The Real Deal - New York Real Estate News

Compass’ Lindsay Barton Barrett jumps to Elliman

Posted: 18 Dec 2018 03:15 PM PST

Lindsay Barton Barrett — one of Compass’ early hires — is headed to Douglas Elliman. The move comes as Barrett is seeking to further boost her focus on new development, she told The Real Deal. Barrett and her team of three will be based out of Elliman’s new 111 Fifth Avenue location. “It made sense for me to be somewhere where I could really take advantage of a long track record of new development sales,” […]

Broad Street Development secures $100M for 370 Lexington buy

Posted: 18 Dec 2018 02:45 PM PST

Broad Street Development has locked in a roughly $101 million loan to fund its purchase of 370 Lexington Avenue. Invesco Real Estate provided the financing, according to mortgage documents filed this week. Broad Street agreed to buy the property for $190 million in September from Japanese investment company Unizo Holdings, which is offloading its $1 billion Manhattan portfolio. A Cushman & Wakefield team led by Doug Harmon negotiated the sale. Unizo sold the 27-story, 311,000-square-foot tower […]

Real estate stocks are doing better than the S&P 500 for the first time in years

Posted: 18 Dec 2018 02:15 PM PST

Real estate investment trusts will likely outperform the stock market this year for the first time since 2015, thanks to investors seeking out high-yielding property stocks. Although much of the stock market has been extremely volatile as of late, real estate stocks appear ready to have another solid year, according to the Wall Street Journal. JPMorgan Chase estimates that REITs will have dividend yields next year of 4 percent, which could continue to be appealing […]

Brokerage hopping: A look at agent turnover in South Florida

Posted: 18 Dec 2018 01:45 PM PST

“It’s an easy entry business and therefore an easy exit business,” Mike Pappas, CEO and president of The Keyes Company/Illustrated Properties told TRD, articulating an intrinsic truth about the residential brokerage business that veterans of the industry know all too well. Brokers largely credit the industry’s characteristically high rate of turnover to the constant influx of new professionals into the field. But experienced agents, too, contribute to the high rates of comings and goings, hopscotching […]

Two more condo sales just closed at 220 CPS

Posted: 18 Dec 2018 01:00 PM PST

The closings keep rolling in at Vornado Realty Trust’s 220 Central Park South. Unit 29A sold for $28.5 million, according to records filed with New York City’s Department of Finance. The anonymous buyer is listed as The Residence Valluga South Trust. In the condominium offering plan, the unit was priced at $24.25 million. The home, which spans about 3,700 square feet, ultimately sold for about $7,600 per square foot. The trustee, attorney Jeffrey Cooper, couldn’t […]

This Greenwich Village townhouse just sold at auction for $15M

Posted: 18 Dec 2018 12:30 PM PST

A 39-foot-wide townhouse unit at 215 Sullivan Street sold at auction this month after facing foreclosure. Unit TH-A sold for $14.6 million, according to records filed with New York City’s Department of Finance. The seller is listed as “215 Sullivan St, LLC.” Miami Beach-based buyer NW Sullivan LP started proceedings to foreclose on the property last year. The entity first took action against a 2016 mortgage of $11.75 million, according to a court filing. The […]

CRE investors see market slowdown amid shrinking borrowing costs vs. yields

Posted: 18 Dec 2018 12:00 PM PST

Commercial real estate investors are looking at the difference between long-term interest rates and property yields and seeing a clear sign the current market cycle is sputtering out. That spread between rates and yields have reached their narrowest margin in more than a decade. For some market pros, that is enough to predict the real estate market is heading for a downturn, according to the Wall Street Journal. Because investors often borrow in large amounts […]

Neighborhoods in Chicago, NY and DC see biggest spike in high earners moving in

Posted: 18 Dec 2018 11:30 AM PST

Over the last 20 years, a neighborhood on Chicago’s near North Side once home to a notorious public housing complex has seen the greatest increase of residents earning more than $200,000 of any area in the U.S. An analysis of U.S. Census data by consulting firm Webster Pacifics showed the Cabrini Green area of Chicago and a portion of the north suburb of Glenview now ranks in the top 10 in Census tracts with the […]

Coming soon: The Real Deal’s 2019 Data Book

Posted: 18 Dec 2018 11:00 AM PST

The Real Deal is preparing the 14th edition of its Data Book, the industry’s single most comprehensive collection of information on the New York-area real estate market. Included in the 2019 Data Book will be a ranking of the city’s most active transaction law firms; Manhattan’s top residential agents and Brooklyn’s top residential agents and firms. With a strong focus on various sets of data in NYC city, ranging from development to architecture to title […]

Irving Langer’s E&M Associates sells Harlem apartment portfolio to Sugar Hill Capital for more than $250M

Posted: 18 Dec 2018 10:15 AM PST

Irving Langer’s E&M Associates, one of the largest multifamily owners in the city, is selling another large portfolio of Harlem apartment buildings. Sugar Hill Capital Partners bought the collection of buildings from E&M for more than $250 million, sources told The Real Deal. The buildings are concentrated on the blocks just north of the northwest corner of Central Park, between Manhattan and St. Nicholas’ avenues. “As a Harlem-based real estate company that integrates sustainability, preservation, […]

Trump Tower sees fourth sale of the year

Posted: 18 Dec 2018 09:30 AM PST

A corner apartment at Trump Tower just sold for $4.4 million, marking the fourth sale in what’s been a sluggish year for the building. The 49th floor apartment appears to have been owned by Nicholas Notias, a Greek businessman who owns the shipping company, Seabridge Chartering, according to documents filed with the city Department of Finance on Monday. The roughly 1,900-square-foot unit was initially listed by Keller Williams for $7.75 million in February 2017 but […]

