Hoop dreams: Would you play in one of these in-condo courts?

Need a little exercise after spending the better part of three weeks glued to the screen for March Madness? Well, if you lived in these five condos, you could go shoot hoops like the pros — or try to — as more developers are starting to build space for basketball courts in high-end residential buildings. “There has been a huge demand for this amenity which only a limited number of buildings can provide,” said Extell’s […]

source https://therealdeal.com/2018/03/31/hoop-dreams-inside-five-in-condo-basketball-courts/

Long Island law firm accused of intentionally overbilling Fannie Mae

Authorities are accusing law firm, Rosicki, Rosicki and Associates and its affiliates, of falsely inflating their bills, for services related to mortgage foreclosures, on loans owned by Fannie Mae. The firm is alleged to have overbilled Fannie Mae by up to 750 percent — millions of dollars — since May 2009 when authorities say the scheme began, according to Long Island Business News. “As alleged in the complaint, for years the Rosicki law firm exploited […]

source https://therealdeal.com/2018/03/31/long-island-law-firm-accused-of-intentionally-overbilling-fannie-mae/

Martha’s Vineyard rental featured in numerous pornos sparks lawsuit

There’s no need to visit Leah Bassett’s Martha’s Vineyard home, which she built and designed herself with her father; you can catch it all — her artwork and furniture — in more than 20 different adult films produced by Mile High Distribution. Bassett rented the property to tenant Joshua Spafford from October 2014 until May 2015 and he, in turn, used the home as a film set for porn videos and photo shoots for his […]

source https://therealdeal.com/2018/03/31/marthas-vineyard-rental-featured-in-numerous-pornos-sparks-lawsuit/

Donald Trump and ex-wife Ivana’s former Connecticut mansion hits the market

Marketing takes care of itself when the President used to own your mansion. Just ask Robert and Suzanne Steinberg who are making headlines as they relist their 6-acre property on Long Island Sound. They bought the house for $15 million in 1998 from Donald Trump’s first wife, Ivana, who kept the house after the couple’s divorce, according to the Wall Street Journal. The Connecticut mansion — and $10 million — was part of a nuptial […]

source https://therealdeal.com/2018/03/31/donald-trump-and-ex-wife-ivanas-former-connecticut-mansion-hits-the-market/

What will $2M worth of trees do for this NY mansion?

Some people renovate to increase their property value; others, like art dealer W. Graham Arader, plant $2 million worth of trees. Arader bought the 6,000-square-foot mansion, which dates back to the 19th century and was formerly the home of actress Helen Hayes and Rosie O’Donnell, for around $6 million in 2005, according to Bloomberg. O’Donnell had recently renovated many of the interior spaces, so Arader focused his energy on landscaping the 1.2 acre estate about […]

source https://therealdeal.com/2018/03/31/what-will-2m-worth-of-trees-do-for-this-ny-mansion/

Going postal: Trump attacks Amazon over shipping costs, tax breaks

President Donald Trump is taking on the Amazonian task (again) of trying to get Jeff Bezos’ retail giant to pay taxes and “real” shipping costs. Amazon’s 2013 deal with the U.S. Postal Service for deliveries seven-days a week makes the mail service money and saved it from cutting 100,000 staff, which had been the plan as of 2011 prior to the deal being negotiated, according to Bloomberg. Trump’s says Amazon receives a subsidized cost per […]

source https://therealdeal.com/2018/03/31/going-postal-trump-attacks-amazon-over-shipping-costs-tax-breaks/

Clean up on aisle 7: Costco’s now selling luxury hotel bookings

What doesn’t Costco sell inside its gigantic warehouses? The retailer has been selling wholesale vacation packages for some time, but its new lineup of hotel-only booking options are a surprise. Fairmont, Park Hyatt and the Waldorf Astoria are a handful of the brands now selling bookings through Costco for prices between 10 and 30 percent lower than the hotels’ standard rates, according to the Wall Street Journal. The classy new offerings seem to be part […]

source https://therealdeal.com/2018/03/31/clean-up-on-aisle-7-costcos-now-selling-luxury-hotel-bookings/

NYSE in discussions over buying Chicago Stock Exchange

The Chicago Stock Exchange could be selling out to New York. The last independent regional exchange in the U.S. seems to be out of options after its deal with Chinese company North America Casin Holdings fell apart in February due to the Securities and Exchange Commission blocking the sale due to regulatory shortcomings, according to the Wall Street Journal. After the Chicago exchange announced it was seeking new buyers in early March, the New York […]

source https://therealdeal.com/2018/03/31/nyse-in-discussions-over-buying-chicago-stock-exchange/

