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The Real Deal - New York Real Estate News |
| Himmel + Meringoff buys mixed-use warehouse in the Bronx for $89M Posted: 07 May 2019 04:30 PM PDT Himmel + Meringoff Properties, which made early bets on Long Island City in the 1980s, has turned its attention to the Bronx and acquired a mixed-use Bronx warehouse for $89 million. The Manhattan-based firm partnered with Square Mile Capital Management to purchase the 305,000-square-foot warehouse at 1601 Bronxdale Avenue, according to Crain’s. The purchase price works out to be close to $291 a square foot. The site is reportedly 100 percent leased, with two thirds […] |
| Wells Fargo lends $245M for Minskoff tower Posted: 07 May 2019 04:02 PM PDT Edward J. Minskoff Equities landed $245 million in financing for a portion its Midtown tower at 1166 Sixth Avenue. The financing covers floors 7 through 12 and floors 14 through 21 – as well as the cellar – according to property records filed Tuesday with the New York City Department of Finance. Minskoff, which owns the condominiums from the second through the 21st floors of the property, and Wells Fargo did not immediately respond to […] |
| Posted: 07 May 2019 03:30 PM PDT Whole Foods to open regional HQ, store in Jersey City Mack-Cali Realty, a Jersey City-based real estate investment trust, has been busy this month battling activist investor Bow Street Capital and planning the sale of a 188,408-square-foot office building in Neptune. Real Estate NJ reported Monday that Mack-Cali had also inked two leases with Amazon-owned Whole Foods for its Harborside development on the Jersey City waterfront. The Amazon-owned grocery chain will occupy 47,398 square feet […] |
| AmTrust Realty selling 7 Chicago office buildings in potential $1.3B deal Posted: 07 May 2019 03:00 PM PDT AmTrust Realty is looking to sell a portfolio of seven Downtown office towers in a deal that could fetch the New York firm $1.3 billion or more. The real estate arm of AmTrust Financial Services is listing the “Chicago Legacy Collection” through Eastdil Secured, sources told the Chicago Tribune. AmTrust bought the buildings for more than $1 billion in six deals between 2004 and 2015. That included a $376 million purchase in 2015 of two […] |
| Caution ahead? Realogy market cap sinks below $1B Posted: 07 May 2019 02:37 PM PDT Realogy’s market cap hit a new low of $967.4 million on Tuesday — dipping below $1 billion for the first time since the real estate conglomerate went public seven years ago. The New Jersey-based firm — whose brands include the Corcoran Group, Sotheby’s International Realty and Coldwell Banker — had a market cap of $3.3 billion just one year ago. On Tuesday, shares closed at $8.47, a 66.5 percent year-over-year drop from $25.33. So, what […] |
| Fifth Avenue vacancies are near 13-year high Posted: 07 May 2019 02:30 PM PDT Fifth Avenue used to command top dollar from high-end retailers willing to pay any cost to have a place on the avenue. But those days are over. Average ground-floor asking rents on the tony shopping strip between 49th and 59th streets are down 11 percent from their peak in early 2017 to $2,779 a square foot in the first quarter, according to data from Cushman and Wakefield cited by the Wall Street Journal. “Even must-have […] |
| All Year raises roughly $20M on TASE following broader bond crisis Posted: 07 May 2019 01:30 PM PDT Troubling financial disclosures sent bonds issued by American developers in Israel into a spiral late last year. But now, the market is showing some signs of recovery. Yoel Goldman’s All Year Management has just raised roughly $19.5 million on the Tel Aviv Stock Exchange, according to financial documents and sources familiar with the deal. The bonds carry an effective rate of 6.4 percent. The move makes All Year the second U.S. firm to raise money […] |
| Resi scorecard: Brooklyn and Queens condo inventory through March 2019 Posted: 07 May 2019 01:00 PM PDT NEW DEVELOPMENT CONDO REPORT BROOKLYN • Inventory contracted as developers filed fewer units than were purchased • Developers filed 12 plans with 71 units • The state approved 16 plans with 123 units valued at $131 million • Buyers purchased 111 units valued at $105 million SUPPLY BROOKLYN NEW DEVELOPMENT CONDO SUPPLY Source: TRData analysis of plans approved to sell by the NYS Attorney General in March LARGEST PROJECTS FILED IN BROOKLYN Source: TRData analysis […] |
| Startups and hospitality giants are embracing “apartment hotels” Posted: 07 May 2019 12:30 PM PDT The lines between home-sharing and traditional hospitality lodgings are blurring. Startups like Domio and major hospitality companies including Marriott International are ramping up professionally managed “apartment hotel” operations in residential and commercial buildings, according to the Wall Street Journal. It’s an attempt to cater to guests who want a full apartment or apartment-style lodging, but don’t want to deal with the uncertainty of renting someone else’s place. Domio, along with others like Lyric and Sonder […] |
| The PH at 100 Barclay just got a hefty price cut Posted: 07 May 2019 12:00 PM PDT In February, the penthouse at 100 Barclay Street hit the market for $59 million — a far cry from the $105 million it was rumored to ask. Now, it’s gotten a price cut. The unit is now asking $39.95 million, according to the listing. CORE’s Shaun Osher is marketing the condo. Osher didn’t immediately respond to a request for comment. The duplex at the Magnum Real Estate project spans 14,500 square feet. The home features […] |
| Leasing surge leads JLL to Q1 earnings boost, despite lagging investment sales Posted: 07 May 2019 11:30 AM PDT Break-neck leasing activity in the Americas helped JLL reach a sizable boost in earnings during the first quarter, making up for sharply lower revenue from investment sales compared to last year. The real estate services giant reaped $461 million in revenue from global leasing fees last quarter, a 22 percent jump year over year, the company reported ahead of its earnings call Tuesday. The growth came entirely from its Americas division, which accounts for more […] |
