The Real Deal - New York Real Estate News

Nightingale in talks to buy Coca-Cola building for more than $900M: sources

Posted: 15 Apr 2019 03:30 PM PDT

Nightingale Properties is in late-stage talks to buy the Coca-Cola building on Fifth Avenue at a price north of $900 million, sources with knowledge of the negotiations told The Real Deal. The Midtown-based investment firm is negotiating a purchase and sale agreement to buy the 18-story building at 711 Fifth Avenue from the soft drink maker for $910 million, sources said. That price works out to more than $2,500 per square foot for the 354,000-square-foot […]

Officials at rally say construction tax fraud and fatalities are linked

Posted: 15 Apr 2019 03:23 PM PDT

Following a string of construction-related deaths last week, city and state officials on Monday said there’s a connection between construction tax fraud and worker fatalities. Several elected officials including New York State Attorney General Letitia James and the district attorneys for Manhattan, Brooklyn, the Bronx and Staten Island, spoke at a rally held by the New York City District Council of Carpenters. The event, which drew hundreds to the steps of the James A. Farley […]

Long Island Cheat Sheet: Median home prices rise in Suffolk and Nassau, office leasing market soars during Q1… & more

Posted: 15 Apr 2019 03:00 PM PDT

Home prices jump, but sales and inventory slow, says report Long Island home prices rose for yet another month, while sales themselves slowed and inventory increased, Newsday reported. Homes in Suffolk County sold with a median price of $372,875 in March, a 5.9 percent rise from the same month a year earlier, according to data published by the Multiple Listing Service of Long Island. Similarly, Nassau County’s median home sale price rose 3.4 percent last […]

FBE lines up $63M loan from Signature Bank for Bronx buy

Posted: 15 Apr 2019 02:48 PM PDT

The New York-based bank provided $63 million to FBE for its purchase of 2001-2045 Story Avenue in the Castle Hill neighborhood, property records filed Monday show. The financing includes a $20.1 million gap mortgage. Signature Bank did not immediately return a request for comment. FBE declined to comment. FBE, headed by Abraham Fructhandler, bought the nine-story two buildings, which sit on one tax lot, for about $88 million from Related Fund Management — the largest […]

DLJ Real Estate buys Williamsburg loft building for $41M

Posted: 15 Apr 2019 02:30 PM PDT

DLJ Real Estate Capital Partners has purchased a Williamsburg loft property from the family of Norman Seidenfeld and Zelda Mehl for $41.25 million, according to property records. The firm is the new owner of 151 Kent Avenue, which hit the market last year seeking $52 million. The three-story building is fully leased and spans 56,550 square feet with 46 units. The building used to be a factory but was converted into lofts in the late 1990s. […]

NYC’s development boom created an illegal dumping problem on Long Island

Posted: 15 Apr 2019 02:15 PM PDT

A case of illegal dumping on Long Island has led to an overhaul of rules for construction and demolition debris disposal. The change, enacted last year by New York’s Department of Environmental Conservation, stemmed from illegal dumping at Roberto Clemente Park in Brentwood, Newsday reported. Since last year, most New York City debris — such as the 40,000 tons of contaminated material dumped at Clemente — now requires more detailed tracked from the facilities that […]

WeWork’s HQ division nabs 3 leases in Midtown, FiDi and Chelsea

Posted: 15 Apr 2019 01:58 PM PDT

WeWork has inked leases for three new Manhattan locations totaling about 54,700 square feet, the company announced Monday. The firm is taking roughly 26,600 square feet of space at ELK Investors’ 33 East 33rd Street, 17,350 square feet of space at EQ Office’s 44 Wall Street and 10,750 square feet of space at George Comfort & Sons and ASB Real Estate Investments’ 7 West 18th Street. It expects to open all three locations to members […]

Elad scoops up commercial space at One West End for $51M

Posted: 15 Apr 2019 01:25 PM PDT

The Elad Group has picked up a trio of commercial units at the new luxury condominium tower it recently built with Silverstein Properties on the Upper West Side. Elad, through several limited liability corporations, shelled out $51 million for the retail unit and two garages at One West End from the joint venture it has with Silverstein to construct the 43-story tower, according to property records filed Monday. FS CREIT Originator, LLC provided $38 million […]

Related, Green Oak refi LIC building with $75M loan

Posted: 15 Apr 2019 12:15 PM PDT

Related Companies and Green Oak Real Estate refinanced the Long Island City building that’s home to VaynerMedia with a $75 million loan from Colony Credit Real Estate. Colony Credit provided the floating-rate debt to refinance the Blanchard Building at 21-09 Borden Avenue in the Hunter’s Point section, sources told The Real Deal. The new financing replaces more than $64 million in debt that TPG Real Estate Finance Trust provided the partners after they purchased the […]

Major fire engulfs Notre-Dame cathedral

Posted: 15 Apr 2019 11:40 AM PDT

A blaze has broken out at Paris’ famed Notre-Dame cathedral — potentially linked to the building’s renovations. Extremely sad to see one of the most famous buildings on earth up in flames. Incredible photos of the Notre Dame Cathedral by Francois Guillot – AFP/Getty Images pic.twitter.com/ozevEQqAWJ — Paul Crisp (@pcrispy) April 15, 2019 An operation is underway to tackle the fire, which has spread rapidly through the building, the BBC reported. Though the cause is […]

