The Real Deal - New York Real Estate News

The feud with Compass might be good for Realogy’s stock price

Posted: 09 Sep 2019 02:50 PM PDT

Realogy’s stock got a boost on Monday, following a weekend of intrigue, rumor and conflicting statements surrounding its legal battle with Compass. The company’s stock price jumped more than 11 percent to $5.48. It was a strong day in the market overall, with 20 of 29 real estate stocks The Real Deal follows up on the previous week. The uptick followed a week of conflicting statements from both firms over a July lawsuit filed by […]

Ken Griffin’s many many mansions: Billionaire’s latest is a $99M Palm Beach estate

Posted: 09 Sep 2019 12:45 PM PDT

Just when it looked like billionaire hedge funder Ken Griffin was taking a breather from assembling pricey property in Palm Beach — and the world — he has paid $99.1 million for an oceanfront estate. The seller was billionaire real estate investor Frank McCourt, who unloaded the 18,452-square-foot mansion at 60 Blossom Way. Griffin acquired the estate through Providence Partners LLC, property records show. McCourt, the former Los Angeles Dodgers owner, turned a 30 percent […]

The Mack Daddy: CEO of NJ REIT Mack-Cali on the future of suburbia

Posted: 09 Sep 2019 12:15 PM PDT

Despite Mack-Cali’s recent board member defections and a $22 million net income loss posted in the second quarter, company CEO Michael DeMarco characterized this moment as a time no busier than any other in his career. For one, the latest board departures at the REIT, which brings the total to eight out of 11 members who’ve left since DeMarco joined Mack-Cali as COO in 2015, are a natural consequence of redefining the direction of the […]

Joel Gluck eyes Israeli bond offering to refi half-finished church conversion. Appraisers have questions.

Posted: 09 Sep 2019 11:30 AM PDT

Is the comeback on? A week after Silverstein Properties signaled its intent to issue a new bond series on the Tel Aviv Stock Exchange, another New York developer is following suit. Joel Gluck’s Spencer Equity Group is preparing to issue its fourth Israeli bond series, according to a disclosure filed with TASE on Sunday. The size of the issuance has yet to be announced, but the new bonds will be backed by a first mortgage […]

Related, Equinox, the Miami Dolphins. What else does Stephen Ross own?

Posted: 09 Sep 2019 10:30 AM PDT

Stephen Ross ignited a political wildfire when he hosted a ritzy Hamptons fundraiser for President Donald Trump last month that raked in millions. And the Related Companies chair is still feeling the heat — even at his Hudson Yards megadevelopment. Critics of the Trump administration, outraged over the president’s rhetoric on immigration, quickly denounced Ross and two of his company’s most visible brands: Equinox and SoulCycle. That backlash came swiftly for the 79-year-old real estate […]

Gary Barnett says luxury market is crowded, WeWork IPO woes continue: Daily Digest

Posted: 09 Sep 2019 10:10 AM PDT

Every day, The Real Deal rounds up New York’s biggest real estate news. We update this page in real time, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com Gary Barnett says luxury condos aren’t “flying off the shelves” anymore. Barnett acknowledged in a recent interview with Bloomberg Television that there is “much more competition” in the luxury condo market now than there was just a few years ago. His company Extell Development […]

Crowdfunding platform launches $20M Opportunity Zone fund

Posted: 09 Sep 2019 09:45 AM PDT

A crowdfunding platform is piling into Opportunity Zones. CrowdStreet is launching a $20 million fund that will target new developments and redevelopments in small and mid-market designated Opportunity Zones, the Oregon-based firm said Monday. The firm did not specify in which cities it is looking to place investor capital. However, the targets do not appear to be major gateway markets. “These markets are up-and-coming metro areas with population and job growth rates that, in many […]

Tyler Whitman, MDLNY’s new star from the lead gen world, makes his debut

Posted: 09 Sep 2019 07:10 AM PDT

Triplemint agent Tyler Whitman celebrated his debut on Bravo’s “Million Dollar Listing: New York” Thursday night by throwing himself a Chipotle-themed — and sponsored — screening party. A crowd that included co-workers, StreetEasy’s Matt and Susan Daimler and a few of Whitman’s co-stars gathered in two theaters on West 57th Street to watch the episode where viewers encounter Whitman for the first time. He wasted no time showing audiences that he’s ready to mix it […]

It’s not just Chinese buyers retreating from NYC’s condo market

Posted: 09 Sep 2019 04:30 AM PDT

On Friday, Aug. 23, President Trump escalated his trade war with China in a series of tweets that labeled Chinese leader Xi Jinping an “enemy.” That same day, in Hong Kong, demonstrators formed a human chain across the territory in a show of solidarity with anti-government protests that had been raging for months. In Brazil, meanwhile, wildfires spread across the Amazon, wiping out millions of acres of forestland. And in the U.S., economists sounded alarms […]

The top 10 biggest real estate projects coming to NYC

Posted: 09 Sep 2019 04:00 AM PDT

The largest project filed for New York City last month comes from the Wonderful World of Disney. The entertainment giant took the top spot in August with a roughly 851,000-square-foot commercial development planned for its new headquarters in Manhattan’s Hudson Square neighborhood. The No. 2 spot went to MDG Real Estate, which is planning the tallest building in Queens outside of Long Island City, while third place went to BRP Companies’ plans for a mixed-use […]

Realogy snaps back at Compass, denies seeking a sale

Posted: 09 Sep 2019 03:37 AM PDT

Realogy isn’t wasting any time trying to set the record straight. In an email to employees and agents on Saturday, CEO Ryan Schneider flatly denied trying to sell the company to Compass — an assertion he said was “designed to inspire sensational news coverage about Realogy that is simply not true.” “We want to be clear with you that we have never had discussions to sell or merge Realogy with Compass,” read the letter, a […]