Bank of America leads $1.6B refi for tower named after it at One Bryant Park

One Bryant Park is getting a $1.6 billion refinancing spearheaded by Bank of America. The deal will combine a $950 million commercial mortgage-backed securities loan from Bank of America and $650 million of prior public-assisted financing from 2009, according to the Commercial Observer, citing information from a Kroll Bond Rating Agency report. Bank of America’s portion of the financing will replace and expand a prior CMBS mortgage from it and JPMorgan Chase for $650 million, […]

source https://therealdeal.com/2019/07/31/bank-of-america-leads-1-6b-refi-for-tower-named-after-it-at-one-bryant-park/

Bank of America leads $1.6B refi for tower named after it at One Bryant Park

One Bryant Park is getting a $1.6 billion refinancing spearheaded by Bank of America. The deal will combine a $950 million commercial mortgage-backed securities loan from Bank of America and $650 million of prior public-assisted financing from 2009, according to the Commercial Observer, citing information from a Kroll Bond Rating Agency report. Bank of America’s portion of the financing will replace and expand a prior CMBS mortgage from it and JPMorgan Chase for $650 million, […]

source https://therealdeal.com/2019/07/31/bank-of-america-leads-1-6b-refi-for-tower-named-after-it-at-one-bryant-park/

City Connections founder David Schlamm’s reflections on real estate — and life

The head of City Connections Realty has no regrets. David Schlamm, 61, has made a few mistakes, but they’ve made him a more confident decision-maker. In 2004, his boutique brokerage was one of the first in New York City to adopt a high-split “100 percent commission model.” The move made waves in a market where larger, better-known brokerages maintained lower splits in the name of building their brand. The best split today at City Connections […]

source https://therealdeal.com/issues_articles/day-in-the-life-of-david-schlamm/#new_tab

Owners of illegal Marrakech Hotel settle with city for $275K

Residents of an Upper West Side complex had long complained that their landlord was illegally running their building as the budget “Marrakech Hotel.” Now, the city has reached a settlement with Hank Fried, owner of the building at 2688-2690 Broadway. After an investigation by the city’s Office of Special Enforcement, Fried’s firm, Branic International Realty, was found to have transformed the residential building into an illegal hotel. The agreement prevents the landlord from operating the […]

source https://therealdeal.com/2019/07/31/owners-of-illegal-marrakech-hotel-settle-with-city-for-275k/

This East End icon might finally be closing in on a sale

More than three years after a 14-acre slice of restaurant and retail space at the easternmost end of Long Island hit the market seeking $52.5 million, a sale could now be on the horizon. An agreement appears close to being finalized that will transfer control of Gosman’s Dock in Montauk to Merkourious “Mike” Angeliades, owner of Long Island City-based construction firm M.A. Angeliades, 27east reported. The tentative deal would include all of the Gosman family’s […]

source https://therealdeal.com/tristate/2019/07/31/this-east-end-icon-might-finally-be-closing-in-on-a-sale/#new_tab

Free and clear: Vornado pays off debt at 220 CPS

Steve Roth has called 220 Central Park South the “most successful” condo project anywhere, and now Vornado Realty Trust’s uber-luxe development is debt free. The real estate investment trust said Tuesday that it’s paid off the remainder of a $950 million loan it got from Bank of America to construct the $1.4 billion tower, which cost a hefty $5,000 per foot to build. With a projected sellout of $3.25 billion, and more than $1 billion […]

source https://therealdeal.com/2019/07/31/free-and-clear-vornado-pays-off-debt-at-220-cps/

Faith Hope Consolo team preserves the Queen of Retail label

After Faith Hope Consolo died unexpectedly late last year, the @FAKEhopeconsolo parody Twitter account that skewered the real estate industry with biting posts changed its name. The anonymous author still Tweets out hot takes on industry goings-on under the name “Click My Bricks.” But at Douglas Elliman, the self-described Queen of Retail’s brand name lives on. The brokerage’s Faith Hope Consolo team has decided to keep the team name and selected a new slate of […]

source https://therealdeal.com/2019/07/31/faith-hope-consolo-team-preserves-the-queen-of-retail-label/

Chelsea Hotel owners donate to de Blasio campaign while seeking approval from City Hall

While seeking approval from the City to renovate the Chelsea Hotel, the owners of the famed hotel were making donations to Mayor Bill de Blasio’s campaign. Chelsea Hotel owners Ira Drukier and Richard Born pooled together a total of $57,400 in political donations to de Blasio’s campaign and PACs from August 2018 to June 2019, The City reported. The checks were signed by Drukier, Born, their employees and an LLC that the pair control. At […]

source https://therealdeal.com/2019/07/31/chelsea-hotel-owners-donate-to-de-blasio-campaign-while-seeking-approval-from-city-hall/

The Daily Dirt: Can esports save retail?

