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The Real Deal - New York Real Estate News |
Howard Hughes buys Milstein’s Seaport site for $180M Posted: 11 Jun 2018 04:09 PM PDT The Milstein family has ended a decades-long plan to develop one of the South Street Seaport’s largest vacant lots. Milstein Properties, which has owned the site at 250 Water Street for nearly 40 years and faced downzoning and litigation in its repeated development efforts, sold it to Howard Hughes Corporation for $180 million, the Dallas-based developer confirmed to The Real Deal. The one-acre site, currently a parking lot, offers nearly 290,000 buildable square feet, property […] |
Breather raises $45M from Menlo Ventures-led group Posted: 11 Jun 2018 03:00 PM PDT Short-term private space rental company Breather raised $45 million in a new funding round. Menlo Ventures, which also led the company’s $40 million Series C round in 2016, led the latest round. Pension fund manager and Ivanhoe Cambridge parent Casse de Depot et Placement du Quebec also invested along with Ascendas-Singbridge and Temasek, according to a release. Breather’s recent funding rounds raised a combined $118 million. The Montreal-based company led by Julien Smith rents rooms […] |
Coming soon: The Real Deal’s first ever Hamptons panel event Posted: 11 Jun 2018 02:20 PM PDT Don’t miss The Real Deal’s first East End panel event on June 30, where the top brokers in the Hamptons will discuss strategies for moving product in an increasingly competitive market. Confirmed panelists include Corcoran Group’s Susan Breitenbach, Brown Harris Stevens’ Christopher Burnside, Bespoke’s Cody Vichinsky, Douglas Elliman’s Enzo Morabito, Compass’ Lori Schiaffino and Saunders and Associates’ Ed Buehl . The panel discussion will kick off at 3:30 p.m. and will be followed by a […] |
Posted: 11 Jun 2018 02:00 PM PDT Amanda Carroll Principal and Technology Practice Area Leader, Gensler What are you reading now, or what did you finish most recently? “Team of Teams: New Rules of Engagement for a Complex World,” by Stanley McChrystal, a former U.S. Army general. Has anything from the book stuck with you? This book is about leadership embracing change and the tools and techniques to get there. McChrystal outlines how our defense and intelligence agencies faced the rapid transformation […] |
Federal authorities: NYCHA cheated federal inspections for lead, mold, rodents Posted: 11 Jun 2018 01:30 PM PDT Public housing officials didn’t just lie about toxic lead paint exposure — they also “systematically deceived” federal inspectors to hide widespread mold, rodent infestations, defective elevators and leaks at city apartment buildings, according to a federal complaint filed on Monday. In an 80-page complaint, United States Attorney for the Southern District of New York Geoffrey Berman accuses the New York City Housing Authority of knowingly covering up poor conditions at various public housing developments. The […] |
BlackRock CEO sells UES co-op for $12M Posted: 11 Jun 2018 01:03 PM PDT BlackRock CEO Larry Fink sold his apartment at 21 East 79th Street to an art gallery heir for $12 million, according to city records recorded on Monday. Fink, who heads the world’s largest asset manager, has been looking to sell the co-op pad for over a year. The three-bedroom, three-and-a-half bathroom unit was first listed in April of 2017 with an asking price of $17.9 million. That figure was eventually cut to $15 million a […] |
Brookfield buys 15 Cliff as part of $1.9B portfolio deal Posted: 11 Jun 2018 12:35 PM PDT Brookfield Property Partners acquired a 30-story Financial District rental tower as part of a $1.9 billion, multi-state portfolio purchase from Carmel Partners, sources told The Real Deal. The Canadian development giant closed on the $125.4 million purchase of the 157-unit, 154,000-square-foot tower at 15 Cliff Street in May. The building was one of seven that Carmel Partners, a San Francisco-based multifamily developer led by Ron Zeff, sold to Brookfield in one large transaction. The 3,870-unit […] |
