The Real Deal - New York Real Estate News

Host Hotels buys Sternlicht’s 1 Hotel South Beach for $610M, setting new record

Posted: 20 Feb 2019 04:01 PM PST

Host Hotels paid $610 million for 1 Hotel South Beach, marking a new per-room record for Miami-Dade hotel sales at $1.42 million a key. Barry Sternlicht’s Starwood Capital Group and LeFrak sold the luxury beachfront hotel at 2341 Collins Avenue, according to a press release. Starwood affiliate SH Hotels & Resorts will continue to operate and manage the 429-room hotel. Hodges Ward Elliott brokered the deal. The property was previously under contract to billionaire Michael […]

Piece of Ko-Rec-Type portfolio sells for $23M

Posted: 20 Feb 2019 03:18 PM PST

One piece of the Ko-Rec-Type portfolio in Williamsburg traded for $23 million, after sitting on the market for roughly 11 months. The parcel, located at 96 North 10th Street, sits across Wythe Avenue and is one of several owned by the manufacturer that have been on the market since last year. The deal closed on Feb. 14, and the buyer was “96 North 10th Street Holdings LLC,” which lists Eliyahu Zev Kohn as its manager, […]

Send the date: Share your real estate events with The Real Deal

Posted: 20 Feb 2019 01:50 PM PST

Each week, The Real Deal provides a roundup of the top real estate events in New York you need to know for the week ahead. Send conferences, panel events, networking opportunities and more to events@TheRealDeal.com. To search for future industry events or browse past ones, click here.

Jamie LeFrak in contract to buy Pine Tree Drive spec mansion: sources

Posted: 20 Feb 2019 01:35 PM PST

Jamie LeFrak, vice chairman and managing director of LeFrak, is the latest wealthy New York developer looking to put down roots in South Florida. LeFrak is under contract to buy the spec mansion at 4567 Pine Tree Drive, The Real Deal has learned. Jill Hertzberg of Coldwell Banker’s The Jills team is the listing agent. Hertzberg declined to comment on the buyer, but confirmed that the property is under contract for close to the nearly […]

Gotham lands $184M to refi two Manhattan rental buildings

Posted: 20 Feb 2019 11:50 AM PST

Joel Picket’s Gotham Organization landed an injection of debt to cover two Manhattan rental properties. Wells Fargo loaned $184 million to refinance the properties, which combined have more than 500 units and were recently renovated by Gotham, Commercial Observer reported. The debt in the deal, set up as bond purchases from the government, has a 15-year term with fixed and floating rates. One of the towers covered by the debt is the 48-story Atlas New […]

Data wars: Inside the fight to lead CRE’s data revolution

Posted: 20 Feb 2019 11:05 AM PST

In the last week of October, commercial real estate brokers all over the country received a package via snail mail from CoStar Group. Inside was the informational equivalent of a dirty bomb — the latest salvo in the data giant’s legal battle against its main rival, Missouri-based Xceligent. When brokers opened the UPS envelope, they found a brochure with a carefully assembled selection of news clippings and letters about Xceligent’s alleged theft of CoStar’s data. […]

Douglas Elliman to hold MeToo conference–and Bo Dietl will be part of it

Posted: 20 Feb 2019 10:30 AM PST

UPDATED, February 20, at 2:15 p.m.: Douglas Elliman is launching a “MeToo investigation platform” created by recent mayoral hopeful and private investigator Bo Dietl. The brokerage and Dietl plan to host a joint press conference to discuss the third-party portal, which would allow employees to lodge workplace misconduct and sexual harassment complaints, representatives for Dietl said. The platform is being billed as a way to file complaints “without fear of blowback from an employer” and […]

Westchester & Fairfield Cheat Sheet: Scarsdale lands on ‘richest places’ index, co-working arrives in Trumbull … & more

Posted: 20 Feb 2019 10:03 AM PST

Scarsdale ranks second on ‘Bloomberg Richest Places’ index A Westchester County town has taken one of the top spots on the Bloomberg Richest Places annual index. Scarsdale placed second on the ranking; its residents “enjoyed a $30,000 increase, on average, in annual household income from the prior year,” the outlet reported. In first place was Atherton, California, which is a short distance from Stanford University, Google and Facebook. Scarsdale Mayor Dan Hochvert gave partial credit […]

Follow The Real Deal’s Deal Sheet on Instagram!

