The Real Deal - New York Real Estate News

Event space at former Bowery Savings Bank hits auction block

Posted: 11 Feb 2019 03:30 PM PST

High-end events space Capitale — formerly home of Bowery Savings Bank — is on the market for the first time in nearly two decades. Wendy Maitland, who started her brokerage Atelier WM after being pushed out at Brown Harris Stevens, has the listing. The property, at 130 Bowery, will be sold through auction, starting Feb. 11, Bloomberg reported. But the property won’t have an asking price. “That’s the $65 [million] question,” Maitland told Bloomberg. “My […]

Call it a “joint” venture: Simon Property Group partners with cannabis oil company

Posted: 11 Feb 2019 03:00 PM PST

America’s biggest mall owner is seeing green. Soon after posting a record fourth quarter, Simon Property Group announced on Monday that it would be partnering with cannabis firm Green Growth Brands to open 108 shops in its malls this year. The shops will sell products infused with the cannabis extract cannabidiol, also known as CBD, according to CBNBC. “The GGB shopping experience is exactly the type of innovation our customers want and expect from us,” […]

China Oceanwide looks to sell Seaport dev site amid broader financial concerns

Posted: 11 Feb 2019 02:30 PM PST

China Oceanwide Holdings is putting 80 South Street on the market. The Beijing-based company purchased the Financial District site about three years ago and is looking to sell it for roughly $300 million, according to Commercial Observer. Just five firms have been approached so far to bid on the property. The firm purchased 80 South Street along with 163 Front Street for $390 million in March 2016, and the property is currently zoned for a […]

Eklund-Gomes expands Brooklyn team

Posted: 11 Feb 2019 02:00 PM PST

Douglas Elliman’s Eklund-Gomes team is further expanding in Brooklyn, tapping a new team lead to drive sales in the borough. The team tapped Jessica Peters, formerly on Elliman’s Peters-O’Brien team, to be executive manager of Brooklyn sales, the brokerage said. Peters is joining as the team has been focusing on new development in the borough. Peters said she’s known Fredrik Eklund and John Gomes for years and “always flirted with the idea of working together.” […]

Resi scorecard: Brooklyn and Queens condo inventory through December 2018

Posted: 11 Feb 2019 01:30 PM PST

88 NEW DEVELOPMENT CONDO REPORT BROOKLYN Inventory declined as developers filed fewer units than were purchased Developers filed 13 plans with 117 units The state approved 12 plans with 289 units valued at $625 million Buyers purchased 141 units valued at $137 million SUPPLY BROOKLYN NEW DEVELOPMENT CONDO SUPPLY Source: TRData analysis of plans approved to sell by NYS AG in December LARGEST PROJECTS FILED IN BROOKLYN Source: TRData analysis of plans submitted to the NYS […]

Late Miami RE exec’s ex charged with fraud in connection to her estate

Posted: 11 Feb 2019 01:15 PM PST

Authorities have charged the longtime boyfriend of the late Andrea Greenberg with submitting a forged will, which would have made him the sole beneficiary and executor of the real estate marketing executive’s $1 million estate. Alejandro Aparicio, who was charged with grand theft, organized fraud and forgery, was booked into Miami-Dade Jail on Friday, but has since posted bail. Greenberg died in Oct. 9, 2017, from an opioid overdose involving fentanyl, the Miami-Dade Medical Examiner […]

Lightstone lands $187M loan for LIC rental

Posted: 11 Feb 2019 12:45 PM PST

Lightstone has closed on $187 million in financing for a large rental building in Long Island City, the company announced Monday. Citibank provided the loan for the ARC, a 428-unit rental project at 30-02 39th Avenue. Amenities at the building, which leased up in August, include a rooftop pool, outdoor dining cabanas and bocce courts. Lightstone purchased the former parking garage site in January 2016 for about $23 million and broke ground on the project […]

In wake of California wildfires, at-risk homeowners turn to surplus insurers

Posted: 11 Feb 2019 12:30 PM PST

Last year’s deadly wildfires that cut across parts of California caused billions of dollars in real estate damage, and led insurance companies to raise rates on homeowners in high-risk areas. Some insurers have even been refusing to renew policies in order to lower their exposure for potential big payouts. Now, some homeowners whose properties are most at-risk are turning to specialized surplus insurance providers, according to the Wall Street Journal. The specialized providers are a […]

