The Real Deal - New York Real Estate News

Trump disputes report that Doral golf resort has bedbugs

Posted: 27 Aug 2019 02:45 PM PDT

President Trump disputed a resurfaced report that the Trump National Doral Miami golf resort has bedbugs after he proposed hosting next year’s Group of Seven summit at the property. Trump took to Twitter to respond to social media posts stemming from a 2016 lawsuit by New Jersey insurance executive Eric Linder, who alleged he was bitten by bedbugs in his room at the Trump Doral golf resort, according to the Wall Street Journal. The suit […]

StreetEasy crosses the Hudson River with listings in NJ

Posted: 27 Aug 2019 02:22 PM PDT

StreetEasy is going after the bridge-and-tunnel crowd. The portal, which was so entrenched in New York City real estate that Zillow paid $50 million to buy the site in 2013, is now displaying listings in the Garden State. Last month, StreetEasy added for-sale and rental listings in select Hudson and Bergen County neighborhoods, including Edgewater, North Bergen, Weehawken and Hoboken, a spokesperson confirmed. The spokesperson said StreetEasy always had New Jersey listings hosted on a […]

Nuveen teams up with Taconic on ABC campus buy

Posted: 27 Aug 2019 01:55 PM PDT

Nuveen is joining Taconic Investment Partners on its $230 million purchase of a portion of Silverstein Properties’ ABC campus on the Upper West Side. Nuveen, the real estate investment arm of the TIAA pension fund, and Taconic signed a hard contract Monday to buy the three-property “West End Campus,” sources familiar with the transaction told The Real Deal. The two partners are in talks with Deutsche Bank for a loan to finance the acquisition. Representatives […]

Blackstone “warehousing” rent-stabilized apartments at Stuy Town

Posted: 27 Aug 2019 01:15 PM PDT

Blackstone Group is keeping some rent-regulated apartments at Stuyvesant Town and Peter Cooper Village vacant, sources say, after changes to the rent law impacted landlords’ ability to reap profits. There are between 20 to 50 units being left empty, according to the complex’s tenant association president Susan Steinberg. Blackstone, which in partnership with Ivanhoe Cambridge paid $5.3 billion for the 11,000-unit complex, had announced in July that it would halt renovations because of the new […]

Rent overcharge case could determine how courts deal with new rent law

Posted: 27 Aug 2019 11:46 AM PDT

One day before New York’s new rent law passed, a housing court judge threw out rent overcharge claims filed against a Sutton Place landlord. But when a tenant tried to revive the claims in light of the new law, the judge stuck by the initial decision. Judge Frances Ortiz denied a motion filed by a tenant of 400 East 58th Street, finding that the Housing Stability and Tenant Protection Act of 2019 “relate[s] to claims […]

WeWork acquires local rival, Taylor Swift name-drops Village townhouse in new album: Daily Digest

Posted: 27 Aug 2019 11:30 AM 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 in real time, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com This page was last updated at 2:30 p.m. WeWork has acquired New York-based co-working rival Spacious. The firm, co-founded in 2016 by SL Green Realty and Fortress alum Preston Pesek, turns empty restaurants […]

The Daily Dirt: David Koch and NYC’s “richest building”

Posted: 27 Aug 2019 08:45 AM PDT

David Koch lived among some of New York City’s richest residents. His co-op unit could soon hit the market. The death of the billionaire, who was a major funder of conservative politics and the city’s second-richest resident, has raised questions about the fate of some of his properties. Last year, he and his wife paid $40 million for a townhouse on East 76th Street and transferred ownership of his co-op unit at 740 Park Avenue […]

Groundhog Day continues: New York State appeals title insurance ruling (again)

Posted: 27 Aug 2019 08:00 AM PDT

The title insurance industry must be going through a wicked case of déjà vu. For the second summer in a row, the Department of Financial Services is appealing a ruling from New York Supreme Court Judge Eileen Rakower that overturned the agency’s strict new regulations on the title insurance industry. DFS filed its notice of appeal on Friday challenging “each and every part” of Rakower’s decision from earlier in August that struck down the new […]

Compass is growing rapidly in UWS and Brooklyn

Posted: 27 Aug 2019 06:30 AM PDT

Fresh off raising $370 million in its latest funding round, Compass has opened a new office in Brooklyn and doubled the size of its Upper West Side location, bringing its total office count across the city to 13. The new office, which opened Monday, is a 6,340 square-foot space located at 1328 Fulton Street in Bedford–Stuyvesant, where top brokers including the DuPree Team and the Werde Ettelson Team will be based. (Ironically, the Corcoran Group […]

Golden cobwebs: Why the North Shore’s great estates aren’t selling

Posted: 27 Aug 2019 05:15 AM PDT

The stretch of old-money communities that inspired F. Scott Fitzgerald’s “The Great Gatsby” seems to be losing its luster among buyers. Across the “Gold Coast,” scores of multimillion-dollar listings have sat dormant for over a year, with a disconnect between buyers and sellers, as well as changing tastes, most to blame, according to industry experts. “Sellers are anchored to another era and not matching what the market supports today,” said Jonathan Miller, the head of […]

Real estate bigwigs on their minimum wage days

Posted: 27 Aug 2019 04:30 AM PDT

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 […]

New NYC rent law “beginning to shut down investment”

Posted: 27 Aug 2019 04:00 AM PDT

July is almost always a sluggish month for real estate deals in New York, but even by those standards, this was an extremely slow July. And many brokers and analysts believe the new rent law in New York is the main culprit. The city saw about $357 million worth of apartment building deals across 31 properties last month, according to data from Real Capital Analytics. Last July, the market saw about $771 million worth of […]