The Real Deal - New York Real Estate News

After surpassing revenue target in 2018, CoStar reveals ambitious goal for 2023

Posted: 26 Feb 2019 04:32 PM PST

Real estate data giant CoStar Group exceeded $1 billion in revenue in 2018. And by the end of 2023, it hopes to roughly triple that figure to $3 billion. Though tumult in the stock market contributed to a dip in CoStar’s market value, the company finished 2018 with a strong balance sheet, it disclosed in an earnings report on Tuesday. On the company’s subsequent earnings call, chief executive Andrew Florance said the firm posted $1.2 […]

Michael Jackson’s former Neverland Ranch relists at sharp price chop

Posted: 26 Feb 2019 02:30 PM PST

It’s the “Neverland Ranch” that never seems to sell. After nearly four years and at least four agents’ efforts, the 2,700-acre former home of the late pop star Michael Jackson is getting another price chop. The property is returning to the market for $31 million, less than a third of its original asking price of $100 milion in 2015, the Wall Street Journal reported. The ranch, which is about 40 miles from Santa Barbara, had […]

Realogy stock hits all-time low

Posted: 26 Feb 2019 02:03 PM PST

UPDATED: Feb. 26, 8:45 p.m.: Realogy’s stock plunged 21 percent on Tuesday, as Wall Street reacted grimly to the company’s dismal earnings report. The stock closed at $14.14 per share after a volatile day of trading, down nearly 42 percent year-over-year, and its lowest mark yet. The New Jersey-based conglomerate reported Tuesday that its 2018 profits dropped 68 percent to $137 million, and it lost $22 million during the fourth quarter. For the full year, […]

Realogy’s realignment: Can Ryan Schneider jump-start the resi behemoth’s stalled revenue growth?

Posted: 26 Feb 2019 01:00 PM PST

In 1996, when Richard Smith took the helm of Realogy, the housing bubble was in its infancy; there was no such thing as Zillow; and the concept of a startup brokerage with unicorn status was both inconceivable and 17 years off. Having weathered all of the above — and then some — the veteran chief executive passed the baton on Jan. 1 to Ryan Schneider, a banking executive who’s vowed to accelerate the company’s turnaround. […]

Beyond the metropolis: Markets around the tri-state region are starting to embrace Opportunity Zones

Posted: 26 Feb 2019 12:10 PM PST

Amid the seemingly incessant buzz in the real estate world about Opportunity Zones, real estate markets around New York City are starting to embrace the investments-for-tax-incentives program born out of the Tax Cuts and Jobs Act of 2017. Across Long Island, northern New Jersey, southern Connecticut and Westchester County, developers are trying to woo money managers whose deep-pocketed clients could use the federal program to reduce their taxes on capital gains, which they can park […]

After rejected air rights sale, Round Square (formerly Ascend) changes plans for LES site

Posted: 26 Feb 2019 11:30 AM PST

Instead of two new towers in the Lower East Side, Round Square Development — formerly known as the Ascend Group — now plans to build one and convert an adjacent landmarked nursing home into a condominium building. Round Square seeks to construct a 28-story, 55-unit condo building at 232 East Broadway, and to renovate the former Bialystoker nursing home at 228 Broadway by creating 18 condo units, said Rob Kaliner, president of Round Square. The […]

Here’s what the $10M-$20M NYC investment sales market looked like last week

Posted: 26 Feb 2019 11:00 AM PST

1.) The Health Insurance Plan of Greater New York, now EmblemHealth, sold a one-story medical building at 2832 Linden Boulevard in Brooklyn for $11.3 million. The buyer was Barry Braunstein’s Oxford Nursing Home, which recently parted with a development site in Red Hook for $12.9 million. Oxford had wanted to build a nursing home at 141 Conover Street, but the City Council shut down its proposal. Meanwhile, HIP had held its facility, the Lindenwood location […]

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Posted: 26 Feb 2019 10:30 AM PST

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Chelsea sex shop flooding nearby townhouse with feces and sewage: suit

Posted: 26 Feb 2019 10:00 AM PST

A sex shop in Chelsea is allegedly flooding a neighboring townhouse with some decidedly unsexy materials: raw sewage and poop. Susan Haar, who owns and lives in the townhouse at 304 West 18th Street, is suing the nearby sexy boutique at 155 Eighth Avenue—creatively named Sexy Boutique—for repeatedly flooding her entire furnished basement and clogging its pipes with materials including condoms, diapers and rubber gloves. She is seeking $2 million in damages. The flooding has […]

UES church sells York Ave home to Weill Cornell for $68M

Posted: 26 Feb 2019 09:30 AM PST

One Manhattan church has had a divine revelation about the value of Upper East Side real estate. The Church of the Epiphany recently sold its York Avenue headquarters, then turned around and bought a new location nearby on East 74th Street, in a pair of deals totaling a little more than $90 million. “This was a once in a lifetime opportunity for The Church of the Epiphany,” said Avison Young broker Jon Epstein, who worked […]

