The Real Deal - New York Real Estate News

WeWork might limit Adam Neumann’s voting power, Thor Equities close to losing commercial property: Daily digest

Posted: 12 Sep 2019 03:08 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 throughout the day, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com WeWork might curb Adam Neumann’s voting power. After much public criticism of the We Company’s S-1 filing, the firm is now considering changing Neumann’s voting rights, and removing his wife, Rebekah Neumann, from her current […]

Data alert: Crunching the numbers on condo inventory

Posted: 12 Sep 2019 02:00 PM PDT

New development condo report Manhattan Inventory shrank as developers filed fewer units than were purchased Developers filed three plans with a total of 172 units The state approved one plan with 34 units valued at about $539 million Buyers purchased 199 units valued at $1.13 billion

REBNY honors late union president Hector Figueroa with humanitarian award

Posted: 12 Sep 2019 01:37 PM PDT

Ahead of its annual banquet, the Real Estate Board of New York announced on Thursday that it will bestow its humanitarian award on the late president of 32BJ SEIU. REBNY chose Hector Figueroa, who died unexpectedly in July, as the recipient of its Kenneth R. Gerrety Humanitarian Award, the trade organization announced at its headquarters on Thursday. Figueroa, who led the country’s largest building services union for seven years, recently sided with the real estate […]

Thor Equities on the verge of losing another building in Manhattan

Posted: 12 Sep 2019 01:20 PM PDT

Joe Sitt’s Thor Equities could soon lose yet another property. The owner of 545 Madison Avenue is looking to evict Thor, which paid $53 million for a ground lease at the building in late 2013, according to Crain’s. The arrangement essentially let Thor act as the property’s landlord in exchange for rental payments to the underlying owner Marx Realty. Thor started falling behind on rent payments as tenants left the property, and Marx Realty started […]

Philip Seymour Hoffman’s old West Village pad sells for $2.57M

Posted: 12 Sep 2019 11:30 AM PDT

Philip Seymour Hoffman’s onetime home in the West Village has traded hands, five years after the actor’s death from a drug overdose. According to records, Hoffman’s penthouse at 1 Sheridan Square sold for $2.57 million to Helicopter Sprockets, a Westchester-based LLC. Sheridan bought the apartment in 2002, but wasn’t living there at the time of his death. In 2008, Hoffman paid $4.25 million for a condo at 68 Jane Street, where he lived with former […]

NYC’s largest student housing firm makes a $101M gamble on owning its own real estate

Posted: 12 Sep 2019 10:45 AM PDT

A student housing company has purchased a Lower Manhattan building used as a Pace University dorm for about $101 million. The nonprofit company Educational Housing Services has purchased the 17-story property at 55 John Street from Tessler Developments, according to property records. It had been the sublandlord at the building prior to buying it outright, sources familiar with the deal said. Tessler had purchased the building in 2006 for $38 million from the Chetrit Group, […]

Brookfield, RXR among major companies urging action on gun violence

Posted: 12 Sep 2019 10:00 AM PDT

Some of the country’s biggest landlords and developers have thrust themselves into perhaps the most contentious national debate: gun control. Brookfield Property Group’s Ric Clark is among 145 CEOs urging Senate leaders to expand background checks on all guns sales and pass stronger “red flag” laws, which would limit sales to potentially dangerous people. “Doing nothing about America’s gun violence crisis is simply unacceptable,” the CEOs wrote in the letter, which was shared with the […]

Brokers in cabs: An interview with Corcoran’s Tim Malone

Posted: 12 Sep 2019 09:00 AM PDT

In the fourth episode of The Real Deal’s “Brokers In Cabs” series, Corcoran Group’s Tim Malone talks about how he got his start in real estate, how his business is literally going to the dogs and his first date with his fiance, CNN anchor Don Lemon. Watch the full video above to see Malone’s thoughts on marketing, social media and knowing when to let clients go.

Steve Croman sued over illegally deregulating apartments

Posted: 12 Sep 2019 08:20 AM PDT

Notorious landlord Steve Croman is facing another lawsuit that accuses him of violating New York’s rent laws. Tenants in his Greenwich Village property at 560-566 Hudson Street claim in court filings that Croman was illegally receiving tax breaks for the building under the state’s J-51 program, which requires landlords to provide their tenants with rent-stabilized leases. However, they say they did not receive rent-stabilized leases when they moved into the building, and they have not […]

The Daily Dirt: Property tax reform and de Blasio, a history

Posted: 12 Sep 2019 08:00 AM PDT

It’s been nearly 40 years since the New York legislature passed a bill that established the current property tax system. Not much has changed since then. Since his 2013 mayoral campaign, Bill de Blasio has advocated for changing the city’s property tax system. The related law has drawn the ire from many due to, among many things, the fact that it treats co-ops and condos as if they are rental buildings. But during de Blasio’s […]

People who made NYC: The legacy of William Zeckendorf Sr.

Posted: 12 Sep 2019 05:15 AM PDT

Episode 3 of “People who made New York City” highlights William Zeckendorf Sr., who cleared 8 acres of slaughterhouses on the East Side to make way for the United Nations headquarters. During his heyday, he also bought the Chrysler Building from the Chrysler family and built the sprawling Kips Bay Plaza complex. Watch the video above to find out how he sacrificed profits in pursuit of architectural greatness, which ultimately led to his company’s bankruptcy. […]

Dumbo’s new development deluge

Posted: 12 Sep 2019 04:30 AM PDT

New York is no stranger to reinvention. But the changes that have taken hold in Dumbo, even in just the last five years, have taken the neighborhood to a once-unimaginable place. When artists began trickling into the post-industrial Brooklyn area in the 1970s, they found massive concrete warehouses and postcard views. But the stone-lined streets were desolate. Today those same streets are teeming with tech workers, hotel guests, diners and shoppers spilling out from swanky […]

Manhattan, Brooklyn see record high rents while concessions slip

Posted: 12 Sep 2019 04:00 AM PDT

Rental prices hit new highs in Brooklyn and Manhattan last month as concessions slightly decreased. In Brooklyn, the median rent price reached a record high of $3,015 following eight consecutive months of growth, according to the latest market report from Douglas Elliman. Rent prices also climbed in Manhattan, where the median price reached $3,500. In outlier Northwest Queens, median rents dropped 1.2 percent to $2,960. Jonathan Miller, CEO of appraisal firm Miller Samuel and author […]