The Real Deal - New York Real Estate News

Judge upholds $6.75M award for 5Pointz artists

Posted: 21 Feb 2020 03:13 PM PST

A U.S. Appeals Court in Queens upheld a 2018 ruling against developer Jerry Wolkoff on Thursday, approving a $6.75 million award for 21 graffiti artists whose art he whitewashed at the former street art mecca of 5Pointz. Judge Barrington Parker affirmed the finding that Wolkoff’s actions violated the Visual Artists Rights Act of 1990, which protects artworks which has gained “recognized stature.” “The temporary nature of the art is not a bar to recognized stature,”

Acuity Capital lands $324M refi on 28-building multifamily portfolio

Posted: 21 Feb 2020 02:14 PM PST

Acuity Capital Partners has landed a $324 million refinancing for a portfolio of 28 multifamily buildings in New York City, according to sources familiar with the deal. The money comes from CCRE and Key Bank, and the vast majority of the properties are located in Manhattan, including at 201 West 92nd Street, 200 West 93rd Street and 78 Riverside Drive. The refinancing also went to 480 Humboldt Street in East Williamsburg. The portfolio is split

Lead gen 2.0: RE/MAX app will go through agent contact lists to predict sellers

Posted: 21 Feb 2020 01:58 PM PST

RE/MAX Holdings is taking its latest lead generation play to the robots. The company will launch a machine-learning app exclusive to its agents on Monday that uses machine-learning to comb through agents’ pre-existing contact lists and predict who is most likely to sell their home — and tells agents when they should reach out. RE/MAX announced the app on its fourth quarter earnings call Friday. “Agents are losing patience on just ‘buying leads,’” said RE/MAX

Amazon mulls buy of WeWork’s Lord & Taylor building

Posted: 21 Feb 2020 01:36 PM PST

Amazon has been in talks to acquire the Lord & Taylor building, the iconic Fifth Avenue building owned by WeWork. The e-commerce giant has been negotiating a potential acquisition of the building, six industry insiders told The Real Deal. Two sources said the deal could be valued close to $1 billion. Talks remain fluid, and a deal still faces hurdles before it can materialize. WeWork did not respond to requests for comment. An Amazon spokesperson

Ian Bruce Eichner gets $45M for Flatiron penthouses

Posted: 21 Feb 2020 12:35 PM PST

After four years, developer Ian Bruce Eichner has found a buyer willing to pay $45 million for two penthouses atop his Madison Square Park Tower condominium. The trophy units, which span 13,000 square feet across two floors, were most recently listed for $52 million, the Wall Street Journal reported. One of the units is configured as a three-bedroom and the other is an unfinished white box. Eichner told the Journal that the buyer, a high

Sapir Corp. CEO jumps to Property & Building Corp.

Posted: 21 Feb 2020 11:30 AM PST

Sapir Corp.’s CEO Baruch Itzhak is leaving the Israeli company. Itzhak will resign effective May 20, according to a document filed with the Tel Aviv Stock Exchange. He is joining the Property & Building Corp. as CFO, he confirmed. PBC is one of the top real estate companies in Israel, according to its website. Its U.S. subsidiary — run by Eli Elefant — owns the iconic HSBC Tower at 452 Fifth Avenue in Manhattan. Itzhak

Now just $76 million: “Le Penthouse” gets le price cut

Posted: 21 Feb 2020 10:42 AM PST

A luxe penthouse on Madison Avenue just hit the discount rack. The unit at Tessler Development’s 172 Madison, dubbed “Le Penthouse” and listed last year for $98 million, is now available for the paltry sum of $76 million. The 14-bathroom penthouse is being marketed by Keller Williams NYC’s Raphael Sitruk and Efraim Tessler — son of developer Yitzchak Tessler. The new asking price works out to around $3,835 per foot. “Nearly anything that money can

Mark your calendars: These are NYC’s top real estate events next week

Posted: 21 Feb 2020 10:00 AM PST

Next week brings these two real estate events. Host: NAIOP New York City Date: Feb. 26 Time: 8 a.m. to 10 a.m. NAIOP New York City is holding its 2020 Economic Outlook Program at Emerge212, 1185 Sixth Avenue. Come to this event for a discussion on market trends, investment strategies and emerging industries. Peter Linneman of Linneman Associates will be the sole guest speaker. Host: GreenPearl Date: Feb. 27 Time: noon to 5 p.m. GreenPearl