These are some of the most recent notable resi sales

Posted: 15 Apr 2019 10:30 AM PDT

New York City’s residential world saw a handful of pricey sales over the past couple of weeks: Silverstein Properties CEO Marty Burger dropped about $10M on a pad at the renovated Carlton House, and a mystery buyer snapped up a $34 million condominium at Vornado Realty Trust’s 220 Central Park South. Other deals we spotted in public records recently include a sponsor unit at sky-high 432 Park Avenue and a 19th-century townhouse. Source: A TRD […]

Madison Realty Capital closes $1B debt fund

Posted: 15 Apr 2019 09:45 AM PDT

Madison Realty Capital closed on its latest debt fund, raising more than $1 billion. The real estate investment and lending firm topped off its fourth debt fund, Madison Realty Capital Debt Fund IV LP, with a $1.136 billion raise, the company announced Monday. That exceeded its original goal of $1 billion. The capital for the fund was sourced from investors in the U.S., Europe, the Middle East and Asia, including public and corporate pension funds, […]

Left coast, best coast? Homebuyers in LA, Seattle to benefit from growing inventory

Posted: 15 Apr 2019 09:05 AM PDT

Buyers in some of the hottest housing markets may finally have an advantage over sellers as the U.S. housing market continues to cool. Seattle, Salt Lake City, San Francisco and San Jose, California, reported the biggest gains in inventory in the first quarter, according to Bloomberg, citing Trulia data. In San Jose, inventory rose 55 percent year over year. Inventory fell nationwide, but grew in over half of the country’s top 50 metros, including in […]

Brooklyn’s luxury market saw 10 contracts signed last week

Posted: 15 Apr 2019 07:30 AM PDT

There were 10 contracts signed in Brooklyn’s luxury market last week for a total of about $30 million. The properties were split between seven townhouses and three condominiums, and they went for an average price of about $3 million, according to the latest report from Stribling & Associates. The firm defines the borough’s luxury market as all homes priced at $2 million or higher. Both numbers were down from the week before, when the market […]

Jeff Bezos might spend $60M for an apartment at this Manhattan supertall

Posted: 15 Apr 2019 07:00 AM PDT

Amazon may have abandoned its plans for New York City, but its founder Jeff Bezos hasn’t. Bezos is looking for a home in the city and would like to spend about $60 million on it, according to the New York Post. He has checked out full-floor units at 220 Central Park South, where Ken Griffin recently paid $238 million for a penthouse, setting a record for the most expensive home ever sold in the country. […]

Developers only sold 3 luxury apartments in Manhattan last week

Posted: 15 Apr 2019 06:35 AM PDT

Manhattan’s luxury market saw 17 contracts signed last week for a total of about $127 million, according to the latest report from Olshan Realty. The contracts signed at $4 million or above were split between six condos, six townhouses and five co-ops. Out of the six townhouses, five were in the East 70s and 80s between Lexington and Park Avenues. Only three of the units that went into contract were sold by developers. Total sales […]

Big data could save physical retail. But privacy concerns are bubbling.

Posted: 15 Apr 2019 06:10 AM PDT

Concerns about consumer privacy are not just flourishing online but in brick and mortar stores as well. Retailers are already using Bluetooth technology to detect customers’ smartphones when they walk into stores and hit them with promotions while they shop, and companies are also marketing facial-recognition technology to them, describing it as a way to flag shoplifters, according to the Wall Street Journal. Stores say the new practices are meant to improve the overall shopping […]

In the US’s most expensive housing market, Stanford says no to affordable housing

Posted: 15 Apr 2019 05:39 AM PDT

Stanford University is fighting with local officials over whether its expansion plans include enough affordable housing, one of the most controversial issues in Silicon Valley. The college is suing Santa Clara County over a law that requires a certain amount of every new housing development to be priced lower than prevailing market rates, according to the Wall Street Journal. Stanford has proposed constructing up to 2.275 million square feet of new academic buildings over 17 […]

Ex- city councilman Kendall Stewart arrested for threatening his tenants

Posted: 15 Apr 2019 05:10 AM PDT

Kendall Stewart, a former city councilman, has been arrested and charged with harassment after allegedly threatening his Flatbush tenants who run a Brooklyn hookah lounge over money. Stewart broke down the office door of 1744 Lounge on Friday morning and told a tenant that he would “come back here and take care of you,” according to the New York Post, citing police sources. He then came back on Saturday evening with three men—one of whom […]

RXR closed $800M in debt over two days

Posted: 15 Apr 2019 04:30 AM PDT

Scott Rechler’s RXR Realty sewed up two major refinancing deals within about 24 hours. The first deal, at Pier 57, with Youngwoo & Associates, was a 10-year, $375 million balance sheet loan from Nuveen Real Estate, Commercial Observer reported. Ackman-Ziff arranged the financing and the deal closed Thursday. The second refinancing was for an office building at 32 Old Slip. The $404 million floating-rate, five-year loan was provided by Mesa West Capital, according to the […]

The Closing: David Kramer

Posted: 15 Apr 2019 04:00 AM PDT

David Kramer is the president of Hudson Companies, one of the city’s largest affordable housing developers. The firm, which employs 50-plus people in its Greenwich Village office, ranked as the fourth most active developer in the five boroughs in 2018, with 1.9 million square feet across 10 projects, a recent tally by The Real Deal showed. Hudson has gained a reputation for pursuing large-scale projects since Kramer took the helm in 2011. Outside of affordable […]