer. Occupancy rates rose as well to 81.5 percent, while the number of hotels went up from 61 to 71. In Manhattan, however, room rates went […] |
Federal judge tosses emoluments lawsuit against Trump Posted: 22 Dec 2017 05:14 AM PST A federal judge dismissed a lawsuit alleging that President Trump violated the emoluments clause of the Constitution because his company’s hotels, office properties and restaurants do business with foreign governments while he sits at the head of the U.S. government. The plaintiffs, government watchdog group Citizens for Responsibility and Ethics in Washington (CREW), argued that because Trump’s company rents out hotel rooms and the ballrooms for embassy functions at its D.C. hotel, and also leases […] |
“Now I’ve seen everything”: How global upheaval is affecting a band of billionaires Posted: 22 Dec 2017 04:30 AM PST From the December issue: It was just after 11 p.m. on Saturday, Nov. 4, when the well-heeled guests of the Ritz-Carlton Hotel in Riyadh, Saudi Arabia’s capital city, were roused from bed, marched outside and escorted onto buses parked in the hotel’s courtyard. With the resort emptied, roughly 30 Saudi officials and businessmen — including 11 members of the ruling royal family — filed in. Arrested at the behest of Crown Prince Mohammed bin Salman amid a wide-reaching […] |
Posted: 22 Dec 2017 04:00 AM PST Unlike previous years, when major players jumped from one firm to another, big-name agents largely stuck with their firms this year. On the residential front, Vickey Barron, who left Douglas Elliman for the Corcoran Group in June, was a key exception. Another notable shuffle between Elliman and Corcoran was Tamir Shemesh, who left Corcoran after a spat with the firm’s top management. As for Compass, which has aggressively courted agents in recent years, the venture-backed […] |
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