Keith Rubenstein plans to launch $200M South Bronx investment fund Posted: 11 Jun 2018 12:00 PM PDT Developer Keith Rubenstein is keeping his money in the South Bronx. Rubenstein plans to launch a $200 million fund to invest in the South Bronx under the “opportunity zone” provision in the new federal tax law, he said. The portion of the law is meant to encourage private investment in rural communities and low-income urban neighborhoods, and New York’s Empire State Development has recommended large portions of the South Bronx for this designation. Rubenstein plans […] |
Here’s what the $10M-$20M NYC investment sales market looked like last week Posted: 11 Jun 2018 11:53 AM PDT In the world of mid-market New York City investment sales last week, Sam Chang bought a Long Island City development site and the Jograj family sold the location of the Mrs. Maxwell’s Bakery in East New York. 1.) Sam Chang’s McSam Hotel Group bought a development site in Long Island City for $10.2 million, or $90 per square foot. The parcel, at 38-47 9th Street between 38th and 40th avenues, would be the site of a […] |
Rose Associates moves HQ to 777 Third Avenue in sublease deal Posted: 11 Jun 2018 10:50 AM PDT Real estate firm Rose Associates is moving its headquarters to 777 Third Avenue, where it has secured a sublease deal with Avon Products for just under 25,000 square feet. The firm will take up the building’s entire sixth floor, and asking rent for the eight-year deal was $65 per square foot, according to the Commercial Observer. Rose Associates will be moving from its current headquarters at 200 Madison Avenue. A Cushman & Wakefield team led […] |
TRD’s Hamptons Market Report is live! Posted: 11 Jun 2018 10:20 AM PDT It’s likely safe to say that nobody on the East End was terribly shocked when Joe Farrell’s Sandcastle recently hit the market again, this time for about $50 million — the developer himself can’t remember how many times his sprawling, occasionally celeb-inhabited estate has been listed. But what is surprising is that despite the mansion’s on-again, off-again relationship with the MLS, Farrell believes the bet on Sandcastle has actually paid off handsomely, if not in […] |
Vereit pays Vanguard $90M over 2014 accounting scandal Posted: 11 Jun 2018 09:50 AM PDT When American Realty Capital Properties changed its name to Vereit in 2015, the company hoped to leave its questionable past behind. But a lawsuit by Vanguard Group funds brought the skeletons out of the closet. On Monday, Vereit announced that it agreed to pay $90 million to settle the suit over the real estate investment trust’s 2014 accounting scandal. Vanguard Specialized Funds, along with other Vanguard funds, claimed investors lost billions after the scandal, which […] |
Pebblebrook looking to derail Blackstone’s $4.8B bid for La Salle Posted: 11 Jun 2018 09:25 AM PDT Pebblebrook Hotel Trust is upping its offer in an effort to block the Blackstone Group‘s prospective $4.8 billion acquisition of LaSalle Hotel Properties. In a regulatory filing, Pebblebrook announced a purchase price of $37.80 per share, up from its previous proposal of $35.89. According to Bloomberg, the previous proposal was only made verbally. LaSalle rejected the deal before agreeing to an all-cash deal with Blackstone. Pebblebrook’s new offer represents a 13 percent premium from Blackstone’s […] |
Brodsky, Cenpark fined over Upper West Side building renovations Posted: 11 Jun 2018 08:55 AM PDT Cenpark Realty and the Brodsky Organization have been hit with almost $90,000 in fines for falsely claiming that buildings in their portfolio on the Upper West Side were vacant while they were renovating them. The city fined Cenpark Realty $40,800 for making false statements on 13 construction work applications at 360 Central Park West, where they have been converting the rental building into condominium units, according to the New York Post. Brodsky principal Thomas […] |
Here are the week’s top luxury sales Posted: 11 Jun 2018 07:31 AM PDT Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. |