Topless tension at Brooklyn rental owned by Goldman and Gluck

Posted: 11 Feb 2019 12:15 PM PST

Tenants at Yoel Goldman and Joel Gluck’s luxury Brooklyn rental have a few things to get off their chest. “There were girls sunbathing topless up there,” a tenant at the Azure with a young child told the New York Post. “My wife was like, ‘WTF?!’ There are a lot of families [here].” “They marketed it as being a luxury building with families,” another tenant told the newspaper. The problems at the Azure, located at 436 […]

These are some of the most notable resi sales last week

Posted: 11 Feb 2019 12:00 PM PST

Some of the top residential deals for New York City last week included a Metropolitan Opera executive selling her Sherry Netherland co-op for $11 million and billionaire Thomas Peterffy dropping $22 million for a unit at 810 Fifth Avenue. But there was a wealth of other transactions that didn’t make headlines. Here are a few other memorable sales that hit public records last week. Source: A TRD review of public records filed with the New […]

Here are the week’s top luxury sales

Posted: 11 Feb 2019 11:30 AM PST

Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales.

Brooklyn luxury sales saw $10M dip last week: Stribling

Posted: 11 Feb 2019 11:05 AM PST

Thirteen contracts were signed last week in the Brooklyn luxury market, worth a total of about $37.9 million. That’s a more than $10 million dip from last week’s bump, but still an increase from the last week of January, when only five contracts were signed totaling $14.3 million, according to the latest report from Stribling & Associates. The firm defines luxury units as homes priced $2 million or higher. Last week, nine deals closed on […]

Long Island Cheat Sheet: Home sales rise 10.5% after flat 2018, Nassau Hub slated for another $40M… & more

Posted: 11 Feb 2019 10:30 AM PST

Long Island home sales up 10.5 percent after flat 2018 January saw 2,017 pending home sales in Nassau and Suffolk counties, a 10.5 percent increase over the same period last year, according to Long Island Business News. Suffolk had 1,155 pending home sales, a 10.7 percent jump from the 1,043 it had in January 2018. Nassau had 826 homes go into contract, a 10.1 percent bump from the same time a year before when it […]

Here’s one way to tell if a tower is in trouble

Posted: 11 Feb 2019 10:00 AM PST

Want to understand if a major property is at risk of defaulting on their loans? One way to tell is to look at the difference between private appraisals of the building and those done by ratings agencies. An analysis of large commercial mortgage-backed securities deals by The Real Deal found that ratings agencies routinely shave more than 20 percent off bank appraisals in the lead-up to bond offerings. In some cases, they may shave up […]

The Manhattan luxury market’s lackluster winter continues: Olshan

Posted: 11 Feb 2019 09:30 AM PST

Manhattan’s luxury market saw 16 contracts signed last week for a total of about $114 million, continuing its lackluster winter, according to the latest report from Olshan Realty. The contracts signed at $4 million or above were split between nine condos, five co-ops and two townhouses. The number of contracts increased by one from the week before, while the dollar volume decreased by about $18 million. Both of the top two contracts last week were […]

McNally Jackson is staying put in Soho. It’s also opening two new stores.

Posted: 11 Feb 2019 09:00 AM PST

McNally Jackson’s flagship bookstore in Soho is no longer moving, and the store is planning to open two more branches as well. One of the new locations will be in Downtown Brooklyn at the City Point development, and the other will arrive at the South Street Seaport, according to Vulture. Prospective landlords approached owner Sarah McNally for both projects, she said, and both branches could open as soon as this fall. She almost moved her […]

Locals are already pushing back on the Gowanus rezoning plan

Posted: 11 Feb 2019 08:30 AM PST

The Gowanus rezoning plan is already attracting heaps of criticism from residents. Many are demanding that the city put more investment into public housing before they complete the plan, and others are pushing back against allowing for more 20- and 30-story buildings in the neighborhood, according to the Wall Street Journal. Officials at the Department of City Planning said the plan would lead to thousands of new affordable housing units in Gowanus and provide developers […]