Paradise lost? Ashkenazy deal for Brookfield’s Atlantis resort in the Bahamas falls though

Posted: 26 Feb 2019 08:45 AM PST

Ashkenazy Acquisition Corporation has walked away from a deal with Brookfield Asset Management to acquire the 3,805-key Atlantis resort in the Bahamas. The New York-based investor, which was said to be financing the acquisition with funds from Qatar’s sovereign wealth fund, ended talks after discovering surprise deferred maintenance costs during due diligence, according to Nassau’s Tribune 242 newspaper. But Ashkenazy, once a minority owner of the Plaza Hotel, was unable to renegotiate the sale price, […]

Hamptons Cheat Sheet: Chris Cuomo lists Southampton home in East End buyer’s market, Gurney’s to open second Montauk locale in May… & more

Posted: 26 Feb 2019 08:00 AM PST

Chris Cuomo’s Southampton home hits market at nearly $3M CNN newscaster Chris Cuomo and his wife, fellow journalist Cristina Cuomo, founder of Hamptons wellness publication the Purist, are looking to sell their Southampton home for $2.9 million, the New York Post reported. The brother of New York Gov. Andrew Cuomo and son of late Gov. Mario Cuomo has listed his home at 74 Corrigan Street with Harald Grant of Sotheby’s International Realty. Property records show the couple […]

Realogy profits nosedive in 2018

Posted: 26 Feb 2019 07:15 AM PST

With no boost from changes to the U.S. corporate tax rate and a “tough” national housing market, Realogy Holdings’ profits dropped 68 percent to $137 million in 2018. The final quarter of 2018 was particularly difficult, with the New Jersey-based conglomerate losing $22 million compared to net income of $255 million during 2017’s fourth quarter. (Realogy benefited hugely in 2017 from changes to the U.S. corporate tax rate, which provided it a $216 million windfall.) […]

Mobile marketing company takes 56K sf at Vornado’s 330 West 34th Street

Posted: 26 Feb 2019 06:30 AM PST

Mobile marketing vendor Braze, formerly known by the unfortunate name Appboy, is doubling its office space in the Garment District and moving five blocks south, to Vornado Realty Trust’s 330 West 34th Street. The company signed a five-year deal with subtenant Outcome Health for 56,000 square feet on the 17th and 18th floors of the 18-story building, Commercial Observer reported. Braze currently occupies 27,000 square feet at the Gural family’s 318 West 39th Street. The […]

Can Hudson Yards become NYC’s next fine-dining destination?

Posted: 26 Feb 2019 06:01 AM PST

With Hudson Yards’s official opening just weeks away, food and real estate professionals are predicting that the new neighborhood will have a major impact on the city’s culinary scene – though there may be challenges early on. Related Companies and Oxford Properties Group’s $25 billion mixed-use complex will be home to more than 20 dining and drinking establishments, highlighted by high-end restaurants from star chefs such as Thomas Keller, David Chang and Michael Lomonaco. Offerings […]

New batch of Manhattan office towers competing for elite tenants

Posted: 26 Feb 2019 05:30 AM PST

With millions of square feet in new office space hitting the market over the next few years, new developments are finding themselves in heated competition to land a handful of elite tenants. Law firm Cravath Swaine & Moore, whose current 600,000-square foot lease at Worldwide Plaza is up in 2024, is considering a move to one of five new office developments in Manhattan, the New York Post reported. Those buildings include Brookfield’s Two Manhattan West, […]

Nile Niami hosts $100K Burning Man-esque open house with camels, fire dancers

Posted: 26 Feb 2019 05:00 AM PST

In the race to host the most extravagant open house soiree in Los Angeles, spec home developer Nile Niami is running hard for the finish line. The celebrity developer recently hosted a $100,000 themed party that featured 500 guests, Hollywood A-listers, fire dancers and even a camel — all to generate a buzz for his $55 million home in West Hollywood, according to the Hollywood Reporter. Inspired by Hieronymus Bosch’s “The Garden of Earthly Delights,” […]

Inland Empire leads nation in major warehouse leases

Posted: 26 Feb 2019 04:30 AM PST

The Inland Empire area claimed more major warehouse deals than any other market in the country last year. The submarket west of Los Angeles led all markets with 20 of the top 100 deals in the nation, according to CBRE. It was able to exploit a tight market in the City of L.A. and increasing demand from e-commerce and logistics companies, which signed more major warehouse leasing deals in 2018 than the year before. The […]

Opportunity Zones overload: Why an excess of players are trying to get in on the action

Posted: 26 Feb 2019 04:00 AM PST

It was a telling moment for those fixated on Opportunity Zones. “Who the hell is EJF and their expertise as it relates to real estate?” Anthony Scaramucci asked on a December conference call to promote his $3 billion Opportunity Zone fund. The rhetorical question seemed to be an attempt to reassure potential investors that EJF Capital would be a qualified partner for Scaramucci’s firm, SkyBridge Capital. But the former White House communications director’s swagger wasn’t […]