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The Real Deal - New York Real Estate News |
| Former HUD secretary buys Boerum Hill carriage house Posted: 17 Jan 2019 04:00 PM PST The former head of U.S Housing and Urban Development snapped up a four-story carriage house in Boerum Hill — nearly a decade after selling another one a block away. Shaun Donovan, who served as HUD secretary under President Obama, and his wife, Liza Gilbert, bought 139 Bond Street for $2.3 million, according to a public filing recorded with the Department of Finance. The sellers were James Crow and his husband, Hector Nieves. Crow, a broker […] |
| Knotel expands in Manhattan with a new lease at 61 Broadway Posted: 17 Jan 2019 03:15 PM PST Knotel has locked down a new lease in Lower Manhattan. The flexible office company finalized a 60,323 square-foot lease at RXR’s 61 Broadway, Knotel said in a statement. The lease spans the entire 9th, 10th, 17th and 18th floors of the 33-story tower. CBRE’s Sinclair Li, Dan Wilpon and Evan Fiddle represented Knotel in the deal. Newmark Knight Frank’s Hal Stein, David Malawer, Ben Shapiro and Todd Stracci represented the owner. “This is a strategic […] |
| ‘Essence’ inks 29K lease for new HQ in Industry City Posted: 17 Jan 2019 02:45 PM PST Essence Communications, the company that owns African-American women’s magazine Essence as well as the music festival of the same name, is moving to a new headquarters in Industry City. The media company has inked a 10-year, 29,000-square foot lease in Building 4 of the complex at 34 35th Street. The company currently operates out of a different building in Industry City, and is expected the move into the new location in the second quarter of […] |
| Co-working firm Industrious signs three Manhattan leases Posted: 17 Jan 2019 02:16 PM PST Industrious, the New York-based co-working firm, is expanding its footprint in the city in a move the company has been reluctant to make until now. The firm announced Thursday that it had signed new leases at 325 Hudson Street and 1411 Broadway. A third lease agreement, at 215 Park Avenue South, expands the firm’s current footprint at its Union Square location. At the Hudson Street location, the firm partnered on the lease with Jamestown LP, […] |
| Former KKR exec sells Soho condo at a loss Posted: 17 Jan 2019 01:45 PM PST It’s rare to see private equity hotshots take one on the chin, but one former KKR executive appears to have suffered a loss on the sale of his full-floor Soho condo. An LLC that lists Jonathan and Claire Ziegler Smidt as members sold unit 6A at 10 Sullivan Street for about $10.3 million, according to a public record filed with the Department of Finance. The Smidts picked up the 10 Sullivan Street unit in 2016 […] |
| Parkoff Organization closes on 6-building multifamily portfolio Posted: 17 Jan 2019 01:05 PM PST The Parkoff Organization has closed on a deal to buy five multifamily buildings in Brooklyn and one in Queens from Morris Weintraub Associates. The deeds for five of the six properties were recorded with the city on Thursday. No transaction has been recorded for the sixth, a 60-unit apartment building at 150 74th Street in Bay Ridge, but Parkoff’s name appears on associated mortgage documents recorded last week. Representatives for Parkoff and Weintraub could not […] |
| Extell’s record-setting Central Park Tower is priced for the dip, Gary Barnett says Posted: 17 Jan 2019 12:30 PM PST Even the world’s tallest condo tower isn’t immune to the sales market slump. But Extell Development’s Gary Barnett is banking on pricing flexibility to weather the storm. The developer will roll out new incentives at Central Park Tower this year and is still paying 50 percent of a broker’s commission upfront, the Wall Street Journal reported. Sales launched at the development, the most expensive condominium project in New York City history, in October. “We’re certainly […] |
| Coming soon: The Real Deal’s 2019 Data Book Posted: 17 Jan 2019 11:30 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 […] |
| Student debt is hurting the housing recovery: Fed study Posted: 17 Jan 2019 10:50 AM PST It’s not the avocado toast eating into millennials’ down payment budgets. A recent report from the central banking system found that the dramatic rise in student debt is at least partially responsible for the drop in homeownership levels, the Wall Street Journal reported. Homeownership in the U.S. has fallen significantly since its pre-recession peak, with the rate among young people lagging particularly far behind. The Fed study, which examined a period from 2005 to 2014, […] |
| Lightstone getting in on the lending game Posted: 17 Jan 2019 10:00 AM PST Lightstone Group is joining the ranks of real estate companies launching their own debt platforms. The firm announced Thursday that it is setting up Lightstone Capital, which will aim to address inefficiencies and roadblocks that borrowers are dealing with in the current market. Lightstone hopes to close at least $500 million worth of transactions in its first year. Lightstone president Mitchell Hochberg said the company wanted to launch the new platform to take advantage of […] |
