The Real Deal - New York Real Estate News

Embattled NJ developer files for bankruptcy

Posted: 13 Jun 2022 02:45 PM PDT

National Realty Investment Advisors, a troubled developer with projects in Brooklyn, Florida, New Jersey and Philadelphia, has filed for bankruptcy. The New Jersey-based firm filed for Chapter 11 protection in federal court last week in Newark, filings show. It listed assets worth between $50 million and $100 million, along with liabilities of $500 million to $1 billion. The move comes as National Realty Investment Advisors is reportedly under investigation by the Federal Bureau of Investigation

iBuyers backed off in first quarter: report

Posted: 13 Jun 2022 02:01 PM PDT

The iBuyer invasion is now looking more like an incursion. Perhaps even an expeditionary force. Purchases made by an instant buyer, or iBuyer, dropped to 1.3 percent of the total market share of sales in the first quarter, according to a report from Zillow. That’s down from 1.7 percent in the fourth quarter and a record 1.9 percent in 2021’s third quarter. Zillow’s report claimed that homeowners’ sales to iBuyers slowed at “roughly to the

Secluded carriage house tops Brooklyn luxury market

Posted: 13 Jun 2022 01:00 PM PDT

Two townhouses topped Brooklyn’s luxury market in contract signings last week. The priciest was 158 Prospect Place in Prospect Heights with a last asking price of $5.5 million, according to Compass’ weekly report on Brooklyn homes asking $2 million or more. Built in 1870, the carriage house spans approximately 3,100 square feet with three bedrooms and two full baths. It has a gated driveway, a four-car garage, custom sliding glass doors that lead to a

$26B Prologis-Duke deal ends cold war

Posted: 13 Jun 2022 12:00 PM PDT

Everything has a price. For Duke Realty, the industrial powerhouse that had fended off a takeover by Prologis for months, it was $26 billion. San Francisco’s Prologis will acquire Indianapolis-based Duke, which controls some 153 million square feet in 19 markets, in an all-stock deal expected to close in the fourth quarter, according to a Monday announcement. Clouds on industrial real estate’s horizon might well have motivated both sides, observers said. The transaction ends a

Beckford Tower penthouse leads Manhattan’s priciest contracts

Posted: 13 Jun 2022 11:00 AM PDT

Yet another penthouse at Icon Realty Management’s Beckford Tower has landed on top of Manhattan’s luxury market. PH29 at 301 East 80th Street entered into contract asking $26.5 million. The figure is up from $25 million when the unit was offered off of floorplans in fall 2019, making the unit the most expensive in Olshan Realty’s weekly report on Manhattan residential properties priced at $4 million and above. The 6,500-square-foot penthouse includes six bedrooms and

Credentials faked on Hudson Yards tower, other projects: report

Posted: 13 Jun 2022 10:00 AM PDT

Three of hotelier David Marx’s projects are under scrutiny after an investigation uncovered that a retired architect who lent his license to the developer never saw the building plans. Warren Schiffman’s seal and signature are on the designs for the 51-story Aloft hotel project at 450 11th Avenue in Hudson Yards, as well those for a hotel near LaGuardia Airport and a residential project in Queens. Schiffman didn’t have a role in any of those

Elliman’s Eklund-Gomes team snaps up new West Village office

Posted: 13 Jun 2022 09:15 AM PDT

In the latest addition to residential brokerages backing the death of the traditional office, Douglas Elliman’s top-producing team is rolling out a flexible workplace in the West Village. The Eklund-Gomes Team is taking over 1,100 square feet at 41 Bank Street, a former home to short-term locations for Tiffany & Co. and Marc Jacobs shopping experiences. Unlike its current 10,000-square-foot office at 936 Broadway, the new office will be a hub for agents to hot

Hunters Point penthouse sale breaks LIC record

Posted: 13 Jun 2022 08:30 AM PDT

A Hunters Point condo has set a Long Island City record. The Arris Lofts penthouse sold for $4.8 million, about $200,000 under the asking price, according to The Wall Street Journal. The neighborhood’s previous record, set in 2020, was 3.5 million. The average condo in Long Island City sold for $2.3 million in the first quarter of the year, about the same as the average price a year ago, according to Marketproof data cited by

Apollo, Witkoff beat 421a deadline with DoBro tower

Posted: 13 Jun 2022 07:30 AM PDT

Time is ticking for multifamily developers trying to score a tax break on projects, but Steve Witkoff likely isn’t sweating it. Witkoff and Apollo Global Management broke ground on their project at 565-589 Fulton Street last week, the New York Post reported. The work on The Brook qualified the developers for the 421a tax abatement program, set to expire on June 15. To qualify for the 35-year tax benefit, a percentage of the apartment units

Gural, Metro Loft in contract for 25 Water Street

Posted: 13 Jun 2022 06:45 AM PDT

Metro Loft Management and Jeffrey Gural are in contract to buy 25 Water Street, The Real Deal has learned. The 1 million-square-foot tower, formerly known as 4 New York Plaza, is owned by Edge Funds, which paid $270 million in 2015. It’s unclear if Gural, chairman of GFP Real Estate, is involved in the deal on behalf of the family developer he leads. The Financial District property also has a $250 million mortgage and sources