The Real Deal - New York Real Estate News

SL Green’s 711 Third Avenue is the site of one of New York City’s biggest subleases this year so far. Global recruiting agency Phaidon International is taking more than 71,000 square feet in a sublease with the Stagwell Group at the Midtown East office building, the New York Post reported. The company is nearly doubling the footprint it had down the street at 622 Third Avenue. The sublease is for 10 years, according to the

Looking for an average home in Connecticut but don’t want to spend seven figures? You’ll want to avoid certain markets in the Nutmeg State. Average home sales exceeded $1 million in the first quarter in nine Connecticut towns, according to a report from Berkshire Hathaway HomeServices New England/New York/Hudson Valley Properties. Most of the high-end price points are in the southeast part of the state, nearest New York City and in some cases, the Atlantic

Coldwell Banker Warburg and Reuveni Real Estate are joining forces. Under the partnership, Reuveni Real Estate will become Reuveni LLC to operate as a separate line of business from Coldwell Banker Warburg, focused on brokerage, sales and marketing of new development projects. Coldwell Banker Warburg will manage Reuveni’s resale and leasing business, while founder, president and CEO Shlomi Reuveni will help its new partner’s agent recruitment. The two brands will collaborate on business development strategies,

It will go down as one of the biggest boondoggles in New York real estate history. French bank Natixis made a $1.6 billion bet on 20 Times Square — a 42-story tower that includes a hotel, retail and 18,000 square feet of electronic signage —  a property that was later valued at just $1 billion. If that wasn’t bad enough, Natixis financed the deal for Maefield Development’s Mark Siffin and his partners at Fortress Investment

Coast to coast Flipping homes using algorithms to estimate values can be much more challenging on the coasts, where the housing stock is varied and idiosyncratic. That hasn’t stopped Opendoor, the dominant iBuyer, from entering them. The San Francisco-based company said it will next attempt to “robobuy,” renovate and resell homes across nearly 500 zip codes on Long Island and in the lower Hudson Valley and New Jersey, targeting properties ranging from $300,000 to $950,000.

New York Attorney General Letitia James has had enough of real estate services giant Cushman & Wakefield. James went to state court last week to compel Cushman to comply with her subpoenas for her civil inquiry into Donald Trump, Bisnow reported. Cushman did business with the former president prior to the Jan. 6 attack on the Capitol last year. According to James, Cushman did appraisals for several Trump properties, including 40 Wall Street in Manhattan

The lights are dimming at one of Mike Kohan’s delinquent malls, as he is being given two choices for his debt-ridden property in Onondaga County: pay more than $5 million in back taxes or sell it. The county has sued the owner of the Great Northern Mall in Clay, New York, demanding the overdue taxes and moving toward foreclosure. Earlier this week, the mall’s power was shut off because of unpaid utility bills, CNY Central

New York City’s green energy push is blowing towards an offshore wind facility on Staten Island. The city’s Economic Development Corporation issued a request for proposals last week to build a facility in the Rossville area of Staten Island, the Commercial Observer reported. The deadline for submission is June 1. The wind manufacturing facility will be sited at 2629 Arthur Kill Road across a 33-acre site on the Arthur Kill Channel. The site includes 2,000

All was quiet on the Brooklyn waterfront last week, as contract signings for luxury homes in the borough were led by a sub-$5 million offering. Unit 7FG at 205 Water Street in Dumbo was, at $4.9 million, the most expensive listing to go into contract, according to Compass’ weekly report on signed contracts for homes asking $2 million or more. The 12-year-old penthouse in the Toll Brothers building spans 2,778 square feet and has four

A full-floor apartment at 944 Fifth Avenue topped Manhattan’s luxury contracts last week — the first time in six months that the borough’s priciest home sale involved a co-op, rather than a condo or townhouse. The Lenox Hill home was last asking $20 million, according to Olshan Realty’s weekly report, reduced from $25 million when it was previously listed in October. The seller, art dealer Robert Mnuchin — the father of former Treasury Secretary Steven

Housing inventory is low across the country, but more and more newly built homes aren’t going to individuals or families — they’re going to investors. More than one in four houses purchased by rental investors in the fourth quarter was a newly built home, according to data from John Burns Real Estate Consulting LLC and the National Rental Home Council reported by the Wall Street Journal. That represents a massive increase from the third quarter

Jared Kushner’s private equity firm picked up a $2 billion investment from a fund led by Crown Prince Mohammed bin Salman of Saudi Arabia. The Public Investment Fund made the investment in Affinity Partners six months after Kushner’s departure as a senior adviser in his father-in-law’s White House, the New York Times reported. The deal came despite the objections of a panel that screens investments on behalf of the Saudi sovereign wealth fund. The panel’s

The Hamptons is running out of homes for interested buyers. Hamptons Market Data revealed the number of for-sale listings was down to 450 as of April 1, Behind the Hedges reported. Available homes dropped 8.1 percent from the previous month and almost 55 percent year-over-year, the largest inventory decline Hamptons Market Data has ever recorded. The shortage has already begun to limit the number of sales. Similar to the story across the country, demand is

Facing mounting foreclosure woes, retail developer and broker Jack Terzi is launching an eleventh-hour lawsuit to save a piece of his Manhattan property empire. Terzi is days away from losing the ground-floor retail space at 349 West Broadway in Soho. Since the pandemic forced his tenant, a coffee shop, to shutter operations, Terzi has allegedly racked up over $4 million payments owed to lender Bethpage Federal Credit Union. As a result, Bethpage declared Terzi’s loan

Well over a month into Vladimir Putin’s invasion of Ukraine, the West’s response has left Russia in a financial mess. Well-heeled Russians seen as enablers of the Kremlin were hit with sanctions in an effort to deprive Putin and his inner circle of their overseas wealth and apply pressure to end the war. President Joe Biden, in his State of the Union address, said the United States will “identify, hunt down and freeze the assets”