The Real Deal - New York Real Estate News

Sony Building in talks with anchor tenant

Posted: 11 Nov 2019 02:25 PM PST

The former Sony Building’s much-hyped and long-delayed revitalization is close to snagging its first big tenant. Boutique investment bank Perella Weinberg Partners — perhaps the most expensive startup in Wall Street history when it launched with more than $1.1 billion in 2006 — is in late-stage talks to take about 125,000 square feet at the landmarked office tower at 550 Madison Avenue, sources told The Real Deal. The 13-year-old financial services firm, which has about

New York City investment sales in September 2019

Posted: 11 Nov 2019 01:30 PM PST

Investment sales in Manhattan and Brooklyn Manhattan investment sales rebounded in September with $2.47 billion in deals recorded — more than double August’s total and slightly above the 12-month average. The borough’s largest deal was Nightingale Properties & Wafra Capital Partners’ $909 million buy of the Coca-Cola Building (which Wafra flipped to Michael Shvo and Serdar Bilgili last month). Brooklyn’s investment sales market, meanwhile, hit an all-year high in September with $779 million in deals

Workers injured at Hudson Yards scaffolding collapse, a peek at Disney’s new HQ

Posted: 11 Nov 2019 01:10 PM PST

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 page was updated at 4:10 p.m. The 9/11 Tribute Museum is on its way out. Thor Equities, which owns the building that houses the 40,000-square-foot museum, has put the property on the market, seeking around $30 million, according to Crain’s New York Business. The

Charges dropped against tenant leader

Posted: 11 Nov 2019 12:45 PM PST

Charges have been dropped in a Rochester case against a tenant organizer who was arrested for trespassing. The case was dismissed by Judge Morrison in court last Wednesday, according to the activist, City-Wide Rochester Tenant Union organizer Ryan Acuff. Acuff was arrested Oct. 22 for trespassing in at Landsman Development Corporation’s E.L. Tower, a move that he and other organizers called “retaliatory” and “union-busting.” It was the second cause-related arrest this year of Acuff, a

NAR approves pocket listings killer

Posted: 11 Nov 2019 12:00 PM PST

UPDATED 11:15 a.m., Nov. 11: The National Association of Realtors’ board approved a controversial policy that could drastically cut down on pocket listings, a popular practice in the world of luxe real estate. A roughly 120-member NAR committee overwhelmingly approved the Clear Cooperation Policy on Saturday morning, sending it to the organization’s Executive Committee for consideration, according to Inman. On Monday, NAR’s board passed the policy 729-70. The policy would require brokers to submit a

Trinity Church to construct another Hudson Square office tower

Posted: 11 Nov 2019 11:15 AM PST

Another new office building is going up in the Hudson Square neighborhood in Lower Manhattan, which has been undergoing a commercial revitalization. Trinity Real Estate filed an application for a 19-story, 252-foot-tall tower at 561 Greenwich Street, according to the Buildings Department filing from Friday. The nearly 260,000-square-foot project will mostly be offices with retail on the first level, according to the application. There also will be terraces on four levels of the building. An

WeWork reportedly in talks to hire T-Mobile exec as CEO

Posted: 11 Nov 2019 10:42 AM PST

After the dramatic ouster of former CEO Adam Neumann, WeWork may have found a new leader. The company is in talks with T-Mobile US Inc. chief executive John Legere to take over the position, according to the Wall Street Journal. The office-sharing startup’s parent company — We Company — is reportedly looking for someone who can right the ship after the firm’s failed IPO attempt led to Neumann’s resignation and SoftBank’s bailout of the company.

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Posted: 11 Nov 2019 07:45 AM PST

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Here’s what sold in NYC’s luxury home market last week

Posted: 11 Nov 2019 06:45 AM PST

Here’s the down-low on some of the residential deals that caught our eye in the Big Apple last week. Source: A TRD analysis of property records filed with the New York City Department of Finance from Nov. 4 to 8. Liv Tyler sold her four-story West Village townhouse at 255 West 11th Street for $17.45 million in an off-market deal, the New York Post reported. The deal hit public records Nov. 4. The actress sold

Fast-growing agent group has money, members and an agenda

Posted: 11 Nov 2019 05:15 AM PST

After a year of building resources, a new advocacy group for New York City’s residential agents is starting to make an imprint on the industry. The New York Residential Agent Continuum launched last November with just over 20 members and a loose plan for creating a network among peers. NYRAC has since grown to nearly 260 top agents; hired a staff, a lobbyist and a public relations firm; and is meeting with lawmakers and StreetEasy

Why HFF has been muscling out some of JLL’s top producers

Posted: 11 Nov 2019 04:30 AM PST

The mandate became clear soon after the $2 billion JLL and HFF merger was announced: Even though JLL was buying its competitor, HFF would be the one taking over the combined capital markets business. And executives at the firm being acquired did not want the other’s top teams sticking around for much longer, according to several people familiar with the matter. “[We] weren’t a ‘cultural fit’ is the term they used,” one former JLL employee

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

Posted: 11 Nov 2019 04:00 AM PST

Recent sales in New York include a Qatari LLC’s purchase of seven commercial condos in Midtown’s St. Regis building and Palard Realty Corp’s acquisition of a warehouse in Queens. Here are the three New York City mid-market investment sales that were made public last week. 1. A limited liability company based in Qatar purchased seven commercial condo units at 2 East 55th Street in Midtown from landlord Sarah Hays for $12 million. The building stands