The Real Deal - New York Real Estate News

The latest in Harry Macklowe’s divorce: Linda’s appeal killed in court

Posted: 10 Oct 2019 03:06 PM PDT

Linda Macklowe’s attempt to appeal a divorce judge’s ruling in her bitter divorce with Harry Macklowe was shut down. In a ruling Thursday, the New York appellate division said the judge in the developer’s contentious divorce last year properly valued both his real estate assets and the pricey art collection he owned jointly with ex-wife. The developer’s share of the profits at 432 Park Avenue is $2.5 million, according to the court. After the ruling,

WeWork exec insists co-working isn’t a fad, Global Holdings drops $400M on NoMad tower: Daily digest

Posted: 10 Oct 2019 02:00 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 in real time, starting at 9 a.m.. Please send any tips or deals to tips@therealdeal.com This page was last updated at 5 p.m. WeWork exec tells lenders co-working isn’t a fad. At a conference in New York, WeWork executive Candice King said lenders shouldn’t create discriminatory loan policies against landlords

Hamptons builder pleads not guilty to assaulting Andrew Saunders

Posted: 10 Oct 2019 01:40 PM PDT

Hamptons luxury homebuilder Jeffrey Collé pleaded not guilty to an assault charge in an East Hampton courtroom Thursday after he and broker Andrew Saunders got into a fistfight last week. Collé pleaded not guilty to one charge of assault in the third degree, people familiar with the matter told The Real Deal. The judge in the case granted an order of protection barring Collé from being in the presence of Saunders and his wife. A

Retail exec sells Fifth Avenue co-op to Chanel heir for $19M

Posted: 10 Oct 2019 01:31 PM PDT

A retail dealmaker sold a full-floor Fifth Avenue co-op with views of Central Park and downsized to another unit in the building. Gilbert and Shelley Harrison sold their long-time 11th-floor apartment at 993 Fifth Avenue for $19 million, according to a public record filed with the city Wednesday. Its new owner is recorded as Nathaniel Wertheimer, apparently the son of Alain Wertheimer, co-owner luxury fashion house Chanel. Compass’ Arline Tarte had the listing. (Tarte did

Join The Real Deal at its sixth annual Miami Showcase & Forum next week

Posted: 10 Oct 2019 01:30 PM PDT

The Real Deal’s sixth annual South Florida Real Estate Showcase & Forum is shaping up to once again be the biggest industry event in the region. Mark your calendars for Thursday, Oct. 17 and join us at Mana Wynwood for a full day of programming, networking and viewing the latest real estate projects and products. Tickets can be purchased here Ben Carson, head of the U.S. Department of Housing and Urban Development, will be among

At the desk of: Martin Piazzola

Posted: 10 Oct 2019 11:30 AM PDT

Martin Piazzola started his career as an accountant, but he quickly realized it wasn’t a good fit. “It was too predictable,” said the AvalonBay Communities executive, whose 22nd-floor Midtown Manhattan office overlooks the city. After earning an MBA from New York University in 1987, he worked briefly for the now-defunct Xerox Realty Corp. before being recruited by Park Tower Realty, where he analyzed potential ground-up office development projects in New York and Washington D.C. (He

Goodbye bankruptcy, hello construction loan: Breakthrough for Tribeca hotel project

Posted: 10 Oct 2019 10:30 AM PDT

After years of headaches, the long-delayed luxury hotel project at 456 Greenwich Street has finally secured a construction loan and is emerging from bankruptcy. The partnership entity, CBCS Washington Street LP, received confirmation for a reorganization plan in bankruptcy court earlier this week, court filings show. The plan includes a three-year, $135 million construction loan commitment from South Korea’s Hana Financial Investment. “The project can see the light again,” said Joshua Caspi of Caspi Development,

Nooklyn CEO steps down after firm slashes agent commissions

Posted: 10 Oct 2019 09:51 AM PDT

The CEO of startup brokerage Nooklyn is stepping down amid turbulence over the company’s decision to cut agent commissions and alter its payment structure. Harley Courts, who founded the Brooklyn-based company in 2010, is stepping down and taking a leave of absence, according to an email sent to staff Thursday by Courts’ business partner, Moiz Malik. Noble Novitzki, Nooklyn’s chief people officer, will take over as CEO, effective immediately. The announcement comes after Nooklyn said

Newsroom news: The Real Deal LA brings on 2 veteran journalists

Posted: 10 Oct 2019 09:00 AM PDT

A 157-acre mountaintop parcel asks $1 billion but sells for $100,000. A cavernous airplane hangar built by Howard Hughes is now home to thousands of Googlers. A $500 million mansion whose developer insists will be for “normal dudes.” These are the real estate stories of Los Angeles, a city that constantly bewilders, delights and astonishes. Understanding and chronicling the unique trends and quirks of this market is a formidable task, and I’m delighted to announce

Here are the week’s top luxury sales

Posted: 10 Oct 2019 07:30 AM PDT

Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales.

Rents tick up and concessions fall amid broader economic uncertainty

Posted: 10 Oct 2019 06:45 AM PDT

New York’s strong rental market is winning off the back of sluggish sales. Rents increased year over year this September in Manhattan and Brooklyn to $4,336 and $3,366, respectively, while concessions fell, according to Douglas Elliman’s September report, authored by appraisal firm Miller Samuel. In Manhattan, the share of new leases signed with an owner paying broker fees and concessions was 34.3 percent, down from 37.4 percent in the same period last year. In Brooklyn,

Queens sale prices set record despite signs of trouble

Posted: 10 Oct 2019 05:30 AM PDT

In the Queens residential market, something’s got to give. Douglas Elliman’s third-quarter sales report found median and average sales prices in the borough reached record highs at $600,000 and $651,216, respectively. The increases came despite the number of sales falling year-over-year for the eighth straight quarter and inventory continuing to balloon. In Brooklyn, prices for the market as a whole dropped, but co-op sales set a new record as year-over-year median and average sales prices

From fluff to buff: Rapid Realty’s Anthony Lolli is back in business with new body transformation show

Posted: 10 Oct 2019 05:00 AM PDT

Anthony Lolli trimmed down his real estate empire when he sold Rapid Realty last year. And since then, he’s done the same to his waist line. Lolli over the past nine months has gone from flab to fit, shedding more than 100 pounds as he’s transformed himself through diet and exercise. And now the former brokerage chief is working as an executive producer on an Amazon Prime series about fitness. “When you’re in business you’re

How mobile homes became a billion-dollar, recession-proof industry

Posted: 10 Oct 2019 04:30 AM PDT

Mobile homes are no longer just a necessity for the poor. They’ve increasingly become a must-have for some of the world’s richest private equity players. A 2016 investor pitch from manufactured housing owner and operator RHP Properties boasted that its portfolio of 33,000 lots — stretching across seven states — had “low cash flow volatility and steady year-over-year rent increases” as well as minimal capital expenditures. The pitch apparently worked on Brookfield Asset Management, which

Flipped off: The inside story of Coca-Cola’s botched building sale

Posted: 10 Oct 2019 04:00 AM PDT

UPDATED, Oct. 10, 2019, 1:44 p.m: Coca-Cola’s real estate division must be feeling flat. The soft-drink giant had sold its iconic building at 711 Fifth Avenue in August to Nightingale Properties and Wafra for $909 million. But last month, in an unusual twist, Wafra sold its stake in a deal valuing the property at $937 million. Coca-Cola had left tens of millions of dollars on the table. Making matters worse, the new buyer was an investment