Latham & Watkins nears deal for huge new office on Sixth Avenue: sources

In the latest blockbuster deal to hit Sixth Avenue, mega law firm Latham & Watkins is taking 400,000 square feet at the former Time & Life Building. The global law firm will lease 10 floors in the tower section of the Rockefeller Group’s 2.1 million-square-foot building at 1271 Sixth Avenue, sources told The Real Deal. It wasn’t immediately clear if the lease had been signed or was in late stages as of Friday afternoon. The […]

source https://therealdeal.com/2018/03/30/latham-watkins-nears-deal-for-huge-new-office-on-sixth-avenue-sources/

AmBase, former investor in 111 West 57th Street, could face ruin

  Less than a year after AmBase Corporation lost its stake in the supertall condominium project 111 West 57th Street, the Connecticut-based holding company may be going under. In its latest annual report filed Friday, the company said revenues and cash reserves “may not be sufficient to cover operating cash needs through the 12-month period from the financial statement reporting date.” The report goes on to note that “management determined there is substantial doubt about […]

source https://therealdeal.com/2018/03/30/ambase-former-investor-in-111-west-57th-street-could-face-ruin/

Heidi Klum buys no-frills Soho loft for $5M

Five million dollars will get you 4,772 square feet in Soho, but not in the best of shape it appears. Model Heidi Klum paid that much for a fixer-upper of a loft at 515 Broadway, the New York Post reported. The raw space sits at the top of a turn-of-the-century Queen Anne building and offers views of both the World Trade Center and the distinctive, Jenga-like 56 Leonard Street. And like so many other Soho […]

source https://therealdeal.com/2018/03/30/heidi-klum-buys-no-frills-soho-loft-for-5m/

Here are SoFla’s biggest commercial deals

A look into some of South Florida’s biggest commercial deals over the past 12 months shows a majority of the high-dollar deals were struck for multifamily and retail properties. With South Florida’s excess of unsold condos and an increasingly expensive single-family home market, investors are focusing on multifamily properties. And despite the overwhelming number of store closures across the country, South Florida continues to be an exception for retail investment — the $283 million sale of […]

source https://therealdeal.com/miami/issues_articles/south-floridas-top-trades/#new_tab

NYC isn’t building enough residential density near transit: report

New York City isn’t taking full advantage of its transit infrastructure when it comes to housing density along transportation routes, according to the Regional Plan Association. Officials in California have proposed a bill to deal with the state’s housing shortage that would require at least eight-story buildings on wide streets that lie within a five-minute walk of transit, and buildings at least four or five stories tall on narrow streets that are up to 10 […]

source https://therealdeal.com/2018/03/30/nyc-isnt-building-enough-residential-density-near-transit-report/

This month in RE history: The Met moves into a new home, David Rockefeller gets OK for One Chase Manhattan Plaza … & more

From the March issue: 1880: The Met’s biggest donation to date — its first building The Metropolitan Museum of Art moved into its current home on Fifth Avenue and 82nd Street 138 years ago this month with, as the New York Times reported, an audience of about 1,000 gathered to witness the new building’s dedication by President Rutherford B. Hayes. When the museum was established nearly a decade earlier, it had no artifacts or collections to exhibit […]

source https://therealdeal.com/issues_articles/this-month-in-real-estate-history-63/

No bonus bump: Luxury contracts down despite uptick in Wall Street payouts

It looks like heftier Wall Street bonuses aren’t helping the ultra-luxury residential market pick up the pace. Last year, Wall Street bankers and traders received an average $184,220 in bonuses — the highest level seen since 2006, according to a report by the New York State comptroller. Meanwhile, only 282 contracts were inked for Manhattan homes priced over $4 million between January and March, a 15 percent drop from last year, according to data from […]

source https://therealdeal.com/2018/03/30/no-bonus-bump-luxury-contracts-down-despite-uptick-in-wall-street-payouts/

Angelo Gordon picks up Chicago office complex for $148M

New York-based Angelo Gordon is adding a prominent piece of the O’Hare office market to its portfolio. The sale of Presidents Plaza, an 835,000-square-foot, two-tower complex at 8600 and 8700 West Bryn Mawr Avenue, will bring in $148 million for sellers PGIM Real Estate and Chicago-based GlenStar Properties. The joint venture that’s selling the property picked it up in 2006 for $129 million. GlenStar will hold onto a minority stake in the buildings, according to […]

source https://therealdeal.com/2018/03/30/angelo-gordon-picks-up-chicago-office-complex-for-148m/

Knotel takes on CoStar with blockchain-based leasing data platform

As if facing off against WeWork in the flexible office market isn’t enough, Knotel is now going after property data behemoth CoStar. The New York-based startup plans to launch an online office listing data platform dubbed KnotelKoin, according to an email the company’s founder Amol Sarva sent to acquaintances and business partners Thursday. The platform will be based on blockchain technology: participants can add and verify information about particular office spaces through a peer-to-peer ledger […]

source https://therealdeal.com/2018/03/30/knotel-takes-on-costar-with-blockchain-based-leasing-data-platform/

