The Real Deal - New York Real Estate News

This NJ mansion is back on the market — with a 75% price chop

Posted: 26 Apr 2019 02:00 PM PDT

A northern New Jersey mansion — which has struggled to find a buyer for years — is on the market again, asking nearly 75 percent less than last time. The Englewood property, dubbed Gloria Crest, is listed for $9.99 million, the New York Post reported. That’s a far cry from its original $39 million asking price in 2013. The home at 89 N. Woodland Street has been discounted five times over the years, with other […]

Developer behind fatal facade collapse that killed 2-year-old to pay city $50K, but won’t serve time

Posted: 26 Apr 2019 01:15 PM PDT

The developer responsible for a 2015 facade collapse that killed a two-year-old girl and injured her grandmother has pleaded guilty to a pair of misdemeanor charges and will pay $50,000 to the city over the incident. Esplanade Venture Partnership pleaded guilty to criminally violating the city’s administrative code by failing to maintain the exterior wall at 305 West End Avenue on the Upper West Side, according to the Department of Buildings. Two-year-old Greta Greene was […]

Ventas’ investments in research facilities pay off as senior housing market stalls

Posted: 26 Apr 2019 12:30 PM PDT

With the senior housing market still dealing with a surge of new supply, Ventas posted a strong start to 2019 thanks to its investments in other sectors, including medical and research facilities. The Chicago-based REIT that specializes in senior housing and medical facilities posted growth in both net operating income and funds from operations in the first quarter, officials said during a Friday earnings call. Ventas’ funds from operations totaled $352.7 million in the first […]

Fetner, Lions Group and city take next steps for LIC affordable housing complex

Posted: 26 Apr 2019 12:00 PM PDT

Fetner Properties and Lions Group NYC are moving forward with their plans for a new mixed-use complex in Long Island City. The partners pre-filed an application with the city to convert a vacant lot at 27-01 Jackson Avenue into a 27-story tower with 139 residential units, a portion of which will be affordable, and retail space on the first floor. The project, which will also have a second building, is a partnership with the city’s […]

Avery Hall to city: In exchange for 50K sf, we’ll improve a Gowanus subway station

Posted: 26 Apr 2019 11:21 AM PDT

Avery Hall Investments wants to improve public transportation in Gowanus. But it needs something in return — specifically, the green light to build a much larger project at its development site on Fourth Avenue. The firm plans to construct a rental development at 204 Fourth Avenue—the current site of a Speedway gas station between Union and Sackett streets—and it has proposed building a new entrance to the R train’s southbound Union Street subway platform as […]

Rising up: Here are Chicago’s 10 tallest towers in the works

Posted: 26 Apr 2019 10:40 AM PDT

Chicago became the birthplace of the skyscraper in 1885, and more than a century later developers keep adding to its distinctive skyline. Today, Crescent Heights’ NEMA Chicago, JDL Development’s One Chicago and Related Midwest’s 400 North Lakeshore Drive are among a new crop of skyscrapers in the works that will make their mark. They will anchors like the Blackstone Group’s Willis Tower, 601 W Companies’ Aon Center and and the Trump Organization’s Trump Tower. These […]

Mark your calendars: These are NYC’s top real estate events next week

Posted: 26 Apr 2019 09:30 AM PDT

Here is another group of upcoming real estate events! On May 1, Commercial Observer is hosting its 3rd Annual Retail Forum at The Underground, 1221 Avenue of the Americas from 7:30 a.m. to 11:30 a.m. Come and hear discussions concerning the state of the retail space in 2019. Michael O’Neill of Cushman & Wakefield and Richard Chera of Crown Acquisitions will be among the speakers at the event. Also on May 1, High NY and […]

Valuation inflation: Why sky-high figures could come back to bite investors

Posted: 26 Apr 2019 08:45 AM PDT

Newmark’s “friends and family” offering seemed like manna from heaven. At $18 or $19 a share, it was a sizable discount from the original high of $22 that the firm’s executives boldly predicted the stock would trade at once it hit the opening bell. While all of those figures were eventually lowered, a number of brokers and executives at the company opted in, buoyed by CEO Barry Gosin’s infectious enthusiasm. “Barry owns a bunch of […]

Don Jr. was looking for a place in the Hamptons. First, he needed to find room for his guns.

Posted: 26 Apr 2019 08:00 AM PDT

The top priority for Donald Trump Jr. when searching for a new home in the Hamptons? A room to store his guns. Trump was looking for a home in the Hamptons with his girlfriend Kimberly Guilfoyle, and the two ultimately settled on a $4.5 million, seven-room house in Bridgehampton, according to the New York Post. He wasn’t immediately taken with it, so the pair decided they would add a new room for his firearms. The […]

Is the tax overhaul law impacting real estate?

