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The Real Deal - New York Real Estate News |
| China offered to help kill investigations into 1MDB: report Posted: 07 Jan 2019 03:27 PM PST In 2016, Chinese leaders offered to help bail out 1MDB, the controversial Malaysian state fund that was at the center of a billion-dollar scandal, according to a new report. China offered to use its influence to persuade the U.S. and other countries to drop their investigations into the fund and then-Prime Minister Najib Razak, the Wall Street Journal reported on Monday. It further offered to bug the offices and homes of Journal reporters reporting on […] |
| This UES townhouse listed for $77M in 2015. It’s back. Posted: 07 Jan 2019 03:25 PM PST If at first you don’t succeed, wait four years and try again. A mansion on the Upper East Side that was on the market four years ago for $77 million has just been re-listed for a reduced price of $67 million. The seven-story townhouse is at 12 East 63rd Street, between Fifth and Madison avenues, is back on the market for $5,153 a square foot. The home has seven bedrooms and eight-and-a-half bathrooms, spread across […] |
| IRS cancels Opportunity Zones hearing amid gov shutdown Posted: 07 Jan 2019 02:45 PM PST The IRS has cancelled a key hearing on opportunity zones amid the ongoing government shutdown. The hearing was originally scheduled for Jan. 10 and would focus on tax breaks and proposed regulations under the new program, according to Bloomberg. The agency plans to announce a new date for the hearing after funding is restored to the Treasury Department. The IRS received almost 150 comments ahead of the hearing. It was seeking feedback on how to […] |
| Posted: 07 Jan 2019 02:30 PM PST Airbnb says Nassau, Suffolk hosts made $47M in 2018 According to numbers released by Airbnb, the company has about 3,600 hosts registered in Suffolk County and a comparatively lower 560 registered hosts in Nassau County, Newsday reported. Between May 25 and Sept. 3, 2018, the service had 81,700 guest arrivals across Long Island. All told, those visitors earned their hosts about $47 million, according Long Island Business News. That sum represents a 38 percent increase over […] |
| Meet the developers attending TRD’s Future City 2019 Posted: 07 Jan 2019 02:15 PM PST The real estate industry’s brain trust will gather in the Bahamas later this month to learn, network and squeeze in some fun at The Real Deal’s Future City 2019. Top developers including Michael Stern, Don Peebles, John Catsimatidis, Sharif El-Gamal, Morris Moinian, David Schwartz and Edgardo DeFortuna will take part in educational sessions on topics ranging from Opportunity Zones to alternative financing options at the event, taking place at the Baha Mar resort from Jan. […] |
| After default in Tel Aviv, Boaz Gilad resigns from Brookland holding company Posted: 07 Jan 2019 02:05 PM PST UPDATED, 5:53 p.m., Jan. 7: Brookland Capital CEO Boaz Gilad resigned from an affiliated holding company on Monday in the face of pressure from bondholders. Brookland stalled trading on its Tel Aviv bonds after announcing in November that liquidity issues would prevent it from meeting its debt obligations, according to Commercial Observer. Afterward, the company started negotiations with bondholders over $40 million that it still owes. The bondholders pressured Gilad to resign from the British Virgin […] |
| Century 21’s CEO is stepping down after less than two years Posted: 07 Jan 2019 02:00 PM PST Century 21 CEO Nick Bailey, who led the company’s rebranding, is stepping down. Michael Miedler, the current chief growth officer, will become CEO and president, Inman reported. Bailey, who will stay on until March 1, said in a statement that he and his family have decided to move back to Colorado. “I have had an amazing journey within this industry, and I am so proud of the countless ‘thank yous’ I have received for my […] |
| Ashkenazy picks up Sheepshead Bay shopping center for $38M Posted: 07 Jan 2019 01:45 PM PST Ashkenazy Acquisition Corp. picked up a shopping center in Sheepshead Bay from the LeFrak Organization for more than $38 million. Ben Ashkenazy and Michael Alpert’s investment firm paid $38.25 million to buy the block-sized property that runs along Nostrand Avenue between avenues Y and Z, The Real Deal has learned. The LeFrak Organization has owned the property, which has an address of 3779-3861 Nostrand Avenue, since at least the 1970s, according to property records. Tenants at […] |
