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The Real Deal - New York Real Estate News




Former Venezuelan national treasurer sentenced in $1B money laundering scheme
Adam America to develop 19-story mixed-use building on UWS
Hello Living planning 104-unit condo project in the Bronx
Zara Realty snags $173M to refi Queens portfolio
Douglaston leases Hudson Yards site, paving way for 931-unit tower
BHS names Bess Freedman as first CEO
Hamptons Cheat Sheet: Southampton zoning board OKs East Quogue golf course, Amagansett inn seeks $6.9M … & more
RXR and logistics partner plan huge vertical warehouse in Maspeth
Weaker home price growth points to slowing US housing market: report
Pharma R&D firm relocating offices to Lower Manhattan following $7B merger
Move over Amazon, Google’s got some news of its own
Send the date: Share your real estate events with The Real Deal
These were the 10 largest Manhattan real estate loans in October
Flatbush Presbyterian Church hits the market as development site
Signature Bank ups footprint at 1400 Broadway to more than 100K sf
DNA Development puts 12 West 48th Street on the market
Watch: These are the top 5 property managers in Manhattan
Shulem Herman buys LIC homeless shelter for $37M
Architecture review: High marks on Hoyt Street
Analysis: These resi brokerages are primed to cash in on Amazon’s LIC move


Former Venezuelan national treasurer sentenced in $1B money laundering scheme



Posted: 27 Nov 2018 03:15 PM PST


A former national treasurer of Venezuela was sentenced to 10 years in prison on Tuesday for his role in a $1 billion dollar money laundering scheme in which much of the money went into South Florida real estate. Alejandro Andrade was sentenced by U.S. District Judge Robin L. Rosenberg of the Southern District of Florida. He admitted in a guilty plea that he received over $1 billion worth of bribes from his co-conspirator, Venezuelan TV […]



Adam America to develop 19-story mixed-use building on UWS



Posted: 27 Nov 2018 03:00 PM PST


Adam America is bringing a 19-story mixed-use building to the Upper West Side. The developer is planning a development with 44 residential units, according to documents filed with the city’s Department of Buildings on Tuesday. As previously reported, the development site at 2503-2509 Broadway was sold in September to an entity tied to MSD Partners — the private investment firm that exclusively manages Michael Dell and his family’s money. The firm also provided a $35 […]



Hello Living planning 104-unit condo project in the Bronx



Posted: 27 Nov 2018 02:30 PM PST


Hello Living is continuing its expansion beyond Brooklyn, and this time it’s going condo in the Bronx. The firm, founded by Eli Karp, is planning to build a 104-unit condominium building in the Morissania section of the Bronx, a company representative said. The site, located at 1049 Washington Avenue near the corner of East 165th Street, is currently a parking garage for petroleum products distributor Ambassador Fuel. It would be one of the few condo […]



Zara Realty snags $173M to refi Queens portfolio



Posted: 27 Nov 2018 02:19 PM PST


Zara Realty just landed a $173 million refinancing package for 15 of its buildings in Queens. M&T Bank provided the loan, which included a $48.2 million gap mortgage, according to documents filed with the city Department of Finance on Tuesday. Zara representatives noted that the company is making a series of long-term investments in its Queens buildings, which include upgrades to the buildings’ heating and cooling systems, new elevators, as well as new kitchens, floors […]



Douglaston leases Hudson Yards site, paving way for 931-unit tower



Posted: 27 Nov 2018 02:00 PM PST


Jeff Levine’s Douglaston Development is close to signing a 99-year ground lease for a development site at 601 West 29th Street, sources told The Real Deal. The company recently filed plans for a 601-foot-tall, 931-unit apartment tower designed by FXCollaborative. The lot, which sits on the corner of 11th Avenue near the High Line, spans just under 62,000 square feet, according to property records. Newmark Knight Frank’s James Kuhn, David Noonan and Jennifer Schwartzman brokered […]



BHS names Bess Freedman as first CEO



Posted: 27 Nov 2018 01:30 PM PST


Less than a year after being named co-president of Brown Harris Stevens, Bess Freedman has been tapped as the luxury brokerage’s first chief executive. As CEO, Freedman will oversee operations in New York City, the Hamptons, Palm Beach and Miami — consolidating leadership of those regions for the first time. The promotion was announced Tuesday in a companywide email signed by Hall Willkie, who has been president of BHS since the 1990s. Willkie will continue […]



Hamptons Cheat Sheet: Southampton zoning board OKs East Quogue golf course, Amagansett inn seeks $6.9M … & more



Posted: 27 Nov 2018 12:45 PM PST


Southampton zoning board approves East Quogue golf course The Southampton Town Zoning Board of Appeals approved the building of an 18-hole golf course as a recreational amenity for a proposed 118-unit subdivision in East Quogue, 27east reported. The board found the golf course to be comparable to other recreational amenities like swimming pools and tennis courts, which are allowed in planned residential districts. A nearly identical proposal by the developer, Arizona-based Discovery Land Company, previously […]



RXR and logistics partner plan huge vertical warehouse in Maspeth



Posted: 27 Nov 2018 12:15 PM PST


Scott Rechler’s RXR Realty plans to build the city’s next multi-story warehouse at the Queens property his firm bought with Los Angeles-based LBA Logistics for more than $70 million earlier this year. The partners have drawn up plans for a four-story warehouse they’re calling the Grand Logistics Center in the industrial section of Maspeth, representatives for the project told The Real Deal. The development could be as large as 770,000 square feet. “This is an […]



