The Real Deal - New York Real Estate News

Kushner pays tenants $100K to cover for rent overcharges

Posted: 05 Dec 2018 03:00 PM PST

Kushner Companies agreed to pay five tenants at its Brooklyn property 89 Hicks Street a combined $100,000 to compensate them for alleged rent overcharges and for illegally deregulating their units. The company is also returning the apartments to rent-regulated status, Crain’s reported. The move comes in response to a class-action lawsuit filed in April 2017 by tenants with the help of the nonprofit Housing Rights Initiative. “Once the issue was brought to my client’s attention, […]

Tallest resi building in Westchester sells for $259M

Posted: 05 Dec 2018 02:09 PM PST

A partnership between Harbor Group International and Azure Partners acquired the tallest residential building in Westchester for $259 million. The property, known at Skyline New Rochelle, is a 40-story rental building with 588 apartments. The transaction marks the second time that the property has changed hands since 2013. The seller is Massachusetts firm DSF Group. HGI went into contract to acquire the property in October. The Class-A building is subject to a 30-year tax break, […]

“It’s easy as hell and fun as f*ck”: Miami’s multiple listings service scandal revisited

Posted: 05 Dec 2018 01:30 PM PST

The Jills versus Kevin Tomlinson saga got the glossy treatment this week with a sprawling story offering a few new details on the case that centered around accusations of manipulation of the Multiple Listing Service. As those in South Florida real estate already know, former One Sotheby’s International Realty agent Kevin Tomlinson was sentenced in August to extended probation and banned from the industry for trying to extort Coldwell Banker agents Jill Hertzberg and Jill […]

Resi scorecard: Manhattan inventory through October 2018

Posted: 05 Dec 2018 12:45 PM PST

NEW DEVELOPMENT CONDO REPORT MANHATTAN • Inventory grew as new filings outpaced sales • Developers filed five plans with a total of 307 units • Just one plan was approved for sale in October with six units and a total sellout of $10 million • Buyers purchased 144 units valued at $470 million SUPPLY MANHATTAN NEW DEVELOPMENT CONDO SUPPLY MOST EXPENSIVE CONDO PROJECTS APPROVED Source: TRData analysis of plans approved to sell by NYS AG […]

WeWork, local partner buy DC office building for $137M

Posted: 05 Dec 2018 12:00 PM PST

A WeWork-affiliated real estate fund is buying a Washington, D.C. office building in partnership with Meridian Group for $136.5 million. WeWork Property Advisors, which WeWork manages with private equity firm Rhone Group, is contributing 50 percent of the equity, Bisnow reported. The 350,000-square-foot building at 1333 New Hampshire Avenue NW in Dupont Circle is currently occupied by law firm Akin Gump Strauss Hauer & Feld, which will be moving out. The seller is Boston Properties. […]

Affiliate of Kaled Management agrees to pay tenants of J-51 building $850K

Posted: 05 Dec 2018 11:30 AM PST

Tenants at a Murray Hill apartment building will receive $850,000 in rent refunds following a settlement they reached with their landlord Hewlett Associates, according to the watchdog group Housing Rights Initiative. A lawsuit against Hewlett, generated by HRI and filed by the law firm Grimble & LoGuidice, claimed that apartments in 144-90 41st Avenue had been illegally removed from the rent stabilization program even as the landlord continued to receive the J-51 tax subsidy for […]

Northern California fires nearly wiped out housing gains made over last decade

Posted: 05 Dec 2018 11:00 AM PST

The fires that devastated Northern California stand to worsen the housing crisis, as they’ve burned homes faster than developers are able to build them. The Camp Fire alone destroyed 21,000 homes across six counties, or roughly 85 percent of the new housing that’s been built across those counties in the last decade, according to the Los Angeles Times. “We had a housing crisis prior to the fires,” Bob Raymer, a senior engineer with the California […]

With $6.8B Forest City deal set to close, Brookfield says it’s now the biggest commercial landlord in town

Posted: 05 Dec 2018 10:25 AM PST

Brookfield Asset Management is expected to close on its $6.8 billion purchase of Forest City Realty Trust by the end of this week, making the company the largest commercial property owner in New York City. Ric Clark, senior managing partner of Brookfield Asset Management and chairman of Brookfield Property Group, said the deal will make the company the top commercial landlord in the city, with 26.1 million square feet under management. Clark touted the deal […]

Here’s what the $10M-$20M NYC investment sales market looked like last week

Posted: 05 Dec 2018 10:00 AM PST

In the world of mid-market New York City investment sales last week, the estate of a late Pop artist sold its Tribeca property and Wallack Management Company acquired two Upper West Side residential buildings. 1.) In Tribeca, the five-story townhouse at 162 Chambers Street, once home to artist James Rosenquist, sold for $11.7 million to anonymous buyer 162 Chambers Street LLC. The asking price was about $14.5 million, according to StreetEasy. Rosenquist, who died in […]

Westchester & Fairfield Cheat Sheet: Anne Hathaway sells Westport mansion, Yonkers firm plans co-working and ax throwing spaces … & more

Posted: 05 Dec 2018 09:30 AM PST

Anne Hathaway and spouse sell Westport mansion for $2.7M Anne Hathaway and her husband have taken a loss on their Westport mansion, Variety reported. The Oscar-winning actress and actor and producer Adam Shulman, bought the five-bedroom, 5.5-bathroom home for $2.79 million a little over two years ago, and recently sold it off-market for $2.7 million, according to the outlet. The 1920s-built property, known as CompoBello, has a main residence, attached guesthouse, manicured gardens, and an […]