| City to revoke permits for Extell’s Kazakh-backed tower at 50 West 66th Street Posted: 17 Jan 2019 09:15 AM PST The city’s Department of Buildings plans to strip Extell Development of permits to build a 775-foot skyscraper at 50 West 66th Street, Manhattan Borough President Gale Brewer announced Wednesday. The move is a reversal by DOB on this project, a development that has long been contested by area residents and their City Councilmember Helen Rosenthal. As recently as December, DOB rejected Rosenthal and others’ contention that a planned 150-feet of height containing only empty space […] |
| Here’s why SkyBridge Capital pulled plug on Opportunity Zone venture with EJF Capital Posted: 17 Jan 2019 08:30 AM PST SkyBridge Capital and EJF Capital touted their planned $3 billion Opportunity Zone fund as a unique entity, saying it would be structured as a real estate investment trust in order to develop across states and property types. But a month after a big rollout, Anthony Scaramucci’s SkyBridge pulled the plug on the partnership amid concerns from distribution partners about EJF’s lack of experience managing real estate funds. “This endeavor was going to be their first […] |
| Follow The Real Deal’s Deal Sheet on Instagram! Posted: 17 Jan 2019 08:00 AM 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 […] |
| Raphael Toledano’s fast and rocky ride Posted: 17 Jan 2019 07:40 AM PST Raphael Toledano has difficulty staying still. On a recent afternoon, the stubble-faced real estate wunderkind sat in his office, dressed in a black suit and leather slip-on shoes that he said he designed himself. He alternated between puffing on cigarettes — both tobacco and electronic — eating fresh mango slices and popping pills for a headache. Before commencing the interview, Toledano, a Sephardic Jew who prays three times a day, wondered aloud about the ethics […] |
| HomeServices of America is making some changes to its C-suite Posted: 17 Jan 2019 07:00 AM PST Berkshire Hathaway’s behemoth brokerage HomeServices of America is getting new leadership as it expands its footprint across the country. Gino Blefari has been appointed CEO of the company, Inman reported. He was previously CEO of HSF Affiliates, the subsidiary that operates the Berkshire Hathaway HomeServices and Real Living franchise networks. Former CEO and founder Ron Peltier will become the company’s executive chairman. The change comes as HomeServices of America has been growing nationwide. Last year, […] |
| Posted: 17 Jan 2019 06:30 AM PST Maybe you’ve heard that the tech industry has helped exacerbate a housing affordability crisis across many of the U.S. hottest housing markets. In its own back yard, Microsoft is ready to spend $500 million to fix a growing problem it had a hand in creating. The move is the largest effort by a tech company to directly address affordable housing and inequality in the areas where the industry is concentrated, the New York Times reported. […] |
| De Blasio is 34,000 units closer to his affordable housing goal Posted: 17 Jan 2019 06:00 AM PST The de Blasio administration is touting its progress toward reaching its affordable housing goals, even as it struggles to control the systemic and widespread problems at the New York City Housing Authority. Last year, the city funded more than 10,000 new affordable-housing units, the Wall Street Journal reported. City officials said that’s one step closer to Mayor Bill de Blasio’s goal of building or preserving 300,000 units by 2026. The total units financed or preserved […] |
| Greenwich condo sales surge as buyers shift toward smaller homes Posted: 17 Jan 2019 05:30 AM PST As New York City’s condominium market navigates a slump, things are looking rosier in Greenwich. In the fourth quarter, condo sales in the Connecticut town surged 23 percent from a year earlier, according to Douglas Elliman’s latest market report. At the same time, the median sales price dipped 3.1 percent to $746,250. Single-family sales slid 2.2 percent, with the median sales price falling 16.7 percent. “The shift in price indicators is partly due to the […] |
| U.S. foreclosures drop to lowest level since 2005, but on the rise in Florida Posted: 17 Jan 2019 05:05 AM PST American lenders last year initiated foreclosures on the lowest percentage of American homes since 2005, raising hopes that the worst of the last housing crisis might be in the rearview mirror. The 52,069 properties targeted for foreclosure in December represented a 19 percent drop year over year and the sixth consecutive month of year-over-year-decline after a brief spike in July, according to a report from ATTOM Data Solutions. In total, about 625,000 homes faced foreclosure […] |
| Posted: 17 Jan 2019 04:30 AM PST Fifth Avenue slips from first place in global retail markets New York’s Fifth Avenue has lost its crown as the world’s most expensive retail street, according to an annual ranking by Cushman & Wakefield. As of the second quarter of 2018, Hong Kong’s Causeway Bay held that record, with rent costing $2,671 per square foot, compared with $2,250 per square foot in Manhattan’s retail mecca. Although rent on Upper Fifth has been falling for several […] |
| Top Corcoran agent David Chang is jumping to Stribling Posted: 17 Jan 2019 04:00 AM PST The Corcoran Group’s David Chang is joining Stribling & Associates as he aims to boost his new development business. Chang will be based out of Stribling’s Tribeca office and partner with Millie Perry, who has focused on new dev, according to a statement. In addition to resale deals, Chang will work with Stribling Marketing Associates on new projects. “While I had a great experience at Corcoran, I felt that moving to Stribling was the right […] |
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