The $74M penthouse at 212 Fifth just got a hefty price cut

Last November, Sotheby’s International Realty broker Nikki Field upped the ask of the penthouse at 212 Fifth Avenue. Now, a year later, the pad is getting a price chop. The 10,000-square-foot triplex is now asking $62.8 million — 15 percent below its most recent ask of $73.8 million and less than its original ask of $68.5 million. The pad boasts a private elevator, a seven-room master suite and has an additional 5,700 square feet of […]

source https://therealdeal.com/2018/10/31/the-74m-penthouse-at-212-fifth-just-got-a-hefty-price-cut/

Japan-based REITs have dumped over half their US stocks: report

Why have shares of real estate investment trusts failed to perform well recently? A mass offloading by Japan-based REITs may be the answer. In 2016, REIT funds based in Japan that targeted the United States held 7 percent of the U.S. REIT market, or $68 billion, according to the Wall Street Journal. Those funds have since sold off more than half of their shares, and are now valued at $31 billion, according to a new […]

source https://therealdeal.com/2018/10/31/japan-based-reits-have-dumped-over-half-their-us-stocks-report/

Moinian lands $140M refi for FiDi resi tower

Moinian Group landed a $140 million loan for Financial District residential tower Ocean at One West Street. The new debt replaces a $135 million Berkadia Commercial Mortgage loan from 2012, according to records filed with the city Wednesday. The new loan, also from Berkadia, is a 3.99 percent fixed-rate loan that includes a $12.5 million gap mortgage. Berkadia secured the ten-year financing through Freddie Mac. The property, which sits between West Street and Washington Street […]

source https://therealdeal.com/2018/10/31/moinian-lands-140m-refi-for-fidi-resi-tower/

Chinese firm takes 70% stake in $253M LIC condo project

Anthony Hu’s Eastern Star Development has sold a 70 percent stake in its Long Island City condo project at 27-17 42nd Road to an unnamed Chinese company, according to property records and sources familiar with the deal. The company sold the stake in its 182-unit project for $67.4 million. The condo is aiming for a $253.3 million sellout, making it one of the highest in the history of Queens. The Chinese firm is operating through the […]

source https://therealdeal.com/2018/10/31/chinese-firm-takes-70-stake-in-253m-lic-condo-project/

CBRE is launching its own co-working company

CBRE is entering the co-working business. The brokerage announced on Wednesday that it is launching Hana, a subsidiary that will enter property management agreements with landlords to provide flexible office space to large corporate clients. In getting into the co-working business, the world’s largest real estate services company is betting that landlords want co-working components in their buildings but not the hassle of managing them or the prospect of competing with their own tenants. CBRE’s […]

source https://therealdeal.com/2018/10/31/cbre-is-launching-its-own-co-working-company/

Somera Road is latest firm trying to raise $500M to invest in Opportunity Zones

Add Somera Road to the growing list of real estate investment groups seeking to raise millions of dollars to invest in distressed areas as part of a new federal program. Somera Road is looking to raise $500 million to invest in Opportunity Zones, and is in talks to buy several properties located within the program’s designated areas. The New York-based firm joins RXR Realty,  Youngwoo & Associates and Normandy Real Estate among others that have created funds, […]

source https://therealdeal.com/miami/2018/10/31/somera-road-is-latest-firm-seeking-to-raise-500m-for-opportunity-zones-fund/#new_tab

Parkoff Organization in contract to buy 400+ unit multifamily portfolio for $115M

The Parkoff Organization has a deal in place to buy a multifamily portfolio with more than 400 apartments across Brooklyn and Queens for $115 million. The Great Neck, Long Island-based investment firm is in contract to purchase a package of five pre-war elevator buildings concentrated in Southern Brooklyn and Eastern Queens from longtime owner Morris Weintraub Associates, sources told The Real Deal. Representatives for Parkoff and Weintraub could not be immediately reached for comment. The […]

source https://therealdeal.com/2018/10/31/parkoff-organization-in-contract-to-buy-400-unit-multifamily-portfolio-for-115m/

Did Tom Brady and Gisele Bundchen just buy this $25M pad at 70 Vestry?

A unit at 70 Vestry Street — that Tom Brady and Gisele Bundchen were reportedly eyeing — is officially off the market. Unit 12N sold for $25.5 million, according to records filed with New York City’s Department of Finance. The buyer is listed as NYBB Vestry LLC. The unit was listed for $29.5 million. The Tribeca condo spans about 4,600 square feet and has about 1,800 square feet of outdoor space. The master suite has […]

source https://therealdeal.com/2018/10/31/did-tom-brady-and-gisele-bundchen-just-buy-this-25m-pad-at-70-vestry/

