The Real Deal - New York Real Estate News

TRD’s South Florida showcase to feature top residential brokers

Posted: 28 Sep 2021 03:00 PM PDT

Powered by the #movetomiami trend and a slew of shiny new developments underway, South Florida’s residential market just keeps getting hotter. The Real Deal’s annual showcase will bring together three of the top brokers in the region to break down the emerging trends, hottest spots and best tactics for riding the market’s waves. Join Douglas Elliman’s Dina Goldentayer, Corcoran’s Julian Johnston and Luxe Living Realty’s Dora Puig, as we dive into the resi market. While

NYCHA approves $60M, 101-unit affordable development in Bronx

Posted: 28 Sep 2021 02:23 PM PDT

The New York City Housing Authority is moving forward on its goal to bring 10,000 new affordable housing units to New York City, signing a $60 million deal for a development in the Bronx. The development in Mott Haven will be at the corner of East 146th Street and Willis Avenue, where a vacant retail building was demolished last year. In its place will rise the Betances Family Apartments, a 101-unit development, according to Real

Compass closes little changed after lockup lifts on 200M shares

Posted: 28 Sep 2021 01:38 PM PDT

Compass shares closed little changed on Tuesday, surviving their first day of trading after restrictions were lifted on about 200 million shares from the company’s public offering six months ago. When markets closed, shares in the brokerage had fallen 3 cents in New York Stock Exchange trading, to $13.50. The number of tradable shares almost doubled now that the company’s 180-day lockup period is over. Until Tuesday, those shares, held by some of the firm’s

Scale Lending provides $40M for Clinton Hill residential build

Posted: 28 Sep 2021 01:29 PM PDT

Developers Ranger Properties and KD Sagamore Capital Construction secured a $40 million construction loan. The developers have teamed up on bringing a 113-unit multifamily property to 982-988 Fulton Street in Clinton Hill, Brooklyn. The project will be aided by the construction loan, which was provided by Scale Lending, according to the Commercial Observer. The loan could help begin construction on what appears to be a difficult development for Ranger Properties. It appears the development on

Homeless shelter operator to take over Trump’s Bronx golf course

Posted: 28 Sep 2021 12:37 PM PDT

Months after Mayor de Blasio announced that New York City was ending its business relationship with Donald Trump, the city appears to have found a new operator for his Bronx golf course. In a notice published Monday, the city revealed plans to award a company called Ferry Point Links LLC a 13-year deal with the Parks Department to take over the 18-hole course. As first reported by The City, the group shares an executive’s name

Phoenix Realty acquires Spencer Equity’s Bronx Section 8 complex for $91M

Posted: 28 Sep 2021 11:39 AM PDT

Joel Gluck’s Spencer Equity has sold a South Bronx affordable housing complex for $91 million. The buyer was Phoenix Realty Group, a New York-based multifamily developer and investor, sources told The Real Deal. The 469-unit Academy Gardens is an eight-building Section 8 complex occupying a full block between Rosedale and Commonwealth Avenues and Randall and Lacombe Avenues in Clason Point. Brooklyn-based Spencer Equity acquired the property for $66.6 million in 2016, public records show. The

Publicly traded firms now own $1.64T of US real estate

Posted: 28 Sep 2021 11:35 AM PDT

Commercial real estate is increasingly ending up in the hands of publicly traded firms, which now boast more than $1.6 trillion in real estate holdings. S&P Global Market Intelligence calculated the $1.6 trillion figure, the highest dollar volume of real estate ownership for that sector in at least a decade, and a 38 percent increase from ten years ago, according to the Wall Street Journal. A few recent transactions highlight how publicly-traded companies — particularly

Comedian Keegan-Michael Key sells 56 Leonard pad for $5M

Posted: 28 Sep 2021 10:00 AM PDT

Keegan Michael-Key is pulling out of his piece in the famous “Jenga Building” at 56 Leonard Street. The comedian and actor was asking $5.49 million for his 35th-floor unit at the Alexico Group building, famously designed by Herzog & de Meuron. Ultimately, property records show Key sold it for $5 million, according to the New York Post. The buyer of the unit has not been publicly identified. The unit comes with two bedrooms and two

Compass shares plummet, then recover in volatile morning after lockup ends

Posted: 28 Sep 2021 09:51 AM PDT

Compass shares stumbled after the opening bell Tuesday, falling as much as 88 cents before rebounding by mid-morning in what could be a frenzied day of trading amid lifted restrictions on early investors and company insiders. About 200 million shares of Compass could hit the market following the end of a 180-day lockup period following, which had prevented the firm’s largest shareholders, directors and officers from selling their holdings in the immediate aftermath of its

