The Real Deal - New York Real Estate News

How much for that CVS building? In Greenwich, the price is $30M

Posted: 29 Jul 2019 03:00 PM PDT

Retail’s struggles in the markets around Manhattan and elsewhere have been well documented, but some suburban spaces can still snag sums that raise eyebrows. A large retail property at 99 Greenwich Avenue in the Connecticut town of the same name traded this month for $30 million, according to the Greenwich Time. The sale of the building, which is leased to a CVS through 2038, comes after a spate of storefront vacancies along Greenwich’s high-end shopping […]

Pi Capital bringing 82-unit mixed-use building to Koreatown

Posted: 29 Jul 2019 02:50 PM PDT

Pi Capital Partners is planning to develop a 26-story building in Koreatown. The developer is planning a 67,000-square-foot mixed-use project at 335 Fifth Avenue, which the family-run company has owned since at least 1993, according to public records. The project will contain 82 residential units, and will be split between about 56,000 square feet of residential space and 11,000 square feet of commercial space, according to plans filed Friday with the Department of Buildings. Raymond […]

Milstein finalizing $750M refi at 335 Madison tech hub

Posted: 29 Jul 2019 01:50 PM PDT

Milstein Properties is in advanced talks for a $750 million loan at 335 Madison Avenue, The Real Deal has learned. A division of Brookfield Property Partners is nearing a deal to refinance the 1.1 million-square-foot building, according to people with knowledge of the discussions. The financing would replace a $498 million loan that Bank of China provided in 2013, property records show. JLL’s Aaron Appel is representing Milstein in the negotiations. He declined to comment, […]

Sting finally closes on $65.7M penthouse at 220 CPS

Posted: 29 Jul 2019 01:38 PM PDT

British rocker Sting has finally put two years worth of rumors to rest by shelling out $65.7 million for a sprawling penthouse at 220 Central Park South. The musician bought the condo at Vornado Realty Trust’s uber-luxe building using his real name, Gordon Sumner, and went into contract in June 2016, property records show. The 5,807-square-foot condo was listed for $70 million. The final sale price works out to $11,313 per foot. The pad is […]

Amazon mulls new grocery chain, Douglas Elliman’s new marketing boss: Daily digest

Posted: 29 Jul 2019 01:00 PM PDT

Every day, The Real Deal rounds up New York’s biggest real estate news. We update this page at 9 a.m., 12:30 p.m., and 4 p.m. ET. Please send any tips or deals to tips@therealdeal.com This page was last updated at 4 p.m. A Douglas Elliman broker has taken an ad out to help her find love. “I have managed to sell billions of dollars worth of New York City real estate, but the one thing […]

Help this Douglas Elliman broker find love

Posted: 29 Jul 2019 12:45 PM PDT

Douglas Elliman broker Ann Cutbill Lenane wants to find her soulmate and has taken out an ad to help get the job done. “I have managed to sell billions of dollars worth of New York City real estate, but the one thing I haven’t been able to get done is to find a wonderful single divorced dad to remarry,” she says in the 30-second ad, which is up on YouTube. To drive home the point […]

Despite housing market slowdown, mortgage lenders just had a great second quarter

Posted: 29 Jul 2019 10:30 AM PDT

The second quarter of the year saw $565 billion worth of mortgage loans as homeowners are increasingly eager to refinance thanks to falling rates. If the lending keeps up at this pace, it could mark just the third year since the recession where originations exceed $2 trillion, according to the Wall Street Journal, citing data from Inside Mortgage Finance. Large banks like JPMorgan, Wells Fargo and Citigroup all reported an increase in mortgage originations, and […]

Reonomy is signing “exclusive” partnerships with data providers, but it’s not clear what that means for competitors

Posted: 29 Jul 2019 09:15 AM PDT

In the commercial real estate data industry, access is key. With this in mind, one firm is attempting to secure what it calls “exclusive” partnerships with the biggest data providers — a move that has befuddled competitors. Reonomy, a New York-based analytics firm that pools public data from other sources and repurposes it for its portal, has over the past three months announced a trio of “exclusive” or “preferred” partnerships with commercial real estate data […]

The Daily Dirt: The dark cloud hanging over buyers

Posted: 29 Jul 2019 08:30 AM PDT

It’s a buyer’s market, but soon it might only be a certain buyer’s market. Interest rates dropped to a nearly three-year low on Thursday, continuing a months-long downward slide. So buyers and bankers must be happy — with the cost of borrowing down, more people are applying for mortgages, right? Well. Banks were apparently caught off guard by how fast rates have dropped. Some of the country’s largest lenders reported that the value of servicing rights fell […]

Common goals: Rapper teams up with investors for ambitious Chicago redevelopment plan

Posted: 29 Jul 2019 08:00 AM PDT

A group of development firms are joining the rapper to propose a $71 million mixed-use campus including a film production lot, hotels and concert venues on the 415-acre South Works site, according to the Chicago Tribune. The development team also includes Los Angeles-based developer Sam Nazarian, entertainment management company RoadTown Enterprises, New York-based Morris Nasser and Chicago-based DL3 Realty. They envision a 128-acre film production campus with up to 20 sound stages, plus a sports […]

Florida developer takes over defaulted debt on 125 Greenwich

Posted: 29 Jul 2019 07:00 AM PDT

A senior lender who moved to foreclose on 125 Greenwich, the under-construction residential tower in the Financial District, has sold the debt to a real estate development firm. United Overseas Bank, which provided a $195 million loan to the luxury project’s sponsors, sold the senior debt to real estate development firm BH3 Capital Partners at cost, a person close to the deal told The Real Deal. The move spells further uncertainty for the Rafael Vinoly-designed […]

Elliman hires new chief marketer ahead of rebranding, lead-generation platform launch

Posted: 29 Jul 2019 06:00 AM PDT

Douglas Elliman’s got a new head of marketing on deck just in time for a companywide rebranding and the launch of a new digital platform for agents. Stephanie Garbarini, a fashion executive who’s worked at Barneys New York, J.Crew and, currently, Dressbarn, will be joining the brokerage’s corporate leadership team as vice president of marketing in August, according to Elliman’s COO Scott Durkin. Marketing teams across Elliman’s offices in California, Colorado, Florida and New York […]

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Posted: 29 Jul 2019 05:15 AM PDT

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Real estate’s rent law reckoning: Who’s getting hit hardest, and who’s escaping New York?

Posted: 29 Jul 2019 04:30 AM PDT

Before climbing into bed on June 11, Robert Nelson found himself bracing for a “horror show.” The leaders of the state Senate and Assembly had just announced that they’d reached an agreement to radically tilt rent regulations in favor of tenants, curbing how landlords in the city could increase rents on roughly 1 million stabilized apartments. “My heart dropped. I was in disbelief,” Nelson said. “That was a really poor night’s sleep. I don’t think […]

Compass makes new agents sign Silicon Valley-grade contracts

Posted: 29 Jul 2019 04:00 AM PDT

In the dog-eat-dog world of residential brokerage, Compass appears to be playing defense. Of nine real estate brokerages The Real Deal surveyed in New York City, only the $4.4 billion SoftBank-backed firm seems to take pains to clarify what agents cannot bring to the firm when they join. Specifically, Compass requires all newly hired agents sign an agreement that defines what proprietary, confidential data belongs to its competitors. If that data or information isn’t left […]