Kim Tasher’s latest Bronx project will have 91 units

Posted: 18 Dec 2018 08:45 AM PST

Kim Tasher is planning yet another Bronx development. Tasher’s company SKF Development filed plans with the Department of Buildings on Thursday for an eight-story, 91-unit residential building at 218 Bush Street in Mount Hope. The project would span about 66,000 square feet. SKF Development purchased the site in July for $490,000, according to property records. The firm did not immediately respond to a request for comment. The firm recently closed on a $2.8 million purchase […]

Hamptons Cheat Sheet: Famed Amagansett fish shop lists for nearly $7M, East Quogue golf course vote delayed again … & more

Posted: 18 Dec 2018 08:00 AM PST

Stuart’s Seafood Market in Amagansett lists for nearly $7M Longtime celebrity favorite Stuart’s Seafood Market in Amagansett has been put on the market by its owners Bruce and Charlotte Sasso for $6.99 million, according to the New York Post. Gwyneth Paltrow used the store in a photo shoot for her cookbook “It’s All Good.” The 8,500-square-foot fish shop sits on an acre that also has two homes and a parking lot, Curbed reported. The larger of the […]

Watch: The 5 biggest resi deals of 2018

Posted: 18 Dec 2018 07:30 AM PST

 It took a bit of discounting to get big-dollar resi deals over the finish line in 2018, but when they happened they were spectacular. The top closed sale of 2018 was James Dyson’s penthouse purchase at Zeckendorf Development’s 520 Park Avenue. Check out the rest of the top five in this quick video.

Cuomo vows to end vacancy decontrol

Posted: 18 Dec 2018 07:00 AM PST

In an FDR-stylized speech laying out his third-term priorities on Monday, Gov. Andrew Cuomo doubled down on ending vacancy decontrol. Cuomo vowed to end the policy, by which apartments are deregulated once the rent reaches $2,733.75 and the unit is vacant. The governor has previously called for an end to the policy, but now, with a Democratic Senate, such a change has a better chance of approval by the state legislature. “The lack of affordable […]

Saks Fifth Avenue to shutter Brookfield Place store

Posted: 18 Dec 2018 06:30 AM PST

Only two years after opening the Brookfield Place location, Saks Fifth Avenue’s women’s store is calling it quits.Saks will close its 86,000-square-foot women’s store on Jan. 5 because it wasn’t enough of a draw compared to the Saks Fifth Avenue flagship, the New York Post reported. “This Saks branch location was a test concept,” Saks said in a statement. According to store representatives, customers’ “preferred format is a combination of our digital channels and our iconic […]

Four Seasons fires co-owner previously accused of sexual assault

Posted: 18 Dec 2018 06:00 AM PST

More than three years after he was accused of groping a woman, Four Seasons managing partner Julian Niccolini has been fired. Niccolini was fired Monday morning for unspecified reasons, the New York Post reported. One source told the Post that he failed to adhere to an agreement to get counseling for his past behavior. His Four Seasons partner Alex von Bidder apparently pushed for his firing. Niccolini was arrested in 2015 on charges that he groped […]

PHOTOS: Inside Cooper Horowitz’ 2018 holiday party

Posted: 18 Dec 2018 05:30 AM PST

For the first time in years, Cooper Horowitz didn’t host its annual holiday party at Michael Jordan’s steakhouse in Grand Central Terminal. But moving the event a few blocks away from the transportation hub didn’t seem to diminish its draw. Around 2 p.m. last Wednesday, a long line of real estate professionals waited patiently outside the restaurant STK on Sixth Avenue for a chance at some afternoon networking. Inside, Robert Horowitz chatted with his son, […]

Milstein inks 93K sf in leases at 335 Madison

Posted: 18 Dec 2018 05:00 AM PST

Milstein Properties and its office-services venture Company signed about 93,000 square feet of leases at 335 Madison. Facebook is taking 40,000 square feet in the office tower, recently renamed “The Company Building,” which is currently undergoing a $100 million renovation. Forbes first reported that move. Cyber security firm BlueVoyant is taking 11,920 square feet and online retail search engine Narrativ leased 11,870 square feet, Milstein said. Timescale, Mint House, Parity Partners, 8VC, Nomad Health, Project […]

Valuation challenges: Sometimes company valuations don’t just raise eyebrows — they prompt lawsuits

Posted: 18 Dec 2018 04:30 AM PST

While company valuations often raise industry eyebrows, they can also result in legal action. Sometimes there are legitimate allegations of improper activity — with a firm cooking the books. Other times, enterprising plaintiffs’ lawyers sue when a company’s stock price plummets, or investors take action when they believe they’ve been deceived. Below are three real estate valuation cases from different time periods that ended with varying results. Related: Valuation inflation Cendant Corporation 1998 (Settled) Call […]

Here’s how losing NYCHA units would impact the city’s housing market: RPA report

Posted: 18 Dec 2018 04:00 AM PST

If New York City loses even just a third of its public housing, it would displace more than 100,000 people, according to a new report from the Regional Plan Association. And it would be nearly impossible for most of these tenants to find an affordable home in the city’s private market. Between 2011 and 2017, the price tag for addressing New York City Housing Authority’s physical needs went up from $32 billion to $45 billion, […]