The Real Deal - New York Real Estate News

A titan of the Long Island wine industry has died. Ronald Goerler Sr. passed away at the age of 95 at his home on Aug. 30 in Cutchogue, Newsday reported. Goerler founded Jamesport Vineyards in Suffolk County in 1980, marking the fifth winery in North Fork, which now has several dozen. Goerler founded his winery while running a family plumbing supply business; Crest/Good Manufacturing Company is still in the family, run by his son, Philip.

Manhattan’s luxury market just had its busiest week-before-Labor Day in 15 years. Well-heeled buyers signed 23 contracts for residential properties in Manhattan asking $4 million or more last week, according to the Olshan Report, which tracks luxury contracts weekly. That makes last week the busiest final week of August since the report began tracking Manhattan’s luxury contracts in 2006. The previous record was 22 in 2014. “The numbers have been coming down,” said Donna Olshan,

Brooklyn luxury contracts plummeted in the first week of September, following an active August that saw 25 to 26 contracts signed each week. Only 14 contracts asking $2 million or more were signed in the borough from Aug. 30 to Sept. 5, according to Compass’s weekly report. The properties changing hands included six townhouses, six condominiums and two co-ops. The asking prices of those contracts totaled $37.2 million, with a median asking price of $2.5

Gov. Kathy Hochul is already scoring points with New York’s labor groups. Hochul on Labor Day signed four measures backed by New York unions, including a bill that will require certain building service employees to be paid prevailing wages and one that will make general contractors liable for wages their subcontractors owe their workers. Starting next year, condo and co-op buildings where units have an average assessed value of $60,000 or more must pay prevailing

Darcy Stacom, CBRE’s top investment sales dealmaker and broker on some of Manhattan’s most iconic properties, has been accused by 11 former employees of abusive behavior, including berating staffers and throwing things at them. The former employees told Insider they saw Stacom engage in hostile behavior, including an outburst in which she allegedly threw a stapler in the direction of a staffer and another in which she hurled a metal paper holder across the corridor.

A great retail reset is underway as owners of pricey shopping properties unload them at a loss. In the latest sign of the sector’s decline from its once-dizzying heights, Brookfield Property Partners is selling its block-long retail condo at 530 Fifth Avenue for around $190 million — roughly a third less than the $295 million it paid for the property near the height of the market in 2014. Brookfield is in contract to sell the

Veteran commercial real estate broker Geoffrey Newman, who was among the winners of the Real Estate Board of New York’s Most Ingenious Deal of Year contest, has left Newmark to rejoin Savills. Newman, a Savills broker from 2001 to 2008, is returning after nine years at Newmark, Savills said. He was a key member of Newmark’s tenant representation group and was responsible for transactions totaling more than 2 million square feet with a combined value

The Park Avenue apartment linked to Whitney Duan, the Chinese magnate who was detained by Beijing in 2017, sold for $19.1 million, property records showed. The company used to purchase the 432 Park Avenue unit, Jardin 432 LLC, veiled the identity of the buyer, who paid about the same as Duan’s associates paid in 2016, close to the last peak of New York’s luxury condo market. No financing documents, such as a mortgage loan secured

Blackstone is once again seeking a high roller to purchase the Cosmopolitan of Las Vegas, this time soliciting offers in excess of $5 billion for the 11 year-old resort casino. One potential suitor exploring an offer is Apollo Global Management, according to Bloomberg. MGM Resorts International is also reportedly looking to swoop in as a potential property manager. The Cosmopolitan struggled out of the gate after Deutsche Bank AG built the property, which opened in

After several fits and starts, the Trump Organization appears to be close to selling the lease on the Trump International Hotel in Washington, D.C. In June, the Trump Organization turned to Newmark to market the ground lease on the property. JLL had previously been marketing the hotel, but distanced itself from the Trump Organization after the riot at the Capitol in January. Now, discussions to sell the lease have entered “advanced talks,” according to Axios.

The following is a preview of one of the hundreds of data sets that will be soon available on TRD Pro, the one-stop real estate terminal that provides all the data and market information you need in a single location. Few companies timed major pre-pandemic decisions quite like Macy’s. The nation’s largest department store chain announced in February 2020 that it would leave its Cincinnati headquarters for New York City and build a 1.5 million-square-foot

PIMCO is poised to enter the office market at its low point, agreeing to buy Columbia Property Trust for $2.2 billion. The deal for the REIT will include $19.30 per share in cash, a 16.6 percent premium from Fridays’ closing stock price, according to Reuters. The deal is valued around $3.9 billion when including debt. Shares of Columbia Property Trust jumped 19.5 percent in pre-market trading on Tuesday. The deal is expected to close as

Simon Dushinsky’s Rabsky Group and Joel Gluck’s Spencer Equity landed a major construction loan to finish building their massive mixed-use project in Downtown Brooklyn. The Rabsky-led venture scored $450 million in debt from Madison Realty Capital for the development, which will stand 35 stories tall with 1,098 residential units across two connected towers, plus retail space. Excavation work on the site began four months ago, according to the Commercial Observer. Current plans call for 342

The Shinnecock Indian Nation has secured $18 million in funding and a development partner for a cannabis facility project in Southampton, according to Dan’s Papers. The tribe’s development firm, Conor Green, is working with Phoenix-based cannabis business consultant TILT Holdings. The partnership will finance, build and manage the nation’s planned facility, Little Beach Harvest. The nation’s plans call for a two-story dispensary with a drive-through, a lounge, and a 60,000-square-foot cultivation and processing facility. Its

The pace of new development sales contracts are barely slowing in New York, even as the coronavirus stages a comeback. Some 421 contracts were signed across the city in August, up 109 percent from a year ago and 88 percent more than August 2019, according to a monthly analysis of new development sales contracts by Marketproof, a real estate analytics company. That made it the fourth-busiest month since 2015, beaten only by March, April and

Nearly a year after malls in New York reopened, they are still not back to where they were. Foot traffic for several major shopping hubs across the city remains behind 2019 levels, according to July data from location analytics firm Placer.ai. At Westfield World Trade Center, foot traffic is 48 percent below the typical year. Meanwhile, key tenants are in litigation with the landlord: Victoria’s Secret and Starbucks are being sued by mall operator Unibail-Rodamco-Westfield.

High-end real estate financing slowed in July from the month before, with the biggest 10 loans’ totaling less than $1 billion. Only three nine-figure loans were issued, after June had five — and the 10 largest loans totaled $1.42 billion. But July was an improvement from the pandemic-depressed year-ago figure of $700 million. Queens and Brooklyn each had four of the 10 largest loans in July. Here is the complete list: 1) Pacific Park construction