| SoftBank planned to invest $16B into WeWork. That number just got way smaller. Posted: 07 Jan 2019 01:00 PM PST SoftBank has slashed a potential $16 billion investment in WeWork to $2 billion, after the Japanese megafund’s backers expressed concern over its free flow of capital to the flexible office space company. Backed by the sovereign wealth funds of Saudi Arabia and Abu Dhabi, and led by Masayoshi Son, SoftBank’s $100 billion Vision Fund was expected to invest another $16 billion in WeWork over the coming years. But in December, reports surfaced that its backers […] |
| Fintech firm to double space, swap buildings at World Trade Center Posted: 07 Jan 2019 12:30 PM PST It looks like 3 World Trade Center is on a leasing streak. Hudson River Trading is moving buildings and almost doubling its space at the tower, according to the New York Post. The fintech company has signed a lease for 135,000 square feet, and will leave behind 4 World Trade, where it leased 69,000 square feet in 2016. The lease comes on the heels of Casper Sleep signing on for 70,000 square feet at the […] |
| Resi scorecard: Brooklyn and Queens condo inventory through November 2018 Posted: 07 Jan 2019 12:00 PM PST NEW DEVELOPMENT CONDO REPORT BROOKLYN • Inventory increased as developers filed more units than were purchased • Developers filed 24 plans with 286 units • The state approved 18 plans with 166 units valued at $182 million for sale • Buyers purchased 150 units valued at $141 million SUPPLY BROOKLYN NEW DEVELOPMENT CONDO SUPPLY MOST EXPENSIVE CONDO PROJECTS APPROVED IN BROOKLYN Source: TRData analysis of plans approved to sell by NYS AG in November […] |
| Kimco is bringing a 244-unit, mixed-use project to Flushing Posted: 07 Jan 2019 11:30 AM PST Kimco Realty plans to build a more than 300,000-square-foot, mixed-use building in Flushing, Queens. The developer filed plans for 46‐15 Kissena Boulevard, calling for 244 residential rental units spanning across 244,000 square feet and another 58,000 square feet for retail, New York YIMBY reported. Between 25 and 30 percent of the apartments will be affordable. On the second floor of the building, space is being set aside for a 15,675-square-foot community center. Meanwhile, Flushing has […] |
| TRD is launching a new daily newsletter Posted: 07 Jan 2019 11:00 AM PST The Real Deal is launching a newsletter this week that will offer readers the insight and analysis they need to keep up with NYC’s fast-paced real estate industry. With The Daily Deeds newsletter, TRD subscribers will receive a primer on the biggest real estate stories in New York City, as well as the top stories from our other markets. The newsletter will also be packed with the day’s priciest listings, biggest closings, unpublished details from […] |
| Here are the week’s top luxury sales Posted: 07 Jan 2019 10:30 AM PST Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. |
| Zillow nixes data-sharing requirement for Premier Broker Posted: 07 Jan 2019 09:45 AM PST Zillow Group has removed a data-sharing requirement for its Premier Broker lead generation program, following ethics concerns. The initial contract, in September 2018, for the Premier Broker Flex Pricing program, required agents to share information about each transaction with Zillow, including deals with clients outside done outside of the portal, Inman reported. In December, the company updated the agreement to exclude the disclosure clause. Information required under the clause included sales information as well as […] |
| Brooklyn’s luxury market starts the year with a whimper: Stribling Posted: 07 Jan 2019 09:00 AM PST The first week of the year was a slow one for the Brooklyn luxury market. Only three contracts have been signed so far in 2019, but the average contract price is up from last week’s holiday slump. Contracts closed on two houses and one condominium for a total of $12.25 million, according to to the latest report from Stribling & Associates. The average contract price was $4 million, up from last week’s average of $2.4 […] |
| This may be terrible year for housing market: expert who called 2018 slowdown Posted: 07 Jan 2019 08:30 AM PST Housing expert James Stack has a solid track record for predicting what will happen in the market, and his prognosis for 2019 is not good. “Housing could be heading for its worst year since the last housing crash,” he said in an interview with Bloomberg. “Expect home sales to continue on a downward trend in the next 12-plus months.” The housing market slowed noticeably last year, as mortgage rates hit a seven-year high. Experts said […] |
