The Real Deal - New York Real Estate News

601W sells dirt under Vornado’s 909 Third Ave for $192M

Posted: 21 Jun 2021 03:10 PM PDT

601W Companies has sold the dirt under Vornado Realty Trust’s 909 Third Avenue for $192 million. The buyer was an entity led by Colonnade Management, according to public records. John DiMurro is the company’s CEO. The deal was a win for the Mark Karasick-led 601W, which acquired the land in 2004 for $50.1 million, according to the deed. The area encompasses a 2-acre lot. The building is a 32-story office tower over a 490,000-square-foot warehouse,

A Park Slope co-op was one of the priciest deals inked last week

Posted: 21 Jun 2021 02:45 PM PDT

When it comes to co-ops, it’s not about the number of deals, it’s about the value of them. A $3.8 million Park Slope co-op was one of the most expensive homes that went into contract in Brooklyn last week, according to Compass’ weekly report. A total of 33 contracts worth $2 million or more were signed in Brooklyn from June 14-20. Nineteen of those were townhouses, 11 were condominiums and three were co-ops. Though there

H.I.G., Lincoln Equities land $76M loan for NJ life sciences campus

Posted: 21 Jun 2021 02:15 PM PDT

H.I.G. Realty Partners and Lincoln Equities Group secured a $76 million loan to finance their acquisition and capital improvements of a life sciences campus in Hopewell, New Jersey. The financing, from ArrowMark Partners, was confirmed by Lance Bergstein, acquisition and development officer with East Rutherford, New Jersey–based Lincoln Equities Group. Newmark’s debt and structured finance team led by Dustin Stolly and Jordan Roeschlaub executed the deal. In June 2020, the partnership between H.I.G. and Lincoln

WATCH: Dianne Morales on what progressives want from real estate

Posted: 21 Jun 2021 01:45 PM PDT

When it comes to the mayoral race, real estate seems safe. Still, progressive ideals from left-wing candidates like Dianne Morales resonate with many New Yorkers. That might not be enough to propel her or even the race’s progressive standard bearer, Maya Wiley, into Gracie Mansion, but the industry still considers these positions to be a threat. That doesn’t have to be the case, Morales suggested. “I’m not demonizing the real estate industry,” Morales said in

The unsellables: Even in a hot market, these Hamptons homes don’t move

Posted: 21 Jun 2021 11:00 AM PDT

Even in a scorching-hot market, some long-term listings in the Hamptons still won’t sell. Why do these homes linger on the market for years, in the most desirable of areas, where investors are plentiful and inventory is scarce? Common culprits include persistently unrealistic asking prices, cavalier design choices that simply miss the mark or plots of real estate that seem better in concept than in practice. Often, it’s a mix of the three. To be

Discounts for Manhattan’s luxury homes have shrunk

Posted: 21 Jun 2021 10:15 AM PDT

As the pace of luxury home sales sets records, price drops have narrowed. For contracts signed last week for Manhattan homes asking more than $4 million, the average discount between the first and final asking price was 8 percent — about what it has been for the past two months. But the year-to-date average discount is 11 percent, according to the Olshan Report. “It is tightening up,” said Donna Olshan, the report’s author. “Since the

WeWork reports membership growth, best sales since 2019

Posted: 21 Jun 2021 09:32 AM PDT

As businesses seek greater flexibility in a post-pandemic world, WeWork’s offerings could be regaining popularity. The co-working giant is seeing its best net desk sales in nearly two years, Bloomberg reported Monday, following a tumultuous 2020 in which it reeled from a failed IPO attempt compounded by plummeting memberships during the pandemic. The company’s office occupancy rate recovered to 53 percent at the end of May, up from 47 percent late last year, though still

Sabey lands $250M refi for 375 Pearl Street

Posted: 21 Jun 2021 08:40 AM PDT

Sabey Corporation and National Real Estate Advisors secured a $250 million refinancing deal for the former Verizon office tower at 375 Pearl Street. Lenders Wells Fargo and JPMorgan provided a $220 million, 10-year, fixed-rate loan package for the office condo, which includes an additional $30 million in mezzanine debt, Commercial Observer reported Friday. The CMBS loan is backed by 573,000-square-feet of office condominiums located in the 16-floor portion of the 32-story office and data center

