The Real Deal - New York Real Estate News

New Jersey town settles discrimination suit

Posted: 17 Jun 2022 02:30 PM PDT

A New Jersey town that allegedly used zoning ordinances to discriminate against the Orthodox Jewish community has settled a Department of Justice lawsuit. Jackson Township’s council signed off on the settlement this week, Gothamist reported. The agreement, which still needs court approval, does not require the town to admit any wrongdoing. There are penalties, though. The town will put $150,000 into a fund to compensate those hurt by the alleged actions of the community. Another

Lalezarian has big plans in Murray Hill

Posted: 17 Jun 2022 01:47 PM PDT

Murray Hill is the site of a massive project now in the pipeline that will deliver hundreds of units to the neighborhood. Lalezarian Properties filed plans for a 200-unit mixed-use building at 567 Third Avenue, PincusCo reported. The project is being designed by SLCE Architects. The plans call for a 194,000-square-foot, 352-foot building. The 34-story property will include retail space on the ground floor, followed by five units on floors two through nine and four

A&E nears $400M deal for another of Zell’s former Trump Place buildings

Posted: 17 Jun 2022 12:30 PM PDT

Just weeks after dropping a quarter-billion dollars for a piece of the former Trump Place apartment buildings on Riverside Boulevard, Douglas Eisenberg is back for seconds. His A&E Real Estate is nearing a deal to buy the neighboring 455-unit tower at 160 Riverside Boulevard from Sam Zell’s Equity Residential, The Real Deal has learned. The purchase price will be around $400 million, or about $763 per square foot, according to people familiar with the matter.

Exit Sandman: Mariano Rivera closes sale of Rye mansion for $2M loss

Posted: 17 Jun 2022 12:00 PM PDT

Mariano Rivera built a Hall of Fame career closing out victories in the Bronx, but he closed on the sale of his Westchester mansion for a loss. The New York Yankees legend sold his home at 1 Brook View Lane in Rye for nearly $3.8 million, the Wall Street Journal reported, about two-thirds of the $5.7 million he paid for the then-newly built property in 2006. The five-time World Series champion had been trending toward

Jokr cuts U.S. operations as rapid delivery party winds down

Posted: 17 Jun 2022 11:15 AM PDT

The jig is up for Jokr’s United States operations. The delivery startup is ending its delivery operations in Boston and New York City, Bloomberg reported. The pullback will affect nine micro-fulfillment centers, which have been a battleground for landlords and politicians. Unlike other delivery startups that recently bit the dust, Jokr isn’t dead. Instead, it plans to focus its attention on Latin America, which CEO Ralf Wenzel called an “underpenetrated and underserved” in a statement.

Elliman to agents: Time to give sellers a reality check

Posted: 17 Jun 2022 10:01 AM PDT

In preparation for a cooling market, Douglas Elliman has warned New York City agents to advise sellers to consider price adjustments. In an email to staff obtained by The Real Deal, Alfred Renna, a sales director at the company, cited interest rate hikes and the softening economy to come. “If possible, it’s best to get ahead of this direction and not ‘chase the market down,’” Renna wrote. “Your sellers may want to consider price adjustments

Top Keller Williams agent defects to Corcoran

Posted: 17 Jun 2022 09:00 AM PDT

UPDATED, June 17, 2022, 1:30 p.m.: A top Keller Williams agent has headed to Corcoran to form a team he hopes will become an international powerhouse. Raphael Sitruk, the second highest-producing broker at Keller Williams last year, is forming The MSH Team at Corcoran with David Mayer and Michael Hania of Compass. Sitruk brings $50 million in listing inventory to Corcoran, including 431 Broome Street in Soho, the boutique Broome Hotel with an asking price

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Posted: 17 Jun 2022 08:40 AM PDT

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Columbia Property Trust lands $270M refi at 799 Broadway

Posted: 17 Jun 2022 08:00 AM PDT

With construction complete and sizable tenants on board, Columbia Property Trust refinanced its boutique office building in Greenwich Village. The landlord scored a $270 million refinancing of the 12-story property at 799 Broadway, the Commercial Observer reported. Blackstone Mortgage Trust provided the financing, which was arranged by Eastdil Secured. Columbia completed construction on the 182,000-square-foot building in April. The property is already 70 percent leased — Columbia has found occupants for nine of the building’s

Pound Ridge home sells for more than twice its ask after bidding frenzy

Posted: 17 Jun 2022 06:45 AM PDT

The housing market may be cooling off, but apparently nobody told buyers in Pound Ridge, where a lakefront home recently sold for more than twice its asking price — mere days after hitting the market. A modernist, 3,400-square-foot home at 95 Conant Valley Road in the Westchester County town sold last month to an all-cash, non-contingent buyer for more than $3 million, or 226 percent of its $1.335 million ask. Brown Harris Stevens’ Cora Lynch-O’Meara

“Charlie, we did it”: Kushner breaks ground on long-delayed towers

Posted: 17 Jun 2022 05:45 AM PDT

Groundbreaking ceremonies involve snapping photos of executives and politicians throwing dirt into the air in a manner that in no way moves a project forward. But the one held for Kushner Companies’ One Journal Square in Jersey City on Thursday had an extra layer of symbolism: It was the culmination of years of litigation, project redesigns and a repaired relationship with City Hall. The two residential rental towers will rise 64 stories and 758 feet,

Tenants’ civil war threatens L+M plan to buy 1,590 apartments

Posted: 17 Jun 2022 05:00 AM PDT

A developer’s fresh idea to fix up aging Manhattan apartments could be spoiled by some of their tenants. This winter, L+M Development Partners struck a deal to buy Knickerbocker Village, an 88-year-old affordable housing complex in Two Bridges. Ron Moelis’ firm, one of New York’s largest developers of affordable housing, promised to bring in new federal funding via Section 8 to pay for repairs and keep rents low for existing tenants. The tenants association came

Landlords buy TV time to sway New Yorkers, rent board

Posted: 17 Jun 2022 04:00 AM PDT

Less than a week before the Rent Guidelines Board votes on how much to hike rents for stabilized apartments, landlords desperate for a bump have launched a campaign to draw attention to their plight. Still, the group behind the awareness drive is the first to admit that owners likely won’t get the increase it says is needed to cover rising costs. At least not this year. The messaging blitz released Thursday by the Community Housing