Open New York seeks to counter NIMBYism with YIMBYism

In Downtown Brooklyn, a massive high-rise project from Alloy Development is facing significant opposition from the community, as usual. But it is enjoying a solid amount of grassroots support as well. The activists belong to a pro-development group called Open New York and have been advocating in favor of projects throughout the city in neighborhoods including Kips Bay and Union Square, according to Politico. The movement started in San Francisco, where newer and younger people […]

source https://therealdeal.com/2018/04/30/open-new-york-seeks-to-counter-nimbyism-with-yimbyism/

Pizzarotti replaces troubled concrete company at 161 Maiden Lane

After a series of construction delays and accidents, a new concrete subcontractor will takeover at Fortis Property Group’s 161 Maiden Lane. The project’s general contractor, Pizzarotti, replaced SSC High Rise Construction with RC Structures, documents filed with the city’s Department of Buildings show. The change follows a series of issues on the construction site, largely focused around pouring concrete for the floors of the planned 57-story luxury condo tower. On Feb. 15, a concrete bucket […]

source https://therealdeal.com/2018/04/30/pizzarotti-replaces-troubled-concrete-company-at-161-maiden-lane/

Con Edison sites in Williamsburg are now for sale

Consolidated Edison is finally putting its long-coveted development sites on the market in Williamsburg. The three waterfront lots on River Street, together 3.2 acres just north of Two Trees Management’s Domino Sugar redevelopment, were used by Con Edison to store oil between 1984 and 1997, Crain’s reported. Cushman & Wakefield will handle the listing. Stephen Palmese of Cushman said he expects the lots sell for more than $100 million. A development of 1.5 million square […]

source https://therealdeal.com/2018/04/30/con-edison-sites-in-williamsburg-are-now-for-sale/

Dutch pension fund invests in Tishman Speyer’s Hudson Yards tower

A Dutch pension fund is one of nearly a dozen investors who collectively hold about two-thirds of the equity in Tishman Speyer’s $3.7 billion Hudson Yards office development. Entities controlled by Tishman Speyer earlier in April transferred nearly 63 percent of the equity in its 2.8 million-square-foot Spiral project to 11 limited partners in a pair of transactions totaling $449.63 million, public records filed with the city Monday show. The move came as Tishman Speyer […]

source https://therealdeal.com/2018/04/30/dutch-pension-fund-invests-in-tishman-speyers-hudson-yards-tower/

Natixis providing $1B-plus to finance Maefield’s 20 Times Sq. deal

Mark Siffin’s Maefield Development is set to close on the massive buyout of its partners in the hotel-and-retail project known as 20 Times Square, The Real Deal has learned. The deal values the property at $1.53 billion. French bank Natixis is set to provide north of $1 billion in acquisition financing for the property, which has the street address of 701 Seventh Avenue, said sources familiar with the deal. Maefield signed a contract in February […]

source https://therealdeal.com/2018/04/30/natixis-providing-1b-plus-to-finance-maefields-20-times-sq-deal/

Yeah, baby: Mike Myers sells Soho penthouse for $13M

Party on, Mike. Actor and comedian Mike Myers has sold his Soho penthouse at 72 Mercer Street for $13.2 million, according to property records. The former “Saturday Night Live” star had listed the unit for $16.95 million in 2015 and put it back on the market in November with a $3 million price cut. The loft-style duplex condo can have three or four bedrooms, and its amenities include a fireplace, a balcony and an overhead skylight. Myers […]

source https://therealdeal.com/2018/04/30/yeah-baby-mike-myers-sells-soho-penthouse-for-13m/

City declines to landmark church in Flatbush, clearing way for demolition

The city’s Landmarks Preservation Commission has decided not to landmark the Baptist Church of the Redeemer in Flatbush/Ditmas Park, giving the owners a clear path to demolish the structure and replace it with a nine-story supportive housing building. The church is partnering with affordable housing developer Mutual Housing Association of New York to construct a residential building that will still feature the church at the bottom, according to City Limits. The owners say they need […]

source https://therealdeal.com/2018/04/30/city-declines-to-landmark-church-in-flatbush-clearing-way-for-demolition/

Here’s what the $10M-$20M investment sales market looked like last week

In the world of mid-market New York City investment sales last week, The Blue Man Group sold its East Village studio and the American Musical and Dramatic Academy bought a Hell’s Kitchen commercial condo. 1.) The Blue Man Group sold its production studio in the East Village to Craftwood Partners for $12 million. The property, at 238-240 East 3rd Street, offers 21,004 buildable square feet. Craftwood plans to demolish the vacant site and build a condominium […]

source https://therealdeal.com/2018/04/30/heres-what-the-10m-20m-investment-sales-market-looked-like-last-week-21/

Long Island Cheat Sheet: Mineola named one of the healthiest housing markets in the state … & more