Save the date: The Real Deal’s annual NYC Showcase and Forum is on May 15

Posted: 11 Feb 2019 08:00 AM PST

Meet and mix with the real estate industry’s key power players—including financiers, developers and brokers—at The Real Deal’s 12th annual Showcase and Forum, being held at The Metropolitan Pavilion on May 15th. More than 4,500 attendees gather for this exclusive one-day event that give businesses a prime opportunity to connect with key decision makers, those who have a direct impact on their company’s growth. This year’s schedule of events includes how residential real estate can […]

These were the top 10 outer borough loans last month

Posted: 11 Feb 2019 07:30 AM PST

Downtown Brooklyn was all over the list of January’s top 10 outer borough loans. The neighborhood had four projects on the list, including the top two: a $321 million loan for 11 Hoyt Street and a $130 million loan for 540 Fulton Street. Brooklyn dominated the list overall, taking up the top six spots and seven of the 10 overall. Queens had two loans on the list for January, while the Bronx had one, and […]

Concierge Auctions facing accusations of fraudulent bids

Posted: 11 Feb 2019 07:00 AM PST

Concierge Auctions, the market leader in luxury real estate auctions, has faced accusations that it manipulates bids to juice up its business. Since 2014, the company has been a defendant in 10 lawsuits, half of which accused Concierge of using some type of fake bidder to increase the price of homes or to make sellers think there was more interest in their properties than there really was, according to a review of suits on Courthouse […]

PHOTOS: Dining with RE top brass at TRD’s Future City event in the Bahamas

Posted: 11 Feb 2019 06:30 AM PST

The Real Deal‘s first Future City event took place last week in the Baha Mar resort in the Bahamas. About 200 real estate CEOs and execs from around the country flew in to network, discuss and debate some of the biggest issues in the business right now. Check out the slideshow above to see a glimpse of an intimate dinner on the beach held one of the two evenings. All photos by Erin Hudson

Silverstein may build 2 WTC on spec

Posted: 11 Feb 2019 06:00 AM PST

After searching for years for an anchor tenant, Silverstein Properties may now go ahead and build the skyscraper on spec. Given what he described as a strong economy and leasing momentum at nearby towers, the developer’s chairman, Larry Silverstein, said it might be a good time to move ahead with construction on the 80-story, 2.8 million-square-foot tower. “I think we’re in an increasingly good spot, in a good position, to do that,” Silverstein told Bloomberg. […]

WeWork finally owns its HQ property

Posted: 11 Feb 2019 05:22 AM PST

The We Company has finally closed on its purchase of Lord & Taylor’s Fifth Avenue flagship. WeWork Property Advisors, an investment vehicle managed by the We Company and private equity firm Rhône Group, announced it would buy the building from Hudson’s Bay Company in October 2017 for $850 million. “The completion of this transaction, which will see us bring new life to the iconic Lord & Taylor building, reflects the evolution of the We Company, the […]

Broker confidence increases for first time since 2017: REBNY

Posted: 11 Feb 2019 05:00 AM PST

Real estate brokers are feeling more confident for the first time since the end of 2017, according to the Real Estate Board of New York. REBNY’s Real Estate Broker Confidence Index score increased to 5.86 out of 10 during the fourth quarter of 2018, an increase of 1.11 points compared to the third quarter of the year. Broker confidence had gone down in three consecutive quarters prior to this. Confidence ticked up among both residential and […]

These are NYC’s top investment sales firms

Posted: 11 Feb 2019 04:30 AM PST

It had been a long two years, but the city’s investment sales market finally turned a corner in 2018. Last year saw the total value of commercial property traded in the five boroughs rise for the first time since the market tanked following the peak days of 2015, according to several industry sources. And a new reality further set in for the commercial brokerage landscape. Cushman & Wakefield — long used to playing third string […]

Compass joins nascent New York MLS

Posted: 11 Feb 2019 04:00 AM PST

Compass is joining the nascent New York MLS amid the brokerage industry’s latest dustup with StreetEasy. The SoftBank-backed firm plans to announce today that its listings will appear on NewYorkMLS.com, a new multiple listing service that’s attempting to gain a stronghold in New York City — a market that has for years lacked such a system. Compass also feeds its listings to the Real Estate Board of New York’s residential listing service (RLS) and will […]