Posted: 20 Feb 2019 08:45 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 […]

Troubled loan backing Lever House sees $68M in losses

Posted: 20 Feb 2019 08:00 AM PST

The debt on the iconic Lever House at 390 Park Avenue has sold at a $68 million loss. An entity tied to Ramsfield Hospitality Finance paid $12.8 million for the commercial-mortgage backed securities loan on the property, the New York Post reported. The debt, which originally carried a balance of $110 million, had since been paid down to $80.2 million, according to data from financial firm Trepp. Aby Rosen’s RFR Realty failed to pay back […]

The Hamptons’ home runs: A look at the priciest home sales of 2018

Posted: 20 Feb 2019 07:15 AM PST

One mansion sold for $18.7 million and another for $40 million, but the bookends of the 10 priciest home sales on Long Island’s East End last year told the same story: It was a buyer’s game. Median Hamptons home prices peaked in 2018 — plateauing at nearly $1 million after rising for six consecutive years — and buyers are now driving down prices on luxury inventory, said brokers in the affluent enclave. Ongoing economic uncertainty […]

EQ Office signs financial services firm to 3-floor spread at Park Avenue Tower

Posted: 20 Feb 2019 06:30 AM PST

A financial services firm has signed a three-floor lease at Park Avenue Tower, the 36-story building owned by Blackstone Group subsidiary EQ Office. PineBridge Investments, a global asset manager, will take 57,000 square feet of space across floors five through seven, according to the New York Post. The firm is moving its headquarters to the building and breaking its lease at Boston Properties’ 399 Park Avenue, where it had not finished its contract. Newmark represented […]

City issues subpoena for 20K apartment listings on Airbnb

Posted: 20 Feb 2019 06:07 AM PST

New York City has issued a subpoena to Airbnb demanding the short-term rental site hand over the details of 20,000 apartment listings in the city. In a bid to side-step a court order blocking the city’s efforts to access Airbnb’s data, Mayor Bill de Blasio said Monday that the subpoena could help identify “illegal hotels” in the city, where entire buildings are being rented out by Airbnb hosts. “We want to make sure that something […]

Salt Bae is bringing a new burger spot to 220 PAS

Posted: 20 Feb 2019 05:30 AM PST

Celebrity chef Nusret Gökçe has signed a lease at 220 Park Avenue South to open a new restaurant. Known by food aficionados as Salt Bae, the chef’s new restaurant, Nusr-Et Burger, will take 2,800 square feet on the ground floor and 3,200 square feet below in the basement, according to the New York Post. The retail space, which has frontage on East 18th Street, had an asking rent of $220 a square foot. CBRE represented […]

Here’s what the $20M-$30M NYC investment sales market looked like last week

Posted: 20 Feb 2019 05:00 AM PST

New York City’s investment sales in the $20 million to $30 million range last week spanned asset classes and neighborhoods, from a warehouse deal in Crown Heights to an apartment building in the East Village. 1.) Cayre Equities dropped $23.5 million for a 92,00-square-foot warehouse at 1260 Atlantic Avenue in Crown Heights. The property will be converted to become the seventh Treasure Island Storage location in the city (Cayre owns Treasure Island), and Cayre plans […]

New York’s landslide: Prices may have recovered, but development site deals are way down compared to just three years ago

Posted: 20 Feb 2019 04:30 AM PST

In the fall of 2015, Bob Knakal was watching the bids come in for Manhattan land parcels across a portfolio of 40 sites. They weren’t good. Coming off a two year-boom in the market for development sites, buyers had been consistently bidding an average of $685 per square foot for Manhattan dirt. Almost overnight, those offers began plummeting by around 20 percent. Then the chair of Cushman & Wakefield’s New York investment sales team, Knakal […]

U.S. housing sales declines and inventory rises, luring potential new buyers: report

Posted: 20 Feb 2019 04:00 AM PST

The U.S. housing market keeps slowing down, with January having marked the sixth consecutive month of declining sales. It was also the biggest year-over-year inventory increase in a decade — 6.4 percent — according to Re/Max’s National Housing Report for January. But the drop in sales and rise in inventory could make homes more affordable to more potential buyers, according to the report. For years, low housing inventory pushed up demand, pricing many potential buyers […]