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The Real Deal - New York Real Estate News




Penthouse for Putin: Trump Org planned to give Russian prez $50M unit in failed Moscow tower, report says
Mic, which is reportedly worth $5M, was paying over $2M in rent
REBNY tightens rules for listing syndication
New home sales fall nationwide to lowest levels in 2 years
Black homeowners have lost $156B thanks to systemic undervaluation: report
Follow The Real Deal’s Deal Sheet on Instagram!
Sorry, home appraisers, bots are coming for your jobs
Rabsky and Spencer land $65M loan for Broadway Triangle project
Here’s why Scott Stringer wants to nix the mortgage recording tax
Lightstone Group lands $210M loan for Gowanus rental development
Charged up: Compass is giving agents credit cards
German police raid Deutsche Bank offices, as legal woes multiply for one of NY’s biggest real estate lenders
RXR raising $1B for second debt fund
Michael Cohen pleads guilty to lying about a Russia Trump Tower deal
The South Bronx could see another large resi development
Even amid the Amazon surge, Queens’ priciest condo got a price cut
The city is scrapping plans for a new 40-story lower Manhattan jail
This bill would make rent-stabilized landlords provide four years of rent history
Is CitizenM’s LES modular hotel a gamechanger for prefab construction?
To lure buyers, Extell offers free common charges for up to five years


Penthouse for Putin: Trump Org planned to give Russian prez $50M unit in failed Moscow tower, report says



Posted: 29 Nov 2018 05:02 PM PST


The Trump Organization was prepared to offer Russian President Vladimir Putin a $50 million penthouse as part of a marketing stunt to sell units in its proposed Trump Tower Moscow. Two U.S. law enforcement officials shared details of the penthouse giveaway with BuzzFeed News hours after President Trump’s former personal attorney Michael Cohen pleaded guilty on Thursday to a new criminal charge in connection with his role in negotiations for Trump Tower Moscow. The proposed 100-story […]



Mic, which is reportedly worth $5M, was paying over $2M in rent



Posted: 29 Nov 2018 03:15 PM PST


The Durst Organization may have to look for a new tenant for the 82nd floor of 1 World Trade Center. News startup Mic, which rented the 36,000-square-foot space in 2016, laid off almost its entire staff Thursday as it sold to publisher Bustle Digital Group for $5 million. Mic was paying $69 per square foot for its space, according to Commercial Observer, or around $2.5 million in total per year. The digital news publication raised […]



REBNY tightens rules for listing syndication



Posted: 29 Nov 2018 02:45 PM PST


After being accused by brokerage chiefs of not doing enough to enforce its own rules, the Real Estate Board of New York is rolling out new data-sharing procedures and will fine violators starting next year. In an email to residential members on Thursday, REBNY said the new procedures are designed to “improve the speed and accuracy of listing data” and provide “an efficient way to manage listings and handle complaints.” The email, a copy of […]



New home sales fall nationwide to lowest levels in 2 years



Posted: 29 Nov 2018 02:30 PM PST


October marked the worst month for new home sales in the U.S. in more than two years, another blow to homebuilders who had already endured higher mortgage rates and along with bumps in construction and supply costs. “It adds another nail to the coffin to the housing market expansion,” said Ralph McLaughlin, deputy chief economist with property data firm CoreLogic. New home sales in October fell 8.9 percent to 544,000 compared to September, marking an […]



Black homeowners have lost $156B thanks to systemic undervaluation: report



Posted: 29 Nov 2018 01:15 PM PST


Homeownership has been billed as a way to generate wealth for American families, but a new study shows blacks don’t reap the same financial rewards from owning homes as whites. Owner-occupied homes in majority black neighborhoods are consistently sold or appraised at an average of $48,000 less nationwide than comparable homes in white neighborhoods, according to a new study from Brookings Institution and Gallup reported by Curbed. That amounts to $156 billion in lost value […]



Follow The Real Deal’s Deal Sheet on Instagram!



