“I hope that everyone comes back”: Evicted co-working firm reopens Sixth Avenue space

A week after being evicted from a Sixth Avenue office building, a c-oworking firm has told its members to return. Corporate Suites says it has settled a nonpayment dispute with its landlord at 1001 Sixth Avenue. The firm’s tenants received an unwelcome visit last Friday from the New York City Marshal, who instructed dozens of people to clear two floors in the building. One business owner previously told The Real Deal he was given 15

source https://therealdeal.com/2019/11/29/i-hope-that-everyone-comes-back-evicted-co-working-firm-reopens-sixth-avenue-space/

Bahamian islands owned by late coal billionaire ask $30M

A group of private islands in the Bahamas that hosted President Richard Nixon will hit the market for nearly $30 million. The nine islands were owned by the late billionaire Chris Cline, who died in a helicopter crash in July on his way off the property. Cline’s estate is selling the Bahamian compound, which is made up of 277 acres in the Abaco Islands, the Wall Street Journal reported. Cline was killed over the summer

source https://therealdeal.com/2019/11/29/bahamian-islands-owned-by-late-coal-billionaire-ask-30m/

Art gallery linked to lone mid-market sale in NYC this week

Only one mid-market sale was made public in New York’s investment market this week, as activity was slower than usual because of the Thanksgiving holiday. The deal was for a one-story warehouse in Queens, which an LLC linked to the art gallery David Zwirner bought for $12 million. The seller was an LLC linked to Clive Green. The property is located at 19-40 Hazen Street in Astoria and spans about 78,000 square feet. David Zwirner

source https://therealdeal.com/2019/11/29/art-gallery-linked-to-lone-mid-market-sale-in-nyc-this-week/

Home prices accelerate nationally as owners stay longer

The pace of rising home prices quickened in September and existing home sales ticked up 1.9 percent. Average home prices in cities across the nation rose 3.2 percent compared with the same period in the previous year, the Wall Street Journal reported. The year-over-year rise in August had been 3.1 percent. The gains mark a two-month departure from a long period of slowing growth in home prices. The gains were more moderate — just 2.1

source https://therealdeal.com/2019/11/29/home-prices-accelerate-nationally-as-owners-stay-longer/

Coming soon: TRD’s 250th issue!

  The Real Deal will be celebrating its 250th issue this January! This special commemorative issue will include a look back at the first two decades of New York real estate in the new millennium, and some of The Real Deal’s most notable coverage. Don’t miss our stories on the billion-dollar dealmakers and the billion-dollar deals that have helped shape the city and its skyline. Our first issue of the new decade will also include

source https://therealdeal.com/2019/11/29/coming-soon-trds-250th-issue/

Rent freeze in Berlin ends calls for expropriation, but may spark disinvestment

Berlin’s rent freeze may spark disinvestment, according to the city’s largest landlord. Deutsche Wohnen CFO Philip Grosse said in an interview with Bloomberg that the firm is holding off on construction in Berlin, and instead will look to other cities to make new investments. The company said earlier this month that limits on raising rents and potential mandated rent cuts put cash flow at risk. The damage done to its bottom line, the landlord calculated,

source https://therealdeal.com/2019/11/29/rent-freeze-in-berlin-ends-calls-for-expropriation-but-may-spark-disinvestment/

Massive Far Rockaway apartment complex nabs $107M loan

A trio of apartment buildings in Far Rockaway have landed $107 million in refinancing. New York Community Bank provided Alma Realty with the new debt, according to property records. The buildings are located at 107-10 Shore Front Parkway, 106-20 Shore Front Parkway and 106-10 Shore Front Parkway, and they have a total of 770 residential units. The deal includes about $16.6 million in new financing. Representatives for Alma Realty and NYCB did not respond to

source https://therealdeal.com/2019/11/29/massive-far-rockaway-apartment-complex-nabs-107m-loan/

Millennials head west for housing, and institutional investors follow

Millennials in search of more affordable digs are heading west, swapping Brooklyn for Boulder. And institutional investors are taking the hint. Apartment building rental income nearly doubled between 2004 and 2018 in the eight Mountain States, according to a report from Trepp that examined properties in eight states, as cited in the Wall Street Journal. Net operating income grew by 7.33 percent in 2018 in those states of Arizona, Colorado, Idaho, Montana, New Mexico, Nevada,

source https://therealdeal.com/2019/11/29/millennials-head-west-for-housing-and-institutional-investors-follow/

Disgraced casino mogul Wynn to pay $20M to settle shareholder suit

Disgraced casino mogul and billionaire Steve Wynn is now set to pay $20 million in damages to settle a shareholder lawsuit after alleged sexual misconduct. The damages that Wynn will pay, with an additional $21 million from insurance carriers for Wynn Resorts employees, must be approved by a Las Vegas judge, according to the Los Angeles Times. Wynn has repeatedly denied any wrongdoing in connection with the allegations. The founder and former chief executive and

source https://therealdeal.com/2019/11/29/disgraced-casino-mogul-wynn-to-pay-20m-to-settle-shareholder-suit/

The Gilded guru

Andy Todd is not afraid of a soft luxury market. But that may be because his ultra-luxe Greystone on Hudson development in Tarrytown has had a banner year, closing on nine homes, all priced at $5 million and up. Branded as a modern-day Gilded Age Millionaire’s Row, the 23-estate speculative development is located on the same stretch where the Lehmans, the Astors and the Rockefellers once lived. And the properties — think the Great Gatsby

source https://therealdeal.com/2019/11/29/the-gilded-guru/

A new resi sale record in Red Hook, DJ Khaled eyes UES townhouse

Every weekday The Real Deal rounds up New York’s biggest real estate news. We update this page throughout the day, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com This page was last updated at 9 a.m. The sale of a Red Hook townhouse appears to have set a record for the nabe. The three-bedroom home at 156 Beard Street sold for $4.35 million, which according to the New York Post is the

source https://therealdeal.com/2019/11/29/a-new-resi-sale-record-in-red-hook-dj-khaled-eyes-ues-townhouse/

FEMA aid slow to reach Puerto Rico, Virgin Islands

Puerto Rico and the U.S. Virgin Islands have been slow to receive recovery aid following Hurricanes Maria and Irma, according to a new examination of FEMA records. Of more than 9,000 requests to fund long-term recovery projects in Puerto Rico, the Federal Emergency Management Agency has only funded 190. And in the Virgin Islands, only 218 such projects of more than 1,500 requests have received funding, according to the New York Times. Both hurricanes Irma

source https://therealdeal.com/2019/11/29/fema-aid-slow-to-reach-puerto-rico-virgin-islands/

