The Real Deal - New York Real Estate News

The Zeckendorf brothers are mulling a takeover of HFZ Capital Group’s struggling $2 billion XI development in West Chelsea. HFZ said in a December letter to subcontractors that it was in the process of working with Zeckendorf Development and Suffolk Construction on a “a detailed analysis of what work is left to finish for this project,” Crain’s reported. “You are hereby directed by ownership to fully cooperate and provide any documentation and information to Zeckendorf

UPDATED, Jan. 7, 2:30 p.m.: Kushner Companies is expanding in South Florida, acquiring two development sites in Palm Beach County, The Real Deal has learned. The New York-based firm is buying two properties near Delray Beach and near Lake Worth Beach, according to a source close to the deal. An industrial project is planned for the Delray-area property and a mixed-use multifamily development for the Lake Worth site. Kushner Companies could not be reached for

Savanna is looking to sell a Harlem office building that recently saw some positive leasing activity. The real estate private equity firm has listed the 135,000-square-foot building at 1825 Park Avenue, according to marketing materials for the property. Savanna is asking around $75 million for the early 1900s-era building, or about $555 per square foot, according to a source familiar with the listing. A representative for Savanna declined to comment. A Cushman & Wakefield team

It’s been rough going for almost all restaurants, but especially those in Times Square. With tourism all but dead and offices nearly empty, the pandemic has ravaged their customer base. The landlord of one Times Square staple, Carmine’s, filed a notice of default for unpaid rent against the once-popular Italian restaurant, according to a suit Carmine’s just filed in state court. Carmine’s brought the case to stave off eviction. It’s quite a fall for the

Trader Joe’s is coming to 125th Street in Harlem. The grocery store, known for its affordable speciality items, will open its 13th New York City location at 121 West 125th Street, according to the Wall Street Journal. The 28,000-square-foot location will be one of the anchors of the 17-story building, along with a Target on the building’s second floor. The new building will be known as the Urban League Empowerment Center, which will also include

Comedian Trevor Noah ended 2020 with a bang, paying $27.5 million for a Bel Air mansion. Noah, who has hosted “The Daily Show” since 2015, bought the 11,000-square-foot home from architect Mark Rios of Rios Clementi Hale Studios, according to the Los Angeles Times. It’s Noah’s second mansion purchase in Bel Air. In 2019, he paid $20.5 million for a 10,000-square-foot spec mansion in the exclusive enclave and sold it last year for $21.7 million.

Sublease space in Manhattan’s office market continued to grow in the last quarter of the year, and has now reached the highest level this century, according to a new report from Savills. Available sublet space in the borough reached 18.6 million square feet at the end of 2020, a 47 percent increase year-over-year. This outpaced the growth in direct available office space, which increased 32.1 percent over the same period. Sublet supply’s share of total

After a pro-Trump mob stormed the U.S. Capitol Building Wednesday, business and real estate leaders — even those who once supported the president — condemned his actions and the day’s events. Blackstone Group’s Stephen Schwarzman, President Donald Trump’s largest Wall Street campaign contributor in 2020, denounced the incursion and traced it to the commander in chief. “The insurrection that followed the President’s remarks [Wednesday] is appalling and an affront to the democratic values we hold

Embattled HFZ Capital Group founder Ziel Feldman has sold his Hamptons mansion for $50 million, The Real Deal has learned. A source familiar with the matter said the property at 187 Dune Road in Bridgehampton sold in an off-market transaction that closed late last year. It is unclear who the buyer is. Douglas Elliman’s Erica Grossman represented Feldman and Gary Cooper of Hedgerow Properties brought the buyer, the source said. The news was first reported

Macy’s may no longer be the “way to shop” for some residents of the tri-state area. Four of the department store’s mall locations will close in the first quarter of 2021. Those stores are located in Sangertown Square in New Hartford, New York; White Plains Galleria in Westchester County, New York; Brass Mill Center in Waterbury, Connecticut; and Crystal Mall in Waterford, Connecticut. Another location, in Commack, New York, shut its doors in the second

A new law that targets wealthy buyers who scoop up high-priced homes and commercial properties through anonymous shell companies could help stop the flow of illicit cash into real estate. But some money laundering experts say the measure has loopholes that could be easily exploited. The Corporate Transparency Act requires true owners of shell companies to identify themselves to the U.S. Treasury Department’s Financial Crimes Enforcement Network. Those who do not comply face criminal penalties.

New York restaurants, once bustling spaces that shaped the city’s character, are in trouble. One by one, hundreds have shut for good, unable to weather indoor dining bans, an exodus of patrons and now, a frigid winter. And hundreds more may not be able to survive the next few months. The state government wants to curb that trend. On Wednesday, the Empire State Development Corporation announced a new fund designed to support struggling restaurants over

Lev Capital, a new commercial real estate finance brokerage, has lured debt broker Justin Piasecki from Avison Young as one of its first big hires. Piasecki was among Canada-based Avison’s first New York recruits when it expanded here in 2012. He’ll join Lev Capital as a managing partner, and will help lead the tech-focused firm’s strategic growth, said founder Yaakov Zar. Zar started Lev Capital in 2019 and has raised nearly $5 million in seed

If you’re waiting for New York City to get back to its old self, don’t hold your breath. The Independent Budget Office predicted Wednesday that the city’s economic recovery will be a drawn-out affair, affecting employment and real estate sales through mid-2023. The watchdog expects an $11.3 billion drop in tax revenue over that period, according to the Wall Street Journal. In the property market, IBO anticipates taxable sales in 2020 will pencil out at

 A troubled Midtown development project is finally gaining some momentum. Rabina Properties plans to build a 452,134-square-foot, mixed-use building at 520 Fifth Avenue in Midtown, according to records filed with the city’s Department of Buildings this week. Plans for the 70-story building at the corner of East 43rd Street include 98 residential units across 16 floors, along with 15 stories dedicated to office space and several floors of amenities, including a solarium and private dining.

 The 10 largest Manhattan loans recorded in December totaled $2.1 billion, a slight decrease from November’s total. For the second month in a row (and the third time in four months), the biggest was a single-asset, single-borrower CMBS loan on an office building co-owned by Brookfield. The CMBS market produced three of the month’s top four, with the exception being a construction loan for SL Green’s next major office development. Here were the borough’s largest

The office market in Manhattan finished out a bleak year with an even bleaker quarter. Manhattan’s office availability in the fourth quarter hit a record high of 14.3 percent. That’s 16.3 percent higher than it was in the third quarter, and up 43 percent compared to a year ago, according to Colliers International’s latest market report. A big chunk of that — 24.2 percent — was sublet inventory, which expanded by 6.45 million square feet