Alchemy-ABR closes on stalled deal for Billionaires’ Row office building

Posted: 21 Jun 2021 07:32 AM PDT

Alchemy Properties finally closed on its deal to purchase Calvary Baptist Church’s property on Billionaires’ Row. Through its partnership with real estate investment firm ABR Partners, developer Alchemy originally announced a deal in 2019 to acquire and construct a 26-story office building atop the church-owned property at 123-141 West 57th Street — a 16-story property that also includes the Salisbury Hotel next door. But the deal had a major setback at the onset of the

NY flooded with nearly 100K rent relief applications in two weeks

Posted: 21 Jun 2021 06:33 AM PDT

More than 90,000 New York households filed for rent relief in the two weeks after the state’s new program went live, Newsday reported Saturday. The $2.7 billion initiative is accepting applications from tenants whose household income is no more than 80 percent of their area median income. If approved, they can receive assistance for up to one year of unpaid rent and utility bills, plus up to three months of future rent. The state expects

Martha Stewart sells her longtime East Hampton estate

Posted: 21 Jun 2021 05:30 AM PDT

At a time when it seems everyone is trying to get in to the Hamptons, Martha Stewart is getting out, according to Showbiz 411. The 79-year-old media titan sold her East Hampton estate on Lily Pond Lane to former Huffington Post publisher Kenneth Lerer. The final sale price isn’t known, but the property was last on the market for $8.4 million. The house dates from the 1880s and Stewart remodeled it herself, as one might

What tenants pay at Vornado and Trump’s 555 California Street

Posted: 21 Jun 2021 05:00 AM PDT

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. While San Francisco’s office market has been among the hardest-hit by the pandemic, the 52-story office tower at 555 California Street in the Financial District has locked in some of its big-name tenants for the long haul. The

With major financial choices to make, Newmark receives $850M infusion

Posted: 21 Jun 2021 04:30 AM PDT

What to do with $850 million? That’s the question Newmark is now asking itself. By virtue of some Wall Street wheeling and dealing, the commercial brokerage is set to receive a windfall in the form of hundreds of millions of dollars’ worth of shares in Nasdaq Incorporated — the financial services firm that operates the eponymous stock exchange where Newmark went public in 2017. The hefty payout will fill Newmark’s coffers at a particularly pivotal

These projects just beat the rezoning deadline

Posted: 21 Jun 2021 04:00 AM PDT

Some very large new development projects will hear a “yay” or “nay” from City Council members shortly before term limits usher most of them — and the mayor — out of office. That is good news for the developers, who would rather not leave their projects’ fate to yet-unknown officials. To ensure that, they needed the Department of City Planning to certify their rezoning applications by the end of May, triggering the seven-month public review.

Kilroy Realty buying Indeed Tower in Austin for $580M

Posted: 20 Jun 2021 11:00 AM PDT

Kilroy Realty’s first buy in Austin is a big one. The firm is in contract to pay $580 million for the newly completed Indeed Tower, according to the Austin Business Journal. The deal for the 730,000-square-foot tower would be the priciest office transaction in the city since the start of the pandemic. Trammell Crow developed the 36-story building at 200 W. Sixth Street., which stands as Austin’s tallest and largest. Work was completed last month.

Blackstone bids to buy office developer Soho China for $3B

Posted: 20 Jun 2021 09:00 AM PDT

Blackstone Group has made an offer to buyout Beijing-based developer Soho China Ltd. for $3.05 billion. If the deal goes through, it would be Blackstone’s biggest bet on China’s real estate market, according to Bloomberg. Blackstone offered HK$5 for each Soho China share — a 31.6 percent premium to the latter firm’s last closing price before trading was suspended on Tuesday. The company is listed on the Hong Kong Stock Exchange. Shares jumped as much

Here are the countries most at risk of a housing bubble

Posted: 19 Jun 2021 11:00 AM PDT

The pandemic slammed the brakes on housing markets worldwide…but only for a moment. Sales rebounded across the globe, and are now accelerating so fast that housing bubble concern is back. New Zealand, Canada and Sweden are most at risk, according to an analysis by Bloomberg. It crunched housing market data from the 38 member countries of the Organization for Economic Cooperation and Development. Bloomberg came up with a top 10 list. Many of the countries