Control freaks: Institutional players take over landlords’ war on rent caps

When Steve Kessner began buying East Harlem rental buildings in the 1980s, like most landlords of rent-stabilized apartments, he played the long game. Keeping maintenance and renovation costs to a minimum, Kessner made modest but steady returns on his 47 properties, many of them run-down and rat-infested, and one of which he bought for just $5. But when New York state lawmakers added ways to boost rents on stabilized housing in the 1990s and 2000s,

source https://therealdeal.com/issues_articles/control-freaks/

Power lunch: Barry Sternlicht, Ziel Feldman and Aurora execs talk shop at Pastis

It was drizzling when four development pros recently wedged into a half-moon-shaped banquette at Pastis in the Meatpacking District. Amid the din of an animated lunch crowd, The Real Deal sat with Starwood’s Barry Sternlicht, HFZ Capital’s Ziel Feldman and Aurora Capital’s Bobby Cayre and Jared Epstein, listening in during their unscripted conversation. Keith McNally’s iconic French bistro — a trendy eatery favored by celebrities and New York foodies — reopened after a five-year hiatus

source https://therealdeal.com/issues_articles/power-lunch-breaking-bread-at-pastis/

Flipped off: The inside story of Coca-Cola’s botched building sale

UPDATED, Oct. 10, 2019, 1:44 p.m: Coca-Cola’s real estate division must be feeling flat. The soft-drink giant had sold its iconic building at 711 Fifth Avenue in August to Nightingale Properties and Wafra Capital Partners for $909 million. But last month, in an unusual twist, Wafra sold its stake in a deal valuing the property at $937 million. Coca-Cola had left tens of millions of dollars on the table. Making matters worse, the new buyer was

source https://therealdeal.com/2019/10/10/flipped-off-the-inside-story-of-coca-colas-botched-building-sale/

“That’s the best you can do?” Eliot Spitzer and Eran Chen on their recent project

Architects and developers need each other, but their dynamic often puts them at odds. Developer and former New York Gov. Eliot Spitzer sat down with his architect Eran Chen to discuss finding common ground and chemistry as they worked on their recently completed rental complex along Williamsburg’s waterfront, 420 Kent Avenue. Chen’s firm, ODA, has designed a handful of new buildings along Brooklyn’s waterfront, including 10 Jay Street for Glacier Global Partners and Triangle Assets,

source https://therealdeal.com/2019/11/14/thats-the-best-you-can-do-eliot-spitzer-and-eran-chen-on-their-recent-project/

Revealed: Corcoran’s “hacked” files

One third of the Corcoran Group’s gross commissions last year came from just 37 of its 1,239 brokers. The New York firm gave at least one top agent a $120,000 marketing budget. And, besieged by well-funded rivals who’ve poached top producers, Corcoran has shelled out sums as high as $275,000 for agents to use at their discretion. These are some of the revelations gleaned from documents leaked to every Corcoran agent last month, and analyzed

source https://therealdeal.com/2019/10/02/revealed-corcorans-hacked-files/

Analysis: Here’s what the new rent law will do to the average stabilized apartment

UPDATED, June 18, 11:41 a.m.: The new rent bill that was signed into law on Friday has already been described as “devastating” and “disastrous” for New York City’s real estate industry. But what specifically does it mean for certain multifamily landlords? The new legislation touches on a wide range of rent-related issues, from vacancies and improvements to condo conversions and mobile homes. To illustrate the practical impact of these changes, The Real Deal took a

source https://therealdeal.com/2019/06/18/analysis-heres-what-the-new-rent-law-will-do-to-the-average-stabilized-apartment/

Coming soon: The Real Deal’s 2020 Data Book

The Real Deal is preparing the 15th edition of its Data Book, the most comprehensive collection of information on the New York–area real estate market. Included in the 2020 Data Book will be a ranking of Manhattan’s top residential brokerages, Brooklyn’s most active developers, the city’s biggest real estate loans of the year and more! With data pulled, vetted and analyzed on all major aspects of the industry, the Data Book provides vital information for

source https://therealdeal.com/2019/11/27/coming-soon-the-real-deals-2020-data-book-2/

Yankees seek $900M refi for stadium

The Yankees may have found their sweet spot, at least when it comes to interest rates. The Bronx Bombers are asking the New York City Industrial Development Agency to issue $900 million worth of tax-exempt bonds so the team can refinance bonds it used to build its 1.3 million-square-foot stadium. The IDA will take up the application at its December meeting. Representatives for the Yankees and the IDA could not be immediately reached for comment.

source https://therealdeal.com/2019/11/27/yankees-seek-900m-refi-for-stadium/

Dynamic Star CEO buys Queens Plaza site for $28M

The chief executive of Dynamic Star has purchased a building in Long Island City for $27.5 million. The property, a former Eagle Electric building at 23-10 Queens Plaza South, was acquired by AAGS Holdings LLC, an entity controlled by Gary Segal, who has developed at least four other buildings in Queens Plaza with Dynamic Star, his real estate firm. The seller was a partnership led by Kevin Maloney’s PMG Holdings. Segal said he plans to

source https://therealdeal.com/2019/11/27/dynamic-star-ceo-buys-queens-plaza-site-for-28m/

Biotech billionaire pays $26M for 220 CPS pad

The founder of a major Chinese biotech company is the latest billionaire to call 220 Central Park South home. Records show an entity linked to Li Ge, chairman of WuXi Biologics, forked over $26.2 million for a 54th-floor pad at the limestone tower. The deed was signed by Li’s wife, Ning Zhao. The billionaire, who is worth an estimated $5.1 billion, according to Forbes, earned a PhD in organic chemistry from Columbia University and co-founded

source https://therealdeal.com/2019/11/27/biotech-billionaire-pays-26m-for-220-cps-pad/

Soccer superstar Lionel Messi scores Porsche Design condo

Lionel Messi, considered by many to be the world’s greatest soccer player, bought a condo at Porsche Design Tower in Sunny Isles Beach for $5 million. Messi bought unit 4705 in the 60-story luxury oceanfront condo tower at 18555 Collins Avenue, according to sources. It was sold by Gil Dezer’s Dezer Development and was brokered by Dezer Platinum Realty. The sale closed on Monday, sources said. Messi, 32, is a forward for FC Barcelona. He

source https://therealdeal.com/2019/11/27/soccer-superstar-lionel-messi-scores-porsche-design-condo/

Real estate mogul Stanley Black says longtime partner bilked him out of millions

Prominent real estate investor Stanley Black is suing his business partner of 34 years, Robert Barth, claiming Barth defrauded him out of $8 million in a Beverly Hills mansion sale. Black filed the explosive lawsuit Thursday in Los Angeles County Superior Court, alleging Barth concocted an elaborate scheme to siphon millions of dollars for himself through a maze of limited liability companies. Black founded Beverly Hills-based Black Equities Group in 1985 along with his son

source https://therealdeal.com/2019/11/27/real-estate-mogul-stanley-black-says-longtime-partner-bilked-him-out-of-millions/

