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The Real Deal - New York Real Estate News |
| Clipper Equities buys out Chetrit at 720-unit Greenpoint project Posted: 04 Apr 2019 03:15 PM PDT David Bistricer’s Clipper Equities has bought out the Chetrit Group at their massive Greenpoint project on Commercial Street, according to the developer. Bistricer declined to discuss the financial terms of the buyout and described the move as “strategic planning stuff” between him and Chetrit. He said they still have other partners on the site, and Chetrit’s departure has not changed their plans for the project. “We’re going full speed ahead on what we’re doing,” he […] |
| RAL lines up $120M construction financing for Union Square tech hub Posted: 04 Apr 2019 03:05 PM PDT Construction of the city’s planned 22-story tech hub near Union Square can move forward, now that the project has secured $120 million in construction financing. Bank OZK provided the debt for the Union Square Tech Training Development Center to the project’s developer, RAL Development, according to property records filed Thursday with the New York City Department of Finance. The lender declined to comment. RAL did not immediately return a request for comment. The project is […] |
| Two top Compass execs left the brokerage in the past month Posted: 04 Apr 2019 02:50 PM PDT Compass’ general counsel and chief people officer have both left their roles at the brokerage in the last month. David Carp, who was general counsel and deputy chief operating officer, continues to work with the firm on a part-time basis, according to a Compass spokesperson. He joined the company in 2015. Timothea Letson and Iris Lichtman are serving as interim co-general counsel. Madan Nagaldinne, who joined the Compass in August 2017 as chief people officer, […] |
| Posted: 04 Apr 2019 02:12 PM PDT Just hours after the news that Compass struck a deal to buy Stribling & Associates, brokerage heads of the city’s top residential firms took the stage to spar over existential questions about the industry’s future, the ongoing threat of StreetEasy and Compass’ aggressive recruiting tactics. Right off the bat, the spotlight was on Elizabeth Ann Stribling-Kivlan, the head of Stribling, and Robert Reffkin, the CEO and co-founder of Compass. Stribling-Kivlan said her firm’s decision “has […] |
| Richard Branson, Brightline unveil Virgin Trains at MiamiCentral Posted: 04 Apr 2019 01:30 PM PDT Sir Richard Branson promised to “sprinkle some Virgin magic” on Brightline at the official unveiling of the renamed Virgin MiamiCentral on Thursday. The Virgin Group founder was joined by Virgin Trains USA President Patrick Goddard, Miami Mayor Francis Suarez and other city and county officials at the mixed-use train station previously called MiamiCentral. The rebranding was revealed as the high-speed rail announced it secured $1.75 billion in high-yield bonds from private investors to fund its […] |
| Opportunity Zones venture looking to raise $1B for projects in “America’s Heartland” Posted: 04 Apr 2019 01:00 PM PDT A pair of Chicago development firms are teaming up on a new Opportunity Zones venture, hoping to fund and build up to $20 billion in new projects over the next 10 years. Farpoint Development and Clayco will spearhead the Decennial Group, a joint venture aiming to raise up to $1 billion for construction in Opportunity Zones “throughout America’s Heartland” over the next three years, the company announced Thursday. The group will target developments including Farpoint’s […] |
| Rapid change and competition caught up to Stribling ahead of Compass deal Posted: 04 Apr 2019 12:45 PM PDT When Elizabeth “Libba” Stribling launched her eponymous brokerage in 1980, listings were still captured on index cards. The concept of co-brokerage barely existed, and small mom-and-pop firms dotted the city. But a wave of brokerage consolidation — fueled by a shift in power to national listing aggregators and tech-focused firms — caught up this week with the Manhattan brokerage, which announced a deal to be acquired by Compass. Over the next few weeks, the SoftBank-backed […] |
| Miami is the most rent-burdened city in the country: report Posted: 04 Apr 2019 12:30 PM PDT More than a third of Americans are considered rent-burdened, meaning they spend at least 30 percent or more of their monthly income to pay for rent. A new report from Freddie Mac shows the most expensive cities aren’t always at the top of the list. Miami ranked as the most rent-burdened of the top 50 metro areas in Freddie Mac’s report. It was followed by San Diego, Los Angeles, New York and rounding out the […] |