Brooklyn luxury market saw 22 contracts inked last week Posted: 11 Jun 2018 07:00 AM PDT Brooklyn’s luxury real estate market saw 22 contracts signed during the first full week of June, split between six condominiums and 16 houses. The properties sold for a total of about $62.7 million and went for an average price of about $2.8 million, according to the latest report from Stribling & Associates. The homes spent an average of 135 days on the market. This was a slightly busier week than the prior one, when 19 […] |
Rising sublet market in Downtown is threatening office landlord profits Posted: 11 Jun 2018 06:34 AM PDT With companies like Condé Nast and Liberty Mutual Insurance looking to sublet hundreds of thousands of square feet of office space, Lower Manhattan is looking at the highest sublet availability rate since 2010. Downtown sublet space made up 2.3 percent of the market’s 105 million square feet at the end of May, according to figures from Colliers International cited in Bloomberg. Other than the sublet availability rate of 2.4 percent in April, that’s the highest […] |
Manhattan’s luxury market saw 24 contracts signed last week: Olshan Posted: 11 Jun 2018 06:04 AM PDT Manhattan’s luxury residential market performed well last week with 24 contracts signed at $4 million and up, according to Olshan Realty’s weekly luxury market report. A co-op at 640 Park Avenue took the week’s top spot with an asking price of $21 million. The full-floor unit on the seventh floor originally had an asking price of $25 million when it hit the market in February 2017, representing a premium of 16 percent over the most […] |
City reaches $2B agreement with feds over NYCHA problems Posted: 11 Jun 2018 05:35 AM PDT New York City agreed to spend more than $2 billion over a decade to settle a federal investigation into health and safety issues at the New York City Housing Authority. The city will spend an additional $1 billion over the first four years on top of what it’s already pledged to NYCHA, as well as $200 million annually for each of the following years over the 10-year term, the Wall Street Journal reported. City officials […] |
Posted: 11 Jun 2018 05:00 AM PDT A person standing on the 76th-floor terrace of 3 World Trade Center can see four states, at least three bridges and Larry Silverstein’s new apartment at 30 Park Place (sort of). The 5,300-square-foot terrace is 934 feet above ground and is up for grabs to whoever takes the attached 31,000-square-foot office space. One World Trade Center looks almost close enough to touch from the tower’s tallest terrace, which also provides a panoramic view of […] |
The crypto deals real estate is watching Posted: 11 Jun 2018 04:30 AM PDT Matthew Hansen’s dream house used to be a monastery. The hedge funder bought a Hell’s Kitchen townhouse from the Archdiocese of New York for $3 million in 2011. He gut-renovated the six-story property, which had housed the Christian Brothers for more than 50 years, into a single-family mansion with a restored 1910 facade and an expansive, six-bedroom interior. But Hansen put the mansion, which sits at 416 West 51st Street, back on the market for […] |
Here’s how New York might change StreetEasy’s Premier Agent Posted: 11 Jun 2018 04:00 AM PDT What will StreetEasy’s lucrative Premier Agent program look like after New York State regulators issue their final guidance for agent advertising online? An interim opinion letter dated April 2 suggests the platform could be required to add a series of disclosures that would tell prospective buyers – unequivocally – that they are not being connected to the listing agent. In the three-page letter, reviewed by The Real Deal, the state offers an example of acceptable […] |
Long Island Cheat Sheet: Suffolk officials greenlight Ronkonkoma plan … & more Posted: 10 Jun 2018 08:42 PM PDT Suffolk officials give go ahead to Ronkonkoma development plan The Suffolk County legislature approved an agreement to redevelop 86 acres of municipally-owned property near Ronkonkoma’s LIRR station, Long Island Business News reported. Jones Lang LaSalle, which heads the development team, hopes to bring entertainment, hospitality and medical facilities into an area dominated by commuter parking right now. Ronkonkoma Vision Project, Cameron Engineering, Crawford Architects and Spectra are all part of the development team, whose initial […] |
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