Can we talk? Compass seeks arbitration with Realogy

Five months after Realogy blasted Compass with an incendiary lawsuit, the SoftBank-backed defendant is looking to resolve things outside of a courtroom. In a Nov. 25 motion, Compass asked a New York judge to stay the legal proceedings and compel the two companies to seek arbitration. The brokerage’s motion argues that the majority of Realogy’s accusations pertain to the Corcoran Group, its successful New York City-based subsidiary. Because both Compass and Corcoran are members of

source https://therealdeal.com/2019/11/27/can-we-talk-compass-seeks-arbitration-with-realogy/

Arts-and-crafts retailer AC Moore to close all 145 stores

It’s AC no Moore, as another retail chain falls victim to challenges sweeping the industry. New Jersey-based arts-and-crafts retail chain AC Moore will be closing all of its 145 stores across the country, and up to 40 will see their leases taken over by a larger competitor, the Michaels Companies. AC Moore’s parent company, Nicole Crafts, announced the decision on Monday, the New York Post reported. “Unfortunately, given the headwinds facing many retailers in today’s

source https://therealdeal.com/2019/11/27/arts-and-crafts-retailer-ac-moore-to-close-all-145-stores/

Big landlords are funding small ones’ rent-law challenge

Though small landlords are the face of a federal lawsuit challenging New York’s rent law, large ones are quietly bankrolling it. Small owners Dino, Dimos and Vasiliki Panagoulias as well as entities tied to Michael Vinocur and Jack Moy, filed a complaint this month challenging the constitutionality of the new rent law — the second suit of its kind. However, the plaintiffs’ law firm, Covington & Burling, acknowledged that “a coalition of owners” is backing

source https://therealdeal.com/2019/11/27/big-landlords-are-funding-small-ones-rent-law-challenge/

Silverstein’s lending biz could get a boost from the weak luxury condo market

Silverstein Properties is looking to double its lending business next year to more than $1 billion. The firm is focusing on inventory loans in the luxury condo market at neighborhoods such as Tribeca, Gramercy and Midtown East, according to Bloomberg. The firm is in negotiations for roughly $700 million worth of such loans, which are generally used as temporary lifelines for developers looking to pay off construction debt without lowering prices while dealing with slow

source https://therealdeal.com/2019/11/27/silversteins-lending-biz-could-get-a-boost-from-the-weak-luxury-condo-market/

Isaac Chetrit lands $210M refi for Garment District office building

Isaac Chetrit has landed a $210 million refinancing from Morgan Stanley for 1412 Broadway, according to sources familiar with the deal. Chetrit purchased the 415,000-square-foot, 24-story Garment District office property from Harbor Group International in 2014 for $250 million. The new debt replaces a $160 million loan Wells Fargo provided on the property in 2016. David Hayum of Meridian Capital Group brokered the deal with Morgan Stanley. He and Morgan Stanley did not respond to

source https://therealdeal.com/2019/11/27/isaac-chetrit-lands-210m-refi-for-garment-district-office-building/

Trump Tower occupancy rates depended on who asked

President Donald Trump’s firm, the Trump Organization, reported much higher occupancy rates for Trump Tower’s commercial spaces to potential lenders than to tax authorities, ProPublica found. Over three consecutive years, the occupancy rate for the future president’s signature building was reportedly recorded as 11, 16 and 16 percentage points higher to its lender than it was to city tax officials. In documents submitted to the lender, Ladder Capital, for periods ending December 2011 and June

source https://therealdeal.com/2019/11/27/trump-tower-occupancy-rates-depended-on-who-asked/

A veritable bonanza of real estate events. Well, two, actually

Next week brings two more real estate events. Host: CREW New York Date: Dec. 3 Time: 11:30 a.m. to 1 p.m. CREW New York is holding its holiday luncheon at Club 101, 101 Park Avenue. It includes a panel discussion on the big changes in the New York City retail market over the past four years and their effect on trends going into the new decade. Speakers include Diana Boutross of Cushman & Wakefield and

source https://therealdeal.com/2019/11/27/a-veritable-bonanza-of-real-estate-events-well-two-actually/

Trump Tower discrepancy exposed; Christie’s agent allegedly hit female Lyft passenger

Every weekday The Real Deal rounds up New York’s biggest real estate news. We update this page throughout the day starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com. Documents show the Trump Organization reported different numbers — higher ones to lenders, lower ones to tax officials — for Trump Tower. The occupancy rate of its commercial space was listed as 11 to 16 percentage points higher over three consecutive years in filings

source https://therealdeal.com/2019/11/27/trump-tower-discrepancy-exposed-christies-agent-allegedly-hit-female-lyft-passenger/

How Westchester home flippers manage to turn huge profits

For Danielle Longhitano, a listing for a co-op unit in White Plains served as the launching pad for a new career. After procuring the one-bedroom for $310,000 in September 2011, she set to work renovating it with her architect-husband, Niall Duggan, and contractor-brother-in-law Ian Duggan. After the team gutted the kitchen and bathroom, added custom built-ins and crown moldings and refinished the hardwood floors, the updated unit at 20 North Broadway hit the market. Longhitano,

source https://therealdeal.com/2019/11/27/how-westchester-home-flippers-manage-to-turn-huge-profits/

The floundering retail market is about to get even worse

UPDATE: Wednesday, Nov. 6, 2019, 3:20 p.m.: Discount retailers. Luxury department stores. Children’s stores. Home goods giants. The retailers that filed for bankruptcy so far in 2019 — and those on experts’ watch lists — have spanned the spectrum. And with an ever-growing list of stores in the red, the outlook for the real estate they occupy continues to be grim. While some retailers, like young-adult fashion chain Forever 21, plan to use bankruptcy filings

source https://therealdeal.com/2019/11/27/the-floundering-retail-market-is-about-to-get-even-worse-3/

Williamsburg whiz kids facing major markdown on $1B retail portfolio

The developer that brought the first Apple store to Brooklyn and bet big on the borough’s retail market is in for some humbling news. RedSky Capital’s partner on the $1 billion portfolio they share is about to write down the value of that real estate by as much as a third. The partner, Manhattan-based investment firm JZ Capital Partners, is bowing to the reality that prime Brooklyn retail rents have sunk and some RedSky projects

source https://therealdeal.com/2019/11/27/williamsburg-whiz-kids-facing-major-markdown-on-1b-retail-portfolio/

Christie’s agent accused in viral Instagram post of assaulting woman in Lyft

A Christie’s International Real Estate agent has been accused by a woman on social media of getting into a fight with her in a shared Lyft ride. On Instagram early Monday Jasmine Yvette accused a man — identified in the comments as Cristiano Moura — of “beating me up and biting me” and referring to her as “one of them uneducated ignorant black bitches.” A representative for Christie’s acknowledged the incident in an email. “One

source https://therealdeal.com/2019/11/26/christies-agent-accused-in-viral-instagram-post-of-assaulting-woman-in-lyft/

