The Real Deal - New York Real Estate News

BRP lands $378M for resi project in Jamaica

Posted: 05 Jul 2022 02:10 PM PDT

BRP Companies has broken ground on yet another Jamaica apartment complex after securing funding from Tammy Jones’ Basis Investment Group. The development firm co-founded by Meredith Marshall and Geoff Flournoy landed $378 million in construction financing led by Basis for a 614-unit residential building at 90-02 168th Street in the Queens neighborhood. The building, dubbed 90Ninety, will provide workforce housing to the local community, Marshall said in a statement. About one-third of the building’s units

Adellco scores $95M refi for Madison Avenue condo conversion

Posted: 05 Jul 2022 12:39 PM PDT

Developers behind the conversion of a historic Upper East Side hotel into a luxury condominium got a major boost for their project. Adellco secured a $95 million refinancing of its construction loan for The Wales at 1295 Madison Avenue in Carnegie Hill, Lantern Real Estate co-founder Tal Bar-or told The Real Deal. The $95 million also refinanced senior and mezzanine loans from Arbor Realty Trust. Bar-or and partner David Strongwater were the mortgage brokers on

Editor’s note: In real estate’s rags-to-riches legends, uniquely American tales

Posted: 05 Jul 2022 10:45 AM PDT

It’s a tale of not-quite-rags to riches, followed by real estate rumbles. In our cover story this month, we recount how billionaire Ben Ashkenazy got his precocious start in the business at the age of 17, when he reputedly did a $2 million deal for a shopping center in the Bronx. As a youngster, the Israeli emigré traveled across the U.S. with his family in a van, staying in budget hotels with other

Aby Rosen puts Church Missions House on market

Posted: 05 Jul 2022 10:30 AM PDT

Aby Rosen has put the Church Missions House back on the market. The RFR Realty boss is looking to get $135 million for the six-story, 45,000-square-foot office property at 281 Park Avenue South, Curbed reported. The listing price for the landmarked building — which is familiar to Netflix watchers — comes to a staggering $3,000 per square foot. Real estate insiders may be as surprised about who holds the listing: Oren and Tal Alexander. The

West Village townhouse with $6M price cut snags priciest contract

Posted: 05 Jul 2022 09:47 AM PDT

An Italianate-style townhouse in the West Village traded atop Manhattan’s luxury market last week, despite a $6 million cut to its asking price. The townhouse at 17 West 9th Street asked nearly $14 million, down from $20 million when it was listed a year ago, according to Olshan Realty’s weekly report on residential properties in Manhattan asking $4 million or above. The five-story, 26-foot-wide home is configured as ground-floor commercial space with six rental units

Office index plummeting as recession fears grow

Posted: 05 Jul 2022 08:45 AM PDT

Office landlords are struggling under the rise of interest rates and remote work. Things could soon get worse. It’s already been a tough year for owners in the office market. An index tracking shares of publicly traded office owners has dropped 29 percent in the first two quarters of the year, the Wall Street Journal reported. That outpaced the 21 percent fall from the S&P 500 stock index. The pandemic-fueled increase in remote work is

Ranking New York’s most active developers

Posted: 05 Jul 2022 07:15 AM PDT

New York City sprang back to life in the spring of 2021, and its busiest builders were no exception. In the past year, the city’s 20 most active developers filed plans to build nearly 16 million square feet of projects across the five boroughs. Now, they face a whole new set of headwinds entering the second half of 2022. Inflation, rising interest rates, an erratic stock market and fears of a recession have made it

Brooklyn DA charges scaffolding company in 2019 incident

Posted: 05 Jul 2022 06:45 AM PDT

A scaffolding firm and one of its foremen are facing charges three years after a construction incident that left a young woman with brain injuries. The Brooklyn District Attorney charged Silvercup Scaffolding and foreman Zeke Fagan with misdemeanor reckless endangerment and criminal mischief, The City reported. Both defendants are due back in court next month. For Silvercup, the potential consequences would include financial penalties. Fagan, however, could face up to a year in jail. Following

Landlords bitten by program intended to feed them

Posted: 05 Jul 2022 05:45 AM PDT

When New York’s rent relief program launched early last summer, landlords saw a light at the end of the tunnel. For owners June and Lance Margolin, it had been eight months since they’d received a payment from the tenant renting an apartment in their Long Island home. The program, flush with $2.4 billion, promised to cover the tens of thousands of dollars their renter owed. A year later, those hopes have turned to despair. The

Boutique brokerage LG Fairmont joins Compass

Posted: 05 Jul 2022 05:00 AM PDT

A boutique brokerage joined Compass last month, bringing its 60-person team to the brokerage giant. LG Fairmont is changing its name to LGF at Compass and will hand over a cut of its commissions to Compass, which will provide support staff and technology platforms, ancillary services the firm struggled to build out independently. The brokerage giant’s “brand will provide the highest yield on out-bound marketing,” LG Fairmont co-founder and CEO Aaron Graf said. The partnership

TRD’s July issue is live for subscribers!

Posted: 05 Jul 2022 04:30 AM PDT

The Real Deal’s July 2022 issue is live for subscribers and slated to hit your doorstep soon. This month, we have a plethora of profiles perfect for beach reading — six of them, to be exact. The TRD profile may be the pièce de résistance of our coverage, in terms of garnering both awards and page views, but more importantly offering both in-depth, comprehensive looks at the lives and histories behind the real estate industry’s

Fight over Isaac Hager’s Tillary Hotel getting ugly

Posted: 05 Jul 2022 04:00 AM PDT

Isaac Hager’s Cornell Realty is desperately seeking to keep the Tillary Hotel out of its lenders’ hands. Hager put the Downtown Brooklyn hotel along with a Williamsburg hotel site into bankruptcy in 2020 to halt a foreclosure by its mezzanine lender, Eli Tabak’s Bluestone Group. But now it’s worried about its senior lender, Ohana Real Estate, which entered the fray in January by buying debt on the hotel from Madison Realty Capital. Cornell is asking