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The Real Deal - New York Real Estate News |
Coney Island Shore Theater to become seven-story hotel Posted: 14 Jun 2018 03:30 PM PDT Local developer PYE Properties is planning to convert the famed Coney Island Shore Theater into a seven-story hotel. The building at 1301 Surf Avenue would span 70,270 square feet — about 3,000 square feet larger than the current structure, according to plans filed with the Department of Buildings on Wednesday. It would feature a spa and bathhouse on the ground floor, along with a banquet hall on the second floor. PYE purchased the building in […] |
Title industry asks judge to throw out new regulations Posted: 14 Jun 2018 03:10 PM PDT Title insurance representatives asked a New York State Supreme Court judge on Thursday to completely annul the Department of Financial Services’ new regulations on their industry, arguing that they represented a significant overreach of the agency’s authority. The New York State Land Title Association, Great American Title Agency and Venture Title Agency had filed suit against the DFS over the new regulations in February, and both sides held oral arguments in the case on Tuesday afternoon in front of […] |
PHOTOS: Milstein unveils 335 Madison redevelopment Posted: 14 Jun 2018 03:00 PM PDT One Vanderbilt isn’t the only big development happening next to Grand Central Terminal. On Tuesday night, Milstein Properties unveiled its plans for a $100 million renovation of its office tower 335 Madison Avenue. Rudin Management’s Bill Rudin, CBRE’s Stephen Siegel, Cushman & Wakefield’s Adam Doneger, Fried Frank’s Jonathan Mechanic, Shop Architects’ Corie Sharples and Milstein Properties Howard and Michael Milstein were among the attendees. Company, an office-services venture run by Michael Milstein and Matt Harrigan, […] |
Rotem Rosen’s new firm to buy dev site in Miami’s A&E District for $30M Posted: 14 Jun 2018 02:45 PM PDT MRR Development, a new firm led by Rotem Rosen, Jerry Rotonda and billionaire Anand Mahindra, is in contract to pay $30 million for a development site in Miami’s Arts & Entertainment District. The firm is buying the majority of the city block between 18th and 19th streets and Northeast Second Avenue and Northeast Second Court. With bonuses, the 1.42-acre site allows for a mixed-use project of up to 1.9 million square feet, according to a […] |
Resi experts discuss LA’s state of the high-end housing market at TRD’s forum Posted: 14 Jun 2018 02:30 PM PDT What happens when you put three high-end brokers (two of which are on reality television) and two C-suite executives in a room together? Apparently some fashionable outfits, a lot of shop talk and, of course, some jabs. The residential real estate market took center stage at The Real Deal’s DTLA Spotlight Showcase and Forum at One California Plaza on Wednesday, where panelists weighed in on how L.A.’s reputation for “surf in the a.m. and snow […] |
Is “summering in the Hamptons” becoming a thing of the past? Posted: 14 Jun 2018 02:00 PM PDT For some, the notion of “summering in the Hamptons” may be a thing of the past. Although the summer rental season got off to an early start this year, some brokers said they are seeing shorter and shorter stays from many younger vacationers who don’t want to be locked in to just one beachfront locale. And the use of home-sharing sites helps them arrange for just a week or a weekend. “We’re seeing less and […] |
CBSK Ironstate scores $250M in debt, equity for Hell’s Kitchen condo project Posted: 14 Jun 2018 01:31 PM PDT UPDATED, Thursday, June 14 at 4:58 p.m.: CBSK Ironstate has scooped up a debt-and-equity package totaling more than $250 million for its 12-story, 222-unit condominium project in Hell’s Kitchen. The company — a partnership between Ironstate Development, CB Developers and SK Development Group — secured a $181 million construction loan from Deutsche Bank and $70 million in preferred equity from Boston-based hedge fund Baupost Group. CBSK and JLL, which brokered both deals, confirmed them […] |
Lee & Associates gets into the resi business Posted: 14 Jun 2018 01:04 PM PDT In an effort to become a one-stop shop for real estate clients, Lee & Associates NYC is getting into the residential business. As many residential firms face financial strain, the Midtown-based brokerage Lee & Associates is betting on its new division to be a natural extension of its core commercial business. Because the company is part of a national brand, it can afford to tackle “the missing puzzle piece” in the firm’s real estate offerings, […] |
