The Real Deal - New York Real Estate News

Anbang’s multibillion-dollar US luxury hotel portfolio may have buyer: report

Posted: 12 Aug 2019 03:14 PM PDT

Anbang Insurance Group appears to have found a buyer for its multibillion-dollar U.S. luxury hotel portfolio, which includes JW Marriott Essex House in New York and Loews Santa Monica Beach Hotel in Los Angeles. An affiliate of South Korea’s Mirae Asset Financial Group is working to arrange financing and reach terms for the purchase of the Chinese insurer’s 15 luxury hotels, according to Bloomberg. An acquisition by the South Korean asset manager could value the […]

Co-working newcomer Blackbird, focusing on women of color, will open in LA

Posted: 12 Aug 2019 03:00 PM PDT

WeWork is by far the biggest co-working company around, but numerous niche providers have been trying to carve out space in an increasingly cluttered market. Those include wellness-centric Well Work Win, and women-focused The Wing. The latest entrant, Blackbird, focuses on women of color and will open its first location in Los Angeles next month. More locations are being considered, including one in Oakland, along with others in New York City, Atlanta and eventually London, […]

Manhattan investment firm in talks to buy upstate property linked to multimillion-dollar fraud scheme

Posted: 12 Aug 2019 02:52 PM PDT

Rockport Equity is in talks to acquire one of Rochester-based landlord Robert Morgan’s properties facing foreclosure over an alleged mortgage fraud scheme. The sprawling garden-apartment complex, known as the Brookwood on the Green, spans 340 units at 7405 Morgan Road in Liverpool. It wasn’t clear how much Rockport is negotiating to purchase the property for, but the complex was assessed at $11.5 million, according to 2018 property tax records. Zac Thomas, an acquisitions analyst for […]

Stephen Ross backlash hits Hudson Yards

Posted: 12 Aug 2019 02:30 PM PDT

The backlash against Related Companies chair Stephen Ross for his Trump fundraiser has hit Hudson Yards. Fashion designer Prabal Gurung announced on Twitter that he had been in talks to use The Vessel at Hudson Yards as the location of his brand’s 10th anniversary show during New York Fashion Week next month, but he decided to pull his participation after learning about Ross’ event, according to Elle. “I was previously in conversation with Hudson Yards’ […]

Crane work halted at 20-plus sites after company’s second crane-related accident

Posted: 12 Aug 2019 02:00 PM PDT

The city has halted crane work at more than 20 construction sites until a Long Island City-based company replaces personnel involved in two accidents, one of which led to a fatality. The Department of Buildings barred United Crane and Rigging from continuing work at 22 sites, following a fatal crane collapse in April and another incident two weeks ago. United can only resume work once it replaces the personnel who supervised crane work on July […]

These are Jeffrey Epstein’s real estate ties to his brother Mark

Posted: 12 Aug 2019 01:30 PM PDT

As prosecutors work to determine the full scope of Jeffrey Epstein’s fortune in the wake of his apparent suicide, more details are emerging about the ties to his brother, Mark. Like Jeffrey Epstein, his brother’s wealth is also shrouded in mystery. But records link Mark in a business relationship with his brother through a Manhattan building, according to the Wall Street Journal. “Other than the obvious relationship of being brothers, the only other relationship between […]

VTS expands to Canada; Sol Goldman’s daughter among donors backing far left candidates: Daily digest

Posted: 12 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 9:00 a.m. VTS is expanding in Canada with a Toronto engineering hub. The firm plans to hire at least 50 staffers for the hub […]

Rockrose is moving into Brooklyn

Posted: 12 Aug 2019 12:42 PM PDT

Rockrose Development, known for developing skyline-defining apartment towers in Manhattan and Long Island City, is working on its first major play in Brooklyn. The Elghanayan family-controlled firm is in contract to buy a development site at the edge of Downtown Brooklyn and Fort Greene that can support a new apartment building of several hundred thousand square feet, sources told The Real Deal. The price for the development site, at 98 DeKalb Avenue, was not immediately […]

