The Real Deal - New York Real Estate News

WATCH: TRD reporters discuss the Big Brother-ing of real estate

Posted: 03 May 2019 03:49 PM PDT

The real estate industry is getting smart, adding new technologies and collecting data that promise big advances. At the same time, critics are raising concerns that landlords and brokerages are crossing the line when it comes to privacy. Watch as reporters David Jeans and Rich Bockmann discuss The Real Deal‘s May cover story, “Inside Real Estate’s Surveillance State.”

Vornado, Rudin mull 1,450-foot tower in Midtown East

Posted: 03 May 2019 03:43 PM PDT

Vornado Realty Trust and Rudin Management might build a 1,450-foot tower at 350 Park Avenue, marking the latest project to take advantage of Midtown East’s rezoning. A brochure for the potential project, which is presented as a possibility for the site and has not yet been filed with the city’s Department of Buildings, shows a tower that would rise more than 100 feet above SL Green Realty and Hines’ One Vanderbilt and would have 1.68 […]

Who lost the most when Realogy’s stock took another nosedive?

Posted: 03 May 2019 02:30 PM PDT

Realogy’s institutional backers took a beating Friday, as they watched the value of their stock dwindle within a 24-hour period following yet-another disappointing earnings report. As of market close Friday, Realogy’s stock price of $9.23 was down nearly 30 percent from the close of trading on May 1, one day before Realogy released its results for 2019’s first quarter. The stock was down a whopping 63 percent year over year, and Realogy’s market cap came […]

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

Posted: 03 May 2019 01:45 PM PDT

There are a few real estate events coming up next week! From May 6 to May 7, VTS is holding its 3rd Annual Accelerate event at Conrad New York, 102 North End Avenue. Come to this event to network and learn about the technological transformation taking place in commercial real estate. Ryan Simonetti of Convene and Jamie Hodari of Industrious will be among the speakers at the event. On May 7, TerraCRG is holding its […]

Tishman Speyer passes on Midtown East redev opportunity to keep anchor tenant

Posted: 03 May 2019 01:00 PM PDT

The rezoning of Midtown East, approved in 2017, is expected to add millions of square feet of office space to the neighborhood. But one building won’t be taking part in the expansion rush, after its owner decided to hold onto the current tenant. Tishman Speyer scrapped plans to redevelop 300 Park Avenue after consumer goods conglomerate Colgate-Palmolive renewed about 242,000 square feet at the building for its global headquarters, Crain’s reported. The building at 300 […]

WATCH: Suri Kasirer on the influence of her father’s Holocaust stories and lobbying hard for the Vanderbilt Corridor and Cornell Tech

Posted: 03 May 2019 12:35 PM PDT

Suri Kasirer — one of New York City’s top lobbyists — has helped influence major initiatives like the rezoning of Midtown’s Vanderbilt Corridor and the Cornell Tech campus on Roosevelt Island. And she works with some of the biggest names in real estate development and ownership in the city, including SL Green, Vornado and Tishman Speyer. Kasirer is often recognized as one of the most powerful women in the city and her firm earned the […]

Compass is opening a Staten Island outpost

Posted: 03 May 2019 11:30 AM PDT

Compass is set to open a new Staten Island office next week, joining forces with two brokers from the area. Joe Tirone Jr. and Tim Huang, of Community Home Brokerage LLC, have joined Compass and will launch the Joe Tirone Team on May 8, according to a statement. The revamped office is at 145 Beach Street in Stapleton. “Compass offers the reach we need to source potential buyers throughout the country and assist our relocating […]

Target signs for Washington Heights store

Posted: 03 May 2019 10:45 AM PDT

Target is heading to Washington Heights. The discount retailer inked a 15-year deal to take on about 23,700 square feet of space at the two-story-tall retail property 600 West 181st Street, according to a public record filed this week with the New York City Department of Finance. Target confirmed the lease and noted that the store is set to open in 2020. The landlord, the Chehebar family’s Maverick Management Corporation, did not respond to a […]

Isaac Kassirer buys four more uptown buildings for $40M

Posted: 03 May 2019 10:03 AM PDT

Isaac Kassirer is not done with his Northern Manhattan buying spree yet. His firm Emerald Equity has purchased a quartet of multifamily buildings from Galil Management in Harlem for a total of $40 million, according to property records and sources familiar with the deal. The properties are located at 120 West 116th Street, 110 West 116th Street, 1917 Adam Clayton Powell Boulevard and 110 St. Nicholas Avenue. Kassirer financed the deal with $30.6 million from […]

