The Real Deal - New York Real Estate News

UPDATED, Jan. 3, 6 p.m. ET: Well this was a nice Christmas present. On December 22, a luxury Bel Air compound with a main house designed by the English architect John Pawson quietly traded hands for a smashing $133 million. The buyer was Brian Armstrong, the CEO of Coinbase, the country’s largest cryptocurrency exchange. The seller was Hideki Tomita, the Japanese founder of Dip Corporation, a job search agency. The sale marked a major score

The jig is up for a Buffalo landlord who charged students rent for apartments they were never able to occupy. An investigation by Attorney General Letitia James revealed that Monarch 716, a student housing provider with a collection of properties near the State University of New York at Buffalo, deceived student renters by allowing them to sign leases it later deemed they were unqualified for, then demanding they pay the entire lease term’s rent. Through

Manhattan’s luxury market started 2022 with a relative bang, counting 22 luxury contracts signed between Dec. 27 and Jan. 2. Though it’s 20 fewer than the previous week, last week’s total marks the highest start of the year since Olshan Realty’s luxury market report launched in 2006. The previous record was 15 contracts signed in 2017. The weekly report tracks contracts signed for Manhattan residential properties $4 million and above. The priciest contract in the

A Hoboken penthouse has once again broken the record for the most expensive condo in the city. Unit #12IJ at 1500 Hudson Street, also known as 1500 Washington Street, has sold for $4.2 million in cash in a deal that closed late Friday. The apartment is in the Hudson Tea Building, a former Lipton Tea factory converted into rentals during the 1990s. The sale beats the record previously set by the same unit. In 2019,

And just like that, a year in Brooklyn’s luxury market came to a close with a final batch of 16 deals entering contract. A Park Slope brownstone topped the signed contracts for homes in the borough asking $2 million or more in the last week of 2021, according to Compass’ weekly report. The 4,200-square-foot townhouse at 250 Garfield Place was last asking $8 million, or $1,904 per square foot. The home features five bedrooms and

Alert the paparazzi. A 546-acre film studio and entertainment district is headed for Bastrop, Texas, a city of 93,000 people 35 miles east of Austin, the Austin Business Journal reported. The first phase is expected to open in August 2023. Bastrop 552 Studio will have 486,000 square feet of studios, 300,000 feet of spaces for warehouses or mills and 200,000 feet of offices when complete. The owner is Alton Butler, owner of California-based Line 204

Good news for those on Wall Street who love working from home: Some firms are extending their work-from-home policies. Goldman Sachs and JPMorgan Chase are among the banks to announce in recent days they are giving employees the option to work from home for the first few weeks of 2022, the New York Times reported. Citigroup and Bank of America are also keeping their people away from offices in the first few weeks of January,

With the ink barely dry on the Gowanus rezoning, one of the neighborhood’s larger development properties has traded hands. Tavros Capital and Charney Companies bought a full-block site at 318 Nevins Street along the Gowanus Canal from Property Markets Group for $100 million, a spokesperson for the buyers told The Real Deal. Tavros, founded by partners Dov Barnett and Nicholas Silvers, and Sam Charney’s Charney Companies plan to build approximately 660 rental apartments on the

With help from major developers, a handful of Brooklyn public housing complexes are getting a makeover. NYCHA and the New York City Housing Development Corporation closed on the financing of three Permanent Affordability Commitment Together — or PACT — transactions to fund comprehensive renovations for 5,226 apartments across six NYCHA campuses, the agency announced last week. The latest closings bring the total amount of capital funding generated to more than $3.1 billion for the renovations,

A private university will soon be the new kid in Times Square, thanks to a massive lease. The Rudin family’s 3 Times Square will be the future home of Touro College and University System, the New York Post reported. The university signed a long-term lease for 243,305 square feet at the 30-story office building, which includes its own entrance at the corner of Seventh Avenue and West 43rd Street. Seven of its schools will move

New York City rents have staged a major comeback, renturing the city to its status as the nation’s priciest housing market and upping the value of its residential properties. Lenders, it seems, have taken notice. Big rental complexes drew the biggest loans last month, as debt on thousands of residential units were refinanced. The 10 largest loans in the outer boroughs totaled $749 million in November, well below the $1.3 billion from the top 10

From his perch in Hasidic South Williamsburg, Yoel Goldman and his company, All Year Holdings, amassed a Brooklyn real estate empire worth over $1 billion. He is now on the verge of losing it. His company missed payments to bondholders while Goldman faced fraud allegations and disputes with investors. He was forced to cede decision-making power last year to restructuring officers. Most recently, All Year Holdings filed for Chapter 11 bankruptcy. The company also sold