National Cheat Sheet: Fed follows through with plan to raise interest rates … & more Posted: 14 Jun 2018 12:00 PM PDT The Federal Reserve is following through with its plan to raise interest rates Last month, the Federal Reserve indicated it would gradually increase interest rates, and on Wednesday, it followed through with its plan. Interest rates will rise by a quarter-percentage point, the Wall Street Journal reported. The increase will be the second one this year, and will likely be followed by two more before the end of 2018. “The economy is doing well,” Fed […] |
Halstead sues Oosten’s Chinese developer after being terminated Posted: 14 Jun 2018 11:42 AM PDT Halstead Property Development Marketing is suing the Chinese developer of Williamsburg’s Oosten condominium alleging it’s owed nearly $1.3 million after getting booted from the project. According to the suit, Halstead was hired by Xinyuan Real Estate in 2013 to market the 216-unit luxury development, the firm’s first solo project in the U.S. In October — amid a major shakeup of Xinyuan’s New York team — Halstead was terminated without cause from the project. At the […] |
WeWork taking entire office portion of Tribeca building Posted: 14 Jun 2018 11:00 AM PDT WeWork is taking the entire office portion of United American Land’s 408 Broadway in Tribeca. The co-working firm signed a 60,000-square-foot lease at the five-story building, a source told The Real Deal. WeWork’s new location will cover floors two to five. The building’s ground floor is currently home to clothing retailer OMG Jeans, according to UAL’s website. WeWork’s new space was previously occupied by design consultancy firm IDEO and the Long Island Business Institute. IDEO […] |
DTLA leaders talk future of city’s urban hub at TRD forum Posted: 14 Jun 2018 10:30 AM PDT Massive mixed-use projects like Metropolis and Angels Landing are helping to transform Downtown Los Angeles, but the neighborhood is still “adolescent at best. It’s not even driving yet,” according to one prominent new development broker. At The Real Deal’s DTLA Spotlight Showcase and Forum on Wednesday, a panel of top real estate developers and brokers helping to transform Downtown say the area has experienced dramatic change in the last decade but is still in the […] |
City officials, construction workers protest Durst’s Queens Plaza Park project Posted: 14 Jun 2018 10:09 AM PDT Construction workers and city officials rallied outside the Durst Organization’s Queens Plaza Park project this week to protest the developer’s decision to hire a nonunion concrete contractor for the tower. Iron Workers Union Local 46 and Council members Jimmy Van Bramer and Costa Constantinides gathered outside the project, which will rise 710 feet and feature 958 apartments. The group chanted: “If it ain’t union, shut it down,” and “New York City’s a union town,” to […] |
AG Underwood sues Trump Foundation, Trump family members for “persistent illegal conduct” Posted: 14 Jun 2018 09:37 AM PDT New York state’s new attorney general Barbara Underwood sued the Donald J. Trump Foundation on Friday, including President Donald Trump and his three oldest children, alleging self-dealing, unlawful political coordination and other illegal practices. Underwood asked a state judge to dissolve the president’s charitable organization and also asked that the court require the foundation to pay $2.8 million in penalties and donate its remaining account balance of $1 million to charities. According the attorney general’s […] |
Seward Park Co-op votes down $54M air rights sale to Ascend Group Posted: 14 Jun 2018 09:06 AM PDT At the annual meeting of the Seward Park Cooperative board on Tuesday, turnout was high for one of the most important votes the shareholders have ever taken: selling the 1,700-unit complex’s excess development rights to the Ascend Group, a developer planning two condominium towers nearby. About 1,300 apartment units participated, with 57 percent in favor, but that vote fell short of the two-thirds majority required by the co-op’s rules. The $54 million deal is now […] |
Suffolk Construction lures industry vet away from Related Posted: 14 Jun 2018 08:00 AM PDT A relative newcomer to New York City construction has lured a 20-year industry veteran — most recently at Related Companies — to join its ranks as chief operating officer. Midtown-based Suffolk Construction hired William Whitesell to help oversee its expansion into the New York region, the company announced Wednesday. Whitesell most recently served as vice president of design and construction at Related, where he worked on the developer’s $800 million retail center at Hudson Yards. […] |
