The Real Deal - New York Real Estate News

City Square project in White Plains gets go-ahead, fallen hedge funder’s Greenwich home gets another price chop and more Westchester & Fairfield real estate news

Posted: 03 Jul 2019 03:00 PM PDT

White Plains approves Martin Ginsburg’s City Square plans Veteran developer Martin Ginsburg has received approval to move forward with his plans to redevelop the Westchester Financial Center, the Daily Voice Plus reported. The White Plains Common Council earlier this week approved plans for the project known as City Square. In an interview with The Real Deal in May, Ginsburg said City Square will “make [the center] a tremendous gateway to White Plains.” Plans for the redevelopment include […]

This NYC suburb approved Westchester County’s largest hotel in 20 years

Posted: 03 Jul 2019 02:00 PM PDT

A hotel bigger than any other built in Westchester County over the past two decades is heading to New Rochelle. Ward Capital Management, a real estate investment firm based in nearby Dobbs Ferry, has secured New Rochelle’s approval to build a 24-story, 225-key downtown hotel, Bloomberg reported. The Real Deal noted late last year the proposal by Ward Capital to develop an “urban resort” anchored by a luxury hotel at 115 Cedar Street. D’Wayne Prieto, […]

At the desk of: Meredith Marshall

Posted: 03 Jul 2019 01:30 PM PDT

When Meredith Marshall and his family moved to Flatbush in the 1960s, all the white families moved out. Within 10 years, the neighborhood was 90 percent black, he recalled. “Neighborhood busting, as they call it,” he said. “First black family moves in, prices go down, all the white families move out. The brokers make money on both ends.” Today, as co-founder and managing partner of Manhattan-based BRP Companies — which pegs its real estate portfolio […]

A wave of venture capital is pouring into construction tech sector

Posted: 03 Jul 2019 01:00 PM PDT

Investment in the sector totaled $6.1 billion last year, nearly double what was invested in 2017 and a 1,632 percent increase from the $352.1 million invested in 2016, according to the Wall Street Journal. So far this year, around $4.3 billion has been invested in construction tech, putting 2019 on pace to break last year’s record. Goldman Sachs is a leader in the trend and invested into at least five firms this year, including a […]

Facebook allows landlords to violate the law: Cuomo

Posted: 03 Jul 2019 12:15 PM PDT

Facebook’s reputation is taking another hit: this time, it’s for continued claims of alleged fair housing discrimination. Gov. Andrew Cuomo on Monday ordered the New York Department of Financial Services to investigate claims that Facebook is letting landlords use their advertising platform to reach the “right” kind of tenants. The reports claim that advertisers were using Facebook’s platform to screen out zip codes in order to target demographic groups that are protected classes, a problem […]

This massive New Jersey retail development finally has an opening date

Posted: 03 Jul 2019 11:30 AM PDT

After shuffling through developers and dealing with years of delays, American Dream is almost a reality. Triple Five Group has announced that its retail and entertainment project in the Meadowlands will open on Friday, October 25 — about 15 years after its first developer broke ground on the massive complex. NJ.com and other local outlets reported Wednesday on the new timeline. Once known as Xanadu, Triple Five took over the development in 2011. The Edmonton-based conglomerate, […]

Corporate retreat: After shunning New York, Amazon planning Seattle-area office tower

Posted: 03 Jul 2019 10:45 AM PDT

After shunning New York, Amazon is returning to its hometown with plans to build its tallest office tower yet. The e-commerce giant announced plans to build a 43-story office complex in Bellevue, a suburb of Seattle, according to CNBC. The 1-million-square-foot building still needs city approval, but could be completed by 2024. Amazon is planning to build the tower in the Bellevue Corporate Plaza, which the company bought this spring for $195 million, CNBC reported. […]

Garment District assemblage hits the market for $60M

Posted: 03 Jul 2019 10:00 AM PDT

A trio of low-rise commercial buildings in the Garment District is back on the market, and this time the pair of owners are seeking $60 million for the mini assemblage. The two-story properties are located at 216-222 West 30th Street and collectively span just over 16,000 square feet overall. A team led by Nicole Gary of Compass is handling the listing. Gary said she is marketing the site to hotel developers, as she thinks it […]