Posted: 29 Nov 2018 12:30 PM PST


Shaya Sonnenschein and Shaya Ackerman of Meridian Capital Group represented the owner, Marx Development Group. The loan was issued by Mack Real Estate Credit Strategies. #commercialrealestate #nycrealestate #trdny #trddealsheet #nyc #nycloans #trdloans A post shared by The Real Deal’s Deal Sheet (@trddeals) on Jun 20, 2018 at 10:17am PDT The Real Deal’s Deal Sheet is on Instagram! Our latest social media channel features snaps of retail and office leases, financing acquisitions and commercial and residential […]



Sorry, home appraisers, bots are coming for your jobs



Posted: 29 Nov 2018 12:00 PM PST


Federal regulators are looking to pave the way for computers to replace humans in an increasing number of home value appraisals. The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp. and the Federal Reserve proposed altering regulations related to when a home must be assessed by a licensed appraiser, the Wall Street Journal reported. Currently, homes valued at $250,000 or less can be bought and sold without an appraiser visiting the […]



Rabsky and Spencer land $65M loan for Broadway Triangle project



Posted: 29 Nov 2018 11:30 AM PST


Simon Dushinsky and Isaac Rabinowitz’s Rabsky Group is forging ahead with an eight-building development in South Williamsburg’s Broadway Triangle, after a judge dismissed a discrimination lawsuit against the controversial project earlier this year. Dushinsky, together with co-developer Joel Gluck of Spencer Equity, landed a $65 million loan from an unnamed financial institution for the project, according to documents filed with the Tel Aviv Stock Exchange. The one-year loan will repay an existing $20 million loan […]



Here’s why Scott Stringer wants to nix the mortgage recording tax



Posted: 29 Nov 2018 11:00 AM PST


New York City Comptroller Scott Stringer wants to boost affordable housing in New York City by getting rid of the mortgage recording tax and revamping the city’s tax code. Stringer unveiled his proposal at an event on Thursday morning, where he again criticized Mayor Bill de Blasio’s affordable housing plan for not being ambitious enough. His office published a report stating that the plan is not reaching about 580,000 households in New York City that […]



Lightstone Group lands $210M loan for Gowanus rental development



Posted: 29 Nov 2018 10:30 AM PST


Lightstone Group landed a $210 million mortgage for its Gowanus rental building at 365 Bond Street. The new debt replaces a $120 million Square Mile Capital loan from last year. The lender for the new mortgage is Goldman Sachs. The property, which sits along the Gowanus Canal, is 12-story, 430 unit apartment complex that was completed in 2016. Amenities in the building include a waterfront esplanade park, a private garden courtyard, a fitness center and […]



Charged up: Compass is giving agents credit cards



Posted: 29 Nov 2018 10:00 AM PST


Over the past year, Compass has offered agents business loans and the option to buy company stock. Now, it’s launching a Compass-branded credit card. The residential brokerage announced the “Compass Card” on Wednesday at a biannual retreat in Los Angeles, which attracted some 2,500 agents. Chief Growth Officer Rob Lehman described the card as a solution “for all your business needs,” Inman reported. Agents who use the card will pay back charges on their “own […]



German police raid Deutsche Bank offices, as legal woes multiply for one of NY’s biggest real estate lenders



Posted: 29 Nov 2018 09:15 AM PST


Scrutiny surrounding Deutsche Bank, one of New York’s top real estate lenders, has just intensified. Police in Germany raided the banking giant’s offices on Thursday in connection with suspected money laundering related to the Panama Papers. The Deutsche Bank investigation is focused on a handful of employees suspected of helping clients set up offshore companies in tax havens, and for allowing “proceeds of crimes” transferred to Deutsche Bank accounts without reporting them to authorities, according […]



