The Real Deal - New York Real Estate News

Join The Real Deal for Wednesday’s how-to webinar on syndicating bridge loans

Posted: 17 Sep 2019 03:31 PM PDT

Join The Real Deal at 12:00 p.m. on Wednesday, Sept. 18, for a live webinar with Ira Zlotowitz, founder and president of Eastern Union Funding, as he details the process and benefits of bridge loan syndication and how anyone can participate. Register here.

Brokerage megateams are having a moment

Posted: 17 Sep 2019 03:30 PM PDT

Welcome to the new frontier of brokerages — megateams. And the soon-to-be-70-agent team headed up by Fredrik Eklund and John Gomes at Douglas Elliman is not the only one out there. Ryan Serhant’s team at Nest Seekers International is now clocking in at 62 agents, largely in New York, but with several in L.A. Also in L.A., Compass’ Aaron Kirman and Sally Forster Jones have teams with 50-plus and 25 agents, respectively. And national brokerages […]

Views from Central Park Tower’s topping out

Posted: 17 Sep 2019 03:00 PM PDT

It takes four minutes and 35 seconds for a construction elevator to reach the top of Central Park Tower. The condo project — the tallest residential building in the world at 1,550 feet — topped out Tuesday, 15 years after Extell Development started assembling the site. “We’ve got unimpeded views in all directions; nobody is blocking our views,” chairman Gary Barnett told a crowd that gathered to see the views from the 107th floor. An […]

The trade war could cool down the e-commerce boom, Tom Barrack’s firm makes an aggressive bet on tech: Daily digest

Posted: 17 Sep 2019 02:56 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 Video produced by Sabrina He Casual clothing brand Marine Layer signed a lease for a new store at 20 Prince Street. The retailer took 3,600 square feet across the ground floor and lower level at […]

After data breach, Corcoran attempts a lockdown. But agents are talking

Posted: 17 Sep 2019 02:08 PM PDT

It’s the holy grail of the residential brokerage world: an agent’s split, gross commission income and marketing budget. And last Friday, one of New York’s biggest firms saw that privileged information leaked wholesale. Less than two hours after emails with said information were sent to the Corcoran Group’s agents and staff, the firm shut down its email system while the IT department removed the leaked files from the firm’s server. Agents were warned not to […]

JPMorgan’s asset arm selling 195 Broadway for $800M

Posted: 17 Sep 2019 01:40 PM PDT

JPMorgan’s asset management arm reached a deal to sell its Financial District office tower at 195 Broadway for $800 million. JPMorgan Asset Management signed a pair of contracts to split the property between the fee position and a leasehold on the 1.1 million-square-foot building, sources told The Real Deal. L&L Holding, which already owns 5 percent of the property, will buy JPMorgan’s 95 percent stake with an investment group made up of Seoul-headquartered Korea Investment […]

Inside Bernie Sanders’ $2.5T housing plan

Posted: 17 Sep 2019 01:30 PM PDT

For the first time in decades, a presidential candidate is pushing for nationwide rent control. Democratic contender Bernie Sanders unveiled the key points of his $2.5 trillion housing plan on Saturday, calling for national rent control standards as well as the investment of billions of dollars to end homelessness, overhaul public housing, create mixed-income housing and establish community land trusts across the country. The release of Sanders’ plan, which is expected to be rolled out […]

Another head rolls at WeWork

Posted: 17 Sep 2019 11:56 AM PDT

Another WeWork executive is headed for the door. Sarah Pontius, the firm’s global head of real estate partnerships, this week reached a “mutual agreement” with the company to leave the firm, people familiar with the matter told The Real Deal. One of those people said she would remain under contract until the end of the year, but would not say in what capacity. WeWork declined to comment, and would not make Pontius available for an […]