Here’s the next rental development coming to the Bronx

UA Builders is bringing a new residential building to Fordham with 91 units. The company filed permits with the Department of Buildings on Tuesday for the 13-story project at 2047 Ryer Avenue. The building will span about 61,000 square feet and stand 115 feet tall. UA Builders has done several projects for WeWork and is closely tied to the company, though this project is not connected to the co-working giant. Granit Gjonbalaj served as managing […]

source https://therealdeal.com/2018/10/31/heres-the-next-rental-development-coming-to-the-bronx/

The lawyer behind the massive Madoff settlement just bought an $8M co-op

The attorney whose work paved the way for the $7.2 billion Bernie Madoff settlement has snagged a new apartment in the city. William Zabel and his wife Deborah Miller Zabel bought a unit at 10 Gracie Square for $7.9 million, according to records filed with New York City’s Department of Finance. The seller is the Royal Norwegian Consulate General. Corcoran’s Cathy Franklin, Alexis Bodenheimer and Marion Smith had the listing. The brokers and Zabel didn’t […]

source https://therealdeal.com/2018/10/31/the-lawyer-behind-the-massive-madoff-settlement-just-bought-an-8m-co-op/

Venture-capital research firm more than doubles its footprint in the Garment District

CB Insights, a research firm that tracks venture capital investing, is growing to more than 40,000 square feet in the Garment District. The 10-year-old company signed a direct lease for the full, 43,000-square-foot 12th floor at George Comfort & Sons’ 498 Seventh Avenue, the landlord told The Real Deal. CB Insights will relocate to the space in June from the building’s 17th floor, where for the past two years it’s occupied about 17,000 square feet […]

source https://therealdeal.com/2018/10/31/venture-capital-research-firm-more-than-doubles-its-footprint-in-the-garment-district/

Korean firm Daishin lands $100M loan for 400 Madison Avenue buy

Korean firm Daishin Securities landed a $100 million loan for its acquisition of 400 Madison Avenue in Midtown. Daishin closed on its acquisition of the 20-story, 146,200-square-foot tower for $194.5 million last week. South Dakota-based Midland National Life Insurance Company provided the company with acquisition debt, which included a $49 million gap mortgage, according to records filed with the city. The new mortgage replaces a $51 million JPMorgan Chase loan from 2015. The Korean firm […]

source https://therealdeal.com/2018/10/31/korean-firm-daishin-lands-100m-loan-for-400-madison-avenue-buy/

Slate, Carlyle launch new $750M lending firm

Slate Property Group has partnered with The Carlyle Group to launch a new $750 million real estate lending company focused on the New York City market. The platform is called SCALE Lending, and it will provide bridge and transitional loans to real estate sponsors and operators throughout the New York City area, according to Slate. Carlyle is providing the majority of the $750 million, but Slate co-founder Martin Nussbaum declined to quantify the specific split […]

source https://therealdeal.com/2018/10/31/slate-carlyle-launch-new-750m-lending-firm/

Westchester & Fairfield Cheat Sheet: RXR scores $103M for Atlantic Station in Stamford … & more

RXR scores $103M in refinancing for Stamford’s Atlantic Station Insurance and financial services holding company Ullico is providing a $103 million loan to RXR Realty’s Atlantic Station residential development in Stamford, according to the Commercial Observer. The fixed-rate loan refinances existing construction debt on the property. Atlantic Station’s first phase, a 26-story glass tower with 325 units, opened in April. [Commercial Observer] AMS buys Yonkers’ Chicken Island development site for $16M The city of Yonkers […]

source https://therealdeal.com/2018/10/31/westchester-fairfield-cheat-sheet-rxr-scores-103m-for-atlantic-station-in-stamford-more/

The ever-revolving door: Higher commissions, tech tools powerful lures for agents hopping from one firm to another

At a time when the Los Angeles market is seeing such landmark acquisitions as the Compass takeover of Pacific Union and Douglas Elliman’s purchase of Teles Properties, which brokerage an agent wants to call home — and for how long — seems even more uncertain than usual. The industry’s high turnover rates are increasingly affecting the way L.A.’s top residential brokerages operate and how financially successful they are, as firms put more and more resources […]

source https://therealdeal.com/la/issues_articles/the-ever-revolving-door/#new_tab

Vanbarton Group buys 425 Lexington Avenue for $700M

One of the largest investment sales deals of the year closed Tuesday when the Vanbarton Group bought the office tower 425 Lexington for $700 million. The firm, led by Gary Tischler and Richard Coles, will take over the 780,000-square-foot office building, according to the New York Post. Real Estate Alert reported in August that Vanbarton would be making the purchase on behalf of an unidentified fund. The seller is a client of J.P. Morgan Asset […]

source https://therealdeal.com/2018/10/31/vanbarton-group-buys-425-lexington-avenue-for-700m/

Joe Chetrit revealed as buyer of SL Green’s 1231 Third Avenue

The sale of SL Green’s 1231 Third Avenue closed on Tuesday, and the buyer was Joe Chetrit of the Chetrit Group, according to sources familiar with the deal. Chetrit purchased 1231 Third Avenue along with a development assemblage at 252-254, 257, 259 and 260 East 72nd Street for $144 million. The deal included $120 million in financing from SL Green’s lending division. The company will likely plan some type of residential tower for the East […]

source https://therealdeal.com/2018/10/31/joe-chetrit-revealed-as-buyer-of-sl-greens-1231-third-avenue/

