A happy and healthy workplace is a productive workplace, according to engineers, architects and scientists who are using academic research to build better office spaces. Planners are using what’s called “evidence-based design” to help mitigate environmental factors that lead to a loss in productivity, but the research is still preliminary, the Wall Street Journal reported. Combining sensors with workers’ self-reported levels of productivity and satisfaction — not dissimilar to what how scientists are studying the […]
Office builders are thinking about Mars when they design new projects
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Extell increases One Manhattan Square loan to $750M
Gary Barnett’s Extell Development pulled off an additional $50 million in construction financing for its 80-story condominium project One Manhattan Square, which brings the total to the loan’s upper limit of $750 million, the firm reported Sunday on the Tel Aviv Stock Exchange. Extell closed on an initial $500 million in financing with a consortium of lenders including Deutsche Bank and Natixis in September 2016, with an option to extend up to $250 million within […]
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Highgate buying Gansevoort Park Avenue for nearly $200M: sources
The Khimji family-controlled Highgate is in contract to buy the Gansevoort Park Avenue NYC in NoMad for almost $200 million, or close to $800,000 per key, sources told The Real Deal.
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REBNY changes “predatory” Hackathon terms after Twitter backlash
At first sight, the Real Estate Board of New York’s upcoming Hackathon looked like a great deal. Participants could spend three days mingling with other coders, build real estate tech software together and “compete for a total of $75,000 in cash and prizes.” But buried in the event’s terms and conditions was a big catch: any software created during the event would belong to REBNY, without compensation. After a public backlash, the industry group on […]
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LA briefs: Trump adviser lists Malibu digs, Blackstone in Burbank & more
From the October issue: Martin family shops stake in massive West L.A. development When the Martin family first proposed a public-transit-oriented megaproject on the site of its West L.A. Cadillac dealership, some thought it ironic. Were the purveyors of Escalades really embracing walkability? Recent marketing materials from Eastdil Secured show the Martins are serious about the project, and they’re looking for someone to ride shotgun. The family is seeking a co-developer or partner to buy a […]
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WeWork kicking out Chelsea tenants to expand headquarters
WeWork is giving roughly 500 tenants at its Chelsea locations the boot to make way for a bigger corporate headquarters. The co-working giant has announced that it will no longer accommodate hundreds of tenants at 115 West 18th Street, Crain’s reported. The co-working facility, which spans 80,000 square feet, will be converted into more space for WeWork’s office in the building. “For most of 2017, WeWork HQ employees have been operating across multiple locations in […]
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Foreign owners don’t give a buck about concession packages
“When in Rome” appears to have gotten lost in translation when it comes to Manhattan’s office market. Foreign owners are ignoring the custom set by Manhattan’s real estate families, real estate investment trusts and private equity owners of offering pricey incentive packages to lure tenants, according to a new report from Colliers International. “Foreign owners oftentimes have a longer term perspective on their investment with less pressure to maintain starting rents at a certain level,” […]
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Corcoran Sunshine takes over from Stribling at 45 Park Place
With construction well underway at 45 Park Place, Soho Properties has brought in Corcoran Sunshine Marketing Group to jump-start sales at the 50-unit condominium. Developer Sharif El-Gamal has tapped Corocran’s Vickey Barron to lead the marketing effort, replacing a team from Stribling & Associates, which had been working on the project since mid-2014. “This is essentially the launch of the project and the launch of sales,” said El-Gamal, citing Barron’s track record of “record-breaking transactions,” […]
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Paulson, others could lose millions in Puerto Rico real estate bets
Deep-pocketed investors like Paulson & Company, Lone Star Funds and the Blackstone Group pumped hundreds of millions of dollars into Puerto Rico real estate in recent years. In hindsight, that doesn’t look like such a great idea. The island’s economy is in tatters in the wake of Hurricane Maria. Storm damages could add up to $95 billion, according to one estimate. “We sustained a lot of damage, and we’re facing very significant losses,” Brian Tenenbaum […]
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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, an Upper East Side townhouse near the Metropolitan Museum of Art sold for $10.7 million, and Hubb NYC Properties bought two East Village rental properties for $12 million. 1.) Victor Sigoura’s Legion Investment Group bought a string of apartment buildings in Greenpoint for $11.4 million from Isaac Jungreis. The three seven-unit apartment buildings at 282-284 Nassau Avenue span a combined 25,149 square feet. […]
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Christie’s upcoming NYC brokerage has generated virtually no buzz. Here’s why the auction house is just fine with that
Mum’s the word on how Christie’s is faring in its descent into the city’s real estate scene, industry vets say.