Mineola is one of the healthiest housing markets in the state Mineola ranked among the ten best housing markets in New York, according to a study by SmartAsset. The firm evaluated 160 communities across the state, based on the years owners spend in their homes, their value, ease of sale and cost of ownership. The study found that in Mineola, people stay in their homes for about 18 years and only 2.8 percent of owners […]

source https://therealdeal.com/2018/04/30/long-island-cheat-sheet-mineola-named-one-of-the-healthiest-housing-markets-in-the-state-more/

Lehmann Maupin pays “record breaking price” for gallery space at the Getty

Art gallery Lehmann Maupin closed on the gallery space at the Getty condominium development in West Chelsea, paying $27 million, records filed with the city Monday show. The signatory on the deed is Ziggy Rutan, a Florida-based developer and real estate consultant who represented the Lehmann Maupin on the purchase. The property, one of West Side’s most extravagant boutique condos where the top floor triplex recently sold for $59 million, is the product of a […]

source https://therealdeal.com/2018/04/30/lehmann-maupin-pays-record-breaking-price-for-gallery-space-at-the-getty/

Hannity portfolio draws attention to rampant LLC use

The revelation that Sean Hannity quietly amassed a significant real estate portfolio has drawn attention to the vehicle that’s become a fixture in such transactions: limited liability companies. Hannity used multiple LLCs to purchase at least 877 residential units across Alabama, Florida, Georgia, New York, North Carolina, Texas and Vermont. He’s not alone: In the last 30 years or so, property owners have increasingly turned to LLCs to keep their names from appearing in public […]

source https://therealdeal.com/2018/04/30/hannity-portfolio-draws-attention-to-rampant-llc-use/

Commerzbank arm snagging NYU Langone building for $330M

Columbia Property Trust has found a buyer for its nearly 400,000-square-foot Midtown building entirely leased to NYU Langone Medical Center. Commerz Real, the asset-management subsidiary of Germany-based Commerzbank, is set to acquire the 25-story property at 222 East 41st Street for about $330 million, or $850 per square foot, sources told The Real Deal. Prior to law firm Jones Day vacating in 2016, the Atlanta-based real estate investment trust signed NYU Langone to a 30-year, […]

source https://therealdeal.com/2018/04/30/commerzbank-arm-snagging-nyu-langone-building-for-330m/

Two developers are placing a $1B bet on Newark

SJP Properties and Aetna Realty are betting big on Newark — $1 billion big. The two companies are planning to invest up to $1 billion in the New Jersey city on a massive new development by its Broad Street transportation hub, according to Bloomberg. They envision the project as a 2 million-square-foot mixed-use complex with offices, homes, a hotel, stores and a large public plaza. SJP is optimistic that the development’s location will make it […]

source https://therealdeal.com/2018/04/30/two-developers-are-placing-a-1b-bet-on-newark/

SL Green founder and chairman Stephen Green to step down

Stephen Green, who founded SL Green Realty and saw the company go from an owner-operator of Class-B buildings to New York’s largest commercial landlord, is stepping down as chairman, the company announced today. Marc Holliday, who has been CEO of SL Green since 2004, will also assume the chairman title, the company said in an SEC filing. Green, 80, will remain at the firm as chairman emeritus. His total compensation was cut to reflect his […]

source https://therealdeal.com/2018/04/30/sl-green-founder-and-chairman-stephen-green-to-step-down/

Chef with most Michelin stars in history to open eatery at Aby Rosen’s 100 East 53rd

Aby Rosen is bringing the “chef of the century” to his Midtown condominium project. Joël Robuchon, who closed down his popular eatery at the Four Seasons Hotel five years ago, will open a two-story emporium at 100 East 53rd Street in six to eight months, the New York Post reported. It will have a ground-floor marketplace with sushi, informal dining and healthy menu options like juices, as well as a formal dining space on the […]

source https://therealdeal.com/2018/04/30/chef-with-most-michelin-stars-in-history-to-open-eatery-at-aby-rosens-100-east-53rd/

Brooklyn luxury market saw 19 contracts signed last week

The Brooklyn luxury market had its priciest week of April last week, with 19 contracts signed for a total of about $63.4 million. The deals between April 23 and April 29 worth $2 million or more were split between nine condo deals and 10 house deals, according to the latest report from Stribling & Associates. The properties went for an average price of about $3.3 million. The priciest deal was for a single-family townhouse in […]

source https://therealdeal.com/2018/04/30/brooklyn-luxury-market-saw-19-contracts-signed-last-week/

Prologis to buy rival warehouse REIT for $8.4B

Warehouse landlord Prologis is buying rival logistics owner DCT Industrial Trust for $8.4 billion in stock, giving the company more exposure to key markets like New York, southern California and south Florida. The deal, which is expected to close in the third quarter, gives Prologis an additional 71 million square feet in key areas where online shopping is driving demand for warehouse space, Bloomberg reported. “Land is hard to come by in high-rent markets where […]

source https://therealdeal.com/2018/04/30/prologis-to-buy-rival-warehouse-reit-for-8-4b/