| How deep-pocketed investors can turn into a double-edged sword for condo developers Posted: 04 Apr 2019 12:00 PM PDT Deep-pocketed investors have clearly been a boon for New York City developers, who have banked on them to buy up units in their projects. But those investors also pose a perplexing problem: No sponsor wants to turn away a serious buyer, but having too many investors is not good for a building, either. Beyond the risk of rowdy tenants and wear and tear (if units are rented out), a high percentage of investors can make […] |
| Jackson Group planning pair of retail projects in South Brooklyn Posted: 04 Apr 2019 11:30 AM PDT South Brooklyn is going to get a pair of new retail buildings. Elliott and Ike Chehebar’s Jackson Group has purchased a pair of sites at 2251 Nostrand Avenue in Midwood and 2927 Avenue U in Sheepshead Bay, and they are planning to build retail projects on both sites, according to the firm. They bought the Nostrand Avenue site by Brooklyn College and Target for $19 million from Alex Adjmi’s A&H Acquisitions and bought the Avenue […] |
| Posted: 04 Apr 2019 11:00 AM PDT Melva Bucksbaum’s Litchfield County estate seeks $20M An estate in Sharon, Connecticut, owned by late arts patron Melva Bucksbaum has hit the market for $20 million, the Wall Street Journal first reported. The bucolic Litchfield County estate overlooking the Berkshires includes a five-bedroom main house, a 14,000-square-foot art museum, two guesthouses, a “caretaker’s cottage,” a pool and a pool house. If it sells for $20 million, the deal would mark the county’s priciest home sale […] |
| WeWork inks lease at Isaac Chetrit’s Times Square Building Posted: 04 Apr 2019 10:15 AM PDT The biggest tenant in Manhattan is getting even bigger. WeWork signed a 47,000-square-foot lease at 145 West 45th Street, according to the company. The lease is across five floors of the Times Square building, which is owned by Isaac Chetrit’s AB & Sons. Granit Gjonbalaj, WeWork’s chief real estate development officer, said the new lease would allow WeWork to target medium-sized companies. “This adds to our growing presence in the heart of Midtown Manhattan and […] |
| Posted: 04 Apr 2019 09:56 AM PDT On the coattails of another record year for commercial office leasing in Manhattan, the start of 2019 saw more than 9 million square feet leased. First quarter figures recorded a 20 percent increase year-over-year from 2018 to 9.07 million square feet, according to data provided by Colliers International. “Fears of an interest rate increase have abated and there is no shortage of available capital, foreign and domestic, interested in New York City assets,” said David […] |
| Mayor taps Vicki Been as new housing czar Posted: 04 Apr 2019 08:48 AM PDT Vicki Been, after spending just two years away from City Hall, is returning as Deputy Mayor of Housing and Economic Development. Been is taking over for Alicia Glen, who stepped down in March, Mayor Bill de Blasio announced on Thursday. Been most recently served as director of New York University’s Furman Center for Real Estate and Urban Policy and a professor at NYU’s School of Law, a position she took after leaving her post as […] |
| Mini refinancing boom is a boost for lenders Posted: 04 Apr 2019 08:30 AM PDT It’s a small piece of good news for banks in the slowing housing market. There has been a mini surge in mortgage and refinancing applications spurred by falling mortgage rates, the Wall Street Journal reports. The volume of mortgage applications went up 18 percent last week from the week before, while refinancing applications rose 39 percent, reaching their highest level since November, 2016. The Journal also found that purchase applications had risen 4 percent. This […] |
| Former Trump Soho hotel hit with tax lien from city Posted: 04 Apr 2019 08:00 AM PDT They may have dropped the name, but the owners of the Dominick can’t seem to shake the Trump legacy. The hotel formerly known as Trump Soho Hotel Condominium has been issued with a tax warrant for $35,193, according to Crain’s. CIM Group’s hotel was rebranded as the Dominick in November 2017, after ending a licensing agreement with the Trump Organization. The original project at 246 Spring Street was a collaboration between the Trump Organization and […] |