SL Green to buy back another $500M in stock Posted: 14 Jun 2018 07:32 AM PDT SL Green Realty is increasing its share repurchase program by $500 million, which brings the total value to $2 billion. The real estate investment trust has so far used the program to repurchase about 15 million shares, according to an 8-K regulatory filing on Thursday. “As we continue to evaluate the best use of capital, the purchase of our stock, which is highly discounted relative to the value of our underlying assets, remains an extremely […] |
Zillow and Trulia sued for patent infringement by former brokerage Posted: 14 Jun 2018 07:00 AM PDT A former residential brokerage filed a federal lawsuit against Zillow Group and Trulia, alleging patent infringement related to searches on mobile apps. Corus Realty Holdings’ June 11 complaint accuses the Zillow and Trulia mobile apps of violating Corus’ 2001 patent called “Real-estate information search and retrieval system,” according to Inman. Corus had a real estate brokerage license in Virginia that expired in 2009, when the company was acquired by brokerage Long & Foster. That company […] |
WeWork’s revenue doubled last quarter as occupancy rate climbs Posted: 14 Jun 2018 06:30 AM PDT WeWork’s revenue climbed 110 percent to $342 million last quarter, according to a staff email Thursday regarding the unicorn’s financial performance. The increase comes as the co-working startup’s occupancy rate is on the rise, Bloomberg reported. It rose to 82 percent at the end of the first quarter, up from 73 percent a year ago, the report said. The company expanded to 73 cities — from 40 a year ago — and more than doubled […] |
Reonomy looks to Canada and Western Europe following $30M funding round Posted: 14 Jun 2018 06:00 AM PDT Reonomy has its sights set on Canada and Western Europe, after it secured $30 million in a new fundraising round. The Series C funding round led by Sapphire Ventures brings the company’s total fundraising to $68.4 million, and comes just months after a $16 million Series B funding round. Existing investors Bain Capital Ventures and Softbank Capital joined the most recent round. The flurry of activity follows a three-year hiatus from fundraising, during which the […] |
Manhattan rents rise, skewed by more demand for larger apartments Posted: 14 Jun 2018 05:30 AM PDT Following five consecutive months of decline, Manhattan saw its first increase in rent thanks to a growing demand for larger apartments. The median net effective rent, which accounts for concessions, rose 0.4 percent year-over-year in May to $3,392, according to Douglas Elliman’s latest rental report. But the trend was largely driven by the surge in new leases for larger apartments, as the high-end sales market remains soft, the report said. “You’re seeing some of that […] |
WATCH: David Schechtman on retail’s demise, his lawyer days and Meridian’s gender divide Posted: 14 Jun 2018 05:00 AM PDT It was the summer of 2005 and David Schechtman was holed up in a small room in Alabama late at night performing due diligence for a bankruptcy. One of the documents the then-DLA Piper attorney pored over was an account statement for a young real estate broker who was brokering a deal from the bankruptcy sale. It showed the broker’s salary, which was triple that of Schechtman. “That was probably the straw that broke the […] |
Inventory overload: Which neighborhoods have the most new condos to burn through? Posted: 14 Jun 2018 04:30 AM PDT The Manhattan condo market is starting to feel like the beauty counter in a fancy department store — with everyone from perfume spritzers to makeup artists vying for buyers’ attention. “It almost feels like you’re taking a client to the Bloomingdale’s cosmetic counter,” said Douglas Elliman broker Carol Staab, who works in the luxury space, referring to the hard sell that developers are putting on buyers. Manhattan inventory has been piling up for three years […] |
The streak is over: Concessions in Brooklyn, NW Queens fail to hit record highs in May Posted: 14 Jun 2018 04:00 AM PDT After months of breaking records, the number of new leases with concessions in Brooklyn and Queens finally saw a decline in May. In Brooklyn, the share of new leases with concessions hit 42.8 percent, while in Northwest Queens, it hit 47.7 percent, according to the latest report from Douglas Elliman. These were both down from April, when 51 percent of new leases in Brooklyn and 65.1 percent of new leases in Northwest Queens included concessions, both […] |
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