L.I. brokers subpoenaed to testify in housing discrimination probe

Posted: 21 Feb 2020 07:46 AM PST

State lawmakers are now subpoenaing Long Island brokers to testify over allegations of widespread bias in the real estate industry after 67 of 68 industry representatives failed to show up to a December hearing. The state Senate’s unusual move — so far it has issued 25 subpoenas — is related to an investigation into bias in the industry, which came to light as a result of a three-year investigation by Newsday. The paper first reported

Post-WeWork debacle, SoftBank will map out strategy to investors

Posted: 21 Feb 2020 07:26 AM PST

SoftBank CEO Masayoshi Son will map out the company’s strategy at a New York investor meeting for the first time since WeWork’s implosion led to another huge investment in the co-working firm. Elliott Management Corp., among others, will be waiting. The activist investor called for a buyback of as much as $20 billion of the Japanese technology conglomerate’s shares, Bloomberg reported. But Son said there was “no rush,” and that he would like to sell

Developer Gary Tsan buys Flushing property for $60M

Posted: 21 Feb 2020 06:47 AM PST

Local developer Gary Tsan has purchased one of Downtown Flushing’s last remaining large land parcels for $60 million, according to sources familiar with the deal. The roughly one-acre lot is based at 133-25 37th Avenue and allows for about 205,000 buildable square feet as of right. The land is likely best suited for a mixed-use development with retail, hotel and residential space, sources said. The site is currently home to a two-story industrial building, according

Brookfield’s Ric Clark steps back from day-to-day role

Posted: 21 Feb 2020 06:00 AM PST

Ric Clark is stepping back from his day-to-day duties at Brookfield. Clark will serve as a senior adviser and remain chairman of Brookfield Property Group, Brookfield Property Partners and Brookfield Property REIT, Commercial Observer reported. Ben Brown, who currently oversees the Toronto-based firm’s New York City and Boston portfolio, will take over as head of Brookfield’s Northeast region. In a memo to Brookfield staffers obtained by CO, Clark expressed emotion at pulling back from the

In Tribeca, an alley fight for the ages

Posted: 21 Feb 2020 05:30 AM PST

Neighbors, landlords and a developer on a Tribeca block have for four years been at war with each other over who can park in a private alleyway called Franklin Place. And more than once, city agencies appear to have taken a side in their protracted legal battle. Five buildings — 365 Broadway, 371 Broadway, 373-75 Broadway, 377 Broadway and 70 Franklin Place — each own part of the alley. Cross-easements have for decades allowed the

Sizing up Manhattan’s condo crunch following a decade of boom and bust

Posted: 21 Feb 2020 05:00 AM PST

It was set to be the tallest condo tower in Lower Manhattan, capped with a ring of golden bands that arched toward the sky. But as the new year arrived, with the high-end condo market in freefall, developers Madison Equities and Gemdale Properties pulled the plug last month on their 1,115-foot supertall at 45 Broad Street, citing “market conditions.” In the previous quarter, sales in the Financial District sank almost 45 percent. Now, the project

Ollie co-founders out at co-living startup

Posted: 21 Feb 2020 04:30 AM PST

The co-founders of Ollie, a co-living startup, have left their roles at the firm, The Real Deal has learned. Chris Bledsoe, CEO, and Andrew Bledsoe, COO, left the company last month. An Ollie spokesperson confirmed the brothers were no longer managing the company, and said the two will continue to advise the company as members of the board. “Ollie is grateful for the vision and dedication provided by Chris and Andrew since the company’s inception,”

Shock ruling could throw 200 Amsterdam loan into default

Posted: 21 Feb 2020 04:00 AM PST

The surprising court ruling requiring developers to deconstruct 20-some floors of a nearly completed Upper West Side condo building could put the project’s financing in jeopardy. Sumitomo Mitsui Trust Bank, the Japanese lender that provided developers SJP Properties and Mitsui Fudosan America with a $426 million construction loan for 200 Amsterdam Avenue, might now have grounds to claim that the loan is in default. “There are any number of ways to call a default on