The Real Deal - New York Real Estate News

Midtown Equities is bringing a 20-story resi tower to Brooklyn Heights

Posted: 02 Apr 2019 03:30 PM PDT

It looks like Brooklyn Heights is getting another residential development. Joseph Cayre’s Midtown Equities hopes to construct a 100,200-square-foot, mixed-use property at 200 Montague Street in the neighborhood, according to a pre-filed building application with the city’s building department. The 20-story project will have roughly 6,500 square feet of commercial space and 121 apartments. Midtown Equities did not immediately return a request for comment Tuesday evening. But before the firm can build, it must get […]

Adam Leitman Bailey suspended from practicing law for 4 months

Posted: 02 Apr 2019 03:10 PM PDT

The State of New York has suspended real estate attorney Adam Leitman Bailey from practicing law for four months based in part on a conversation in which the lawyer told a tenant to kill himself. The Appellate Division of New York’s Supreme Court handed down the decision on Tuesday in response to a petition from the Attorney Grievance Committee accusing Bailey of undignified conduct before a tribunal and threatening criminal charges to obtain an advantage […]

Hakim, Elghanayan land $72M refi for Turtle Bay rental building

Posted: 02 Apr 2019 01:00 PM PDT

Steven Elghanayan and Isaac Hakim secured a $72 million refinancing for the 240-unit Olympia House in Turtle Bay, according to sources with knowledge of the deal. Prudential provided the interest-only Fannie Mae loan, which has a term of 10 years, a representative from the owner entity Olympia House Delaware LP said. “This was an opportune time to refinance as rates are low,” Hakim said. Elghanayan, who co-founded EPIC, did not immediately return a request for […]

New Jersey Cheat Sheet: Hampshire, Pinnacle approved for Montclair redevelopment, iStar seeks to sell $6M Asbury Park condos… & more

Posted: 02 Apr 2019 12:30 PM PDT

Hampshire, Pinnacle get OK for Montclair plaza redevelopment The 216,772-square-foot Lackawanna Plaza in Montclair received final municipal approvals for redevelopment this week, as announced by joint venture partners the Hampshire Companies and Pinnacle Companies. With construction already slated to begin later this year, both companies have agreed to reposition the plaza into a mixed-use complex with residential and retail components, as well as office space, according to ROI-NJ. The outlet noted that Lidl, a German […]

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

Posted: 02 Apr 2019 12:04 PM PDT

Mid-market investment sales made public in New York City last week included an industrial property in Bushwick and a development site in Long Island city. 1.) A development site at 39-40 30th Street in Long Island City traded for $15.2 million, in a deal that closed on March 19, according to Modern Spaces Commercial + Investment Division, whose agents Ashley Grebow and Evan Daniel represented the seller, Gary Gopalani, a local investor. The commercial building […]

Nelson Management picking up rent-stabilized Bronx building for $36M

Posted: 02 Apr 2019 11:30 AM PDT

Nelson Management is adding to its portfolio of rent-stabilized buildings with a roughly $36 million Bronx purchase. The company is buying 3240 Henry Hudson Parkway in Riverdale for $35.74 million, according to sources familiar with the deal. The six-story, 108-unit property spans about 163,000 square feet, and Morris Weintraub Associates has owned it for decades. Peter Von Der Ahe, Seth Glasser, Joe Koicim, Michael Fusco and Adam Radi of Marcus & Millichap brokered the deal. […]

Ryan Serhant is bulking up his NY team

Posted: 02 Apr 2019 11:00 AM PDT

“Million Dollar Listing New York” star Ryan Serhant is expanding his New York team with four new brokers. Nicole Palermo, John Bataille, Scott Fava and Nick Hovsepian have joined the Serhant Team within the last month or so, Serhant said. The new additions bring the team size to 64 brokers. Bataille and Hovsepian both joined the Nest Seekers team from the Corcoran Group. Bataille was at Corcoran since 2012 and worked on 25 new development […]

Resi scorecard: Manhattan condo inventory through February 2019

Posted: 02 Apr 2019 10:30 AM PDT

NEW DEVELOPMENT CONDO REPORT MANHATTAN • Inventory expanded as developers filed more units than were purchased • Developers filed five plans with a total of 300 units • The state approved two plans with 21 units valued at $99 million • Buyers purchased 86 units valued at $476 million MANHATTAN NEW DEVELOPMENT CONDO SUPPLY MOST EXPENSIVE CONDO PROJECTS APPROVED Source: TRData analysis of plans approved to sell by NYS Attorney General in February LARGEST […]

Second Ave subway’s next phase could impact Durst, Extell dev sites

Posted: 02 Apr 2019 10:00 AM PDT

Phase II of the Metropolitan Transportation Authority’s Second Avenue Subway plan appears to have been taken off the back burner. How will that affect developers who have bought in the neighborhood recently? The Durst Organization and Extell Development have collectively spent hundreds of millions on large development sites near the proposed last stop of the extended Q line, and the MTA has been meeting with representatives of both firms to discuss “various scenarios” involving the […]

Homebuying start-up Perch raises $220M in new funding round

Posted: 02 Apr 2019 09:30 AM PDT

If you want to sell your home with one click, more and more companies are competing for your business. Perch, an iBuying start-up that buys and sells homes, has raised $20 million in equity and $200 million in debt in a new funding round to scale up its business. “It is allowing us to add fuel to the fire,” said Court Cunningham, Perch’s CEO. The latest funding round brings the company’s total equity raised to […]