Another villa unit at 220 Central Park South sells for $47M

The villa portion of Vornado Realty Trust’s 220 Central Park South is now half sold out, as an anonymous buyer has closed on the unit below Sting’s penthouse for $46.5 million. The buyer entity, 220 CPS International LLC, is associated with two attorneys. The buyer’s attorney is named as Alejandro García-Villalpando of Akerman LLP, who has bar admissions in both New York and Mexico. Meanwhile, the sole manager of the LLC itself is Robert R.

source https://therealdeal.com/2019/11/26/another-villa-unit-at-220-central-park-south-sells-for-47m/

Evictions down in wake of New York rent law

Since the state legislature took a hacksaw to New York’s rent law in June, New York City has seen a precipitous decline in eviction proceedings. Evictions filed against tenants for nonpayment fell by more than 35,000, or 46 percent, following the law’s enactment in June, compared with the same period in 2018, the Wall Street Journal reported. Eviction cases not involving nonpayment of rent also declined, but only by 12 percent. New York City’s supervising

source https://therealdeal.com/2019/11/26/evictions-down-in-wake-of-new-york-rent-law/

Tenant harassment bill hits governor’s desk

Back in April — two months before overhauling New York’s rent stabilization law — the state legislature passed a bill that expands the definition of what is considered criminal tenant harassment. But in the seven months since, the governor hasn’t signed it. Now, with a little more than a month to go before the end of the year, the bill has landed on Gov. Andrew Cuomo’s desk. Under state law, he has until December 7

source https://therealdeal.com/2019/11/26/tenant-harassment-bill-hits-governors-desk/

Here’s how much Facebook is paying at Hudson Yards

Shortly after Facebook snapped up 1.5 million square feet across three Hudson Yards office buildings, the developers are cashing out with a massive new loan on one of the towers. A joint venture between Mitsui Fudosan America, Related Companies and Oxford Properties secured a $1.245 billion loan from Wells Fargo, Deutsche Bank and Morgan Stanley last week, using the 1.4 million-square-foot 55 Hudson Yards as collateral, according to a rating document published by Kroll Bond

source https://therealdeal.com/2019/11/26/heres-how-much-facebook-is-paying-at-hudson-yards/

NYC firms push deeper into ‘burbs in hunt for marketshare

UPDATED Nov. 22 3:20 p.m. As the ring around New York City attracts more and more buyers — many of them priced out of Manhattan and Brooklyn — Gotham’s residential brokerages have grown increasingly aggressive (and strategic) about moving into the burbs. The firms all have their own strategies for which tri-state areas to target and how to get a foothold. Some have doubled down on the Hamptons, where high-priced luxury deals are the golden

source https://therealdeal.com/2019/11/26/nyc-firms-push-deeper-into-burbs-in-hunt-for-marketshare/

Elizabeth Warren slams WeWork rescue package, investors scrutinize SoftBank’s bookkeeping

Every weekday, The Real Deal rounds up New York’s biggest real estate news. We update this page throughout the day, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com. This page was last updated at 9 a.m. Elizabeth Warren calls WeWork an “example of a rigged and corrupt system.” The democratic presidential candidate pointed to CEO Adam Neumann’s “$1.7 billion golden parachute” on Twitter Friday, which comes as the co-working firm plans to

source https://therealdeal.com/2019/11/26/elizabeth-warren-slams-wework-rescue-package-investors-scrutinize-softbanks-bookkeeping/

After WeWork’s spectacular fall, it’s crunch time for Katerra

Katerra CEO Michael Marks strolled onto the Las Vegas stage, his name and title projected onto a giant black screen. In a style that’s become a cliché among Silicon Valley startups, he was about to unveil the construction firm’s new products to an audience of more than 200 people. “We’ve been working hard, quietly behind the scenes for the last few years,” Marks said at the February event. “This is our coming-out party.” At the

source https://therealdeal.com/issues_articles/crunch-time-for-katerra/#new_tab

Love, hate, and real estate: Bloomberg’s record may polarize voters

Michael Bloomberg’s candidacy for president has an obvious appeal to the business community but not to the left-leaning voters expected to decide the Democratic primary for president. His record on real estate issues shows why. As mayor from 2002 through 2013, Bloomberg’s pro-development policies were credited by business interests for powering New York City’s comeback and denounced by critics for increasing homelessness and inequality. Even decisions that seemed moderate or progressive at the time no

source https://therealdeal.com/2019/11/26/love-hate-and-real-estate-bloombergs-record-may-polarize-voters/

SoftBank-backed Katerra co-founder leaves company’s board

One of Katerra’s co-founders and board members has quietly left the construction tech startup amid reports of layoffs and abandoned projects. Fritz Wolff, who also heads his family’s eponymous private equity firm, the Wolff Company, is no longer a board member but “maintains an advisory role as a co-founder of Katerra,” a company spokesperson confirmed on Monday. Wolff disappeared from Katerra’s website sometime in the past month. He could not immediately be reached for comment.

source https://therealdeal.com/2019/11/25/softbank-backed-katerra-co-founder-leaves-companys-board/

Coming soon: TRD’s 250th issue!

  The Real Deal will be celebrating its 250th issue this January! This special commemorative issue will include a look back at the first two decades of New York real estate in the new millennium, and some of The Real Deal’s most notable coverage. Don’t miss our stories on the billion-dollar dealmakers and the billion-dollar deals that have helped shape the city and its skyline. Our first issue of the new decade will also include

source https://therealdeal.com/2019/11/25/coming-soon-trds-250th-issue/

“People were nervous”: Co-working firm evicted from Midtown tower

WeWork isn’t the only co-working firm that’s struggling. Tenants of Corporate Suites, a firm that subleases office space in a half-dozen locations across Midtown, were evicted from their offices at 1001 Sixth Avenue on Friday morning. According to one business owner who was present, he and other Corporate Suites tenants were told by New York City Marshals to pack their belongings and exit the premises within 15 minutes. “People were nervous. It’s people’s livelihood, you

source https://therealdeal.com/2019/11/25/people-were-nervous-co-working-firm-evicted-from-midtown-tower/

SquareFoot hires former Savills president

Michael Colacino, the former president of Savills, has landed a gig at a proptech firm. The industry veteran, who spent more than two decades at Savills, will join online commercial brokerage SquareFoot, as president. SquareFoot, which launched in 2013, recently announced a $16 million Series B funding round, which Colacino participated in. The firm has raised $29 million in total, from investors including RRE Ventures, Rosecliff Ventures and Triangle Peak Partners. Jonathan Wasserstrum, SquareFoot’s CEO,

source https://therealdeal.com/2019/11/25/squarefoot-hires-former-savills-president/