Brandon Weber’s second act

Posted: 12 Aug 2019 12:00 PM PDT

Last September, Brandon Weber gave up his day job as one of the leaders of commercial real estate tech’s most-hyped startup, VTS. He then decided to buy a one-way ticket and go traveling. Weber had founded Hightower, which merged with its chief rival VTS in November 2016 to create what Weber and VTS boss Nick Romito billed as a $300 million company. But Weber was unsatisfied playing second fiddle to Romito, the CEO of the […]

These are the details on Zeckendorf Development’s latest residential project

Posted: 12 Aug 2019 11:35 AM PDT

Manhattan’s Midtown East neighborhood is getting a new high-rise from Zeckendorf Development. Arthur Zeckendorf III filed an application on Monday for an 18-story, 62-unit residential building at 115 East 55th Street, a few blocks southeast of Central Park between Park and Lexington avenues. The building is slated for about 60,000 square feet of residential space and will have a gym and rooftop terrace. SLCE Architects is the architect of record. It was not immediately clear […]

Resi scorecard: Brooklyn and Queens condo inventory through June 2019

Posted: 12 Aug 2019 11:00 AM PDT

NEW DEVELOPMENT CONDO REPORT BROOKLYN • Inventory expanded as developers filed more units than were purchased • Developers filed 21 plans with 258 units • The state approved nine plans with 90 units valued at $88 million • Buyers purchased 141 units valued at $157 million SUPPLY BROOKLYN NEW DEVELOPMENT CONDO SUPPLY MOST EXPENSIVE CONDO PROJECTS APPROVED IN BROOKLYN Source: TRData analysis of plans approved to sell by NYS attorney general in June LARGEST PROJECTS […]

Here’s what the $20M-$30M NYC investment sales market looked like last week

Posted: 12 Aug 2019 10:15 AM PDT

From a Soho retail condo to a Times Square hotel, here are the details on New York City’s commercial deals last week. 1.) Acadia Realty Trust bought another retail condominium unit along Soho’s Greene Street, where the real estate investment trust already owns several retail stores, property records show. Acadia shelled out $24.8 million for the retail space at EMP Capital’s 47-49 Greene Street, which houses a Theory store. 2.) Apple Core Holdings sold […]

“This program will either be a boom or a bust:” State senator has plans to redesign Opportunity Zones

Posted: 12 Aug 2019 07:20 AM PDT

UPDATE Monday, August 12, 2019, 11:47 a.m.: New York State senator James Sanders Jr. is laying groundwork in New York to modify the federal Opportunity Zone program. “This program will either be a boom or a bust to the community. You’ll either come in as pirates or partners. And my job is to see if we can’t create a partnership,” he said to an audience of real estate developers and investors gathered at the Marriott […]

Get ready for a long, complicated legal battle over Jeffrey Epstein’s estate

Posted: 12 Aug 2019 06:35 AM PDT

The fight over Jeffrey Epstein’s estate, which includes one of Manhattan’s most expensive homes, is set to be a new major battleground following his death by apparent suicide on Saturday. Prosecutors will have to try determining the full scope of Epstein’s fortune, which will be more challenging because of his death. It is not even clear yet where estate proceedings would take place, as it will depend on which home of Epstein’s is considered his […]

Trouble in the land of OZK: Why NYC’s most important construction lender may be on shaky ground

Posted: 12 Aug 2019 04:30 AM PDT

As Bank of the Ozarks’ private jet lifted off from Little Rock, Arkansas, Dan Thomas geared up for another day of dealmaking. As vice chair of the bank, he oversaw one of the country’s largest construction lending operations and had become a financial messiah for major condo developers in New York, Los Angeles and Miami. Seated shoulder to shoulder with him that morning was his boss, George Gleason. Over 14 years, the duo had built […]

Corcoran to shut down office in building partly owned by Barbara Corcoran

Posted: 12 Aug 2019 04:00 AM PDT

The Corcoran Group’s outpost in the heart of Greenwich Village will officially shut its doors this fall. Agents who work in the office received notice of the closure last week. They will be relocating to the brokerage’s Soho, Chelsea or Union Square offices, Corcoran president and CEO Pam Liebman said in a statement. “Corcoran grew out of the West 10th Street office which can no longer accommodate the services and space required for our agents […]