Manhattan’s luxury market saw 25 contracts last week at $4M and up: Olshan

Manhattan’s luxury market recorded 25 contracts last week at $4 million and above, according to Olshan Realty’s weekly market report. Canadian billionaire Lawrence Stroll’s 85th-floor condominium at 157 West 57th Street claimed the week’s priciest deal. The 6,240-square-foot unit went into contract with an asking price of $59 million, a reduction of more than 15 percent off the $70 million it had been asking when it originally went on the market in October. Stoll purchased […]

source https://therealdeal.com/2018/04/30/manhattans-luxury-market-saw-25-contracts-last-week-at-4m-and-up-olshan/

Feil Org. sues architect over bungled Billionaires’ Row conversion

The Feil Organization is suing its architects over a botched plan to convert a Billionaires’ Row office building into condominiums. The landlord claims architects at Goldstein, Hill & West missed zoning restrictions that limited the scope of the planned conversion of 140 West 57th Street, the New York Post reported. Feil bought the 14-story, 80,000-square-foot building from Harry Macklowe in 2009 for $59 million, and in recent years stopped renewing leases with office tenants as […]

source https://therealdeal.com/2018/04/30/feil-org-sues-architect-over-bungled-billionaires-row-conversion/

Ranking the top NYC office leasing brokerages

When News Corp and 21st Century Fox expanded their Midtown office footprints to a combined 1.2 million square feet in January 2017, it kicked off a hot streak for the Manhattan leasing market. And neither the market nor the brokerages that negotiated those blockbuster deals looked back last year. For CBRE — which represented News Corp and Fox in those dual deals — and Cushman & Wakefield, which represented the owners of 1211 Sixth Avenue, […]

source https://therealdeal.com/issues_articles/the-year-of-the-manhattan-mega-lease/

These were the biggest Q1 deals in Queens

Long Island City’s hotel market was strong enough to account for the largest deal of the first quarter in Queens this year. Lightstone’s Group $60 million purchase of the Hilton Garden Inn at 29-21 41st Avenue in Long Island City topped the list of biggest transactions in Queens during the first three months of 2018, according to data from Real Capital Analytics. However, industrial properties dominated the top 10 list overall, taking up five of […]

source https://therealdeal.com/2018/04/30/these-were-the-biggest-q1-deals-in-queens/

Trump’s former Baku hotel caught on fire twice in one night

The Trump Organisation’s former hotel in Baku caught on fire twice over the course of Saturday night in the capital city of Azerbaijan. The blazes in the 33-story building took hours to douse, and officials have not revealed the cause of the fires, according to the Associated Press. The building was initially constructed to be a Trump-branded hotel, however the organisation cancelled the licensing deal after President Donald Trump’s election in December 2016. Trump’s partners […]

source https://therealdeal.com/2018/04/29/trumps-former-baku-hotel-caught-on-fire-twice-in-one-night/

Process to rebuild Grenfell Tower begins

The former residents of the complex where Grenfell Tower once stood are now participating in its redesign. Gardens, elevators and more space for community use were some of the amenities residents requested, according to the Architect’s Newspaper. They also noted the need for security cameras and an updated assessment of the fire risk. In June last year, more than 70 people were killed in a fire that was fuelled by the building’s new cladding. Six […]

source https://therealdeal.com/2018/04/29/process-to-rebuild-grenfell-tower-begins/

Are taxpayers subsidizing Fannie Mae, Freddie Mac’s high-end commercial mortgage deals?

It’s a question other lenders are asking more and more as they find themselves being beat by either Fannie or Freddie. The reason the two loan agencies are outperforming institutional lenders is thanks to government insurance that allows them to charge lower rates than others, explains Real Capital Analytics’ Jim Costello in The Financial Times. Since the crash, in addition to providing traditional loans for homeowner’s mortgages, both agencies have been increasingly financing rental housing, […]

source https://therealdeal.com/2018/04/29/are-taxpayers-subsidizing-fannie-mae-freddie-macs-high-end-commercial-mortgage-deals/

Steve Wynn sues former employee for “false and defamatory” statements to media

Wynn Resorts’ former chief executive Steve Wynn is suing a former employee who was quoted in media reports that detailed allegations of sexual misconduct against him. According the Wall Street Journal, Wynn claims that the former artistic director of the Wynn Las Vegas salon, Jorgen Nielsen, defamed him and was part of a strategy to create “workplace issues” in light of his “highly contentious and public litigation” with former wife Elaine Wynn, who the lawsuit […]

source https://therealdeal.com/2018/04/29/steve-wynn-sues-former-employee-for-false-and-defamatory-statements-to-media/