Another $60M condo closes at 220 Central Park South

Another buyer has dropped almost $60 million on a 46th-floor unit at Vornado Realty Trust’s ultra-luxury development, 220 Central Park South. The purchaser was CPV46LLC, which has the address of a St. Petersburg, Fla. home owned by Frederick and Janine Arnold. The price tag was about $59.6 million for the condominium. A message left with the Arnolds was not immediately returned. The five-bedroom, two-bathroom pad, #46A, measures 6,591 square feet. The deal pencils out to

source https://therealdeal.com/2019/11/25/another-60m-condo-closes-at-220-central-park-south/

Criterion’s next self-storage site will be in Upper Manhattan

Shibber Khan’s Criterion Group is continuing its self-storage development, with plans now to bring a three-story warehouse to Upper Manhattan. The Queens-based company, through a limited liability company, pre-filed an application with the Department of Buildings for a self-storage facility at 2924 Eighth Avenue. The building will measure almost 110,000 square feet, according to the application. Khan did not immediately respond to a request for comment. The site of the new development, between West 154th

source https://therealdeal.com/2019/11/25/criterions-next-self-storage-site-will-be-in-upper-manhattan/

Local landlords pulling strings, but could end up in knots

On a weekly radio program in October, Jeff Hanley made an appeal to his suburban audience. “The changes to the rent laws affect landlords and managers of thousands of rent-stabilized units in Westchester, Rockland and Nassau counties,” said Hanley, associate executive director of the Building & Realty Institute. “We represent virtually every sector of the building, realty and construction sector on a 24/7 basis,” he added from his broadcast perch in Westchester, where the local

source https://therealdeal.com/2019/11/25/local-landlords-pulling-strings-but-could-end-up-in-knots/

Bloomberg v. Trump: Real estate edition

Despite their many differences, Donald Trump and Michael Bloomberg do have a few things in common. Both are billionaires, both may be vying for the same office now that Bloomberg is considering a presidential run, and both men have a penchant for luxury residential properties. The former New York City mayor and registered Democrat has built a townhome empire on Manhattan’s Upper East Side, while President Trump prefers the vertical life at his Trump Tower

source https://therealdeal.com/2019/11/08/bloomberg-v-trump-real-estate-edition/

Co-heads of Newmark’s debt team host holiday bash

The heads of Newmark Knight Frank’s debt team kicked off the holiday season early with a party in the Meatpacking District last week. Dustin Stolly and Jordan Roeschlaub hosted the bash at the newly reopened Pastis Thursday night, joined by some 400 guests. “Pastis is probably the hottest restaurant in the city right now,” said Stolly. “We’ve had a great year and we wanted to bring everyone together to celebrate.” Newmark heavyweights Barry Gosin and

source https://therealdeal.com/2019/11/25/co-heads-of-newmarks-debt-team-host-holiday-bash/

Qatar state fund drops $91M on property near UN

The Qatar Investment Authority is again a Big Apple buyer. It paid $91 million through an LLC for five commercial spaces at 809 First Avenue, also known as 809 United Nations Plaza, property records show. The building also serves as Qatar’s permanent mission to the U.N. The seller was the Institute of International Education. The deal comes a month after the sovereign wealth fund scooped up an iconic Manhattan hotel. A representative for the QIA

source https://therealdeal.com/2019/11/25/qatar-state-fund-drops-91m-on-property-near-un/

No more delays: SoftBank launching WeWork stock tender offer this week

For WeWork’s investors, better late than never. SoftBank’s $3 billion tender offer to WeWork is set to launch this week, following weeks of delays, according to Reuters. Masayoshi Son’s firm was expected to launch its offer earlier in November but delayed the move while it tried to make technical revisions to the offer documents. The $3 billion offer for WeWork shares includes up to $970 million for those owned by co-founder Adam Neumann. Last week,

source https://therealdeal.com/2019/11/25/no-more-delays-softbank-launching-wework-stock-tender-offer-this-week/

WeWork is getting its $3B tender offer, landlord wants Supreme Court to hear rent control concerns

Every weekday The Real Deal rounds up New York’s biggest real estate news. We update this page throughout the day starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com. This page was last updated at 9 a.m. SoftBank will move forward with its WeWork stock tender offer this week. The $3 billion offer includes up to $970 million that co-founder Adam Neumann owns. SoftBank was expected to launch the offer earlier this month,

source https://therealdeal.com/2019/11/25/wework-is-getting-its-3b-tender-offer-landlord-wants-supreme-court-to-hear-rent-control-concerns/

The bill that won’t die: Will commercial rent control finally pass?

For decades, city officials have periodically floated the idea of controlling commercial rents. Now, a new bill seeks to model such regulations after residential rent stabilization. City Council member Stephen Levin recently introduced the Commercial Rent Stabilization Act, which would create a board to determine annual rent increases for small retail spaces, along with certain offices and manufacturing sites. The legislation has already drawn the ire of the real estate industry and skepticism from City

source https://therealdeal.com/2019/11/25/the-bill-that-wont-die-will-commercial-rent-control-finally-pass/

Is NYC’s townhouse market in trouble?

As a percentage of the city’s housing stock, townhouses aren’t just small, they’re minuscule. But they’ve attracted outsized attention in recent months. Most notably, this summer, a 48-foot-wide limestone mansion on East 67th Street sold to hedge-fund mogul John Griffin for $77 million — the highest price ever paid for a residential townhouse in New York City.  While that blockbuster deal set a new benchmark, sources say it’s not reflective of what’s going on in

source https://therealdeal.com/issues_articles/trouble-in-the-townhouse-market/

Big sale sparks debate about how far multifamily market has plunged

Last week’s sale of a huge rent-stabilized portfolio at a steep discount has real estate insiders buzzing about how much multifamily property values have dropped since drastic changes to New York’s rent law in June. The 539-unit Kestenbaum family portfolio in Rego Park was unloaded for $129.5 million, or 38 percent less than its original listed price — and $60 million short of what sources said was offered a year ago. “The Rego Park Queens

source https://therealdeal.com/2019/11/25/big-sale-sparks-debate-about-how-far-multifamily-market-has-plunged/

