The Real Deal - New York Real Estate News

Phil Zelonky has been planning to open a pop-up nightclub in the Hamptons ever since his first club, Noir, debuted in Manhattan two years ago. There’s just one issue: finding a space. As New York City residents head east in droves, retailers have followed. But more than a year into the pandemic, it has become increasingly difficult to find commercial real estate. “It’s a mad dash,” Zelonky said. “Everyone wants to be out there and

Related Companies bought the CityPlace Tower in downtown West Palm Beach for $175 million, marking the company’s second major office purchase there this year. Related, led by Miami Dolphins owner Stephen Ross, bought the 18-story building at 525 Okeechobee Boulevard from CPT Equity, an affiliate of Greenwich, Connecticut-based W. R. Berkley, according to records. New York-based Related and Boca Raton-based Crocker Partners developed the tower with 300,000 rentable square feet on 1.2 acres in 2008.

Latch is looking to unlock the office market as the startup prepares to go public. The smart lock maker, whose focus has been in the multifamily space, is launching a pilot program in New York City at three high-profile complexes: the Empire State Building, Brookfield Place, and Rockefeller Center, the company announced. The move comes as Latch prepares an initial public offering through a special-purpose acquisition company. The proptech firm is planning to merge with

High-end exercise equipment producer Peloton is planning its first U.S. manufacturing facility. The company announced on Monday that it will break ground this summer on a 1 million-square-foot facility in Troy Township, Ohio, which is about 17 miles from Toledo. The complex, due to rise on a 200-acre site, will include manufacturing space, offices and various amenities for employees, CNBC reported. Peolton aims to open the facility by 2023. Peloton was founded in 2012 and

Tishman Realty & Construction landed a $60 million acquisition loan from Bank Hapoalim for its bulk buy at the Charlie West condo building in Hell’s Kitchen. The U.S. division of the Israeli bank, BHI, provided the financing for Tishman Realty’s $90 million purchase of 70 condo units at the newly completed building. Tishman Realty, along with its partner PIMCO, bought the condos from Elad Group, which developed the 123-unit building at 505 West 43rd Street.

Advanced Therapy and Performance has signed a lease for 12,060 square feet at a Simone Development property in Stamford, Connecticut. The deal with the physical therapy provider brings the 116,500-square-foot building at 316 Courtland Avenue to 94 percent occupancy, with 6,000 square feet of office space remaining. “Simone Development really took a creative approach in adapting to what the market brought and has transformed the building into a unique asset,” Kevin Langtry of Newmark, who

Japanese retailer Uniqlo has sewed up a deal to buy its New York City flagship. The popular clothing brand reportedly paid AB & Sons — the firm led by Isaac, Eli and Abraham Chetrit — between $160 million and $200 million for the five-story, 95,500-square-foot property at 546 Broadway, sources tell The Real Deal. The property has been in the Chetrit family since 1981, property records show. Uniqlo opened its first New York City store

Every week for the past four months, 30 or more contracts have been signed for Manhattan homes asking at least $4 million. The 37 last week matched the total of the week before, according to Olshan Realty’s weekly report. The median asking price of last week’s luxury deals was $6 million with an average discount from initial asking price to the last asking price of 7 percent with an average of 459 days on market.

Last week was another strong one for townhouses in Brooklyn’s luxury market. Thirty-five homes asking $2 million or more went into contract, according to Compass’ weekly report. Among them, 20 were townhouses, marking the third straight week that townhouses accounted for more than half of all luxury contracts signed in the borough. The remaining 15 deals inked last week included 14 condominiums and one co-op. The median asking price for townhouses was nearly $3.2 million,

A real estate investment firm is making a big bet on Soho. Northwood Investors has agreed to pay $325 million for a pair of mixed-use buildings in the heart of the neighborhood, the Wall Street Journal reported. The two buildings at 520 and 524 Broadway have a combined 180,000 square feet of office space and 60,000 square feet of retail space. The properties are 90 percent leased, with tenants that include Keith McNally’s Balthazar restaurant,

Gotham Organization’s plan to build a 23-story mixed-use building in Fort Greene is facing headwinds. Brooklyn Community Board 2’s Land Use Committee rejected the developer’s application to build the 267-foot-tall structure at 130 Saint Felix Street, Brooklyn Paper reported. The project would include more than 120 residential units, including 36 below-market condos, as well as an expansion for the Brooklyn Music School. “This doesn’t even belong here,” Ernest Augustus, a committee member, said during a

Miki Naftali’s eponymous development firm secured $102.7 million in construction loans for its condo project at 1165 Madison Avenue, on the corner of East 86th Street on the Upper East Side. The financing includes a $44 million building loan and a $16.6 million project loan, according to publicly available loan documents. The new debt consolidates $42 million in loans made in 2019 by CIT Bank, according to property records. Tel Aviv-based Bank Hapoalim is the

A Bronx industrial deal paid off for its investors. A joint venture between Goldman Sachs Asset Management and Blumenfeld Development Group sold a 145,144-square-foot logistics facility at 1080 Leggett Avenue in Hunts Point to CenterPoint Properties for $116.5 million. That’s three times more than the $38.5 million that the investors paid two years ago, Commercial Observer reported. “The location of 1080 Leggett Avenue in the southwest corner of Hunts Point is logistically strategic, and the

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro, the one-stop real estate terminal that provides you with all the data and market information you need. As the pace of vaccinations slows and debates over remote work continue, there remains much uncertainty around Downtown Manhattan’s office market. To understand where things are at right now, TRD Pro dissected first quarter office market reports from

How hot is Manhattan luxury real estate? This hot: A spec townhouse in the West Village has gone into contract, The Real Deal has learned, even though it’s still under construction. The apartment, on West 13th Street, won’t be finished until this summer. The developers, father and son team Robert and Justin Kaliner of RoundSquare Builders, were seeking as much as $17 million. The final price wasn’t available. Even they, and their brokers, Robert Dankner

The lights are still dark at the Diplomat Beach Resort, a sprawling 1,000-room oceanfront hotel in South Florida. More than a year after the pandemic began, conventions and business travelers — the lifeblood of such large properties — remain sparse. And cruises, which usually feed hordes of passengers to hotels, are still halted. While leisure travelers have descended on South Florida over the past six months, pushing hotel rates up and boosting occupancy, the hotel

An iconic Times Square building is largely empty. One Times Square was once the home of The New York Times, and today is the site of the annual New Year’s Eve ball drop. But while that iconic sphere and LED billboards keep the exterior lit throughout the year, the building’s 22 floors are dark. A three-story Walgreens on the ground floor is the only tenant, and the brand recently signed a lease at the Bow-Tie