The Real Deal - New York Real Estate News

Leonard Bernstein’s “radical chic” penthouse sells for $24M

Posted: 26 Oct 2021 03:00 PM PDT

A Lenox Hill co-op unit that once belonged to composer Leonard Bernstein has traded hands for $24 million, down from its list price of $29.5 million. The seller of the penthouse apartment at 895 Park Avenue was the family of Carol Feinberg, an art collector and philanthropist who died last year. Feinberg and her husband, a wine and spirits importer who died in 2002, bought the residence from the Bernsteins in 1974. The buyer is

WhyHotel opening living space at Rudin’s 110 Wall Street

Posted: 26 Oct 2021 02:30 PM PDT

WeLive may not have been a success at 110 Wall Street, but Rudin Management is set to debut a new tenant that might have better luck at its Financial District building. Hospitality platform WhyHotel on Tuesday announced its first New York City property, which is slated to open Nov. 1. The company is launching Front & Wall Street, which will operate under its Hospitality Living umbrella. Despite its name, the living property isn’t only for

Yadidis sell Midtown South office building for $49M

Posted: 26 Oct 2021 02:02 PM PDT

Ray and Jack Yadidi are reportedly selling a newly completed Midtown South office building on property they purchased for $9 million in 2014. Jack Ezon and Sion Betesh, the entrepreneurs behind Silver One International and Blue Star Clothing, are purchasing 44 West 37th Street for $49 million, according to Crain’s. The transaction comes seven years after the Yadidis purchased the building through the Sioni Group for $9 million. The developer filed plans in August 2016

Tish James, Council ask mayor to delay lien sale that he just OK’d

Posted: 26 Oct 2021 01:45 PM PDT

A month after Mayor Bill de Blasio promised to hold the long-delayed tax lien sale at the end of the year, when he will leave office, Attorney General Letitia James and City Council members are asking that he reverse course. In an email Monday to the mayor, James said she found it “alarming” that the city would move forward with the lien sale, subjecting owners to foreclosure and possibly homelessness during the pandemic, and just

Construction labor management platform Bridgit raises $24M

Posted: 26 Oct 2021 12:45 PM PDT

Bridgit, a construction-tech company looking to modernize workforce management and planning, raised $24 million in a Series B round. Camber Creek and Storm Ventures led the round. Nine Four Ventures, a new investor, also participated, as did previous investors BDC Capital’s Women in Technology Venture Fund, StandUp Ventures, Sands Capital and Vanedge Capital. The company did not offer a specific valuation figure. Toronto-based Bridgit, founded in 2013, will use the funds to further develop its

Paul Manafort sells deteriorating Bridgehampton estate above $10M ask

Posted: 26 Oct 2021 12:00 PM PDT

Paul Manafort, former President Donald Trump’s disgraced campaign manager, has sold his deteriorating Bridgehampton estate. Manafort sold the 5,700-square-foot home at 174 Jobs Lane and its 2.4 acres of land for just above his $10 million asking price, according to the New York Post. Manafort listed the property a few months ago. Manafort was sentenced in March 2019 to a total of 48 months in prison on charges from special counsel Robert Mueller in Washington,

CRE has biggest-ever sales quarter

Posted: 26 Oct 2021 11:15 AM PDT

Investors purchased $193 billion in commercial real estate during the third quarter, marking a reported record that surpassed pre-pandemic spending by 19%. Apartment buildings, life-science labs, and industrial spaces to support the e-commerce boom drove the record period, according to data from Real Capital Analytics reported by the Wall Street Journal. The report notes sales of the properties surged so much, they canceled out shrinking office and retail markets and defied dire predictions of the

Hochul weighing expansion of Community Reinvestment Act

Posted: 26 Oct 2021 10:30 AM PDT

A significant change could be coming to the Community Reinvestment Act in New York. The state Senate delivered a bill to Gov. Kathy Hochul on Friday that would expand the requirements of the state program to non-depository lenders. Hochul has 10 days to sign or reject the bill; HousingWire reports that the mortgage industry expects her to ink it. The Community Reinvestment Act compels banks to lend adequately in communities where they take deposits. Several

