The Real Deal - New York Real Estate News

Wolkoff eyes a 231K sf industrial building in Edgewood Gerald “Jerry” Wolkoff may not be worried about succession planning at his Edgewood-based G&M Realty, but the veteran Long Island developer is hoping to start construction in July on a 231,000-square-foot industrial building at his Heartland Business Center in Suffolk County, Long Island Business News reported. Wolkoff has applied for economic incentives from the Town of Islip Industrial Development Agency to help build the facility on a 20-acre parcel at 80 […]

The Durst Organization has leased up 55,000 square feet at its office tower at 4 Times Square. Music video hosting service Vevo inked a five-year lease for nearly 38,000 square feet in the 52-story building, the developer announced on Monday. For the past seven years, Vevo has sub-leased the 25th-floor space from law firm Skadden, Arps, Slate, Meagher & Flom. The latest deal represents a direct lease with Vevo. In a separate deal, National Cable […]

Zara Realty has purchased a pair of multifamily buildings in Flushing for $80 million, according to property records and sources familiar with the deal. Ken Subraj’s firm bought 140-60 Beech Avenue for $37.5 million, and 140-30 and 140-50 Ash Avenue for $42.5 million from Ilias Theodoropoulos, who has owned the Beech Avenue property since 2005 and the Ash Avenue property since 2008. The neighboring buildings span about 250,000 square feet and contain 266 apartments overall, […]

SoftBank, one of the world’s most active investors in real estate startups since Masayoshi Son founded the company nearly 40 years ago, is still plowing ahead full speed. The telecommunications giant, which launched its $100 billion Vision Fund in late 2016, is looking to take the fund public and launch a second one of at least that size, the Wall Street Journal reported last month. Son, 61, has been using the fund — backed by […]

Cadre has long drawn scrutiny for potential conflicts of interest as its co-founder and special adviser to the president Jared Kushner acts as international envoy overseas. A new report from the Guardian raises more such questions about the real estate startup. Since Kushner joined the Trump administration in 2017, Cadre has received $90 million in foreign funding through a Cayman Islands-registered entity run by Goldman Sachs, the publication reported, citing corporate filings and interviews. “It […]

The Atelier, a luxury residential condominium on Manhattan’s Far West Side that has been at the center of an illegal Airbnb rental investigation, reportedly received payments from a travel agency that leased out short-term rentals in the building. Dan Neiditch, who is president of the tower’s condo board, and also runs his own brokerage River 2 River Realty out of the building to attract buyers, received $704,000 in two payments last year from the travel […]

UPDATED, 4:46 p.m., June 10: A helicopter crash landed on the roof of 787 Seventh Avenue in Midtown Manhattan on Monday afternoon, according to law enforcement officials. The accident killed one person in the privately-owned helicopter, presumed to be the pilot and the only person in the helicopter, but Gov. Andrew Cuomo said that no one in the building was injured. The chopper was used for executive travel, according to Mayor Bill de Blasio. The […]

There were 19 contracts signed in Brooklyn’s luxury market last week for a total of about $50.3 million. The properties included eight condominiums and nine townhouses, and they went for an average price of slightly less than $3 million, according to the latest report from Stribling & Associates. The firm classifies luxury properties as all homes priced at $2 million or higher. The market was up from the previous week, when it saw 16 contracts […]

New York City’s residential real estate world recently saw the sale of a record-breaking, nearly $80 million townhouse deal and the U.S. government picking up a penthouse at 50 United Nations Plaza. These are some other top deals that hit public records last week: Source: A TRD analysis of public records filed with the New York City Department of Finance from June 3 to June 7. 1.) Vanity Fair’s former editor officially closed on the […]

The former clubhouse of the Hell’s Angels will soon be home to well-heeled yuppies paying $3,500 for one of the 22 normal East Village apartments, and the investor is betting the building’s past won’t make a difference to potential 20-something renters. Striking another blow to New York City’s former reputation as a rough-and-tumble metropolis, the motorcycle gang’s storied former headquarters at 77 East Third Street in the East Village formerly known as the “Church of […]

The hotel market on Long Island is expected to take a significant downturn in the next four years, becoming one of the worst in the country, according to a new study released by Ten-X Commercial, a real estate sales platform. The company put Long Island in the top three of its list of “sell markets,” Long Island Business News reported. Local hotels had a 75 percent occupancy rate in the first quarter of 2019, up […]

If the Four Seasons can’t make it, who can? That’s the question weighing on the minds of many high-end restaurateurs and landlords following the news that the power lunch institution is going to close for good on Tuesday. The Four Seasons was betting on being able to pull in enough customers to fill their 299-seat dining room, but fell short. Even on the final Saturday the Four Seasons was open, some tables were empty, according […]

Manhattan’s luxury market saw 20 contracts signed last week for a total of about $160 million, according to the latest report from Olshan Realty. It marked the seventh straight week with twenty or more sales. The contracts signed at $4 million or above were split between nine co-ops, nine condos and two townhouses. That was the first time in six years that co-ops caught up with condos sales. Sales volume and dollar volume were both […]

Rockefeller Group, which undertook at $325 million renovation of the former Time & Life Building, has signed on a tenant to take the last two full floors of the Midtown tower. Approaching the completion of upgrades on 1271 Sixth Avenue, Greenhill & Co. signed a lease for 78,000 square feet on the 48-story building’s 20th and 21st floors, Crain’s reported. The investment banking firm will relocate from Tishman Speyer’s 300 Park Avenue. The deal follows […]

Multifamily development is dominating the commercial real estate market in Fairfield County, much to the astonishment of some industry veterans. The asset is attracting buyers from as far away as California and the Middle East, many of whom are attracted by the relatively low cost of entry and favorable yields. Moreover, demand for rentals in cities such as Stamford and Danbury is keeping investors interested. That bears out in the numbers. Six of the 10 […]

The United States is officially an owner at 50 United Nations Plaza. The U.S. Mission to the United Nations picked up a 37th-floor sponsor penthouse at the Turtle Bay tower for $15.85 million, according to a public record posted Friday afternoon. For the full-floor, roughly 5,900-square-foot home, that comes out to $2,689 per square foot. It was not immediately clear if the new purchase was for the same unit Uncle Sam had already been renting, […]

The top 10 Manhattan loans recorded in May totaled $3.41 billion, nearly double the prior month’s total. Two massive office refis totaling $2 billion – and both involving Wells Fargo – accounted for most of that dollar volume. All in all, six of the month’s top ten deals were for the refinancing of office space. 1) The Refinanced Companies – $1.1 billion The Related Companies, in a joint venture with the Abu Dhabi Investment Authority […]

In 2015, eXp Realty CEO Glenn Sanford boarded a 43-foot motor coach and set off from Bellingham, Washington, to barnstorm the country. Over the course of 11 months at “lunch and learn” sessions in hotels, country clubs and local Realtor association offices, Sanford pitched brokers in 28 states (and two Canadian provinces) on the benefits of virtual brokerage. When the financial crisis hit, Sanford — known for his soft-spoken and laid-back style in an industry […]

The former managing director of Elevated Returns, an asset-management company that specialized in single-asset real estate trusts, claims he was fed a “string of lies and deceptions” by CEO Stephane De Baets, who allegedly stiffed him on compensation. In a lawsuit filed in New York’s Supreme Court, Jason Kirschenbaum claims he poured “significant time, resources and his own money” into a partnership with De Baets and Thosapong Jaruthavee, a Thai billionaire also known as “Mr. […]