Brookfield’s $400M loan in Greenpoint Landing tops outer-borough list

Posted: 28 Sep 2021 09:30 AM PDT

Brooklyn saw sizable real estate financing deals roar back up 20 percent from July to an August total of $1.18 billion. Out of top 10 outer-borough loans measured in dollar volume, nine of them were issued for properties in Brooklyn, and one in Queens. Behind those loans were mostly multifamily and hotel properties or projects. Here is the complete list: 1) Greenpoint multifamily | Brooklyn | $400 million Brookfield Property Partners secured this construction loan

Miami catching up to NY for title of most expensive housing market

Posted: 28 Sep 2021 09:15 AM PDT

Miami’s housing market has been one of the hottest since the start of the pandemic, as buyers from around the country have descended on the city for added space and warm weather in the WFH world. Strong demand for condos and single-family homes and dwindling supply pushed prices higher, and now Miami has overtaken Los Angeles as the second most expensive housing market in the U.S., according to the latest report from RealtyHop. A household

Tom Barrack’s influence campaign reportedly steered by UAE Royals

Posted: 28 Sep 2021 08:16 AM PDT

Tom Barrack was charged in July with acting as an agent for the Middle East nation to lobby then-President Donald Trump, with prosecutors alleging his dealings with the United Arab Emirates went right to the top. The seven-count indictment against Colony Capital founder Barrack listed five anonymous officials he met with in December 2016, shortly after Donald Trump was elected president. Bloomberg — citing people familiar with the matter — reported Tuesday the officials included

Pink Stone sells languishing FiDi site for $89M

Posted: 28 Sep 2021 07:15 AM PDT

Grubb Properties is continuing its march into New York City, planning an additional residential development in the city at a controversial site. The North Carolina-based developer purchased 111 Washington Street in Manhattan’s Financial District from Pink Stone Capital for close to $89.2 million, Crain’s reported. The location — which sits just blocks away from the World Trade Center — will be known as 8 Carlislie. The company said it is proposed to be 50 stories

Douglas Elliman mandates staff vaccination at offices nationwide

Posted: 28 Sep 2021 06:45 AM PDT

Employees at Douglas Elliman offices across the country must now be vaccinated or face regular testing, sources say. The brokerage, which has offices in New York, Connecticut, New Jersey, Florida, California, Texas, Colorado and Massachusetts, became the latest to implement a vaccination policy on Monday, The Real Deal has learned. All employees working in a Douglas Elliman office must show proof of full vaccination or provide a negative Covid test to the HR Department every

Compass buys a third title company as stock lockup ends

Posted: 28 Sep 2021 06:15 AM PDT

Compass announced yet another acquisition of a title and escrow company, just as restrictions are lifted on trading of about 200 million more shares. The brokerage has signed an agreement to buy CommonGround Abstract, a title company operating in New Jersey and Pennsylvania, by the end of the year. The terms of the purchase were not disclosed. It’s the third such deal in as many weeks and means Compass is now offering title and escrow

Georgetown Company eyeing $1B in hotels nationwide

Posted: 28 Sep 2021 06:00 AM PDT

Adam Flatto’s Georgetown Company is looking to make a big splash in the hotel space. The firm is launching a new fund and management partnership that will target $1 billion worth of hotels across the country, representatives from Georgetown announced Tuesday. Flatto said his company moved to expand its hotel portfolio earlier last year before the pandemic hit and then decided to go even further. Georgetown bought a stake in the hotel management firm First

Ceruzzi affiliates agree to $29M judgment over troubled Hayworth condo project

Posted: 28 Sep 2021 05:30 AM PDT

Affiliates of Ceruzzi Properties have agreed to a $29 million judgment after failing to make payments on a $155 million construction loan tied to the troubled Hayworth condo project. Executors of the estate of Louis Ceruzzi and BVS Acquisition Co. — an LLC tied to Ceruzzi Properties— will pay lender Children’s Investment Fund after allegedly defaulting as guarantors on the loan at the partially built Upper East Side tower, court documents show. Children’s, a U.K-based

Vornado leasing 77K sf to school in 825 Seventh Avenue

Posted: 28 Sep 2021 04:00 AM PDT

A school is set to make the move from its East Harlem location on West 116th Street to 825 Seventh Avenue. The iHope School, part of non-profit human services provider YAI, is moving to nearly 77,000 square feet of space in the Vornado Realty Trust building, JLL announced on Monday. YAI signed an agreement to convey 30-year leasehold condominium interest on the second, third, and fourth floors of the building, as well as part of