The Real Deal - New York Real Estate News

Rotem Rosen’s MRR Development scored a loan worth $113 million to refinance the Hotel Indigo on Manhattan’s Lower East Side and purchase a site in Miami. Rosen along with his partner, Indian billionaire businessman Anand Mahindra, secured the loan through the Israeli bond market, marking one of the largest Israeli bond raises by a U.S. real estate company during the pandemic. By securing financing from the Israeli bond market instead of a traditional bank, MRR

The contracts keep coming at 30 Front Street. An apartment at Fortis Property Group’s ambitious condo project in Dumbo has once again topped the weekly list of priciest Brooklyn homes to go into contract. Unit 23A had a last asking price of $7.5 million. In the first week of February, two of the priciest contracts signed in the borough were at the development, which was completed last year. The latest unit to find a buyer

Sotheby’s facilitated the sales of over $7 billion worth of fine art, jewelry and other rare collectibles last year, but it’s kicking off 2022 with a purchase of its own. The luxury auction house is expanding its footprint in New York, acquiring a recently converted office building in Long Island City for $82 million. Sotheby’s bought the nine-story building at 25-11 49th Avenue, also known as Gantry Point, from Columbia Property Trust, records show. The

Sponsor units had their moment last week. Of the 38 contracts signed between Feb. 14 and 20 in Manhattan asking $4 million or above, 20 were sold by sponsors, according to a weekly report by Olshan Realty. The figure marks the highest activity in new construction since the middle of December. The priciest contract was PH78 at 111 West 57th Street, asking $53.8 million. The duplex condo spans 6,512 square feet and includes four bedrooms

One of the biggest real estate data firms is dealing with a mass exodus of employees amid allegations of surveillance and humiliation by former workers. CoStar is doing damage control but is unapologetic after 29 current and former employees accused the company of authoritarian practices, according to Insider. Accusations range from firings for minor offenses to dressings-down in company meetings. An employee with knowledge of the statistics told Insider that roughly 37 percent of the

The doctor will see you now — but your appointment might not be where you expect. Landlords are filling more vacant retail spaces with medical tenants such as doctors and dentists, the New York Times reported. The rise of “medtail” comes as tenants take advantage of lower rents, while landlords fill malls, shopping centers and storefronts, prompting increased foot traffic. Where landlords once worried about the optics of sick people walking through malls to get

The rapid rise of fast-delivery apps in New York City is grinding to a screeching halt as landlords and politicians look to backtrack from the companies’ recent gains. Startups like GoPuff, Gorillas, Jokr and Getir have combined to take anywhere between 150 and 200 retail spaces in the past year, Solomon Sharaby, a broker with KSR, told the New York Post. The companies were able to take advantage of vacant storefronts and sweetened leases to

Developers are taking another swing at building a golf resort in the Hamptons. The project, once known as The Hills but now saddled with the name Lewis Road Residential Planned Development District, is back in front of the Southampton Town Planning Board, 27East reported. The East Quogue project, from the Discovery Land Company, has been in the works for nearly a decade. Plans to develop the land date back even further. Last year, the controversial

 The blood sport that is New York real estate is rife with billion-dollar feuds. There’s a story behind every eye-popping apartment sale and audacious new development in New York City, and many of those tales involve the uber-wealthy behaving badly. Some of the most consequential stories of Manhattan’s evolution into a playground for the global one percent are now being told for the very first time in The Real Deal’s new book, “The New Kings

Winners of the great East Hampton Airport debate will have to wait a little longer to enjoy their victory. East Hampton Town officials announced the temporary closure of the airport in Wainscott would be delayed and shortened after a meeting with the Federal Aviation Administration, Newsday reported. The temporary closure was initially set to begin on Feb. 28 and last four days. Under the new agreement, the temporary closure of the airport will begin at

In a landmark decision, New York’s highest court last week exempted certain units covered by the Loft Law from rent stabilization. It also applied the ruling to commercial properties where tenants live illegally. The decision is a major win for loft landlords, who can now buy out tenants in those units and be assured of getting market-rate rents going forward. The case concerned a loft at 78 Reade Street, a Tribeca property owned by the