Innovo in contract to buy LIC industrial site for $75M

Posted: 05 Dec 2018 09:00 AM PST

Andrew Chung’s Innovo Property Group is in contract to buy the old warehouse of online grocer FreshDirect in Long Island City for about $75 million, according to sources familiar with the deal. The company is purchasing 23-30 Borden Avenue from Atlas Capital Group. The site has about 200,000 square feet of ground floor space and 175,000 square feet of air rights, and it includes a 6,000-foot LED sign as well. A Cushman & Wakefield team […]

FAO Schwarz to open store in Chicago

Posted: 05 Dec 2018 08:30 AM PST

Renowned New York toymaker FAO Schwarz will join a revamp of the Midway Airport shopping concourse that’s on track to bring 70 new retail brands to the airport by 2020. The 156-year-old toy company applied for a permit to add a store sign in the airport, according to city buildings department records. A city spokesperson confirmed the lease Monday but did not say how much space the store would take inside the city’s junior airport. […]

City Planning approves controversial trio of resi towers in Two Bridges

Posted: 05 Dec 2018 08:00 AM PST

After a bitter and drawn-out review process, the city approved a trio of large-scale residential towers on the Lower East Side waterfront on Wednesday. In a 10-to-3 vote, the City Planning Commission voted in favor of a controversial application, filed jointly by four developers, to build three residential towers in Two Bridges that together will add 3,000 housing units to the neighborhood. They include JDS Development’s 1,000-unit rental tower at 247 Cherry Street; L+M Development […]

Brooklyn North Capital, RiverBrook land $46M loan for Kips Bay condo project

Posted: 05 Dec 2018 07:30 AM PST

UPDATED, Dec. 5, 12:50 p.m.: Brooklyn North Capital and RiverBrook Equities secured a $46 million acquisition and construction loan for their Kips Bay condo building project. S3 Capital Group provided the financing for the planned development at 165-169 Lexington Avenue. The partners will build an 11-story condominium on the 58,628-square-foot, three-lot assemblage. Eastern Union Funding’s Michael Muller and Moshe Lipschitz brokered the mortgage, part of which funded the recent $8.3 million acquisition of 165 Lexington […]

California firm to buy Billy Macklowe’s Midtown office tower for $130M

Posted: 05 Dec 2018 07:00 AM PST

Billy Macklowe and a partner are in contract to sell a 186,000-square-foot Midtown office tower to a Californian real estate investment firm for $130 million, according to a new report. San Francisco-based DivcoWest is expected to purchase the 15-story office building at 311 West 43rd Street, according to the New York Post. A Cushman & Wakefield team led by Adam Spies is marketing the property. Macklowe’s firm William Macklowe Co. and Principal Real Estate Investors […]

Despite an “overheated” market, Bank of America is ramping up its CRE exposure

Posted: 05 Dec 2018 06:30 AM PST

As New York’s commercial real estate market continues to heat up, Bank of America is going headfirst into the market after holding off large investments. “We’re actually, quite frankly, increasing our exposure right now in commercial real estate because we stayed out,” said Brian Moynihan, the company’s chief executive, according to Bloomberg. He flagged the new direction at a Goldman Sachs conference in New York this week, which comes as the company seeks to introduce […]

For millennials in these cities, the rent is too damn high without parents’ help: survey

Posted: 05 Dec 2018 06:00 AM PST

Los Angeles is often billed as a place where young people can start a new life and leave behind their past. One thing a chunk of millennials seem to be holding onto: part of their parents’ bank accounts to help pay the rent. Some 12 percent of renters in Los Angeles get help with their rent from mom and dad, one of the highest percentages in the country, according to a new survey by rental […]

Here’s what real estate players heading to Art Basel need to know

Posted: 05 Dec 2018 05:30 AM PST

Real estate and art converge this week, as developers, brokerages and architects capitalize on the well-heeled crowd descending on Miami to boost the visibility of their luxury projects. Brokerage firms are sponsoring art fairs, condo projects are hosting lavish parties and exhibits, architects and designers are holding book signings, and museums are offering art-studded VIP soirees during Art Basel Miami Beach and Art Week — all geared to lure the artsy set. Christie’s International Real […]

Adam Neumann-backed hotel and co-working company Selina expands to NYC

Posted: 05 Dec 2018 05:00 AM PST

Selina, a hotel and co-working company that counts WeWork’s founder Adam Neumann among its investors, is opening its first New York City location. The company announced Wednesday that it signed a 20-year lease for the entire 63,000-square-foot building 138 Bowery. The property will include 90 hotel rooms 2,000 square feet of co-working space, a rooftop bar and more than 2,000 square feet of ground-floor retail space. “This is really a flagship location for us,” said […]

Watch: The 5 biggest projects coming to NYC

Posted: 05 Dec 2018 04:30 AM PST

After not having any of the 10 biggest permit filings in October, Manhattan returned with the two largest real estate projects last month. In this quick video, we broke down the 5 biggest projects to hit city records last month.

Is the great real estate job boom ending?

Posted: 05 Dec 2018 04:00 AM PST

This spring, the British online brokerage Purplebricks landed in the Big Apple with a simple message: The city’s residential agents are making too much money. “Our view is that in 2018 no one should be paying 5, 6 or 7 percent to sell their home, given the changing consumer behavior and access to information and viable alternatives,” Eric Eckardt, the company’s U.S. head, told The Real Deal in April. Instead, Purplebricks charges sellers a flat […]