Tony retailers flocking back downtown

Posted: 26 Oct 2021 09:45 AM PDT

Shoppers hitting Manhattan for luxury goods should set their eyes downtown. A slew of upscale brands have recently opened outposts away from the traditional Fifth Avenue and Madison Avenue hubs, the New York Post reports, instead turning towards Soho and the Meatpacking District. The companies are taking advantage of lesser retail rents and the opportunity to pivot from e-commerce to physical retail as New York emerges from quarantine. Among the companies to open stores in

In fight over William Vale hotel, Zelig Weiss offers to buy it

Posted: 26 Oct 2021 08:25 AM PDT

UPDATED Oct. 26, 2021, 2:12 p.m.: Just when you think things cannot get any crazier at Brooklyn’s swankiest hotel, they do. Brooklyn developer Zelig Weiss has made an all-cash offer to buy the William Vale hotel as he battles a lawsuit alleging he diverted money from it. Weiss submitted proposals Oct. 22 to buy equity interests in the hotel along with the debt held by Israeli bondholders for $156 million. On Oct. 25, Weiss upped

Lennar, Icon teaming up on 3D-printed development

Posted: 26 Oct 2021 07:30 AM PDT

Homebuilding giant Lennar and Texas construction startup Icon are teaming up to build 100 3D-printed homes in a massive vote of confidence for the technology amid a nationwide home shortage. Icon’s proprietary Vulcan technology allows the company to create homes up to 3,000 square feet it says outlasts traditional building methods and materials. The Wall Street Journal first reported the project, noting that while Icon is printing the wall system, Lennar can construct the home’s

Long Island industrial vacancy rate 40% lower than pre-pandemic

Posted: 26 Oct 2021 06:30 AM PDT

Records continue to fall in the industrial real estate market, powered by an e-commerce boom accelerated by the pandemic. On Long Island, the industrial real estate vacancy rate hit 2.6 percent in the third quarter, according to data from Cushman & Wakefield. Long Island Business News reports the figure is a record low in the area’s recent history. Prior to the pandemic, Long Island’s industrial vacancy rate was 4.5 percent. It has since dropped by

Modular construction firm founded by SHoP principals unveils first apartment

Posted: 26 Oct 2021 06:00 AM PDT

In a warehouse in Harrison, New Jersey, Assembly OSM’s first apartment destined for a real-life project sits waiting. The one-bedroom unit occupies the middle of the weathered space like two puzzle pieces yet to be fit into the larger picture (both literally and figuratively, as neither the startup nor its partner SHoP Architects would disclose the project’s location or developer). “We put it together like an Ikea piece of furniture,” said Chris Sharples, co-founder of

Landlords smell “good cause” in Hochul’s new tenant protections

Posted: 26 Oct 2021 05:00 AM PDT

Gov. Kathy Hochul ushered in a fresh set of protections for New York tenants last week. After the rent-law overhaul of 2019 and the eviction moratorium of 2020 and 2021, they are not earth-shattering. Real estate, however, views the move as foreshadowing. With Hochul’s re-election run just one year out, landlord groups foresee the governor — a western New York moderate — working to align with the left on housing, a shift that could push

Ben Ashkenazy dumps Midtown retail building at $6M loss

Posted: 26 Oct 2021 04:00 AM PDT

The middle of the city’s i-sales market cooled last week, notching just three sales after a frenzy of residential dealmaking. But despite the paucity of transactions, the pandemic’s forces shone through in those that were completed. A logistics site sold in Staten Island and Ben Ashkenazy shed a retail property (he’s not the only one dumping retail) two blocks east of Madison Avenue. Here are more details on the investment sales between $10 million and