The Real Deal - New York Real Estate News

Wilpon family lists renovated Chelsea mansion for $25M

Posted: 17 Mar 2021 03:00 PM PDT

After a two-year makeover, the Wilpon family’s historic Chelsea mansion is ready to go. The family, led by real estate developer Fred Wilpon, listed its 19th-century Manhattan townhouse at 334 West 20th Street for $25 million, the Wall Street Journal reported. The 25-foot-wide home was recently renovated by Scott Wilpon, the nephew of family patriarch Fred Wilpon, according to the publication. His changes included restoring the building’s Greek Revival facade. The 7,058-square-foot, five-story house has

HFZ faces lawsuit, unpaid tax bill for Shore Club South Beach hotel

Posted: 17 Mar 2021 02:30 PM PDT

A partner in HFZ Capital Partners’ Shore Club in South Beach filed a lawsuit against the hotel’s owners, as HFZ’s financial and legal troubles continue to mount. A company tied to The Clark Estates, the family of the late newspaper publisher and businessman Stephen Carlton Clark, is suing the Shore Club’s owners to block the sale of the hotel without the approval of The Clark Estates entity. The lawsuit follows a February notice from the

De Blasio wades into Gowanus rezoning, seeks dismissal of lawsuit

Posted: 17 Mar 2021 01:34 PM PDT

The de Blasio administration is urging the court to dismiss a lawsuit holding up the rezoning of Gowanus, saying a recent executive order negates claims that hearings must be held in person. In a legal filing Wednesday, the city pointed to a March 13 executive order signed by Mayor Bill de Blasio suspending rules that community board hearings for the Uniform Land Use Review Procedure must be at a “place of convenient public assembly.” Community

Hulu unveils trailer for new WeWork documentary

Posted: 17 Mar 2021 12:30 PM PDT

“When you tell a 30-something male he’s Jesus Christ, he’s inclined to believe you.” That’s a line from the trailer for Hulu’s new crime-thrilleresque documentary on WeWork, set to hit the streaming service April 2. The two-and-a-half minute preview for “WeWork: Or The Making And Breaking Of A $47 Billion Unicorn” released Wednesday gives a glimpse into the highly anticipated treatment of the biggest boom-to-near-bust real estate story in recent memory. “For God’s sake, they’re

Value of Beekman Tower cut by 45% in new appraisal

Posted: 17 Mar 2021 11:45 AM PDT

Eight months since its owner sought pandemic-related loan relief, the landmark Beekman Tower has exited special servicing after securing a payment deferral. But the value of the corporate housing-centric property has taken a big hit. The 178-unit complex in Midtown East is now appraised at $79.9 million. That’s down 45 percent from the $146 million it was valued at in 2018. The new appraisal is from Collier’s. The value of the Beekman is expected to

CalSTRS venture will invest $1B in build-to-rent homes

Posted: 17 Mar 2021 11:15 AM PDT

The nation’s second largest public pension fund and an investment firm are placing a big bet on build-to-rent housing. California State Teachers’ Retirement System and Pacific Coast Capital Partners have formed a $1 billion joint venture to invest in the fast-growing single-family housing sector, according to the Los Angeles Business Journal. The venture will focus on build-to-rent communities in primary and secondary markets across the country. It will acquire existing properties and construct new single-family

Ray McGuire draws $1.1M in real estate contributions

Posted: 17 Mar 2021 10:45 AM PDT

Ray McGuire is gathering support from real estate moguls in the race to become New York City’s next mayor. New York for Ray, a political action committee, has raised $3.2 million, including $200,000 from RFR Holdings head Aby Rosen, and $100,000 from his partner at RFR, Michael Fuchs, Bloomberg News reported. McGuire is lagging in the polls behind the former U.S. presidential candidate Andrew Yang, Brooklyn Borough President Eric Adams and others. But the PAC