Posted: 26 Apr 2019 07:30 AM PDT

A new report from the New York Federal Reserve sheds light on a question that’s been hanging over the American real estate market: Has the massive tax overhaul adopted by Congress in late 2017 had any effect on whether consumers want to buy or sell homes? It’s an important issue because federal tax laws can make owning a home much less costly — or far more — than it otherwise would be. The new study […]

Former Naftali exec Victor Sigoura plans 19-story condo at UES assemblage

Posted: 26 Apr 2019 07:00 AM PDT

Legion Investment Group is following through on its plans to construct a ground-up residential building on the Upper East Side. The firm, led by former Naftali Group chief investment officer Victor Sigoura, wants to build a 19-story, 145,000-square-foot development at 109 East 79th Street, according to a pre-filed application recorded with the city’s building department. The site sits near Park Avenue and about two avenues from Central Park. Legion declined to comment. The application calls […]

Clipper Equity will soon make $15M a year from the city at 250 Livingston. And it may be a below-market deal.

Posted: 26 Apr 2019 06:30 AM PDT

Who says city government isn’t good for real estate? David Bistricer’s Clipper Equity will take home nearly $15 million a year from taxpayers after negotiating new lease terms with two city agencies at one of his properties in Downtown Brooklyn. According to PincusCo, the city’s Human Resources Administration and the Department of Environmental Protection will take a total of 342,000 square feet at 250 Livingston Street, with the new 10-year lease kicking in next year. […]

Grifter who sought deal with Aby Rosen at 281 PAS convicted on fraud charges

Posted: 26 Apr 2019 06:00 AM PDT

The socialite grifter who climbed New York’s party scene and nearly landed a real estate loan on a $40 million nightclub space at Aby Rosen’s 281 Park Avenue South was convicted on multiple fraud charges on Thursday. Anna Sorokin, who went by the nom de plume Anna Delvey, could serve up to 15 years in prison after a Manhattan jury convicted her on most of the larceny and fraud charges she was facing, the New […]

Miami developer pleads guilty to EB-5 fraud, money laundering at failed Palm Beach hotel

Posted: 26 Apr 2019 05:30 AM PDT

Robert Matthews, the developer of the Palm House Hotel, pleaded guilty on Thursday in federal court to money laundering and tax evasion charges for defrauding foreign EB-5 investors in the Palm Beach condo-hotel project. Matthew’s wife Maria “Mia” Matthews also pleaded guilty Thursday to tax evasion in federal court in Bridgeport, Connecticut. Matthews was the developer of the project at 160 Royal Palm Way that began soliciting EB-5 investment in 2012. EB-5 is a federal […]

National Cheat Sheet: Zillow sues Compass, Felix Sater speaks out after Mueller Report release … & more

Posted: 26 Apr 2019 05:00 AM PDT

Lawsuits filed by Zillow claims Compass poached tech staffers, stole trade secrets Zillow Group has hit Compass with a pair of lawsuits, claiming the brokerage tried to steal trade secrets and that the firm poached technology staffers who weren’t actually allowed to work for Compass because they’d signed 12-month non-competes. Zillow’s former head of artificial intelligence, Robert Chen, a software engineer and an enterprise sales executive are named as defendants in the suits. Compass, however, […]

Against all odds: A by-the-numbers look inside Vornado’s 220 Central Park South

Posted: 26 Apr 2019 04:30 AM PDT

Another day, another multimillion-dollar purchase at Vornado Realty Trust’s ultra-luxury tower 220 Central Park South. With the final 27 apartments at the 118-unit building reportedly under contract, Vornado CEO Steve Roth seems to have struck gold with his Robert A.M. Stern-designed tower. The cherry on top came early this year when hedge funder Ken Griffin bought a penthouse in the building for $238 million, shattering New York’s residential record for priciest residential sale (by a […]

EB-5’s WeChat wars

Posted: 26 Apr 2019 04:00 AM PDT

Not long after developers pulled the plug on the $900 million New York Wheel – the biggest EB5-backed project ever to go belly-up – a group on the popular Chinese messaging app WeChat lit up over the possible ramifications for investors. When the planned 630-foot-tall Ferris wheel project went bankrupt in October, a $206 million loan, made through the regional center CanAm Enterprises, appeared to have been wiped out. But the question of whether the […]