Chris Kelly to leave Convene

Convene’s co-founder is leaving. Chris Kelly, who also serves as vice chairman, will resign from the flexible office provider by the end of the year, according to Commercial Observer. He will still advise the startup. Convene has raised $260 million since its founding in 2009. Its backers include RXR Realty, the Durst Organization and Brookfield Asset Management. Kelly announced the decision Friday at a company meeting. He said he had been thinking about stepping down

source https://therealdeal.com/2019/11/22/chris-kelly-to-leave-convene/

Chetrit nabs $200M refi for huge Jamaica project

The Chetrit Group has landed $200 million in construction refinancing for its planned multifamily redevelopment at Jamaica’s Mary Immaculate Hospital site, according to sources familiar with the deal. The funding comes from Square Mile Capital in a deal that was brokered by Henry Bodek of Galaxy Capital Group. The project will be a four-building, 324-unit complex at 150-13 89th Avenue in Queens. Bodek declined to comment on the deal. Square Mile Capital and Chetrit did

source https://therealdeal.com/2019/11/22/chetrit-nabs-200m-refi-for-huge-jamaica-project/

Gowanus trade biggest of six mid-market investment sales this week

Six mid-market investment sales in New York City were made public this week. The most notable was a nearly $30 million deal in Gowanus, with Avery Hall Investments buying 204 Fourth Avenue ahead of an anticipated neighborhood rezoning. Here are the details. Avery Hall Investments bought 204 Fourth Avenue in Gowanus from gas station chain Speedway for $29.75 million. Avery Hall is partnering with Gindi Capital at the site. They plan to build a 17-story

source https://therealdeal.com/2019/11/22/gowanus-trade-biggest-of-six-mid-market-investment-sales-this-week/

It’s bankruptcy time for Michael Lichtenstein LLC in Williamsburg

Michael Lichtenstein has filed for Chapter 11 bankruptcy at an apartment building in Williamsburg, but said he plans to withdraw the application shortly. Lichtenstein, the president of Heritage Equity Partners and a frequent partner of developer Toby Moskovits, filed the claim for 227 Grand Avenue through the entity MY2011 Grand LLC. He did so independently of his partnership with Moskovits and his role at Heritage Equity Partners, he said. The property has between $10 million

source https://therealdeal.com/2019/11/22/its-bankruptcy-time-for-michael-lichtenstein-llc-in-williamsburg/

Brooklyn and Queens condo inventory through September 2019

New development condo report Brooklyn • Inventory contracted as developers filed more units than were purchased • Developers filed 14 plans with 232 units • The state approved 11 plans with 77 units valued at $78 million • Buyers purchased 125 units valued at $132 million Queens • Inventory stayed flat as developers filed about as many units as were purchased • Developers filed one plan with 29 units • The state approved three plans

source https://therealdeal.com/2019/11/22/brooklyn-and-queens-condo-inventory-through-september-2019/

Simon Ziff and Bruce Mosler join lineup at Future City 2020

Simon Ziff of Ackman-Ziff and Bruce Mosler of Cushman & Wakefield are the latest additions to The Real Deal‘s Future City 2020 in the Bahamas. They will join REBNY president Jim Whelan, JDS’ Michael Stern, Gil Dezer of Dezer Development, Young Woo of Youngwoo & Associates and many more industry titans for the three-day event from February 23rd to 25th at the luxury Baha Mar resort. Future City is an exclusive retreat that gives 200

source https://therealdeal.com/2019/11/22/simon-ziff-and-bruce-mosler-join-lineup-at-future-city-2020/

Southampton home once owned by Mel Brooks and Anne Bancroft sells

A beach cottage in Southampton that Mel Brooks and his late wife Anne Bancroft owned for a short time has sold for $5 million, 27east reported. The couple bought the 2,304-square-foot home on Meadow Lane back in 2000 before selling that same year, according to the outlet. Its new owner wasn’t immediately identified. Douglas Elliman’s Michaela Keszler represented the seller, and Morley Agency’s Mary Quatroche brought the buyer. [27east]

source https://therealdeal.com/2019/11/22/southampton-home-once-owned-by-mel-brooks-and-anne-bancroft-sells/

New law schools real estate veterans

Teachers will once again be students, thanks to a new law governing real estate license renewals. The law, signed by Gov. Andrew Cuomo in late October, eliminates the ability for longtime license holders to be exempt from 22.5 hours of continuing education starting on July 1, 2021. Previously, any agent or broker licensed before July 2008 who continuously held their license for at least 15 years would be excused from taking continuing education classes. State

source https://therealdeal.com/2019/11/22/new-law-schools-real-estate-veterans/

Cosmetics heiress buys $47M Fifth Avenue home

The billionaire heiress to the Estée Lauder fortune, and a businesswoman in her own right, has scooped up a Fifth Avenue co-op for $47 million. Aerin Lauder bought apartment 10A and a storage unit at 960 Fifth Avenue, property records filed Friday show. The residence had been the longtime home of C. Douglas Dillon, a treasury secretary in the Kennedy administration. The Lenox Hill property hit the market for the first time in 70 years

source https://therealdeal.com/2019/11/22/cosmetics-heiress-buys-47m-fifth-avenue-home/

Brokers secretly conspire to launch a Hamptons-only MLS

Secret meetings are being held in the Hamptons. Brokers have quietly been drawing up plans to protect their market share in one of the priciest areas in the country. The discussions in these clandestine meetings revolve around the creation of a listings database, tentatively named after the group that’s forming to support it — the Hamptons Real Estate Association (HREA). The new portal would function as a listings service only for brokers in the Hamptons

source https://therealdeal.com/2019/11/22/brokers-secretly-conspire-to-launch-a-hamptons-only-mls/

Tis the season for TRD’s retail brokerage ranking

 Just in time for the holiday shopping season, The Real Deal is hard at work on our annual retail brokerage ranking, which is set to run in our December issue. We’re looking at the 15 firms in Manhattan and Brooklyn that have leased the most square footage in the past year. Retail is still hurting, with stores continuing to close and rents dropping. But in recent months there have been some more positive signs that

source https://therealdeal.com/2019/11/22/tis-the-season-for-trds-retail-brokerage-ranking/

SoftBank wants to reduce WeWork rescue package

SoftBank is looking to whittle down its WeWork rescue package. The $9.5 billion agreement has drawn ire from WeWork employees because of a generous payout to founder and former CEO Adam Neumann, according to Bloomberg. SoftBank has already provided a $1.5 billion investment to the struggling co-working giant, which abandoned IPO plans in September. But as The Real Deal reported last week, Masayoshi Son’s company has delayed a $3 billion tender offer to WeWork. The

source https://therealdeal.com/2019/11/22/softbank-wants-to-reduce-wework-rescue-package/

REBNY’s James Whelan talks strategy, these retailers are seeing strong sales

Every weekday The Real Deal rounds up New York’s biggest real estate news. We update this page throughout the day starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com. James Whelan had his first sit-down interview since taking the reins at REBNY. He says that the group has to do things differently going forward. The group hired Reggie Thomas to spearhead city, state and federal affairs, and will build a team around him.

source https://therealdeal.com/2019/11/22/rebnys-james-whelan-talks-strategy-these-retailers-are-seeing-strong-sales/