For years now, experiential retail has been trumpeted as the future. A new trend is taking that idea to a new level.  What better way to revive a struggling shopping mall or hotel than by bringing in a bunch of adults to play — and watch others play — hours and hours of video games? Apparently, Super Smash Bros. competitions are the way of the future.  Retail landlords are looking to esports (eSports or e-sports) […]

source https://therealdeal.com/2019/07/31/the-daily-dirt-can-esports-save-retail/

Elie Hirschfeld sells UES penthouse for $34M

Elie Hirschfeld’s Hirschfeld Properties has taken a slight loss on its investment penthouse at The Marquand in Lenox Hill. The firm parted with the luxe triplex at 11 East 68th Street for $34.2 million, according to a property record filed Tuesday with the New York City Department of Finance. The price translates to roughly $4,846 per square foot. Hirschfeld did not immediately return a request for comment. Hirschfeld shelled out $37.5 million to pick up […]

source https://therealdeal.com/2019/07/31/elie-hirschfeld-sells-ues-penthouse-for-34m/

Who needs New York? Garden State multifamily portfolio trades for $146M

A seven-property multifamily portfolio in Northern New Jersey has been sold to an unnamed international investor for $146 million. CBRE vice chairman Jeffrey Dunne, who brokered the deal on behalf of Roseland-based Murnick Property Group, told The Real Deal that the transaction closed Tuesday and attracted more than 33 offers. Dunne noted that Class B suburban apartment buildings are beginning to garner interest from New York investors in light of recent rent reforms that have roiled New York’s […]

source https://therealdeal.com/tristate/2019/07/30/seven-property-north-jersey-multifamily-portfolio-trades-for-146m/#new_tab

Jean-Georges is coming to 220 CPS, Fed rate cut could buoy real estate: Daily digest

Every day, The Real Deal rounds up New York’s biggest real estate news. We update this page at 9 a.m., 12 p.m., and 4 p.m. ET. Please send any tips or deals to tips@therealdeal.com This page was last updated at 9 a.m.   Residents at 220 Central Park South can now dine with Ken Griffin and Sting. Michelin chef Jean-Georges Vongerichten is planning to open a residents-only restaurant at Vornado Realty Trust’s luxury condo tower. […]

source https://therealdeal.com/2019/07/31/jean-georges-is-coming-to-220-cps-fed-rate-cut-could-buoy-real-estate-daily-digest/

Tri-State house hunting: NBA star edition

Less than a month after Kevin Durant and Kyrie Irving shocked the National Basketball Association world by signing $305 million worth of contracts with the Brooklyn Nets, the two superstars are in the market for some Tri-State real estate. NJ.com, citing VillageGreenNJ.com, noted earlier this month that Irving, who grew up in West Orange, New Jersey, has relocated to his hometown instead of the nearby South Orange, as some other outlets had mistakenly reported. Several […]

source https://therealdeal.com/tristate/2019/07/30/tri-state-house-hunting-nba-all-star-edition/#new_tab

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

Transactions in Brooklyn dominated New York City’s recent mid-market investment sales. Here are the deals that were filed last week, according to The Real Deal’s sweep of city property records. Gedaliah Zlotowitz’s Mesorah Publications and Sefercraft parted with 4401 Second Avenue, a two-story industrial building in Sunset Park, Brooklyn, for $18.5 million. The buyer was a limited liability company managed by Chaim Rosenwasser, and the deal included a nearby vacant lot and 214 44th Street. […]

source https://therealdeal.com/2019/07/31/heres-what-the-10m-20m-nyc-investment-sales-market-looked-like-last-week-195/

Here’s what a Fed Reserve rate cut would mean to the US housing market

What kind of difference could a quarter of a point make? Plenty, according to some real estate developers and industry pros who say the Federal Reserve’s expected interest rate cut on Wednesday — which would be the first since 2008 — will make deals more profitable by lowering borrowing costs. Commercial developers will find it easier to finance projects, but the biggest gain will be in single-family homes, according to Noah Breakstone, a Fort Lauderdale, […]

source https://therealdeal.com/national/2019/07/31/heres-what-a-fed-reserve-rate-cut-would-mean-to-the-us-housing-market/#new_tab

De Blasio administration says it financed 25K affordable housing units in fiscal year 2019

Mayor Bill de Blasio’s administration is about 25,000 affordable housing units closer to its goal. The city announced on Tuesday that it had financed 25,299 affordable housing units during fiscal year 2019, bringing its total to 135,437 since 2014. The administration’s goal is to create 300,000 units of affordable housing by 2026. “We are making tremendous progress in our goal to expand affordable housing in our city,” de Blasio said in a statement. The total […]

source https://therealdeal.com/2019/07/30/de-blasio-administration-says-it-financed-25k-affordable-housing-units-in-fiscal-year-2019/