The top NYC real estate events next week

Next week has one real estate event on the pipeline! GlobeSt.com is hosting its 16th Annual RealShare Net Lease event from 6 p.m. on April 4 to 3:15 p.m. on April 5 at the Park Lane Hotel, 36 Central Park South. The two-day conference will feature discussions on the state of the industry in 2018, as well as the big deals of 2017 and the lessons they’ve provided for the future. Mark Baran of Four […]

source https://therealdeal.com/2018/03/30/the-top-nyc-real-estate-events-next-week-21/

Jorge Madruga and Joy score $86M refi for new Hudson Yards rental building

Jorge Madruga’s Maddd Equities and Joy Construction Corporation have locked in an $86 million refinancing from KKR for its newly opened Hudson Yards rental building the Lewis, Joy principal Eli Weiss told The Real Deal. The developers of the 12-story, 186-unit property at 411 West 35th Street launched leasing in January and then opened the doors in February. The financing replaces a total of $79.4 million in loans provided by Wells Fargo in 2014, records […]

source https://therealdeal.com/2018/03/30/jorge-madruga-and-joy-score-86m-refi-for-new-hudson-yards-rental-building/

The Real Deal’s annual National Retail Market Report

The Real Deal’s annual insider’s look at what’s unfolding in retail markets across the country will be available in May 2018. This year’s issue will include: -A ranking of top retail brokerages -An analysis of the shifting tenant mix in the biggest malls -A deep dive into the future of retail REITs -Comprehensive lists of the biggest retail leases and acquisitions -Reporting on who the new “Teflon” retail tenants are The issue will be distributed […]

source https://therealdeal.com/2018/03/30/the-real-deals-annual-national-retail-market-report/

Investment fund buys Coney Island building for $23M

Real Estate Discovery Ventures, an investment fund, has purchased a retail building in Coney Island for $23 million. The company bought 2857 West 8th Street from an LLC called 2857 West 8th Street Associates, according to sources familiar with the deal. The signatory on the LLC is listed as Steven Samuels. The building is 100 percent occupied, with retail tenants including New York City Human Resources, Blink Fitness, NYU Langone, Verizon Wireless and Dollar Tree. […]

source https://therealdeal.com/2018/03/30/investment-fund-buys-coney-island-building-for-23m/

Hollywood Hills homeowners sue ‘Million Dollar Listing’ star Josh Altman for fraud

The owners of a historic Hollywood Hills home have sued “Million Dollar Listing” star agent Josh Altman for fraud and breach of contract for allegedly duping them into a deal to sell the home at a steep discount to one of his friends. The sale never went through, but the homeowners, Gigi and Paul Shepherd, contend that Altman conspired with his friend, Nicholas Keros, with whom he has worked on previous real estate deals. Keros […]

source https://therealdeal.com/la/2018/03/29/hollywood-hills-homeowners-sue-million-dollar-listing-star-josh-altman-for-fraud/#new_tab

Why wannabe sellers are looking but not listing their homes

Call them the frustrated wannabe sellers — eager to list their homes for sale this spring, but feeling locked out of their markets by severe inventory shortages and rising prices that are occurring in many parts of the country. They want to move. They believe they could sell relatively quickly. But they can’t find affordable, desirable replacements for their current homes because there are fewer to choose from. So they don’t list, thereby contributing to […]

source https://therealdeal.com/2018/03/30/why-wannabe-sellers-are-looking-but-not-listing-their-homes/

House flipping company Opendoor targeting $2B valuation

The house flipping company Open Door Labs Inc., which does business as Opendoor, is looking to raise at least $200 million from investors at a valuation of about $2 billion. The money is meant to help the company expand its business to markets and metro areas across the United States, including Charlotte and San Antonio, according to the Wall Street Journal. Opendoor offers cash to purchase homes online, then makes basic improvements to them and […]

source https://therealdeal.com/2018/03/30/house-flipping-company-opendoor-targeting-2b-valuation/

A long vacant site on Third Avenue is getting a Morton Williams

An Upper East Side retail site that has sat vacant for more than two years will soon be the home of aMorton Williams. A curated version of the supermarket is coming to 1251 Third Avenue, the former site of a Talbot’s, according to the New York Post. The grocery store chain has taken a deal for 13,000 square feet across two floors, and the asking rent was $2 million per year. Douglas Elliman’s Faith Hope […]

source https://therealdeal.com/2018/03/30/a-long-vacant-site-on-third-avenue-is-getting-a-morton-williams/