Weaker home price growth points to slowing US housing market: report



Posted: 27 Nov 2018 11:45 AM PST


Want more evidence the U.S. housing market is losing ground? Home price gains continue to slow in many of the largest metro areas, according to a new S&P CoreLogic Case-Shiller nationwide survey. The 5.5 percent home price increase in September was down slightly from the 5.7 percent gain the previous month, according to the report. The 5.5 percent gain was the smallest since January 2017. Both the survey’s 10-city and 20-city composites performed worse than […]



Pharma R&D firm relocating offices to Lower Manhattan following $7B merger



Posted: 27 Nov 2018 11:00 AM PST


Syneos Health, which following a $7 billion merger last year is the now second-largest company in the expanding pharmaceutical-research industry, is growing into a new office at Brookfield Place in Lower Manhattan. The biopharma outsourcing provider signed a lease for just shy of 86,500 square feet at Brookfield Property Partners’ 200 Vesey Street, representatives for the company told The Real Deal. Syneos will relocate multiple offices spread across Manhattan, including its Meatpacking District location at […]



Move over Amazon, Google’s got some news of its own



Posted: 27 Nov 2018 10:15 AM PST


Alphabet Inc., Google’s parent company, has just scooped up a $1 billion business park near its Mountain View headquarters. The tech behemoth purchased Shoreline Technology Park, a 51.8-acre property a few blocks away from its Googleplex, Bloomberg reported. Google is already the main tenant of Shoreline’s 12 buildings. Google’s been on something of a real estate tear. The company recently bought up property in nearby Sunnyvale for $160.3 million, according to the Mercury News in […]



Send the date: Share your real estate events with The Real Deal



Posted: 27 Nov 2018 09:35 AM PST


Each week, The Real Deal provides a roundup of the top real estate events in New York you need to know for the week ahead. Send conferences, panel events, networking opportunities and more to events@TheRealDeal.com. To search for future industry events or browse past ones, click here.



These were the 10 largest Manhattan real estate loans in October



Posted: 27 Nov 2018 08:45 AM PST


The top 10 Manhattan loans recorded in October totaled $2.1 billion, a slight increase from September. While half of the top 10 loans were refinancing deals, the two biggest loans of the month were for acquisitions of the Terminal Stores warehouse and an Upper West Side apartment complex. 1) More stores at Terminal Stores – $652 million L&L Holding Company and Normandy Real Estate Partners secured a $652 million acquisition loan from Blackstone Group for […]



Flatbush Presbyterian Church hits the market as development site



Posted: 27 Nov 2018 08:00 AM PST


Another New York church is up for sale and being marketed as a possible development site. The Flatbush Presbyterian Church at 494 East 23rd Street in Ditmas Park is now on the market, according to Bklyner. The church is currently using about 3,400 square feet of land for its building, while developers would be able to build an extra 16,000 square feet as of right on the site. If the developers include space for a […]



Signature Bank ups footprint at 1400 Broadway to more than 100K sf



Posted: 27 Nov 2018 07:15 AM PST


Signature Bank is expanding by about 21,000 square feet at 1400 Broadway, bringing its total footprint in the building to more than 100,000 square feet. The bank inked a 15-year lease for 91,181 square feet on the sixth, seventh and 27th floors in September and is adding 20,691 square feet on the 26th floor in a new deal, according to Commercial Observer. This brings its total space in the building to 111,872 square feet. Asking […]



DNA Development puts 12 West 48th Street on the market



Posted: 27 Nov 2018 06:30 AM PST


DNA Development is considering selling 12 West 48th Street, and wants roughly double what it paid in 2016 to acquire the property. The firm has hired a Cushman & Wakefield investment sales team to market the four-story, 31,000-square-foot property, according to the New York Post. DNA purchased it in 2016 from Gary Barnett’s Extell Development for $37 million. The property was a parking garage when DNA purchased it. The garage was demolished and DNA is […]



Watch: These are the top 5 property managers in Manhattan



Posted: 27 Nov 2018 05:45 AM PST


 Between them, the five biggest property managers in Manhattan service over 110,000 apartment units, according to The Real Deal‘s latest ranking. But there was a change at the top this year, with Douglas Elliman Property Management leapfrogging last year’s largest residential manager, FirstService Residential. In this video, we’ll show you the other firms vying to manage landlords’ rental properties. Take a look!



Shulem Herman buys LIC homeless shelter for $37M



Posted: 27 Nov 2018 05:00 AM PST


Brooklyn investor Shulem Herman has gone to Queens for his latest purchase. Herman has purchased a homeless shelter in Long Island City from Lam Group for $36.5 million, according to property records. He took out a roughly $23.2 million mortgage for the purchase from Sterling National Bank. The 154-room building used to be a Fairfield Inn hotel and is located at 52-34 Van Dam Street. Herman bought 1501 Pitkin Avenue in Brownsville late last year […]



Architecture review: High marks on Hoyt Street



Posted: 27 Nov 2018 04:30 AM PST


Downtown Brooklyn is getting a massive new condo tower, and the design is actually good. In some respects, 11 Hoyt Street, which is being developed by mega real estate player Tishman Speyer, resembles Frank Gehry’s 8 Spruce Street in Lower Manhattan — with a similar glass and scalloped concrete facade. Like that project, this one calls for a tower (although a slightly broader one) with a sequence of almost flame-like protrusions. But unlike 8 Spruce, this […]



Analysis: These resi brokerages are primed to cash in on Amazon’s LIC move



Posted: 27 Nov 2018 04:00 AM PST


When Amazon announced earlier this month that it would be putting one half of its new “headquarters” in Long Island City, it drew even more attention to a neighborhood already in the midst of a major construction boom. The news set the real estate world abuzz, and the market reacted immediately. But while condominium sales seem to have flipped from a buyers’ to a sellers’ market overnight, the rental world’s response has been more muted. […]


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