MAC wants to sublease 4 NYC stores

Posted: 17 Mar 2021 10:09 AM PDT

MAC Cosmetics is the latest brand to try its hand on the retail subleasing market. The four stores that the cosmetics brand is looking to sublease are located at 165 Smith Street in Brooklyn, and at 210 East 86th Street, 853 Broadway and 689 Fifth Avenue in Manhattan. Cushman & Wakefield is handling marketing for all four locations. The subleases mean MAC has abandoned 10,000 square feet of space across the city. The lease terms

Believe it or not: Ripley’s, Modell’s, Liberty Theater abandon 42nd Street home

Posted: 17 Mar 2021 09:30 AM PDT

Just a year ago, the retail and entertainment complex at 234 West 42nd Street was a bustling part of Times Square, with Ripley’s Believe It Or Not, Dave & Busters and Applebee’s among the establishments anchoring the block between Seventh and Eighth avenues. But in the wake of the pandemic, tenants have slowly emptied out of the building, and it’s struggling to regain its former glory. The most recent casualties are Modell’s, Ripley’s Believe It

Chicago bank sues Manafort to foreclose on Hamptons mansion

Posted: 17 Mar 2021 08:00 AM PDT

The Federal Savings Bank of Chicago has sued Paul Manafort and his wife, Kathleen, and is seeking to foreclose on the former Trump campaign chairman’s Hamptons mansion. The bank claims that Manafort has defaulted on a $9.5 million loan for the Water Mill, New York, home. The couple started mortgage payments on Jan. 1, 2016, but have made no payments on the 174 Jobs Lane home loan since Nov. 1, 2017, and owe more than

Retail spending falls in February, but here come stimulus checks

Posted: 17 Mar 2021 07:00 AM PDT

Retail sales in February dropped 3 percent from January, a sharper decline than expected, but reflecting the timing of stimulus payments. Sales in January had surged 7.3 percent after $600 stimulus payments were deposited into consumers’ bank accounts at the end of last year. Spending then fell in February, but was $33 billion higher than in February 2020, the New York Times reported. The stimulus checks arriving now — as much as $5,600 for joint-filer

Alice Walton, real estate execs pour cash into Bronx races

Posted: 17 Mar 2021 06:25 AM PDT

Real estate-related PACs and the world’s wealthiest woman are spending big on local New York City elections. New Yorkers for a Balanced Albany, backed by charter school advocate and world’s ninth richest person Alice Walton, the Wal-Mart heiress, has spent more than $75,000 on mailers, internet ads and live phone calls in support of candidate John Sanchez, who is running for the Bronx City Council seat vacated by Rep. Ritchie Torres, The City first reported.

Donald Trump Jr. and Kimberly Guilfoyle sell Bridgehampton home

Posted: 17 Mar 2021 05:30 AM PDT

Donald Trump Jr. and Kimberly Guilfoyle have sold their home in Bridgehampton for $8.1 million in an off-market deal. The couple paid $4.4 million for the home in 2019. The 9,200-square-foot property is located at 23 Kellis Way, according to the New York Post, which reported the sale. They are now looking to buy a $6.5 million home in Palm Beach Gardens, Florida, in a private golf community, the Palm Beach Post reported last month.

Brookfield’s $190M loan for Bankside tops February outer-borough list

Posted: 17 Mar 2021 05:00 AM PDT

The 10 largest outer-borough real estate loans in February totaled $1.31 billion — 56 percent more than the top 10 did a year ago, in the final month before the pandemic slammed New York City. It’s a small sample size, and the total does not necessarily reflect outer-borough lending on the whole, so take the increase for what it’s worth. The total was 5 percent less than January’s but 12 percent more than December’s. The

Refinance applications hit 7-month low

Posted: 17 Mar 2021 04:00 AM PDT

Mortgage applications to buy homes continued to rise last week as refinance applications hit the lowest level in seven months. An index tracking applications to purchase homes increased 2 percent week-over-week, seasonally adjusted, according to the Mortgage Bankers Association. The uptick comes despite historically low levels of housing inventory and skyrocketing home prices. “Activity was up 5 percent from a year ago, as the recovering job market and demographic factors drive demand,” Joel Kan, head