REBNY quadruples donations to Democrats ahead of elections

The Real Estate Board of New York has ramped up its support for state Democrats ahead of the midterm elections, while decreasing contributions to Republicans. Rent regulations are top of mind in the legislature this cycle, as Democrats that have campaigned to support tenants ousted six of eight incumbent Independent Democratic Conference members, who were accused of lining up with Republicans to support landlords. Through its political action committee, REBNY has contributed $236,750 this year […]

source https://therealdeal.com/2018/10/31/rebny-quadruples-donations-to-democrats-ahead-of-elections/

WeWork-owned Meetup appoints new CEO David Siegel

WeWork-owned social networking platform Meetup has appointed new chief executive David Siegel, who is moving to the company from his post at Investopedia. The 15-year-old social media networking website, which facilitates connections between people looking to pursue hobbies or attend interest groups, was acquired by WeWork in November last year for a reported $200 million. At the time, more than 100,000 meetups had been hosted in WeWork spaces. Today, Meetup reportedly has 40 million members […]

source https://therealdeal.com/2018/10/31/wework-owned-meetup-appoints-new-ceo-david-siegel/

What happens when healthier Boomers and ambitious builders mix? A supply glut.

Aging baby boomers aren’t flocking to senior living facilities in the way builders expected. And it’s creating oversupply issues. Occupancy rates for senior housing were at 87.9 percent in the second and third quarters, the lowest since 2011 when it dropped to 87.5 percent, according to the Wall Street Journal. Builders may have been overzealous in recent years. They picked up the pace since 2012, building 84,727 units since then, nearly 25,000 more than were […]

source https://therealdeal.com/2018/10/31/what-happens-when-healthier-boomers-and-ambitious-builders-mix-a-supply-glut/

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

In the world of mid-market New York City investment sales last week, S.W. Management scooped up a building portfolio on the Upper East Side and a New Hyde Park-based firm bought two low-rise industrial properties in Long Island City. 1.) Stanley Wasserman’s S.W. Management bought a pair of five-story buildings in the Upper East Side for $12.2 million. The properties at 432-434 East 89th Street span 18,200 square feet and contain 41 apartments. The seller […]

source https://therealdeal.com/2018/10/31/heres-what-the-10m-20m-nyc-investment-sales-market-looked-like-last-week-164/

This month in real estate history: Opening night of the Met, Mercantile Building auctioned for $750K + more.

1883: Opening night at the Met Opera marks victory for nouveaux riches The Metropolitan Opera House opened in its first location, on Broadway and 39th Street, 135 years ago this month. Occupying a full block, the opera house was founded by 25 newly minted millionaires, including Cornelius and William K. Vanderbilt, James Roosevelt and John Pierpont Morgan. At the time, attending the opera was seen as a validation for New York’s elite. But many of the […]

source https://therealdeal.com/issues_articles/this-month-in-real-estate-history-132/#new_tab

These were the 10 biggest Bronx deals during the third quarter

Brookfield Property Partners’ venture into the South Bronx topped the largest third quarter deals by a long shot. The company closed on its $165 million purchase of 101 Lincoln Avenue and 2401 3rd Avenue from Somerset Partners and the Chetrit Group in September. This was the largest deal in the borough during the third quarter by a margin of more than $100 million, according to data from Real Capital Analytics. Residential sites dominated the top […]

source https://therealdeal.com/2018/10/31/these-were-the-10-biggest-bronx-deals-during-the-third-quarter/

Hamptons Cheat Sheet: South Fork home sales drop for third consecutive quarter … & more

Number of South Fork home sales drop for third consecutive quarter South Fork home sales slipped by more than 10 percent for the third quarter in a row, 27east reported. The third quarter dipped more than 13 percent compared to the same quarter in 2017 according to a Miller Samuel report conducted for Douglas Elliman. Sales at both the low and high end have fallen off, bringing the median home sale price in the area […]

source https://therealdeal.com/2018/10/30/hamptons-cheat-sheet-south-fork-home-sales-drop-for-third-consecutive-quarter-more/

Vornado to start first phase of Penn Plaza redevelopment before year’s end

Vornado Realty Trust plans will soon kick off the first phase of its “megacampus” redevelopment at Pennsylvania Plaza. The real estate investment trust expects to start work before the end of the year on the $200 million renovation of One Penn Plaza, Vornado CEO Steve Roth said on the company’s third-quarter earnings call Tuesday morning. The plan includes a new double-height lobby for the 2.5 million-square-foot building, and is projected to take two years to […]

source https://therealdeal.com/2018/10/30/vornado-to-start-first-phase-of-penn-plaza-redevelopment-before-years-end/