| Follow The Real Deal’s Deal Sheet on Instagram! Posted: 04 Apr 2019 07:30 AM PDT 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 […] |
| Unsubscribe! South Florida brokerages sued over text message spam Posted: 04 Apr 2019 07:00 AM PDT Two South Florida brokerages face lawsuits alleging that their agents abused an automated texting service to market properties. Steven Grossberg filed suit last month in West Palm Beach District Court against Coldwell Banker, alleging that he received a flood of unwanted text messages advertising the company’s listings. The same day, Christian Larosa filed suit against Naples-based Marzucco Real Estate over similar claims. The suits are seeking class action status. Grossberg and Larosa are represented by […] |
| Owner of Rat Island in Bronx harbor dreams of opening eco-friendly hotel Posted: 04 Apr 2019 06:30 AM PDT Would you book a relaxing overnight retreat on…Rat Island? A Bronx man hopes investors will see the potential in an eco-friendly hotel on a tiny, private island in the middle of City Island Harbor. City Island resident Alex Schibli bought the two-and-a-half acre island for $176,000 in an auction in 2011, and has mainly used it for family outings, the New York Post reported. But Schibli has dreams of turning the island, located in the […] |
| SoftBank in talks with investors to add $15B to Vision Fund Posted: 04 Apr 2019 06:08 AM PDT The biggest backer of unicorn real estate startups on earth is looking to add $15 billion to its pot. Japanese conglomerate SoftBank is in talks with investors to add another $15 billion to their already huge $100 billion Vision Fund, and are considering raising capital for a second fund, according to Bloomberg. Since 2017, Masayoshi Son’s SoftBank has used its Vision Fund to invest $70 billion in technology start-ups, including office-leasing giant WeWork — now […] |
| CompStak hires former head of $200M data analytics firm Posted: 04 Apr 2019 05:30 AM PDT CompStak, the real estate analytics firm known for its leasing and investment-sales comps, has hired the former head of a $200 million data firm, as it seeks to double its footprint in the commercial real estate data industry. Chris Aronson, who until recently was CEO of EDR, will oversee CompStak’s enterprise offering and expand the team as chief commercial officer, CompStak CEO Michael Mandel told The Real Deal. EDR was owned by Daily Mail General […] |
| Opportunity Zone investors see big tax breaks in the offing… but will lenders follow? Posted: 04 Apr 2019 05:10 AM PDT When Avra Jain started redeveloping the historic Vagabond Hotel in 2012, people thought she was crazy. With few tourist destinations nearby, the debris-ridden, mosquito-infested former motel on Biscayne Boulevard in the MiMo District was far removed from the glitzy sophistication of Brickell and South Beach. One of the former Wall Street bond trader-turned-developer’s biggest challenges in launching her rehab projects is getting banks and lenders to believe in her vision, she said. For developers like […] |
| NYC’s ghost towers: How many Manhattan luxury condos are owned by people who don’t live there? Posted: 04 Apr 2019 04:30 AM PDT Over the course of three head-spinning weeks in January, billionaire Ken Griffin went on what can only be described as a real estate buying binge. First there was a $59 million penthouse on Chicago’s Gold Coast. That was followed by a $122 million mansion overlooking St. James’s Park in London. Then, for the hedge funder’s pièce de résistance, he bought the record-breaking $238 million condo at 220 Central Park South. Griffin obviously isn’t the first […] |
| Anbau lands $139 construction loan for Flatiron condo project Posted: 04 Apr 2019 04:00 AM PDT Anbau Enterprises has received $138.6 million in construction financing for its two-building condominium project in the Flatiron District, according to sources familiar with the deal. Bank OZK, one of the most active construction lenders in the country, provided the developer with a $96 million senior loan, while Goldman Sachs originated $42.6 million in mezzanine debt. Bank OZK was not immediately available for comment, and a representative for Goldman declined to comment. A Meridian Capital Group […] |
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