| Rudin Management’s 110 Wall, home to WeLive, comes to market Posted: 07 May 2019 11:00 AM PDT After five decades of ownership, Rudin Management is selling 110 Wall Street, the 27-story Downtown tower now occupied entirely by the We Company. The landlord has hired Eastdil Secured to market the property, which according to marketing documents circulated Tuesday has $210 million of contracted cash flow. The asking price of the building is around $160 million, according to sources. The We Company’s WeWork brand has five floors in the 270,000-square foot building, while its […] |
| NYC dominates list of high-growth Opportunity Zones: report Posted: 07 May 2019 10:15 AM PDT New York City ranked as the top high-growth Opportunity Zone area, highlighting the disconnect between the federal tax program’s goal of encouraging investment in economically distressed areas across the country and its designation of zones in areas that are already developed. Opportunity Zone designations are based on census tracts, which are generally required to meet a low-income threshold or be next to another tract that qualifies, which has allowed certain high-income areas to be chained […] |
| Karfunkel family inks $200M refi for Lower Manhattan tower Posted: 07 May 2019 08:30 AM PDT The Karfunkel family has landed $200 million in refinancing for a Lower Manhattan office tower. The mortgage for 59 Maiden Lane comes from Citigroup and refinances the capital structure for the building just east of the World Trade Center, according to Commercial Observer. The 10-year loan has a 3.99 percent fixed rate, and principal payments will not be due until it matures in May 2029. The tower is almost fully leased and filled mainly with […] |
| VTS raises $90M to join the ranks of unicorns Posted: 07 May 2019 07:15 AM PDT Real estate tech firm VTS has raised $90 million in its latest funding round, an investment that catapults it into the ranks of unicorns, or startups valued at $1 billion or more. Brookfield Asset Management and GLP, two of the world’s biggest landlords, led the Series D funding round, the firm announced Tuesday. The round is one of the biggest-ever venture investments in the commercial real estate space. The funding makes VTS one of about […] |
| Blaming slow NYC sales, Elliman reports $10M loss in Q1 Posted: 07 May 2019 07:06 AM PDT Despite an uptick in revenue, Douglas Elliman’s losses widened 28 percent during the first quarter, thanks to New York’s “challenging” sales climate, parent company Vector Group said Tuesday. The brokerage — the largest in New York City — lost $10.4 million in the quarter, compared to an $8.1 million loss during the same period last year, Vector reported. The firm pulled in $161.9 million in first-quarter revenue, up 1.5 percent from $159.4 million in 2018. […] |
| Can iBuying survive a market slowdown? Posted: 07 May 2019 06:45 AM PDT Even as established real estate players enter the iBuying game, skeptics are questioning the sustainability of the new home-selling practice. Some critics view the business as overhyped and capital-intensive, and they think it will fizzle out once investors get tired of thin profit margins, according to the New York Times. They are also concerned about the risk and volatility it could bring to the housing industry. Last year, rising interest rates led to a slowdown, […] |
| Hudson’s Bay mulls sale of Lord & Taylor Posted: 07 May 2019 06:00 AM PDT Lord & Taylor may soon have a new owner. Owner Hudson’s Bay Company is considering selling or merging the chain of department stores, according to the Wall Street Journal. The talks are focused on the operating business, not the real estate, and Hudson’s Chairman Richard Baker has also been asking landlords about buying back leases and discussing plans to redevelop some Lord & Taylor sites without the famed department store. Hudson’s Bay sold half of […] |
| EmblemHealth stays put at 55 Water Street Posted: 07 May 2019 05:30 AM PDT EmblemHealth will remain at 55 Water Street in one of the city’s largest downtown deals of the year. The company is leasing 440,000 square feet on 13 floors in a 15-year renewal, according to the New York Post. A Colliers International team represented Emblem, while a CBRE team represented the owner, a division of The Retirement Systems of Alabama. Last year the firm was said to have considered leave the building and subleasing its space, […] |
| The top 10 biggest real estate projects coming to NYC Posted: 07 May 2019 05:00 AM PDT Staten Island doesn’t generally show up on lists of the city’s top 10 projects, but in April, it made two appearances. A storage facility in the borough from Matrix Development Group took the No. 1 spot, and a storage facility from Abingdon Square Partners took the No. 5 spot. The project from Matrix will span almost 1 million square feet, while the one from Abingdon will span about 200,000 square feet. Every borough made an […] |
| Will Boston Properties’ latest real estate bets withstand a downturn? Posted: 07 May 2019 04:30 AM PDT Boston Properties is riding high on Wall Street. But the success of some of its less tested plays in new development and shared office space could be riding on how much longer the economy grows. For now, the real estate investment trust is beating out two of its top competitors on the stock market, Vornado and SL Green, and has $2.7 billion in new projects underway — almost entirely ground-up — that are nearly 80 […] |
| It’s deal frenzy before the taxman cometh Posted: 07 May 2019 04:00 AM PDT Buyers and sellers hoping to sidestep the state’s new taxes on high-end homes have a fast-disappearing window of opportunity. And the industry’s efforts to help them do it could reveal what may be in store for New York’s troubled residential market. New York State’s new mansion and transfer taxes go into effect July 1. Though any sale where a contract was signed after April 1 would technically be subject to the new taxes, if the […] |
| Posted: 03 May 2019 01:31 PM PDT Thursday kicked off with two opposing rallies, one in favor of sweeping changes to the state’s rent regulation laws and the other against. They were just a prelude to the day-long — at times contentious — hearing held by the state Assembly’s Housing Committee on a package of proposed rent regulation reform bills, which seek to, among other things, eliminate programs that allow landlords to increase rents when units are vacant or when they complete […] |
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