More tensions are rising over the city’s multifamily-transfer program

Posted: 03 May 2019 09:34 AM PDT

A judge ruled that the city’s move to foreclose on a Brooklyn co-op building was “a grave injustice.” Now, the city is fighting back. Attorneys for the city’s Department of Housing Preservation and Development are arguing that building owners are given ample time to catch up on back taxes before a foreclosure, according to The City. One of the properties in contest is 19 Kingsland Avenue in Bushwick, where co-op owners received a a notice […]

Lenders opening doors to a wider swath of home buyers

Posted: 03 May 2019 08:30 AM PDT

Do you want to buy a house but worry that your credit profile will disqualify you for a mortgage? Take another look: A new study suggests that you might find lenders a little friendlier and more flexible than you thought. According to the Urban Institute Housing Finance Policy Center’s latest quarterly credit availability report, mortgage lenders are reaching out to borrowers who might have been marginal — or rejectees — in the past. Lenders are […]

RE/MAX boosts earnings with acquisitions as housing market slows

Posted: 03 May 2019 08:00 AM PDT

RE/MAX earnings jumped 35 percent in the first quarter — but the franchise brokerage remains cautious about the slowdown in the housing market. The company reported revenue of $71.2 million, compared with $52.6 million a year earlier, according to a statement. But RE/MAX noted the increase came “almost exclusively due to acquisitions” — namely driven by the ad and marketing platform Marketing Funds, which the brokerage acquired in January. Recurring revenue streams, which mainly include […]

ESD prez who orchestrated Amazon LIC deal steps down

Posted: 03 May 2019 07:30 AM PDT

Gov. Andrew Cuomo is on the hunt for a new Empire State Development Corporation president. Howard Zemsky, who has been the state’s economic czar since 2015, will step down but stay on as chairman of the board, according to the Wall Street Journal. Zemsky was a driving force behind the Amazon deal that would have brought the company’s second headquarters to Queens, which fizzled on Valentine’s Day this year. After the deal fell through, Cuomo […]

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Posted: 03 May 2019 07:00 AM PDT

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SoftBank’s $100B Vision Fund weighs IPO

Posted: 03 May 2019 06:25 AM PDT

To keep pace with Masayoshi Son’s deal-making, SoftBank is weighing aggressive fundraising options for its $100 billion Vision Fund, including an IPO. Son, SoftBank’s founder and CEO, is also currently in talks with Oman to add to the funding the company already received from Saudi Arabia and Abu Dhabi. SoftBank is also moving forward with another fund at least as large as their signature Vision Fund. The Vision Fund has invested nearly all of its […]

Will new Opportunity Zones rules propel an office boom?

Posted: 03 May 2019 05:45 AM PDT

When Michael Tillman’s PTM Partners bought property in Overtown in February to build an 18-story apartment complex, it became one of the first Miami-based real estate firms to utilize the Opportunity Zone program. The federal program is seen by many as the biggest economic boost to the real-estate industry since the 1031 Exchange. But given the murkiness of the Opportunity Zone guidelines, developers have been slow to get shovels in the ground. Office developers were […]

These were NYC’s top office leases in April

Posted: 03 May 2019 05:00 AM PDT

Netflix is expanding in New York City in a big way, securing two of the top spots on list of Aprils’ biggest office leases. The rest of the list is made up of some familiar faces, including banks and financial firms. All in all, April’s top office leases made up more square footage than March’s. The top 10 office lease deals totaled 1.4 million square feet, more than double March’s top 10 leases, which totaled […]

Abu Dhabi’s Chrysler crash

Posted: 03 May 2019 04:30 AM PDT

Two months after the Chrysler Building was put up for sale in January, Aby Rosen, the flashy developer and co-founder of RFR Realty, emerged as the buyer behind a $151 million deal that surprised many seasoned real estate professionals. The building’s seller, a secretive sovereign wealth fund known as the Abu Dhabi Investment Council (the Council), took an 80 percent discount on the $800 million investment it had made more than a decade earlier. The […]

NYS pols are targeting the favorite loophole of supertall developers

Posted: 03 May 2019 04:00 AM PDT

The city’s nascent effort to tackle a loophole used by savvy developers to increase the heights of their buildings has already attracted its fair share of critics, including a pair of state legislators who claim to have a better approach. At issue is developers’ use of mechanical voids, or unoccupied floors containing structural and mechanical equipment, to make their buildings taller and achieve higher prices from buyers who crave panoramic views on high floors. The […]