The Real Deal - New York Real Estate News

In a somewhat ironic ruling, a New York state Supreme Court judge ruled that Maverick Real Estate Partners can’t foreclose on a Chelsea apartment building because the lender didn’t abide by the terms of their loan agreement. Maverick had sued the owner of 416 West 25th Street, an entity controlled by Andreas Steiner, accusing the borrower of violating the terms of a consolidated loan agreement valued at $3.6 million. However, last week Judge Arlene Bluth […]

Syosset Park deal appears dead amid dispute over $1M in fees A joint venture has pulled out of its purchase of 150 Miller Place from Oyster Bay’s Department of Public Works and demanded the town pay back a $30 million deposit and hundreds of thousands of dollars in fees, Newsday reported. Syosset Park Development LLC is a partnership between Simon Property Group and Manhasset-based Castagna Realty. They reached an agreement on the sale in 2013, […]

Joseph Sitt’s Thor Equities and Uzi Ben Abraham and Yaron Jacobi’s Premier Equities continue to shed retail properties with the sale of a Madison Avenue site and a four-story walkup near Union Square that traded for $11 million. These are the mid-market investment sales that were recorded last week with the city’s Department of Finance. 1. Thor and Premier Equities parted with Madison Avenue retail property. Genghis Hadi’s Nahla Capital bought the property, located at […]

A construction worker died on Saturday after falling from an unguarded scaffold at Milstein Properties’ 335 Madison Avenue. Giuseppe Pagano, 49, of Queens, was cleaning debris on a scaffold on the fifth floor when he fell through a part of the structure that didn’t have guardrails, according to the city’s Department of Buildings and New York Police Department. He fell 30 feet to the second floor and was transported to the hospital, where he was […]

Glad to have you here again for our Tri-State issue, a quarterly supplement taking the real estate market’s temperature outside of New York City. This time around, we’ve got the skinny on the latest wheelings and dealings in the commercial and residential space, from our rundown on the ever-changing restaurant and retail scene on the East End of Long Island to Kathryn Brenzel’s interview with iStar CEO Jay Sugarman about his bid to bring $6 million […]

A luxury co-op on Fifth Avenue with amenities ranging from a servants’ hall to a full time in-house French chef is hitting the market for the first time in 70 years. The Upper East Side unit at 960 Fifth Avenue is named after the late Honorable C. Douglas Dillon, a former resident and the former ambassador to France under President Dwight Eisenhower and Secretary of the Treasury under President John F. Kennedy. The five-bedroom, six-bathroom […]

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The Real Deal’s Spring 2019 Tri-State issue is now live, and digital subscribers to TRD are getting a first look at what’s inside. Subscribers now have access to the following stories: — A preview of the Hamptons’new hotspots this summer, including hotels, nightlife, restaurants and retail — TRD’s annual ranking of the top Hamptons residential brokers and brokerage firms, as well as a spotlight on the North Fork market — iStar CEO Jay Sugarman chats with TRD about […]

Though Amazon has moved on from its plans to bring a corporate campus to Long Island City, the city hasn’t given up on the Queens neighborhood housing a megaproject just yet. New York City officials are now looking to develop several waterfront sites there and recently met with local stakeholders to talk about building a development framework for the area, Politico reported. Earlier this month, officials from the Economic Development Corporation and Department of City […]

The world’s largest retail real estate convention kicked off poolside on Sunday, giving brokers, executives, lawyers, title insurance agents a few hours to trade gossip, talk shop and source deals. Day one of the International Council of Shopping Centers’ event in Las Vegas centers around the Wynn’s pool, with companies leasing out cabanas and hosting roped-off gatherings where prominent retail players mingle with both clients and competitors alike. Though the number of attendees registered for […]

In February, a bill was introduced that would limit the commission brokers could earn in a rental transaction to one month’s rent. Immediate backlash from brokers ensued and then lawmakers’ positions started to change — as of now at least three Council members have withdrawn their support. On top of that, one of the bill’s prime sponsors claims he’s always had a completely different vision for what this bill would do. Check out the video […]

Several properties that would likely face fines under the city’s “Green New Deal” are older apartment buildings throughout the city. The legislation imposes penalties of $268 for each ton of carbon above the greenhouse-gas emissions cap for privately owned buildings. Mayor Bill de Blasio, on the eve of his presidential run, recently went to Trump Tower to warn President Trump that he would have to pay fines if his buildings don’t lower their carbon emissions […]

There were 20 contracts signed in Brooklyn’s luxury market last week worth about $79.6 million overall, marking the strongest week the borough has seen so far this year. The properties were split between 13 townhouses and seven condos, and they went for an average price of about $4 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. Total […]

Developers are starting to bet big on London again despite Brexit. London’s office market has proven to be surprisingly resilient in the face of the United Kingdom’s vote to leave the European Union, convincing many developers that it is time to break ground on new projects in the city, according to Bloomberg. Land Securities Group, for instance, is now redeveloping the London building at 1 Sherwood Street, the first time in roughly five years the […]

Aby Rosen plans to have the restaurant Le Jardinier anchor his new luxury skyscraper at 100 East 53rd Street. Rosen is tapping the restaurant group Invest Hospitality to open the establishment, which will be focused on vegetables and helmed by Michelin-starred chef Alain Verzeroli, according to the New York Post. Rosen previously wanted French chef Joël Robuchon to run the restaurant, but he died unexpectedly last year. Verzeroli worked under Robuchon for 21 years. Le […]

Manhattan’s luxury market saw 27 contracts signed last week for a total of about $291 million, according to the latest report from Olshan Realty. The contracts included the most expensive deal of the year so far. The contracts signed at $4 million or above were split between 16 condos, nine co-ops and two townhouses. Sales volume and dollar volume were both up from the week before, when the market saw 23 deals for about $207 […]

Landlords are increasingly looking to install smart tech in their buildings. But soon, facial recognition software may be off the table. State Sen. Brad Hoylman is sponsoring a bill that would ban facial recognition technology from being used in rental buildings, claiming that it is a breach of tenant privacy, according to Curbed. State Assemblyman Latrice Walker has introduced a similar bill in the assembly. The installation of smart technology has already become an issue […]

The Sapir Corp. has closed on a $32 million refinancing from the estate of Tamir Sapir to pay back Israeli bonds that are due next year, The Real Deal has learned. Alex Sapir, chairman of the company and executor of his father’s estate, said it was a “good time to perform the refinance.” The company, which is publicly traded on the Tel Aviv Stock Exchange, was facing an April 2020 maturity deadline for Series D […]

Zeckendorf Development’s 520 Park Avenue has locked in some of Manhattan’s priciest sales since closings began in September. The 35-unit Robert A.M. Stern-designed Billionaires’ Row tower — which has a projected sellout of $1.25 billion — had closed on 20 units as of last month for a total of $647 million. While the Zeckendorfs have shaved down their initial asking prices on a number of the closed units, they are still locking in hefty numbers […]