The Real Deal - New York Real Estate News

Witkoff and Access Industries buy HFZ’s languishing XI condo project

Posted: 23 Dec 2021 01:34 PM PST

Steve Witkoff and Len Blavatnik are the new owners of the stalled XI condo project. The real estate developers bought the twisting tower luxury development on 76 11th Avenue in a foreclosure sale on Thursday after its former owner HFZ Capital Group fell into financial ruin. The terms of the deal were not disclosed. Witkoff Group and Blavatnik’s Access Industries have secured financing to resume construction of the 900,000-square-foot mixed-use towers on the High Line.

Top doc’s condo deal tips Vornado’s 220 Central Park South past $3B

Posted: 23 Dec 2021 01:30 PM PST

Robert Grossman, the dean of New York University’s Grossman School of Medicine, and his wife, Elisabeth Cohen, snapped up a $14.5 million apartment at 220 Central Park South. Grossman’s move into the Billionaires Row building appears to have also marked a milestone for Vornado Realty Trust. The developer notched more than three billion dollars in sales in the building when Grossman signed on the dotted line. Grossman, who has been at the school’s helm since

Hello Living staves off foreclosure on East Flatbush project, for now

Posted: 23 Dec 2021 12:49 PM PST

Eli Karp’s Hello Living is making a do-or-die attempt to save its prized East Flatbush rental project. Hello Living Developer Nostrand LLC, the corporate entity of the 1580 Nostrand Avenue project, made the filing in federal court in Rockland County on Tuesday, one day before lender Madison Realty Capital was set to hold a UCC foreclosure auction on the equity interests in the development. In a strange twist, just hours before Hello Nostrand filed for

New York state halts plans for Hudson Yards development site

Posted: 23 Dec 2021 12:11 PM PST

A proposal for what would have been one of the city’s tallest skyscrapers is now on ice. State officials this week rescinded a request for proposals for a 1.2 acre site on Manhattan’s West Side, where a team led by the Peebles Corp. envisioned a 2 million-square-foot tower built and mostly funded by Black-owned companies. The skyscraper proposed for the state-owned site at 418 11th Avenue would have marked a record addition to the city’s

Wafra lands $225M for 720 West End Avenue

Posted: 23 Dec 2021 10:49 AM PST

As Wafra Capital Partners nears a deal to buy 720 West End Avenue, it’s getting a major assist in the form of acquisition financing. The affiliate of Kuwait’s sovereign wealth fund is receiving $225 million in financing from Pacific Western Bank and Related Companies for the transaction, according to the Commercial Observer. PacWest is the senior leader in the financing, while Related is in the mezzanine position. When Wafra — through entity WCP Investments —

Taconic enters industrial market with Nuveen joint venture

Posted: 23 Dec 2021 10:30 AM PST

Taconic Partners and Nuveen Real Estate are at it again. This time, the duo marked Taconic’s entry into the industrial market. The partners acquired a 296,000-square-foot asset in Morristown, New Jersey, for $55 million, the Commercial Observer reported. The seller of the property at 1 Cory Road was not disclosed. The property sits on a 17.9-acre site and features a rooftop solar system and 6.5-acre parking area. According to the Observer, the facility was built

Kushner Properties buys $200M in Houston multifamily properties

Posted: 23 Dec 2021 09:00 AM PST

Kushner Properties’ Sunbelt holdings just keep expanding. The company closed on three multifamily properties in Houston Wednesday, paying a total of $200 million for the portfolio, according to a person familiar with the deal. Located in the high-growth North Houston submarkets of Tomball, Cypress and Lake Houston, the apartment complexes are all new-construction assets. A national builder broke ground on the properties in 2020, and leasing on all three finished this year. The number of

The 10 priciest Manhattan condo filings of 2021

Posted: 23 Dec 2021 08:45 AM PST

Manhattan condo developers came back from the drawing board this year with some new preferences: All glass is out, while stone and brick facades with large windows are in. And pricing is up, at least for the 10 most expensive condo offering plans accepted by the attorney general’s office this year. They collectively aim to pull in $3.14 billion, nearly 70 percent more than last year’s 10 priciest, which projected a sellout of just $1.86

Long Beach condo development may start after $75M settlement

Posted: 23 Dec 2021 07:40 AM PST

It’s taken more than 35 years for Haberman & Haberman to get a Long Beach development off the ground, but that stall may not last much longer. The city of Long Beach and Sinclair Haberman reached a tentative $75 million settlement to pay the developers in an ongoing dispute, Newsday reported. City Council members are set to vote on the settlement on Tuesday. The deal would essentially halve a $150 million court-ordered payment owed to

SL Green is out as manager of Park Avenue office tower

Posted: 23 Dec 2021 06:31 AM PST

It’s time for SL Green to vacate 245 Park Avenue after an affiliate of HNA Group won a ruling in bankruptcy court. A Delaware judge ruled that PWN Property Management can end SL Green’s contract as property manager of the Midtown office tower within the next week, the Commercial Observer reported. When PWN filed for bankruptcy in October, the firm alleged SL Green failed to find a tenant to replace Major League Baseball when the

As housing boomed, 2021’s proptech darlings were resi solutions

Posted: 23 Dec 2021 05:45 AM PST

Just as the pandemic hastened proptech’s growth, it also determined which of its many branches flourished. As the homeownership rate soared to highs not seen since before the recession, many of the year’s largest and most active fundraisers were unsurprisingly focused on the residential market. Several were repeat raisers, returning to the venture coffers twice in quick succession. More and more real estate owners came to see technology as an effective tool to address new

Contested Suffolk County landfill partially rezoned for industrial use

Posted: 23 Dec 2021 05:00 AM PST

Some neighbors of a landfill in Suffolk County are likely feeling down in the dumps after a town board vote rezoned the property despite their opposition. Brookhaven’s town board unanimously voted to rezone more than 130 acres of the landfill, Newsday reported. The partial rezoning changes the site — located at the northwest corner of Horseblock Road and Sunrise Highway — from residential to industrial use. The site is next to the town’s 270-acre landfill,

These are Manhattan’s top brokerages by agent headcount

Posted: 23 Dec 2021 04:00 AM PST

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 all the data and market information you need. New York City’s brokerages remain locked in a perennial competition to obtain and retain top talent. The city’s red-hot residential market — which shattered just about every conceivable record in 2021, particularly in the luxury segment — has only