Amid talks of company sale, Howard Hughes lands $250M loan for Seaport project

Posted: 03 Jul 2019 09:15 AM PDT

As it explores a potential sale or spinoff, the Howard Hughes Corporation locked down $250 million in financing for its redevelopment of the Seaport District in Lower Manhattan. The interest-only term loan comes carries a rate of 6.1 percent for the first two years then will shift to LIBOR plus 4.1 percent, according to the developer. Only some of Howard Hughes’ Seaport properties — including the Tin Building and Pier 17 — will secure the […]

Laboz family plans 2 office developments in Soho

Posted: 03 Jul 2019 07:45 AM PDT

The Laboz family is planning to build two office and retail buildings on prime Broadway sites in Soho. The family’s firm, United American Land, will break ground on a 40,000-square-foot building at 419 Broadway in the first quarter of next year, and a second building the following quarter at 430 Broadway, which will span 45,000 square feet, Crain’s reported. Laboz tapped architect Morris Adjmi to design both buildings. Albert Laboz, who runs the firm with […]

The worst stocks you can buy? Retail. And for many, it isn’t getting better.

Posted: 03 Jul 2019 07:01 AM PDT

The first half of 2019 was gruesome for traditional retailers. And if the first few days of July are any indication, the second half of 2019 won’t be any rosier. Four of the S&P 500 index’s five worst performing stocks in the first half of 2019 are retail companies, according to the Wall Street Journal. For the first few days of the second half of the year, those stocks have continued to drop. These indicators […]

Purplebricks pulls out of the United States

Posted: 03 Jul 2019 06:15 AM PDT

The flat-fee brokerage Purplebricks has announced a withdrawal from the United States, two months after shuttering its operations in Australia. It brings an end to a valuation slump for the UK-based residential firm, which charges homeowners a fixed fee, whether a property is sold or not. Since entering the U.S. in September 2017, the company recorded a 75 percent drop in valuation, and reported a $42.9 million operating loss in the U.S for the past […]

Vanbarton Group to sell Midtown office building for $126M

Posted: 03 Jul 2019 05:30 AM PDT

Vanbarton Group is selling one of its Midtown office buildings a few blocks from Bryant Park for more than $125 million. Richard Coles and Gary Tischler’s firm is in contract to sell the 16-story building at 45 West 45th Street to the Swiss real estate investment firm AFIAA for $126 million, sources told The Real Deal. The contract price works out to a little more than $940 per rentable square foot. A representative for Vanbarton […]

These are some of the most notable resi sales in NYC this week

Posted: 03 Jul 2019 05:00 AM PDT

In New York City last week, buyers and sellers rushed to close deals for luxury homes, ahead of July 1, when the new mansion tax kicks in. Case in point: the sale of two condominiums at 432 Park Avenue for a whopping $61 million. Here’s a look at some of the other top sales that caught our attention. Source: A TRD analysis of public records filed with the New York City Department of Finance from […]

Who are Jeff Bezos’ new neighbors?

Posted: 03 Jul 2019 04:30 AM PDT

Developer Robert Gladstone’s luxury condo 212 Fifth Avenue got a major boost last month when Amazon CEO Jeff Bezos closed on an $80 million deal for three units in the building. The day news of the sale broke, Madison Equities, Gladstone’s firm, declared the 48-unit building completely sold. Property records show that condos in the building were priced from $3.7 million — for a two-bedroom on the 12th floor — to $51.5 million for the […]

Manhattan leasing activity up year-over-year while asking rents hit record high

Posted: 03 Jul 2019 04:00 AM PDT

Coming off a record-break year for the office market, Manhattan leasing volume is up 13 percent at the midpoint of 2019, according to a market report from Colliers International. Thanks in large part to a boom in Downtown, Manhattan leasing activity – which includes both renewals and new leases – totaled 20.26 million square feet, according to Colliers. When renewals were factored out, new leases and expansions totaled 15.28 million square feet in the first […]