Institutional investors swarm Silverstein’s new TASE bonds

Posted: 17 Sep 2019 11:24 AM PDT

Israeli investors are once again jumping at the opportunity to buy bonds backed by New York City real estate. Silverstein Properties, which disclosed earlier this month that it would be issuing up to 230 million Israeli shekels (or roughly $65 million) worth of new bonds on the Tel Aviv Stock Exchange, received nearly triple that amount in bids from institutional investors at an auction on Monday, according to an announcement filed with the exchange on […]

Hurricane Dorian delivers blow to Florida hotel occupancy, revenue: report

Posted: 17 Sep 2019 10:45 AM PDT

Hurricane Dorian never made landfall in Florida, but the near miss still had a sizable impact on Florida’s hospitality industry around Labor Day weekend. Demand for hotels in the Florida Keys fell by 50 percent and revenue per available room dropped by 59 percent during a seven-day period from Aug. 30 through Sept. 5, according to a report from the hotel data company STR. Daytona Beach’s hotel industry took the second biggest hit. Demand for […]

Developer Geoff Palmer, longtime Trump backer, hosts presidential fundraiser in Beverly Hills

Posted: 17 Sep 2019 09:00 AM PDT

UPDATED, Sept. 17, 2019, 9:34 a.m.: Real estate and presidential politics will once again converge in Beverly Hills tonight. Prolific Los Angeles apartment developer Geoff Palmer is set to host a fundraiser for President Donald Trump’s reelection campaign at his home. The dinner, which is expected to raise $5 million for the campaign, is one of a series of fundraising events the president will attend during his two-day stop in California. The events include a […]

The Daily Dirt: Is national rent control next?

Posted: 17 Sep 2019 08:15 AM PDT

Flatbush native Bernie Sanders provided a sneak peek of his housing plan on Saturday. It includes national rent control. The Democratic candidate unveiled the key points he expects will make up his full housing plan, to be released in the coming weeks. What we know so far about the $2.5 trillion dollar plan is that it aims to “end homelessness in America,” fully fund the Section 8 program, rehabilitate public housing and … enact national […]

Tenant’s lawsuit: “Roaches swarmed my bagel!”

Posted: 17 Sep 2019 07:40 AM PDT

Renting an apartment in New York City isn’t for the squeamish. A tenant’s lawsuit alleges that she had to move out of her Lower East Side apartment in June after just four days because roaches swarmed her bagel and there was vomit on the fire escape, among other problems. The property, at 261 Broome Street, is owned by Om Dhiman, according to city records. The attorney representing the tenant, Mark Bongiovanni of Leary, Bride Mergner […]

Construction startup Katerra hires former James Hardie executive as new CFO

Posted: 17 Sep 2019 06:00 AM PDT

SoftBank-backed construction startup Katerra is bringing on a new CFO as part of a series of changes to its executive team. Matthew Marsh, a former executive at James Hardie and General Electric, is joining as the company’s new chief financial officer. In addition, Katerra has hired former private equity exec Mollie Fadule as the new head of its affordable housing program, and it’s appointed Lisa Picard, president and CEO of EQ Office, as a new […]

The Closing: Carrie Chiang

Posted: 17 Sep 2019 04:30 AM PDT

Carrie Chiang is the consummate closer. To date, she has sealed more than $6 billion in residential real estate deals. Hand-picked by Barbara Corcoran to join her eponymous brokerage more than 35 years ago, Chiang has been a perennial top producer along with her partner, Janet Wang. Last year, the duo was No. 1 on The Real Deal’s ranking of top listing agents in Manhattan, with $384 million in exclusives. And the team closed $174 […]

Sweeping industrial buy in Queens cost Blackstone at least $130M

Posted: 17 Sep 2019 04:00 AM PDT

Blackstone dropped at least $129 million on its latest Queens industrial acquisition, property records show. The purchase, spread over 20 parcels near John F. Kennedy Airport, is part of a larger deal with seller TA Realty. For $1 billion, TA Realty sold an industrial portfolio to Blackstone and AEW Capital Management in separate deals; Blackstone picked up 68 properties across the country and AEW bought 28 in Texas, Commercial Property Executive reported. The breakdown of […]