RXR raising $1B for second debt fund



Posted: 29 Nov 2018 09:00 AM PST


RXR Realty is raising $1 billion for its second real estate debt fund, the company’s chief financial officer Michael Maturo said Thursday. As part of the vehicle, the development company is raising $500 million from an unnamed institution and another $500 million from other investors. In August, Maturo told Commercial Observer that RXR was raising “$500 million in a fund vehicle to continue to invest on the debt side.” RXR could not immediately be reached […]



Michael Cohen pleads guilty to lying about a Russia Trump Tower deal



Posted: 29 Nov 2018 08:11 AM PST


President Trump’s former attorney Michael Cohen has pleaded guilty to a new criminal charge. Cohen, at a court hearing, said he made false statements to Congress about a Trump Tower deal in Moscow during the 2016 presidential campaign, the New York Times reported. The deal has been a focus of special counsel Robert Mueller’s investigation into the Trump campaign’s ties to Russia. Cohen said he downplayed his interactions with Russia about the potential project and […]



The South Bronx could see another large resi development



Posted: 29 Nov 2018 07:15 AM PST


Another development site could be joining the South Bronx’s residential boom. The waterfront property at 399 Exterior Street is on the market, with owner Pantheon Properties aiming to get more than $30 million for it, Crain’s New York reported. The site has room for about 300,000 square feet of residential space. “This is one of the last large scale residential development sites that is available along the water in Mott Haven and we believe demand […]



Even amid the Amazon surge, Queens’ priciest condo got a price cut



Posted: 29 Nov 2018 06:30 AM PST


Amazon’s pending move may be causing prices increases and a frenzy of buyer interest in Long Island City — but the borough’s priciest condominium just got price-chopped. Penthouse 5 at the View, at 46-30 Center Boulevard, is now asking $3.65 million, the New York Post reported. It was listed for $4.25 million in 2017. Stribling’s Sharon Walker Flynn has the listing. The duplex spans 2,260 square feet and has three bedrooms. The condo includes a […]



The city is scrapping plans for a new 40-story lower Manhattan jail



Posted: 29 Nov 2018 05:45 AM PST


The city is no longer planning to build a 40-story jail in Lower Manhattan due to the issue of relocating tenants. Officials said the plan for a jail at 80 Centre Street, which would have been on top of an existing building, has been scrapped, the New York Daily News reported. The city will instead go back to a previous plan to expand the Manhattan Detention Complex. The complex on 125 White Street, which is […]



This bill would make rent-stabilized landlords provide four years of rent history



Posted: 29 Nov 2018 05:05 AM PST


The shortcomings of rent-stabilization enforcement in New York City are well known, with widespread abuse by landlords making national news in recent months. Now, city lawmakers are moving to address the crisis with a batch of new legislation. Council member Mark Levine, whose district spans a swath of Upper Manhattan between Washington Heights and the Upper West Side, introduced a bill on Wednesday that would require owners of rent stabilized units to provide four years […]



Is CitizenM’s LES modular hotel a gamechanger for prefab construction?



Posted: 29 Nov 2018 04:30 AM PST


The new 246-foot-tall CitizenM New York Bowery Hotel on the Lower East Side has set a new bar for hospitality construction. Despite a relatively quiet grand opening in late September, it’s now the world’s tallest prefabricated hotel. Rob Wagemans, the Dutch hotel brand’s creative director and chief architect, described modular construction — where rooms are made in a factory before being shipped to a job site for assembly — as part of “the DNA of […]



To lure buyers, Extell offers free common charges for up to five years



Posted: 29 Nov 2018 04:00 AM PST


To combat a near-stagnant condo market, Extell Development is offering to pay between three and five years worth of common charges for any apartment purchased by the end of the year. At a broker event Tuesday, the Gary Barnett-led firm disclosed the portfolio-wide incentive meant to drum up business in what is decidedly a buyer’s market: The firm will pay for three years’ worth of common charges on one- and two-bedroom units put into contract […]


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