Madison Capital buys Soho building for $206M

A group of investors led by Madison Capital has purchased an office building in Soho for about $206 million, according to property records and sources familiar with the deal. Invesco Real Estate sold the building at 130 Prince Street in a deal brokered by Evan Layne and Brett Siegel of Eastdil Secured. The property spans 88,000 square feet and stands five stories tall. Invesco and Madison did not immediately respond to requests for comment. Invesco […]

source https://therealdeal.com/2019/07/30/madison-capital-buys-soho-building-for-206m/

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call

As the retail apocalypse claims another victim, Vornado Realty Trust may be looking to offload one of its retail properties — or convert another one to offices. Fast-fashion brand Topshop closed all U.S. stores in June, and Vornado was the landlord at both of its New York locations. This put a dent in the firm’s second quarter earnings, and was a topic that came up early and often in Tuesday morning’s earnings call. “Overall, the […]

source https://therealdeal.com/2019/07/30/negative-surprises-vornado-execs-talk-retail-struggles-on-q2-earnings-call/

L+M and Invesco partner to buy 2,800 market-rate apartments

L+M Development Partners and Invesco have partnered to purchase a 2,800-unit portion of the Putnam portfolio from Brookfield Asset Management and Urban American for $1.2 billion. Ron Moelis’ L+M made the purchase through its workforce housing fund, a multi-investor development fund to target affordable development, according to the Wall Street Journal. “We think it’s a significant win for the City of New York and existing residents, and it happens to be completely aligned with the […]

source https://therealdeal.com/2019/07/30/lm-and-invesco-partner-to-buy-2800-market-rate-apartments/

Former Glenwood employee claims she was fired after rejecting supervisor’s sexual advances

A former part-time employee at Glenwood Management claims she was denied a full-time position and then fired from the company because she rejected her boss’ sexual advances. Karla Guzman Pinales filed a lawsuit against Glenwood and her former supervisor, Juan Montero, alleging that she was eventually fired after reporting instances of sexual harassment and after refusing Montero’s advances. Pinales worked at several Glenwood buildings, including the Tribeca Bridge Tower, Paramount Tower, the Lucerne and the […]

source https://therealdeal.com/2019/07/30/former-glenwood-employee-claims-she-was-fired-after-rejecting-supervisors-sexual-advances/

Retail landlords turn to e-sports, Amazon eyes Queens warehouse: Daily digest

Every day, The Real Deal rounds up New York’s biggest real estate news. We update this page at 9 a.m., 12:30 p.m., and 4 p.m. ET. Please send any tips or deals to tips@therealdeal.com This page was last updated at 4:00 p.m.   Compass is back in the IPO spotlight. In an interview on CNBC’s Squawk Box, company boss Robert Reffkin during an interview acknowledged the likelihood of an IPO, but said thanks to patient […]

source https://therealdeal.com/2019/07/30/amazon-eyes-queens-warehouse-compass-raises-370m-daily-digest/

Billionaires’ rule the world, NYC real estate edition

As the overall luxury real estate market has sagged in New York City, the billionaire set is still on the make, sending handlers to scout out penthouses and townhouses and finalizing transactions left and right. Here’s a look at some key numbers surrounding the set of buyers who make top NYC developers and high-end sellers salivate. And for more on NYC’s billionaire buying frenzy read the full story here. 2,604 The number of billionaires worldwide […]

source https://therealdeal.com/2019/07/11/billionaires-rule-the-world-nyc-real-estate-edition/#new_tab

After $370M funding round, Compass back under IPO spotlight

After raising another $370 million, the only thing standing between Compass and an IPO is time. The New York-based brokerage — now valued at $6.4 billion — announced its latest round Tuesday, eliciting a new round of speculation as to when it may go public. Robert Reffkin, CEO and co-founder of the firm, acknowledged Tuesday that going public was in the cards. “Look, we’re likely going to have an IPO,” he said during an interview […]

source https://therealdeal.com/national/2019/07/30/after-370m-funding-round-compass-back-under-ipo-spotlight/#new_tab

Fire, flood and profit: Real estate investors are chasing crises

In the wake of natural disasters, some real estate investors are finding opportunity for profit. So-called “disaster investors” are buying up properties damaged by floods, wildfires, hurricanes and other catastrophic events — and flipping them for a gain. The practice is becoming increasingly common as the number of natural disasters climbs in the U.S, the Wall Street Journal reported. Last year saw the fourth-most natural disasters since 1980, causing an estimated $1 billion in damages, […]

source https://therealdeal.com/2019/07/30/fire-flood-and-profit-real-estate-investors-are-chasing-crises/

The Daily Dirt: Compass brokers promise to not bring trade secrets with them

Compass keeps getting accused of stealing from its competitors. The company has a policy that might help combat such claims. New hires at Compass are required to sign an agreement stating that they won’t bring proprietary or confidential data over from their old firms, Erin Hudson reports. While a rarity among real estate brokerages in New York, such agreements are commonplace in Silicon Valley. Tech start-ups and other companies looking to rake in venture capital often […]

source https://therealdeal.com/2019/07/30/the-daily-dirt-compass-brokers-promise-to-not-bring-trade-secrets-with-them/