Why HFF has been muscling out some of JLL’s top producers

The mandate became clear soon after the $2 billion JLL and HFF merger was announced: Even though JLL was buying its competitor, HFF would be the one taking over the combined capital markets business. And executives at the firm being acquired did not want the other’s top teams sticking around for much longer, according to several people familiar with the matter. “[We] weren’t a ‘cultural fit’ is the term they used,” one former JLL employee

source https://therealdeal.com/2019/11/22/inside-the-shakeup-at-jll/

REBNY’s James Whelan: “We have to do things differently”

For nearly a decade James Whelan worked behind the scenes as the Real Estate Board of New York’s government strategist, carving out a reputation as a savvy operative who kept his name out of the media. But in July he took over as the face of the organization, succeeding John Banks as president. Before joining REBNY in 2010, Whelan was an executive at Muss Development and served as Deputy Mayor Dan Doctoroff’s chief of staff

source https://therealdeal.com/2019/11/22/rebnys-james-whelan-we-have-to-do-things-differently/

Ilhan Omar’s $1T housing plan aims to create 12M affordable units

Bernie Sanders has one. So does Alexandria Ocasio-Cortez. Now, Representative Ilhan Omar has added her own housing plan to the field of left-leaning elected officials who have proposed dramatic expansions of how government funds housing. The Minnesota Democrat is calling for $1 trillion to be invested into affordable housing and public housing across the country, which she says will create 12 million units over the next decade. The proposal, dubbed the “Homes for All Act,”

source https://therealdeal.com/2019/11/21/ilhan-omars-1t-housing-plan-aims-to-create-12m-affordable-units/

What’s next for the co-working business?

WeWork’s implosion could be the hard reset needed for L.A.’s co-working industry. “We didn’t really estimate the magnitude of what that fallout meant for Industrious and throughout the industry,” said Katherine Lau, senior director of real estate for flexible space firm Industrious. “What we see is a normalization of the growth rate of co-working. In many ways, WeWork propped up the real estate markets, drove up rents and drove down vacancy. We’ll see what the

source https://therealdeal.com/2019/11/21/whats-next-for-the-co-working-business/

Home of M&M’s Times Square store for sale, asking $200M

The home of the M&M’s store in the heart of Times Square is up for sale with an asking price of $200 million. Sherwood Equities put its 27,000-square-foot retail condo at the base of 1600 Broadway on the market, the Wall Street Journal reported. The property houses M&M’s World New York, owned by Mars Inc., which recently renewed the lease for a term of 15 years. The agreement comes with an annual 2.5 percent rent

source https://therealdeal.com/2019/11/21/home-of-mms-times-square-store-for-sale-asking-200m/

“Indentured landlord” in rent-reg lawsuit vents at politicians

One of the property owners highlighted in a federal lawsuit challenging the new rent law isn’t waiting for the lawyers to make his case. Bryan Liff, who was prevented by the legislation from evicting tenants from his newly purchased Manhattan building so his relatives could move in, has been hectoring at least seven elected officials by email about the law. In one message reviewed by The Real Deal, Liff asks several prominent legislators whether he

source https://therealdeal.com/2019/11/21/indentured-landlord-in-rent-reg-lawsuit-vents-at-politicians/

Moving out: Blackstone sells remaining stake in Invitation Homes

The Blackstone Group sold its last piece of Invitation Homes. The private equity giant sold nearly 11 percent of Invitation Homes’ shares for about $1.7 billion. In all, Blackstone made about $7 billion since the home rental business went public in 2017, according to the Wall Street Journal. Blackstone founded Invitation Homes after the financial crisis, scooping up suburban homes at the bottom of the market to rent to people who could no longer afford

source https://therealdeal.com/2019/11/21/moving-out-blackstone-sells-remaining-stake-in-invitation-homes/

Do not hide or delete documents, WeWork execs tell employees amid layoffs

As thousands of WeWork employees prepare to be laid off this week, the embattled company’s leadership has issued a warning to them: don’t leak information, and don’t delete anything. In an email sent Wednesday evening from co-CEOs Artie Minson and Sebastian Gunningham, employees were reminded that the company would take violations of its policy “seriously.” “It has come to our attention that some employees may be considering deleting materials from their WeWork computers, or forwarding

source https://therealdeal.com/2019/11/21/do-not-hide-or-delete-documents-wework-execs-tell-employees-amid-layoffs/

Here’s what the EB-5 rule changes mean for real estate

The EB-5 program’s new federal regulations take effect today, and will double the minimum dollar amount that all foreign visa-seekers must plow into development projects. The rules are designed to clamp down on abuse, to modernize the 30-year-old federal program and to keep up with inflation. EB-5 allows foreign investors get U.S. green cards in exchange for investing in American businesses and creating at least 10 jobs. While it was intended to spur development in

source https://therealdeal.com/2019/11/21/heres-what-the-eb-5-rule-changes-mean-for-real-estate/

Michael Shvo seeking $600M to refinance Coca-Cola Building

Two months after acquiring the Coca-Cola building, a partnership led by Michael Shvo is looking to refinance the nearly $1 billion property. Shvo and partners Turkish firm Biligili Holdings, Deutsche Finance Group and pension fund BVK, acquired the building at 711 Fifth Avenue in September for $937 million. The group is searching for between $500 million and $600 million in debt, people familiar with the matter told The Real Deal. That would partially replace a

source https://therealdeal.com/2019/11/21/michael-shvo-seeking-600m-to-refinance-coca-cola-building/

Rent-control fans protest think tank — in wrong location

Champions of the state’s new rent law declared war on billionaires at a protest Wednesday, while their target — leaders of the Manhattan Institute — were miles away. The pro-tenant groups intended to protest a Financial District panel on rent regulations organized by the free-market think tank, but went to its Midtown headquarters instead. A representative from the coalition said it was the “wrong address for the panel, but Manhattan Institute and Paul Singer are

source https://therealdeal.com/2019/11/21/rent-control-fans-protest-think-tank-in-wrong-location/

Here’s what Brookfield’s massive South Bronx project will look like

Brookfield has released renderings of its massive project on the South Bronx waterfront, dubbed “Bankside.” The $950 million development will span 4.3 acres and include more than 1,350 apartments, 30 percent of which will be affordable. It will feature a public waterfront park and promenade, along with 15,000 square feet of retail that will include space for Project Destined, a nonprofit focused on training people in financial literacy, health and leadership. Bankside will be located

source https://therealdeal.com/2019/11/21/heres-what-brookfields-massive-south-bronx-project-will-look-like/

