The Real Deal - New York Real Estate News

A group of Brooklyn tenants claim Renaissance Realty repeatedly overcharged tenants for rent and didn’t register its apartments as rent stabilized, violating the rules of a popular tax break program and the state’s rent law. Tenants of 527 Lincoln Place are seeking class action status in a lawsuit that accuses their landlord of misrepresenting the legal rent of their rent stabilized apartments as “part of a fraudulent scheme to charge tenants excessive rents with impunity, […]

Here are two real estate events worth checking out next week! Host: NAIOP NYC Date: August 13 Time: 6 p.m. to 8 p.m. NAIOP NYC is hosting its Summer Cocktail & Networking Reception at the Monarch Rooftop Bar, 71 West 35th Street from 6 p.m. to 8 p.m. Come to this rooftop event to enjoy an evening of drinks and connecting with professionals. Host: Bisnow Date: August 15 Time: 7:30 a.m. to 11 a.m. Bisnow […]

Real estate stocks have performed well this week despite wider market volatility, fueled by an escalating trade war, which last week led the S&P 500 to its worst week of 2019. At the close of market on Friday, The Real Deal reviewed the stock prices of 28 major real estate companies. From opening bell on Monday 17 were up, with mostly small percentage drops for the other 11. Of the 28 stocks, troubled brokerage giant […]

NEW DEVELOPMENT CONDO REPORT MANHATTAN •  Inventory expanded as developers filed more units than were purchased • Developers filed five plans with a total of 369 units • The state approved two plans with 113 units valued at $238 million • Buyers purchased 243 units valued at $1.05 billion SUPPLY MANHATTAN NEW DEVELOPMENT CONDO SUPPLY MOST EXPENSIVE CONDO PROJECTS APPROVED Source: TRData analysis of plans approved to sell by NYS AG in June LARGEST CONDO […]

A ritzy Madison Avenue office tower has been without power for two weeks, leaving office and retail tenants in the dark. Maintenance crews have been working “around the clock” at 667 Madison Avenue, a 40-story office tower, to put the building back on the grid, according to the building’s landlord. “Compliments to the city’s old infrastructure in the ground there was a pipe that burst,” said Leonard Stern, the chairman and chief executive of landlord […]

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.   Aaron Appel, the head of JLL’s debt team, is leaving to start AKS Partners. He’s taking Keith Kurland, Jonathan Schwartz and Adam Schwartz […]

Michael Collopy, a sales agent with City Connections Realty, has passed away after being struck by a bicycle last week, the brokerage announced on Friday. The hit-and-run occurred near City Connections’ office, at the intersection of Sixth Avenue and 23rd Street. Collopy, 60, was knocked unconscious and died on Monday, according to a press release. (The city’s medical examiner has yet to determine the official cause of death.) “Michael has been with City Connections Realty […]

Real estate companies from Zillow Group to Keller Williams have jumped on the nascent iBuying craze. But what’s the cost to home sellers who sell their homes with these services? An extra 13 to 15 percent. That’s according to a new study from data firm Collateral Analytics, which aimed to put a price tag on the cost of using iBuying platforms, which allow buyers to purchase homes instantly online, Inman reported. However, if selling a […]

Rapper. Clothing designer. Entrepreneur. Donald Trump fan. And now, affordable housing developer? The outspoken rapper’s plan for a community of dome-like houses for low-income residents modeled after the “Stars Wars” movies has hit a snag, according to TMZ. Calabasas city officials have cited the Grammy-winning artist for building several dome structures, which he claims are temporary prototypes, without having received permits. He’s now being forced to bring them into compliance by Sept. 15, or tear […]

After JLL’s acquisition of HFF, head of the brokerage’s debt arm Aaron Appel is leaving to start a firm with his colleagues. Appel and JLL team members Keith Kurland, Jonathan Schwartz and Adam Schwartz are launching a firm called AKS Capital Partners, according to Commercial Observer. It was reportedly a mutual departure based on differences in approach and style. As The Real Deal reported in June, JLL was mulling the makeup of its debt team amid […]

Ben Carson is well aware of the complaints directed at federal Opportunity Zones, and how the tax incentive program meant to boost struggling communities may only end up benefiting rich investors and developers. On Friday, Carson, the Secretary of the Department of Housing and Urban Development, offered his frank assessment of that belief. “Some people have complained, and said, ‘This is just a mechanism for rich people to get richer,’” he said during a morning […]

Here’s what brokers are biting their nails over…well, pretty much everything.  Brokers are worried about the economy, local politics, national politics, disruptors, third-party lead-generation companies and high cholesterol levels. (Well, probably on that last one. Everyone worries about cholesterol, right?) The Real Deal‘s Erin Hudson recently went to a jam packed real estate conference at the Elad Group’s under-construction West 43rd Street condo, where brokers including Brown Harris Stevens’ CEO Bess Freedman, Modern Spaces’ CEO […]

  Wealthy buyers rushed to close a deal at a premium before the new mansion and transfer tax kicked in on July 1, making June a record-setting month for the residential market. The pace of deals significantly slowed in July, but there were still some big-ticket deals that closed. Watch the video above to see the top deals on the charts.

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Diamonds may be forever, but townhouses on the Upper East Side are not. The Geneva, Switzerland-based jeweler, Chopard, listed its American headquarters at 21 East 63rd Street, also known as the Chopard Mansion, for $40 million on Thursday. The company bought the property in 2002 for $9.25 million. The Beaux Arts townhouse was originally built in 1892 for the Bloomingdale family behind the famous department store. The historic home is currently zoned as commercial space, […]

BRP Companies is bringing another residential complex to Archer Avenue in Jamaica, Queens. The development firm, headed by co-founders Meredith Marshall and Geoff Flournoy, plans to bring a 24-story mixed-use tower to 163-05 Archer Avenue, according to a Department of Buildings pre-filing from Wednesday. The new project will have 399,240 square feet of residential space, 14,077 square feet of commercial space and nearly 200 parking spaces. Studio V Architecture is the architect of record. The […]

Major projects in Greenpoint and Flushing topped the list of the largest outer borough loans for July. The Greenpoint, a 40-story tower at 21 India Street, took the No. 1 spot with a $175 million loan from HSBC, while Flushing’s huge Tangram project took the No. 2 spot with a $163 million loan from Shanghai Commercial Bank. The only other loan for more than $100 million was a roughly $104 million loan from Berkadia Commercial […]

It’s hard to forget a first job, whether it was scooping ice cream, waiting tables or selling knives door-to-door. But it’s funny to think that the CEOs, developers and top industry brokers — who these days have hundreds of employees under their purview and salaries that put them in the uppermost stratosphere of earners — once made minimum wage. Last year, The Real Deal brought you the first edition of this annual series, in which […]

The top 10 Manhattan loans recorded in July totaled just $1.66 billion, the lowest sum since February and just a third of June’s total. And that’s not much more than last month’s top loan: Related Companies and Allianz received a $1.43 billion CMBS loan from Deutsche Bank for their purchase of WarnerMedia’s office condominium at 30 Hudson Yards. July is also the first time since last September that no single deal broke the $300 million […]

The Big Apple saw some pricey deals recently, including developer Elie Hirschfeld parting with his Upper East Side penthouse for $34 million and musician Sting closing on his 220 Central Park South penthouse for almost $66 million. Here are some other head-turning deals from the past week. (Source: A TRD analysis of property records filed with the New York City Department of Finance from July 26 to Aug. 2.) 1.) Vornado Realty Trust’s ultra-luxury tower […]