Owner looks to flip Staten Island retail center for almost $60M

Posted: 02 Apr 2019 09:00 AM PDT

The $41 million sale of Staten Island’s South Shore Commons was one of the largest deals in the borough’s history. And less than a year later, the owner wants to flip the property for nearly $20 million more. The father-and-son team of Murray and Dave Berman purchased South Shore Commons in May from Guido Passarelli & Son, and they are now listing the site for $59.75 million, according to Staten Island brokerage Casandra Properties. The […]

Amid rising demand for mortgages, Zillow launches “Home Loans” division

Posted: 02 Apr 2019 08:35 AM PDT

Zillow is rolling out its Home Loans division as the demand for residential mortgages ramps up. The listing giant said it was moving into the mortgage origination business in August when it acquired Mortgage Lenders of America, a 300-person mortgage brokerage. Borrowers using Zillow’s Home Loans division don’t need to use Zillow Offers, its homebuying and selling business, to secure mortgages through Zillow, according to CNBC, which first reported the rollout. Nationwide, the demand for […]

Cushman & Wakefield launches sports and entertainment advisory practice

Posted: 02 Apr 2019 08:00 AM PDT

Cushman & Wakefield launched a sports and entertainment practice to help clients develop athletic and entertainment venues and the areas around them. Competitors CBRE and JLL already have similar divisions. The brokerage picked Chicago-based executive managing directors Craig Cassell and Michael Sessa — both former college football players — to lead the nationwide team, according to Crain’s, which first reported on the announcement. Executives in its New York, San Francisco and Atlanta offices will also […]

Tribeca clock tower may be converted into penthouse, appeals court rules

Posted: 02 Apr 2019 07:34 AM PDT

The developers of 106 Leonard can now add another unit to their plans, according to a ruling from the New York State Court of Appeals. Although two lower courts had ruled that Elad Group and Peebles Corporation could not convert the building’s historic clock tower into a luxury penthouse, the state’s highest court overturned those decisions with a 4-2 majority late last week, Curbed reported. “We’re exceptionally disappointed especially after having prevailed in the lower […]

50 Cent’s Connecticut compound, listed when Lehman Brothers was still in business, finally sells

Posted: 02 Apr 2019 07:00 AM PDT

Twelve years later, 50 Cent has finally sold his massive Connecticut estate for $2.9 million. The rapper, whose birth name is Curtis James Jackson III, bought the compound at 50 Poplar Hill Drive in Farmington from Mike Tyson for $4.1 million in 2003. The property hit the market for $18.5 million in 2007, and successive price cuts brought the asking price down to $4.995 million, according to Zillow. The complex had also been listed for […]

These were NYC’s top office leases in March

Posted: 02 Apr 2019 06:30 AM PDT

New York City government agencies dominated office leases in March, with the Manhattan District Attorney and the NYPD securing the top two spots on the list of the month’s biggest deals. The rest of the list is composed mostly of financial firms. All in all, March’s top office leases made up less square footage than the same time last year. Last month’s top 10 office lease deals totaled 637,000 square feet, compared to about 996,000 […]

Related wins bid for WarnerMedia sale-leaseback at 30 Hudson Yards

Posted: 02 Apr 2019 06:00 AM PDT

Related Companies is buying back 1.5 million square feet of space at Hudson Yards. The developer of the newly-opened megaproject has won a bid to buy WarnerMedia’s office condominium at 30 Hudson Yards, in a deal expected to top $2 billion, Reuters reported. A source told the news agency that the winning bid was selected last week. WarnerMedia, formerly known as Time Warner, was taken over by AT&T for $85 billion last year, and the […]

Kuafu refinances Xinyuan’s delayed Hell’s Kitchen condo development

Posted: 02 Apr 2019 05:30 AM PDT

More than a year after Chinese developer Xinyuan Real Estate dismantled its local New York City team and brought on another firm to oversee its developments, the company’s lone Manhattan project has hit a snag. Xinyuan’s Hudson Garden condominium in Hell’s Kitchen is behind schedule. And Kuafu Properties, the developer Xinyuan tapped last year to helm its projects, has renegotiated the development’s construction loan, sources told The Real Deal. Kuafu negotiated an extension through 2021 […]

In Manhattan’s “polarized” market, resi developers are getting rocked

Posted: 02 Apr 2019 05:00 AM PDT

As new development sales continue to struggle, Manhattan resales are getting a boost. The overall number of sales closed in the first quarter dipped 2.7 percent versus a year earlier while the median sales price fell 0.2 percent, according to Douglas Elliman’s latest market report. Among new development properties, sales volume tumbled 39.4 percent, as the median price ticked up 3.4 percent. New development closings had the lowest market share in four-and-a-half years, the report […]

Which commercial brokerages are winning and losing on Wall Street?

Posted: 02 Apr 2019 04:30 AM PDT

Newmark Knight Frank saw its stock take another beating in February and March, while the rest of the “Big Four” commercial brokerages bounced back from late last year’s market-wide malaise. Newmark, which made its Nasdaq debut in December 2017, was trading at about $8.30 a share on March 27 — down 41 percent from the already discounted $14 when the firm went public, and up less than 1 percent from the start of this year. […]

This calculator shows how the new mansion, transfer taxes work

Posted: 02 Apr 2019 04:00 AM PDT

Instead of introducing an annual pied-à-terre tax, a measure dreaded by much of the city’s real estate industry, the state’s 2019-2020 budget includes an expansion of the “mansion tax,” a one-time levy on residential sales, along with a heftier transfer tax. The “mansion tax” ranges from .25 to 2.9 percent, in addition to the existing 1 percent tax that is already collected on residential properties sold for $1 million or more. The budget also included […]