The Real Deal - New York Real Estate News

Inside Stephen Ross’ massive empire of gyms, condos, coffee and more

Posted: 08 Aug 2019 03:13 PM PDT

The backlash over hosting a Trump fundraiser has been swift for developer Stephen Ross. Within 24 hours of word getting out, Equinox members and SoulCycle devotees have threatened to boycott both brands, which are owned by Ross’ Related Companies. (In San Francisco, some staged a protest.) Miami Dolphins receiver Kenny Stills publicly criticized the team owner for agreeing to host the event at his Hamptons home. And in a joint statement, the CEOs of Equinox […]

Harlem church accuses real estate firm of “Old Testament Vengeance” in $20M lawsuit

Posted: 08 Aug 2019 02:45 PM PDT

A historic Harlem church is seeking $20 million from a real estate developer it accuses of fraud in a lawsuit filled with biblical references. St. Luke Baptist Church has filed suit against Azimuth Development and its founder Guido Subotovsky, claiming that a deal it made with the development company to construct a residential building on its land was “wrought with fraud, misrepresentations and misconduct” and that it took advantage of the church’s “unsuspecting nature and […]

Harvey Weinstein sold more than $31M in NYC real estate; Karlie Kloss, Josh Kushner sell in Nolita: Daily Digest

Posted: 08 Aug 2019 01:00 PM PDT

Every day, The Real Deal rounds up New York’s biggest real estate news, from breaking news and scoops to announcements and deals. 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 4:00 p.m. Harvey Weinstein sold millions worth of real estate between October 2017 and April 2018. Two properties he sold were in Manhattan, according to […]

At the Desk of Highlyann Krasnow

Posted: 08 Aug 2019 11:45 AM PDT

Highlyann Krasnow, one of three partners at the New York brokerage MNS, has her hands on about 10,000 high-end units in Manhattan, Brooklyn and Queens as the company’s head of new development. MNS has closed $10 billion in sales over the past decade, according to the brokerage, and the 130-person firm bills itself as a one-stop shop for sales, marketing and design guidance on residential construction projects. Its roster of developer clients includes the Moinian […]

Woodbridge’s Robert Shapiro faces 25 years in prison after pleading guilty to Ponzi scheme

Posted: 08 Aug 2019 11:00 AM PDT

Robert Shapiro has pleaded guilty in federal court to charges related to a $1.3 billion Ponzi scheme he led as the CEO of Woodbridge Group of Companies. Shapiro admitted that he “misappropriated” between $25 million and $95 million in investor funds to fuel his lavish lifestyle and over-the-top luxury purchases, according to the Miami Herald. Most of Woodbridge’s clients were elderly people who unwittingly invested their retirement funds in what turned out to be a […]

Sam Chang can now purchase 160 elite racing pigeons

Posted: 08 Aug 2019 10:16 AM PDT

Hotel developer Sam Chang is back to unloading his real estate, and the proceeds could go to the birds — literally. Chang sold the Club Quarters Hotel at 40 West 45th Street in Midtown for a little over $64 million, property records show. The most prolific budget hotelier in the city recently announced that he is retiring from real estate, in part because of a City Council zoning change that restricted hotel development in manufacturing […]

Virtual brokerage eXp now has 20,000 agents — far more than Compass

Posted: 08 Aug 2019 08:33 AM PDT

eXp Realty, the fast-growing virtual brokerage, has reported a “record” $266.7 million in revenue in the second quarter of 2019 — a 104 percent year-over-year increase. In its latest earnings report, the firm also reported $2.2 million in net losses, up 16 percent on the previous year. Transaction volume increased by 94 percent, year over year — totaling $10.3 billion. The firm said it did 35,837 deals, up 80 percent. “As agents join eXp Realty […]

Realogy stock soars 19% despite revenue slide

Posted: 08 Aug 2019 07:52 AM PDT

After months of free-falling, Realogy’s stock soared more than 19 percent on Thursday as the company said it grew its agent base “for the first time in a long time.” But overall, the company’s second-quarter revenue dropped 5 percent year over year to $1.7 billion. Net income remained in the black but profits slid 44 percent to $69 million, from $123 million a year prior. At NRT, the division that includes the Corcoran Group and […]

What’s next for Barneys’ landlords?

Posted: 08 Aug 2019 07:15 AM PDT

Barneys this week filed for bankruptcy and announced its plan to shutter 15 of its 22 luxury department stores. What the downsizing spells for the luxury retailer’s various landlords remains unclear, at least for the moment. Retail experts told The Real Deal that negotiations are likely and that concessions from the landlords could be possible to prevent Barneys from vacating some locations. “To lose that tenant in this market wouldn’t be very smart, because who’s […]

The Real Deal and SPACES talk trends in co-working at August 21 event

Posted: 08 Aug 2019 07:00 AM PDT

The Real Deal and SPACES are teaming up for an afternoon of tours, networking and a discussion on where co-working is going next. The event is on August 21, at SPACES’ newest location in the Chrysler Building. It will feature an influential group of speakers including Nick LiVigne, head of product at Convene; Michael Berretta, vice president of Network Development at IWG; and Richard Beyda, co-founder of The Yard. These industry experts will dive deep […]

Florida man sentenced in $3.5M mortgage fraud scheme that targeted Orthodox Jewish community

Posted: 08 Aug 2019 06:30 AM PDT

A North Miami Beach resident is heading to federal prison for leading a $3.5 million mortgage fraud scheme in South Florida, the mortgage fraud capital of America. Shayeh Dov was sentenced to over seven years in prison and ordered to pay more than $3 million in restitution after targeting the Orthodox Jewish community in South Florida and New York with fake investments. Dov pleaded guilty to conspiracy to commit wire fraud in February for his […]

What brokers fear most: Everything

Posted: 08 Aug 2019 05:45 AM PDT

They’re worried about the health of the economy and the state of politics, both local and national. And they’re just as concerned about the rise of disruptors and third-party lead-generation companies. More than 100 people crammed into the lobby of the Elad Group’s under-construction condo on West 43 Street to hear what top residential brokerage executives and agents had to say about it all. The whiplash between reality and market predictions is leaving many people […]

Here are the week’s top luxury sales

Posted: 08 Aug 2019 05:15 AM PDT

Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales.

The new rent reality: Lawsuits, lobbyists and Advil

Posted: 08 Aug 2019 04:30 AM PDT

It was standing room only at 1 MetroTech Center in Brooklyn in mid-July. More than 100 landlords and investors packed into a conference room that Marcus & Millichap scrambled to reserve after receiving a flood of registration requests. “I hope you brought a bottle of Advil,” Belkin Burden Wenig & Goldman’s Daniel Altman told the crowd. “And we have social workers and counselors in the back.” It wasn’t long before someone from the crowd yelled, […]

Convene edges out rivals WeWork and Knotel at London skyscraper

Posted: 08 Aug 2019 04:00 AM PDT

An under-construction skyscraper in London was the battleground for a trio of well-capitalized flexible office space firms in growth-mode. New York-based Convene, a startup that partners with commercial landlords to offer meeting spaces and amenities in office buildings, ultimately won out. The firm signed a 100,000-square-foot lease at 22 Bishopsgate in central London, the firm’s chief executive Ryan Simonetti told The Real Deal. It will be the firm’s first international location. Simonetti said negotiations for […]