The Real Deal - New York Real Estate News

Make Greenland Great Again? Trump wants to buy Arctic territory

Posted: 15 Aug 2019 04:21 PM PDT

It’s not Manhattan real estate, but President Trump sees the upside in Greenland, an autonomous Danish territory surrounded by the Atlantic and Arctic oceans. Trump has brought up the idea of buying Greenland with his advisors on multiple occasions and directed his White House counsel to look into the matter, according to the Wall Street Journal. Buying the entire 811,000-square-foot island of Greenland from Denmark has been considered before, albeit quite a long time ago. […]

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Posted: 15 Aug 2019 02:30 PM PDT

Back in the spring, lender Maverick Real Estate Partners lost a foreclosure case it filed against the owner of a Chelsea apartment building. But the legal battle isn’t over. Landlord Andreas Steiner claims in a new lawsuit that Maverick continues to charge punitive default interest at the rate of 24 percent a year — or, as of May 30, about $1.4 million — even though Maverick’s case was dismissed. “We are confident that Justice [Arlene] […]

Slate closes on $106M multifamily building near Union Square

Posted: 15 Aug 2019 01:01 PM PDT

Slate Property Group is still bullish on the multifamily market. Slate has acquired a 133-unit multifamily rental building near Union Square with Boston-based real estate investment manager Alcion Ventures in an off-market deal for $106.5 million, The Real Deal has learned. The investment and development company paid the seller Heller Realty to acquire the fee interest, terminating the prior ground lease on the property. “Slate is very excited to add another prominent property to our […]

Hudson Yards has an exclusive new restaurant, David Werner buys downtown: Daily digest

Posted: 15 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 p.m. It’s bad news for Macy’s as the retailer’s earnings guidance was cut. As malls struggled across the country, Macy’s management insisted it was […]

What happens to Jeffrey Epstein’s properties now?

Posted: 15 Aug 2019 12:10 PM PDT

Jeffrey Epstein’s death in a Manhattan jail cell put an end to the criminal case against him, and raised a fresh round of questions for his accusers and their supporters. Chief among them, can the women seek restitution from the dead financier’s estate, which includes multiple luxury properties in New York, New Mexico, Paris and the Virgin Islands? Former federal prosecutor Silvia Piñera-Vazquez said nothing was preventing his estate from selling the properties, now the […]

All of the stocks are tumbling — except real estate

Posted: 15 Aug 2019 11:00 AM PDT

While the U.S. markets are in fear of a recession, investors seem to know one place they want to park their money: real estate stocks. Of the 28 real estate stocks tracked by The Real Deal — a sample of real estate investment trusts, mortgage companies, brokerages and other real estate services firms — 15 saw an uptick. That’s despite the S&P 500, Dow 30 and Nasdaq showing slight losses as of 1:45 p.m. Thursday. The Dow […]

CRE scorecard: Manhattan office leasing through June 2019

Posted: 15 Aug 2019 10:15 AM PDT

OFFICE LEASING IN MANHATTAN • Midtown office leasing continued to slow in June, totaling just under 1 million square feet, down 21 percent from the month before and 26 percent year-over-year. The availability rate stayed flat at 10.6 percent, while the average asking rent rose to $88.20. The largest deal in Midtown went to advertising agency McCann, which renewed 464,598 square feet at Cohen Brothers’ 622 Third Avenue. • Leasing activity in Midtown South slowed […]

Related is the latest developer to target the Rockaways

Posted: 15 Aug 2019 08:15 AM PDT

The Related Companies is planning a 149-unit residential building in Far Rockaway. Jamar Adams, a former professional football player who now works at Related, pre-filed an application with the Department of Buildings on Monday for the project. It will be located at 14-06 Gateway Boulevard and span 133,000 square feet, split between 125,000 square feet of residential space and nearly 8,500 square feet of commercial space. The project will stand nine stories and 88 feet […]

The Daily Dirt: We Company sheds light on financial sitch ahead of IPO

Posted: 15 Aug 2019 07:53 AM PDT

The We Company? More like the We-don’t-know-when-we’re-going-to-be-profitable Company. Of course, that name is a lot less ticker friendly. The story of the We Company, WeWork’s parent company, continues to be big-time revenue — and also big-time losses. In a filing made public on Wednesday, the company revealed that it generated $1.54 billion in revenue but lost a net of $689.7 million in the first six months of 2019. Yikes. The financial information was included in […]

WeWork’s IPO filing reveals a 100% male board

Posted: 15 Aug 2019 06:30 AM PDT

The We Company’s IPO filing, which promoted a “culture of inclusivity,” revealed the company has a fully male board. The WeWork parent company filed S-1 papers Wednesday with the U.S. Securities and Exchange Commission for its imminent IPO, expected to take place as early as next month. Of its seven board members, three were appointed at the behest of investors, Benchmark, Hony Capital and SoftBank, according to Boss Betty, a female-focused business news site. Elsewhere […]

The city just threw small contractors a bone

Posted: 15 Aug 2019 05:00 AM PDT

The city is offering grants to small construction firms to help defray the costs of new safety training requirements. The Department of Small Business Services is offering reimbursement of 65 to 100 percent of the direct costs of new training, the agency announced on Wednesday. The grants will be made available to construction companies with one to 15 employees, and city-certified minority/women-owned firms of the same size who operate in the region. According to SBS, […]

The e-commerce industrial revolution

Posted: 15 Aug 2019 04:30 AM PDT

It seems buying and selling e-commerce space these days can provide more value than an IPO — at least as far as Singapore’s GLP is concerned. The massive logistics firm had been considering going public, according to a person familiar with the matter, but landed on a better way to feed its investors: selling a massive warehouse portfolio to Blackstone Group for $18.7 billion, one of the largest deals ever in industrial real estate. Blackstone’s […]

Brooklyn rents hit a record high in July

Posted: 15 Aug 2019 04:00 AM PDT

Rents are rising while concessions are falling in Manhattan and Brooklyn, but the opposite is happening in Queens, according to Douglas Elliman’s July report on the city’s rental market. Manhattan’s median rent increased by 5.7 percent year over year to hit $3,595, and Brooklyn’s median rent went up by 1.7 percent to hit $3,000, a new record for the borough. In Northwest Queens, however, median rents dropped 3.6 percent, compared to last July, to hit […]