The Real Deal - New York Real Estate News

His development empire in tatters, Boaz Gilad finds a new job

Posted: 29 Aug 2019 02:36 PM PDT

It seems Brooklyn’s most prolific developer has switched over to mortgage lending. Boaz Gilad, the founder of Brookland Capital, recently posted two updates to his LinkedIn profile: one identifying him as a vice president at FM Home Loans in Brooklyn and another identifying him as the founder of Amast Group. FM Home Loans is a mortgage lender in the tristate area and Florida that claims to close roughly $2 billion in loans per year. It […]

Extell lands $690M refinancing package for One Manhattan Square

Posted: 29 Aug 2019 01:54 PM PDT

After closing over a hundred units at One Manhattan Square since March, Gary Barnett’s Extell Development has secured $690 million in new financing for the remainder of the 80-story, 815-unit Two Bridges condo tower. The new debt consists of a $553.5 million senior inventory loan and a $138.2 million mezzanine loan, according to a disclosure filed with the Tel Aviv Stock Exchange on Thursday. Though the deal has yet to be recorded in city property […]

More people leaving New York than any other major city, landlord sues Dean & Deluca for $29M: Daily digest

Posted: 29 Aug 2019 11:07 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 throughout the day. Please send any tips or deals to tips@therealdeal.com Video produced by Sabrina He Why are so many people leaving New York? Data compiled by Bloomberg shows that roughly 277 people are leaving New York every day — more than any other major U.S. city. […]

Realogy’s stock drops below $5 per share

Posted: 29 Aug 2019 09:01 AM PDT

Realogy is the biggest brokerage conglomerate in the country. And its stock is now worth $4.75. Shares are down nearly 22 percent since the market opened after Realogy announced changes to a military referral program that will impact its 2020 earnings. The change was disclosed in regulatory filings late Wednesday. In the filings, Realogy said it was ending its current military rewards program, offered through the United Services Automobile Association, a Texas-based financial services company […]

Leave the furniture, take the diamond ring: Luxury brokers advise vigilance after fellow agent charged in open-house burglaries

Posted: 29 Aug 2019 08:15 AM PDT

To sell a property, the open house event is a time-honored tradition and stands as a critical component for brokers and potential homebuyers. But for homeowners in some of Los Angeles’ toniest neighborhoods, it has become an increasingly risky proposition. “The concept of an open house is kind of strange. You’re letting strangers into a house,” Rodeo Realty luxury broker Josh Flagg said. “You don’t have to lock up the furniture, but I wouldn’t leave […]

The biggest deals in New Jersey’s Opportunity Zones

Posted: 29 Aug 2019 07:30 AM PDT

Newark, once written off by investors as a forever blighted city, is now a rising star for investment, thanks, in part, to the federal Opportunity Zone program, which provides tax benefits to investors and developers buying and building in low-income neighborhoods. A look at the five biggest transactions on TRD’s list of top Opportunity Zone sales in New Jersey over the last six months shows that some sellers in Newark in particular are cashing out […]

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Posted: 29 Aug 2019 06:45 AM PDT

As the real estate industry grapples with the new rent law, New York landlords have looked for ways to deal with the changes. This week, sources told The Real Deal that Blackstone Group is “warehousing” as many as 50 apartments in Stuyvesant Town and Peter Cooper Village. That news comes just a month after the firm said it was halting renovations in the 11,000-unit complex as a result of the changes to the rent law. […]

iBuyer startup Opendoor launching new home loan program

Posted: 29 Aug 2019 06:15 AM PDT

Opendoor, an instant-homebuying startup with a valuation of $3.8 billion, is moving into lending. The company announced its newest program, Opendoor Home Loans, on Thursday, promising it would make the process of securing a mortgage quicker, simpler and more transparent. Through the Opendoor app, consumers can determine if they pre-qualify for financing, regardless of whether they planned to buy a property through the iBuyer or in the wider market. Opendoor buys homes from individuals and […]

Some WeWork landlords wish they didn’t see the IPO filing

Posted: 29 Aug 2019 05:15 AM PDT

With a blockbuster regulatory filing this month, WeWork raised more questions about its impending IPO than it answered. Perhaps no stakeholders read the filing more closely than its own landlords. “There were certain things in that report I would rather have not seen,” Rory Greenberg, a Miami landlord who owns a building entirely occupied by WeWork, said of certain expenditures and loans detailed in the filing, though he would not specify. “Obviously, I’m sure a […]

Ex-Bear Stearns CEO James Cayne demands co-op records after board rejects 3 buyers

Posted: 29 Aug 2019 04:35 AM PDT

The former CEO of Bear Stearns, James “Jimmy” Cayne, claims a co-op board at 510 Park Avenue has blocked him from selling his sixth-floor apartment because of personal conflicts between Cayne and various board members. In a petition filed in New York’s Supreme Court Tuesday, Cayne demanded access to the board’s books and records to find out why it rejected three prospective buyers without explanation, and denied his request to rent the unit. According to […]

How an FBI agent, strip club owners and cab drivers decimated this High Line luxury project

Posted: 29 Aug 2019 04:00 AM PDT

Amid the new development boom surrounding the revitalized High Line, the northeast corner of 11th Avenue and 23rd Street boasts a prime location, facing Chelsea Piers with views of the Hudson River. So it’s not surprising that an ambitious Israeli investor scooped up the site back in August 2012. But seven years down the line, the site remains derelict. Passersby looking through the windows of the property can see the abandoned reception desk and lobby […]