The suburban S.A.L.T. shakeout

For Vicki Gaily — co-owner and marketing director of the northern New Jersey-based brokerage Brook Hollow Group — this year is shaping up to be far better than 2018. Gaily’s firm, which is affiliated with Christie’s International Real Estate, has closed 45 residential deals at an average price of nearly $2 million so far this year, she said. That’s up from 37 deals for all of last year. While many homebuyers had been holding back

source https://therealdeal.com/2019/11/21/the-suburban-s-a-l-t-shakeout/

Coming soon: The Real Deal’s 2020 Data Book

The Real Deal is preparing the 15th edition of its Data Book, the most comprehensive collection of information on the New York–area real estate market. Included in the 2020 Data Book will be a ranking of Manhattan’s top residential brokerages, Brooklyn’s most active developers, the city’s biggest real estate loans of the year and more! With data pulled, vetted and analyzed on all major aspects of the industry, the Data Book provides vital information for

source https://therealdeal.com/2019/11/21/coming-soon-the-real-deals-2020-data-book-2/

What Soho’s rezoning may look like, agents revolt against StreetEasy price hike

Every weekday The Real Deal rounds up New York’s biggest real estate news. We update this page throughout the day starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com. This page was last updated at 9 a.m. City lays groundwork for affordable housing in Soho and Noho. A much anticipated report released by the city’s Planning Department has recommended a rezoning of the ritzy neighborhoods to allow for more ground-floor retail and subsidized

source https://therealdeal.com/2019/11/21/what-sohos-rezoning-may-look-like-agents-revolt-against-streeteasy-price-hike/

Data Alert! Crunching the numbers on Manhattan condo inventory

New development condo report Manhattan • Inventory contracted as developers filed fewer units than were purchased • Developers filed four plans with a total of 41 units • The state approved one plan with 11 units valued at $30.5 million • Buyers purchased 112 units valued at $472 million Supply Demand  

source https://therealdeal.com/issues_articles/manhattan-condo-inventory-through-september-2019/#new_tab

The Closing: William Shanahan

William Shanahan is one of the most prolific commercial sales brokers in the country. As co-head of CBRE’s New York City capital markets group — a role he shares with business partner Darcy Stacom — he’s brokered deals for some of the most iconic properties in the Big Apple. In total, he said he’s sold more than $100 billion worth of real estate over the course of his nearly 40-year career. That’s included Harry Macklowe’s $2.9 billion

source https://therealdeal.com/issues_articles/the-closing-william-shanahan/#new_tab

Agents to StreetEasy: The fees are too damn high

After StreetEasy announced another fee hike, brokerages and agents are calling for an alternative platform. “Every time that something like this happens it makes our need to figure out an alternative solution more pressing,” said Warburg Realty’s Frederick Peters of the new $6 a day rental listing fee. The Zillow-owned listings portal on Tuesday announced that the fee would increase by $1.50, starting Jan. 1, 2020 — and that all agents would need manually enter

source https://therealdeal.com/2019/11/21/agents-to-streeteasy-the-fees-are-too-damn-high/

Large, low-key landlord snags UWS building for $100M+

One of the city’s “silent giant” landlords is starting to get busy. The Olnick Organization, which owns thousands of rental apartments and more than 1 million square feet of commercial space across the tri-state area, closed earlier this week on the purchase of a 125-unit multifamily building on the Upper West Side for more than $100 million, sources told The Real Deal. The family firm, which began in the 1940s, paid $106.4 million to buy

source https://therealdeal.com/2019/11/20/large-low-key-landlord-snags-uws-building-for-100m/

Japanese firm lands $84M financing for Midtown East buy

Shimizu Realty Development has entered the New York market, scooping up the United Nations-leased Albano building in Midtown East for $152 million, the firm announced. The buyer, a subsidiary of Tokyo-based construction giant Shimizu Corporation, also landed an $84 million loan from Sumitomo Mitsui Banking Corporation for the acquisition of the office building, records show. In a press release, Shimizu said the deal represents the firm’s plans to expand its real estate development business in

source https://therealdeal.com/2019/11/20/japanese-firm-lands-84m-financing-for-midtown-east-buy/

Keller Williams NYC is on the sale block

Keller Williams NYC, whose cash-strapped Midtown office has churned through multiple leaders amid an exodus of agents, is on the sale block. Despite recent efforts to cut costs and right-size the firm, owners Ilan Bracha and Haim Binstock are nearing a deal to sell the franchise to Richard Amato, who owns several other Keller Williams offices in Nassau County, multiple sources with firsthand knowledge of the situation told The Real Deal. Bracha and Binstock launched

source https://therealdeal.com/2019/11/20/keller-williams-nyc-is-on-the-sale-block/

Michael Shah’s ex arrested for assault, but DA holding off

Developer Michael Shah’s ex-girlfriend Bhavana Chamoli was arrested Wednesday on charges of assault and criminal mischief, but Manhattan District Attorney Cy Vance’s office has no plans at this time to prosecute her, authorities said. Shah had filed a police complaint against Chamoli early this month, accusing her of slapping him in the face and stomping on his left foot in July while wearing stiletto heels. He had been arrested in September when she called the

source https://therealdeal.com/2019/11/20/michael-shahs-ex-arrested-for-assault-but-da-holding-off/

Fairway-anchored Bergen Beach shopping center sells for $85M

A real estate investment trust has purchased a Fairway Market-anchored shopping center in southeast Brooklyn for $85 million. Federal Realty Investment Trust bought a trio of lots on Ralph Avenue in Bergen Beach that comprise the 147,000-square-foot Georgetowne Shopping Center, according to property records and the company. In addition to Fairway, the complex includes the discount store Five Below, Starbucks, Chipotle and others. The seller was an LLC tied to Sholom and Zuckerbrot Realty. The

source https://therealdeal.com/2019/11/20/fairway-anchored-bergen-beach-shopping-center-sells-for-85m/

TRD’s fall tri-state issue is live to subscribers!

Welcome to the fall edition of The Real Deal‘s Tri-state magazine! Here’s an overview of a few of the highlights in the issue, which subscribers now have access to:  — Our cover story, the Great Salt Shakeout, which looks at how the tri-state area’s home sales have been impacted since the Trump tax overhaul capped state and local tax deductions. — Staffer Georgia Kromrei takes us inside the lobbying efforts of a Westchester trade group

source https://therealdeal.com/tristate/issues_articles/editors-note-buyers-under-assault/#new_tab

Small Talk: Our foolproof plan to get SoftBank’s investments back on track

SoftBank Group CEO Masayoshi Son has recently admitted that he made several big mistakes when investing in U.S. tech companies, especially with (surprise!) WeSomehowStillExistWork. It turns out that telling the eccentric leader of a new company he is not being crazy enough can occasionally end up not being the best advice. As Son looks to restore the reputation of himself and his company, The Real Deal is here to help with some recommendations for investments

source https://therealdeal.com/2019/11/20/small-talk-our-foolproof-plan-to-get-softbanks-investments-back-on-track/