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Solow’s last stand? The billionaire is pursuing three legacy-cementing projects
From the October issue: For someone who’s filed hundreds of lawsuits throughout his career, evicting a begrudging retail tenant might seem trivial. But this could be Sheldon Solow’s last stand — his final court battle. And, this time, a crucial piece of his legacy as a New York City developer is at stake. The 89-year-old is trying to kick out Metropolitan Fine Arts and Antiques, which occupies the ground floor of Solow’s 10 West 57th […]
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Where are all the South Bronx resi brokerages?
The South Bronx has been talked up as NY’s next hot real estate market, but this hype has yet to translate into residential brokerages actually setting up shop.
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ESPN to open South Street Seaport studio
On Monday night, South Street Seaport’s Pier 17 mysteriously glowed in red. The explanation came a little later: sports network ESPN, whose color is red, inked a 19,000-square-foot office lease at the Howard Hughes Corp.’s development. ESPN will operate three recording studios — two television and one radio — on the third floor, the New York Post reported. The Disney-owned network has Manhattan offices but its shows broadcast from a Hartford suburb. Pier 17 includes […]
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Ethnic tensions flare up over Rabsky’s plans for the Pfizer site
UPDATED, Oct. 10, 10:22 a.m.: The dispute over the Rabsky Group’s Pfizer development site in Williamsburg is turning into an ethnic conflict, pitting Hispanic and African-American residents against their Hasidic Jewish neighbors. “There will be a contingent that will be against this project and they will exclusively be people of color,” said council member Antonio Reynoso, who represents a district neighboring the project. Hispanic residents of Williamsburg’s Broadway triangle worry that Rabsky will market the […]
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Paydirt: How Rupert Murdoch plans to trample Zillow
The industry news you need to start your week, and what’s ahead.
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Hallelujah! Churches are stepping up to fill vacant retail space
Have you heard the one about the priest who walks into a vacant shopping center? As retail’s struggles continue across the country, landlords have started to expand the types of tenants they look at to fill vacancies, and churches are now getting more consideration, according to the Wall Street Journal. Shopping center owners generally considered religious institutions to be weak tenants, as they are usually not open all week, do not draw a ton of […]
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The Real Deal’s Westchester and Fairfield Weekly Roundup features a mix of market analysis, updates on the region’s biggest development projects, news on the priciest sales and listings and much more. It’s the easiest way to stay on top of what’s happening in New York City’s backyard. Join more than 15,000 residential and commercial brokers, developers, lenders, general contractors, architects and other industry professionals by subscribing to the Thursday newsletter here. Email Advertising@TheRealDeal.com to learn […]
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Metro Loft Management completes $315M refi at FiDi conversion
Nathan Berman’s Metro Loft Management refinanced its rental conversion at 180 Water Street with a $315 million loan package, records filed with the city Tuesday show. Deutsche Bank provided a new $135 million loan and consolidated it with the previous debt on the 24-story property. Berman did not immediately respond to a request for comment. In 2015, Metro Loft, which had taken a 10 percent stake in 180 Water Street, converted the office tower to […]
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Developers and lenders, TRData knows which NYC projects may be in trouble
Developing a project in New York City is as much about opportunity as it is location, location, location. For every skyscraper in the skyline there are countless tales of developers who tried and failed to build their own. Changing markets and poorly forecast construction costs lead to many developers being unable to finish a project that seemed foolproof when they filed plans with the Department of Buildings years ago. Knowing when to approach a developer […]
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