The Real Deal - New York Real Estate News

Saudi perfume retailer teams up on Barneys bid, JPMorgan might sell 383 Madison: Daily digest

Posted: 28 Oct 2019 02:40 PM PDT

Every weekday The Real Deal rounds up New York’s biggest real estate happenings. We update this page throughout the day, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com. This was last updated at 5:40 p.m. Arabian Oud, the Middle East’s largest perfume retailer, is partnering with David Jackson to make an offer for Barneys. Jackson told the Post their offer would be “in the ZIP code of the stalking horse bid,” a reference

Longtime home of Lee Radziwill, sister to Jackie O., sells for $4M

Posted: 28 Oct 2019 02:10 PM PDT

The estate of Lee Radziwill sold the former princess’s longtime Upper East Side home for $4.25 million, property records show. Radziwill, the sister of Jacqueline Kennedy Onassis and a renowned fashion icon and socialite, owned the 15th-floor pre-war co-op at 160 East 72nd Street for over three decades. The full-floor home hit the market in April, asking $5.7 million. The price was reduced to $4.9 million a month later, and in July the Observer reported

WATCH: Don Peebles leads diversity in real estate talk at The Real Deal Miami event

Posted: 28 Oct 2019 02:00 PM PDT

Minorities and women only represent 1.3 percent of the $69 trillion in global financial assets under management across mutual funds, hedge funds, real estate, and private equity, developer Don Peebles said at The Real Deal’s Miami Real Estate Showcase & Forum. As moderator for “The Diversity Dilemma” panel at the event on Oct. 17, Peebles also cited a study that found that within the real estate industry, the biggest pay gap between men and women

NYC startup is under contract to buy its first Miami condo as crowdfunding investment

Posted: 28 Oct 2019 01:30 PM PDT

It’s a buyer’s market in Miami, and a new startup wants to capitalize on the glut of condos on the market. New York City-based Compound, led by CEO Janine Yorio, is under contract to purchase a unit at Brickell City Centre, and will open up a vehicle for accredited investors to buy shares. Using the same model, the investment firm hopes to buy hundreds of condos that it will lease to renters. Yorio compared it

New listing service aims to knock StreetEasy off its perch

Posted: 28 Oct 2019 01:10 PM PDT

Another player announced its intention Monday to create New York City’s definitive multiple listings service. Igluu, a three-year-old New York-based startup, is partnering with software company Stratus Data Systems, which builds and licenses MLS systems for clients in Canada and the U.S. Igluu is one of several companies vying to build a centralized listing system to displace StreetEasy as the city’s leading listings platform. Among them is RealPlus, backed by four of the city’s largest

Vornado’s 220 Central Park South sees a $55M closing

Posted: 28 Oct 2019 12:45 PM PDT

UPDATED, Oct. 28, 2019, 5:40 p.m.: As with many high-priced buys at Vornado Realty Trust’s 220 Central Park South, the sale of a 45th-floor aerie closed this month with little fanfare. A trust named “DCJ220CPS” dropped $55 million on the 6,591-square-foot condo, marking the latest in a series of pricey closings at the Robert A.M. Stern-designed luxury tower. The buyers of unit 45A are David and Constance Littman, according to the Wall Street Journal’s analysis

Textile Building to get $300M overhaul

Posted: 28 Oct 2019 12:30 PM PDT

The partnership that picked up Midtown South’s historic Textile Building is spending nearly $300 million to reposition the property. Tribeca Investment Group, PGIM Real Estate and Meadow Partners announced last week that they closed on the 99-year ground lease covering the 17-story building at 295 Fifth Avenue that has long been home to more than 150 textile showrooms. The new owners said they plan to invest nearly $300 million to acquire and reposition the building.

It doesn’t turn a profit, but Soho House is now valued at $2B

Posted: 28 Oct 2019 09:48 AM PDT

Soho House, the luxury hotel and private members’ club, has raised $100 million to fund a global expansion over the next few years — pushing the company’s valuation to $2 billion. Founder and chief executive Nick Jones told the Financial Times that the company planned to double its venue count to 50 locations, with new sites in Paris, Rome, Tel Aviv and Nashville. It raised the money from Simon Property Group and Bippy Siegal’s Raycliff

Nonbank lenders could give serious boost to cooling housing market

Posted: 28 Oct 2019 09:00 AM PDT

The sluggish housing market could receive a nice jolt as mortgage rates continue to fall and lenders are originating loans at record levels. Lenders issued the most mortgages in 14 years last quarter, providing $700 billion of home loans to borrowers between July-to-September, according to Inside Mortgage Finance, the Wall Street Journal reported. Lower interest rates have led homeowners to replace their higher-rate mortgages for lower rate ones. Yet, home sales still declined 2 percent

Prologis to buy rival logistics firm for $13B

Posted: 28 Oct 2019 08:00 AM PDT

Warehouse giant Prologis is purchasing its rival Liberty Property Trust for $12.6 billion, creating a massive new player in the industrial real estate business. Prologis aims to use the acquisition to bolster its presence in the United States amid a boom in e-commerce, according to Reuters. The company cited markets including New Jersey, Southern California and Chicago as places where the Liberty acquisition would help it establish a stronger foothold. The deal will likely close

“Billionaire” mansion sale is the latest fail in “ego pricing:” brokers

Posted: 28 Oct 2019 07:15 AM PDT

Josh Flagg warned him. When Bruce Makowsky listed his Bel Air spec mansion for $250 million in 2017, Flagg, a broker at Rodeo Realty not involved in the listing, said that the property would sell for less than $100 million. “Bruce Makowsky, he then yelled at me,” Flagg said. “He invited me to the house several times, and he swore that I would change my mind after seeing it.” While they were lounging in the

How much are NYC hotels hurting?

Posted: 28 Oct 2019 04:30 AM PDT

During a recent earnings call, Starwood Property Trust CEO Barry Sternlicht broached a touchy topic in the real estate world: the possibility of a recession. The head of the $56 billion real estate investment trust told investors and analysts that “the only thing we have to worry about is a calamitous recession,” warning of a slowing economy largely thanks to the national political environment. Specifically, Sternlicht said Starwood needs to be “über-careful” in the hotel

Here’s what the week’s $10M-$30M investment sales market looked like

Posted: 28 Oct 2019 04:00 AM PDT

Four mid-market investment sales in New York City were made public last week, including Kayne Anderson’s roughly $21 million purchase of a four-story warehouse in Brownsville and Jeon America’s $10.5 million purchase of a five-story office building in Koreatown. Here are the details. An LLC linked to Kayne Anderson Capital Advisors bought a four-story warehouse at 252 Newport Street in Brownsville for $20.75 million from an LLC linked to the Davis Companies. Kayne Anderson previously