The Real Deal - New York Real Estate News

Vornado Realty Trust could secure a tax break worth as much as $1.2 billion if it develops all of the sites surrounding Penn Station. That’s according to a new report by watchdog group Reinvent Albany, which says it commissioned the study to add transparency to the state’s plan to incentivize the construction of 18 million square feet of commercial space near Penn. The projects are supposed to help pay for the redevelopment and expansion of

Brooklyn-based development firm Tankhouse has agreed to buy the development site at 452 Union Street in Gowanus from Pilot Real Estate Group. As part of the deal, Tankhouse tendered a $4 million down payment and agreed to pay another $3 million before closing. The total sale price has not been disclosed. Tankhouse co-founder Sam Alison-Mayne says the site has already qualified for the 421a tax break, a critical multifamily development incentive that expired in June.

A New York City investment firm has added a century-old Upper West Side apartment building to its growing portfolio of Manhattan properties. Amir Shriki’s Aya Acquisitions purchased the 14-story 740 West End Avenue for $50.8 million from multi-generational owner Wolk Properties, according to city records filed Wednesday. Anne Fried signed for the seller. The 135,000-square-foot building hit the market in November with an asking price of $55 million, or about $400 per square foot. JLL,

A Manhattan judge has let Cushman & Wakefield off the hook — for now — after the firm was held in contempt of court last week for failing to provide some documents relating to its years of business with the Trump Organization. As part of a three-year investigation into the former president’s real estate holdings, the state attorney general’s office has subpoenaed Cushman & Wakefield several times since 2019, requesting massive amounts of information. New

Even multifamily’s biggest holdout can’t resist a hot market. Steve Croman, a Manhattan landlord known for harassing tenants but also for rarely selling, parted with seven East Village walk-ups and one on the Lower East Side for about $61 million. The buildings have 61 apartments, all free market. At just over $1 million per unit, the sale price was nearly double the Manhattan average as of March, according to Ariel Property Advisors’ most recent quarterly

Howard Lutnick’s Cantor Fitzgerald paid $131.7 million for a New Jersey office property that made headlines two years ago as the site of one of the Garden State’s largest pandemic-era office leases. An affiliate of Cantor Fitzgerald  bought the 15-story office building at 200 Metro Boulevard in Nutley from Prism Capital Partners, paying about $439 per square foot for the 300,000-square-foot property, Prism said Monday. Located on Prism’s 1.4-million-square-foot ON3 mixed-use campus, about 10 miles

The Sabey Corporation has a secret, high-profile tenant at 375 Pearl Street: Mayor Eric Adams. The workspace was reported Wednesday by Politico. Deputy mayor for public safety Phil Banks also has an office at the building, which is about half a mile from City Hall. The offices at the 32-story building allow the mayor and his deputy to function more removed from the prying eyes of the media and the mayor’s constituents. Adams has been

Amancio Ortega is in contract to buy a rental tower in the Financial District for nearly $500 million, a splashy debut in the multifamily market for the fast-fashion billionaire. The Spanish entrepreneur’s real estate group Pontegadea is buying 19 Dutch Street, a 64-story tower spanning about 330,000 square feet, from Carmel Partners, sources told The Real Deal. The deal works out to roughly $1 million per unit for the 500-apartment building. It’s the first major

A joint venture including Pennrose Holdings and Acacia Real Estate Development has landed a nine-figure loan for an affordable housing portfolio in Bushwick. Freddie Mac provided the $117.4 million unfunded forward loan for the Hope Gardens portfolio, the Commercial Observer reported. The Brooklyn portfolio is owned by Pennrose, Acacia and a NYCHA affiliate. The loan is serving as construction take-out financing and has a three-year rate lock, according to the publication. The loan has a