| GFI, All Year admit errors on TASE docs, furthering anxiety about broader American bond crisis Posted: 07 Jan 2019 08:00 AM PST Two U.S. real estate companies had to correct financial statements with the Tel Aviv Stock Exchange last week, prompting further anxiety among investors about bonds issued by American companies in Tel Aviv. Allen Gross’ GFI Capital Resources and Yoel Goldman’s All Year Management were required to make the amendments — of varying significance — by regulators at the Israel Securities Agency, Israel’s equivalent to the Securities and Exchange Committee. GFI on Thursday made hundreds of […] |
| Here’s the next big project coming to the South Bronx Posted: 07 Jan 2019 07:30 AM PST Peter Serpico’s Omnibuild released renderings for its two-tower, mixed-use complex in the Bronx. Omnibuild, one of the city’s top hotel builders, is the general contractor for the project, located at 290 East 149th Street. Its developers are Vertical Community Development, led by president Serpico, Tom Eswein and Leon Hovsepian, and the Sioni Group, Eswein said. The renderings show that the two buildings will feature a brown facade. They will rise eight stories tall and sandwich […] |
| Manhattan’s two priciest luxury deals last week were in Greenwich Village: Olshan Posted: 07 Jan 2019 07:00 AM PST Manhattan’s luxury market saw 12 contracts signed last week for a total of about $115 million, according to the latest report from Olshan Realty. The contracts signed at $4 million or above were split between eight condos and four townhouses, and the number of contracts was the same total as last year for the same week. Both of the top two contracts signed last week were for properties on Morton Street in Greenwich Village. The […] |
| Rabsky receives $88M refinancing for Williamsburg project Posted: 07 Jan 2019 06:30 AM PST The Rabsky Group has refinanced its Leonard Pointe building in Williamsburg with an $88.2 million mortgage from Berkadia. The loan replaces prior $95 million in debt on the project from TD Bank, which Rabsky received in 2015. Leonard Pointe is located at 395 Leonard Street in Brooklyn. It stands seven stories tall with 188 units, according to StreetEasy. Units range from $2,860 per month for a one bedroom to $4,615 for a two bedroom. The […] |
| More than 20K new apartments are coming to New York this year Posted: 07 Jan 2019 06:00 AM PST New York will see more than 20,000 new apartments open their doors in 2019, and only a small amount are likely to find buyers or renters by the end of the year. Most of the new units will be in luxury towers, and it will take more than six years to sell all of the new development in Manhattan alone, according to the New York Times. The pace of sales has already slowed down leading […] |
| Some real estate startups have seen sky-high valuations. Now, investors want the market to dip Posted: 07 Jan 2019 05:30 AM PST Unicorn real estate startups like WeWork, Compass and Airbnb have seen whopping valuations this year. But now, some venture capitalists are hoping the startup market will turn. With startups expanding rapidly – some going public at sky-high valuations – it’s become harder for investors to get deals done, according to the New York Times. That’s because VC firms often prefer to invest in new companies for less money with the goal of eventually making a […] |
| Use TRD’s new 3-D development map to get a jump on the competition Posted: 07 Jan 2019 05:00 AM PST Trying to keep up with the latest projects underway in New York City? Check out The Real Deal’s new interactive map, where you can track more than 16,000 buildings in various stages of development across the five boroughs. This critical resource is for subscribers only, so if you haven’t joined us yet, sign up now. The map is updated daily by TRD’s data team and shows projects in every phase of development, from the moment plans […] |
| Posted: 07 Jan 2019 04:30 AM PST Eliot Spitzer needs little introduction. Most know him as the New York governor who resigned in the wake of a prostitution scandal in 2008. But the 59-year-old — who has reinvented himself several times over — now runs the real estate firm his late father, Bernard, founded in the 1950s. Spitzer got his start in the public sector as a young lawyer in Manhattan District Attorney Robert Morgenthau’s office, where he prosecuted mob cases in […] |
| GFP and Northwind have big plans and a tenant to match for FiDi office tower Posted: 07 Jan 2019 04:00 AM PST When the Gural family and Northwind Group signed a contract to buy the headquarters of Guardian Life Insurance in the Financial District a little more than a year ago, they knew they had their work cut out for them. The 1980s-era building at 7 Hanover Square needed to be brought into the modern age, and it was looking at some 900,000 square feet of vacancy later this year. Now, before the ink on the $300 million […] |
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