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The Real Deal - New York Real Estate News |
Ex-media chiefs admit to buying NY, Cali real estate with stolen millions from lenders Posted: 14 Feb 2020 03:49 PM PST Two former news media top executives pleaded guilty to a scheme in which they fraudulently secured $35 million in loans then used the money to buy land in New York and California. Etienne Uzac, who was co-owner of Newsweek Media Group and IBT Media; and William Anderson, the former CEO of Christian Media Corporation, admitted to money laundering and fraud charges, Manhattan District Attorney Cyrus Vance Jr. announced on Friday. Authorities said the two men |
Tenants demand judge set rents at tax-abated Manhattan building Posted: 14 Feb 2020 02:59 PM PST Last June, the state’s highest court ruled that apartments in a Lower Manhattan building had been wrongly removed from rent regulation. Seven months later, some tenants say they still don’t have rent-stabilized leases. But they do have a lawyer. And now they are asking the court to ensure the landlord at 90 West Street reinstates the proper rents. The 400-plus-unit property, which is owned by entities tied to Izaki Group and the Kibel Company, was |
TF Cornerstone exec: How I got over Amazon dumping LIC Posted: 14 Feb 2020 01:15 PM PST Developer TF Cornerstone was to play a major role in the Amazon HQ2 project that died on this day a year ago. The Valentine’s Day dumping broke the hearts of many Long Island City businesses and property owners. But Tom Elghanayan, TF Cornerstone’s chairman, isn’t showing any scars. “We never expected Amazon,” he said in an interview with The Real Deal at the Real Estate Board of New York’s annual gala last month. “And as |
Data alert! Brooklyn and Queens condo inventory through December 2019 Posted: 14 Feb 2020 12:08 PM PST New Development Condo Report Brooklyn • Inventory expanded as developers filed more units than were purchased • Developers filed 11 plans with 140 units • The state approved 30 plans with 58 units valued at $42 million • Buyers purchased 115 units valued at $124 million Queens • Inventory contracted as developers filed fewer units than were purchased • Developers filed 1 plan with 35 units • The state approved 0 plans for sale • |
Macy’s new skyscraper missing one key thing Posted: 14 Feb 2020 11:20 AM PST Could real estate development be any harder than retail these days? Macy’s is about to find out. Macy’s is planning to tack on 1.5 million square feet of office space to its famous Herald Square location in Midtown Manhattan. But the troubled retailer, which recently announced a restructuring plan, could be facing an uphill battle, Bloomberg reported. That’s because the proposed 800-foot-tall office tower would need a rezoning — a notoriously complex, often political process |
HUD Secretary Carson: Religious orgs should rescue homeless Posted: 14 Feb 2020 09:45 AM PST Homelessness in Los Angeles is a crisis that has vexed government officials for years but Housing and Urban Development Secretary Ben Carson said Thursday he might have the answer: Religion, and the expansion of federal faith-based programs. In remarks at the University of Southern California Sol Price School of Public Policy and Schwarzenegger Institute for State and Globe Policy, Carson moved to ease federal rules governing faith-based programs, and said homelessness in the U.S. could |
Leviathan Capital bringing 132-unit project to Bed-Stuy Posted: 14 Feb 2020 09:00 AM PST Leviathan Capital is proposing a 132-unit mixed-use project in Bedford-Stuyvesant. The firm filed plans for the 129,000-square-foot development at 122 Sanford Street with the Department of Buildings on Wednesday. It will stand 10 stories and 108 feet tall and include residential and commercial space. The project will also feature 54 parking spots, and at least some of the housing units will be affordable. Leviathan Capital calls itself a boutique real estate advisory group. The firm |
Mark your calendars: These are NYC’s top real estate events next week Posted: 14 Feb 2020 08:15 AM PST Here are some real estate events worth attending next week. Host: ULI New York Date: Feb. 19 Time: 8 a.m. to 10 a.m. ULI New York is hosting an event on the Future of NYC’s Airports at K&L Gates, 599 Lexington Avenue. Come to this event to hear a panel discussion on funding for innovative airport projects and how these megaprojects impact the real estate industry. Speakers include Christina Callahan of the Port Authority of |
JFK Terminal 4 to get $3.8B makeover Posted: 14 Feb 2020 07:30 AM PST John F. Kennedy International Airport is showing the 22 million passengers who travel through Terminal 4 every year some love. The Port Authority of New York and New Jersey’s board members voted Thursday to allow the private operator of the terminal to move forward with its $3.8 billion expansion and upgrade plan, the Wall Street Journal reported. Part of the discussion Thursday included a top Port Authority appointee noting that Terminal 4 scores low in |
CNN chief lists Lenox Hill co-op for $17M Posted: 14 Feb 2020 06:45 AM PST CNN Worldwide’s president Jeff Zucker has listed his 11-room apartment in Lenox Hill. Zucker and wife Caryn Nathanson bought the apartment in 2007 for $12.3 million, the New York Post reported. The renovated five-bedroom has a 38-foot wide living room, a private office and library, a chef’s kitchen with multiple dining areas and three working fireplaces. The apartment — one of 26 at 32 East 64th Street — is accessible via a private elevator. The |
Gianaris wants to reform NYC tax credit programs that drew Amazon Posted: 14 Feb 2020 06:00 AM PST The so-called “Amazon slayer” has set his sights on the benefit programs New York City used to attract the e-commerce giant. State Sen. Michael Gianaris is drafting legislation to rework the two tax credit programs that Amazon had tapped for its Long Island City headquarters, the Wall Street Journal reported. Using the programs, the company would have tapped the programs for $1.3 billion in credits over 15 years in exchange for employing up to 40,000 |
How does a developer recover from a $400 million blow? Posted: 14 Feb 2020 05:30 AM PST UPDATED, 8:05 a.m., Feb. 5: Successful immigrants and developers share at least one quality: optimism, an unshakeable belief that there is a better life to be had in a new country … or a new building. Ukrainian-born Neil Shekhter, founder and CEO of Santa Monica-based NMS Properties, is relying on that buoyant attitude to lift him and his family past the sort of setback that might have crushed another entrepreneur. As a successful developer with |
Home foreclosures dip in NYC for 2nd straight year Posted: 14 Feb 2020 05:00 AM PST Home foreclosures throughout New York City declined for the second year in a row in 2019, but overall were still far higher than five years ago. Manhattan had the lowest total while Queens had the highest. The number of first-time foreclosures dipped to 3,056 cases in the five boroughs last year, from 3,237 cases in 2018, according to the latest report from PropertyShark. The total marked the lowest number since 2016, when there were 2,086 |
One year later, Amazon Effect still felt in LIC, citywide Posted: 14 Feb 2020 04:30 AM PST For a while, people thought Josh Schuster, the managing principal of Silverback Development, was a genius. Just a few weeks after Amazon announced in late 2018 that it would open an East Coast headquarters in Long Island City, Schuster finalized a deal already in the works to buy a half-built rental nearby for a condo conversion. In early February last year, Silverback started construction, and he filed an offering plan around the same time. “At |
Here’s what Wall Street bonus season means for real estate this year Posted: 14 Feb 2020 04:00 AM PST Wall Street bonus season is the stuff of New York City home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market with sluggish sales and a glut of high-end units, that vision may be more like a mirage, according to residential brokers and other industry pros. At a meeting this week, Compass’ Michael Franco found himself at odds with his clients |
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