The Gay Men’s Health Crisis, which headed to the Far West Side seven years ago to flee rising rents in Chelsea, is once again on the move. The country’s largest nonprofit care provider for those with HIV/AIDS is relocating its offices from the Far West Side to the Garment District, where it signed a 30-year lease for 112,000 square feet at George Comfort & Sons’ 307 West 38th Street, a representative for GMHC confirmed to […]
Gay Men’s Health Crisis inks 112K sf deal in the Garment District
↧
↧
Manhattan apartment sales prices shot up in December
According to this week’s market reports, the average sales price of Manhattan apartments rose 15 percent in December, and U.S. investment in data centers reached a record $20 billion in 2017. Residential Rentals | MNS Average rents in Manhattan stayed flat in January, dropping by just 0.54 percent to $3,894. The slight decline mimicked the price movement in Brooklyn and Queens. During the month, Brooklyn rents rose by 0.07 percent to $2,717 while Queens registered […]
↧
Lack of big deals leads to slow year in Northern Manhattan
A dearth of large deals in Northern Manhattan was one of the most significant factors behind a slow year for the submarket, according to a new report from Ariel Property Advisors. The section of Manhattan above East 96th and West 110th Streets saw just two multifamily transactions in 2017 that were at or above $95 million, while the rest of the market was entirely comprised of deals below $50 million. In 2016, by contrast, there […]
↧
Have a tip? Send it to The Real Deal
Want to share an important piece of information with The Real Deal? Just send us a message to tips@therealdeal.com. Remember, all tips sent our way will remain anonymous. Please refrain from sending press releases, pitches, comments, etc. For all other inquiries, please send correspondence to news@therealdeal.com.
↧
Day in the life of: Adam Mahfouda
From the February issue: Adam Mahfouda founded Oxford Property Group with his former Gamut Realty boss, Greg Harden, in 2010. Oxford merged with Titan Real Estate Group last May, making it one of the largest brokerages in the city, with around 450 agents. The firm typically has more than 300 active exclusive listings each month, Mahfouda said, and it closed about $87.1 million in Manhattan and Brooklyn residential sales last year. The brokerage, which is headquartered […]
↧
↧
Investor buys 108-unit Far Rockaway building for $22M
Staten Island-based investor Vincent Ragosta has purchased a multifamily building with 108 units in Far Rockaway for $22 million, just a few months after selling two of his properties in Jamaica, according to sources familiar with the deal. The six-story building is located at 22-11 New Haven Avenue, near Beach 22nd Street, and includes 108 apartments and 21 parking spots. It spans about 96,000 square feet overall and was sold by real estate investor Irving […]
↧
Normandy and Keystone lock in purchase, construction loan at LIC site
Normandy Real Estate Partners and Jonathan Zamir’s Keystone Equities scored $81 million in acquisition and construction financing for their long-awaited office conversion of a Long Island City warehouse, sources told The Real Deal. After 17 months in contract, the developers finally closed on the $39.1 million purchase of a low-rise industrial building at 25-11 49th Avenue, sources said. At the same time, they secured a mortgage from Deutsche Bank, allowing them to break ground right […]
↧
Westchester & Fairfield Cheat Sheet: Plans for regional MLS unveiled, CT legislators propose competitive bidding bill for casino development … & more
Westchester and Long Island brokers to partner on regional listing service The Hudson Gateway Association of Realtors and the Long Island Board of Realtors are exploring a partnership in a metro area multiple listings service. Although sources say the talks are preliminary, the two groups, which have a combined 36,000 agents, say they plan to combine their listing systems and hope to eventually cover the entire New York area, including New York City. The Long […]
↧
ABS signs $175M ground lease in the Bronx
ABS Real Estate Partners is long the Bronx. The company signed a 99-year ground lease for two commercial properties in Marble Hill at 5500 Broadway and 2900 Exterior Street, Commercial Observer reported. At the latter address, ABS plans 15,000 square feet of co-working space. The total square footage of the two buildings is 150,000 square feet. The agreement requires ABS to pay a total of $175 million over the life of of the lease. The […]
↧
↧
Madison Realty Capital moves to foreclose on Grace Kelly mansion
She captured the hearts of John F. Kennedy and the Prince of Monaco. And now, Madison Realty Capital could capture her home. The townhouse mansion formerly belonging to the late Hollywood actress Grace Kelly could soon be changing hands, after Madison filed a lawsuit on Wednesday to foreclose on the Upper East Side property currently owned by Anthony and Simone Ender. The Enders last put the building at 51-53 East 73rd Street up for sale […]
↧
When a suitor calls: The calculus behind Brookfield’s Forest City play
In April, an activist investor called on Forest City Realty Trust to consider settling down with a new owner. A few months later, a major suitor came knocking: Brookfield Asset Management, a Toronto-based private equity firm overseeing $265 billion in assets. News of deal talks came in the wake of other major changes at Forest City. MaryAnne Gilmartin, the face of the real estate investment trust’s New York City operations, stepped down as CEO to […]
↧
Google is in elite company with its Chelsea Market megadeal. Here’s a breakdown of the pricing
New York City’s elite $2 billion club of trophy office buildings is gaining a new entrant. The property’s buyer, however, has been just outside the club door for some time. Google’s massive pending purchase of the Chelsea Market building at 75 Ninth Avenue would make the property the fifth in the history of Manhattan to cross the $2 billion threshold in an outright sale. The Real Deal first reported Tuesday that the deal was in […]
↧
Can Realogy’s CEO jump-start its stalled revenue growth?
From the February issue: In 1996, when Richard Smith took the helm of Realogy, the housing bubble was in its infancy; there was no such thing as Zillow; and the concept of a startup brokerage with unicorn status was both inconceivable and 17 years off. Having weathered all of the above — and then some — the veteran chief executive passed the baton on Jan. 1 to Ryan Schneider, a banking executive who’s vowed to accelerate […]
↧
↧
Rental concessions in Manhattan hit highest level in nearly 8 years
Rents may be rising at luxury residential projects in Manhattan, but it’s not necessarily because the high-end market is strong. A new report by Douglas Elliman shows that the median monthly rental price for luxury apartments in the borough rose 5.3 percent year-over-year to $8,000 in January. Meanwhile, median rental rates for entry-level apartments fell 4.1 percent from the same time last year to $2,200. The median rent for new development jumped 8 percent to […]
↧
New Hamptons classic: StreetEasy replaces HREO with Out East
A year after acquiring the Hamptons’ go-to site for residential listings, StreetEasy is sunsetting Hamptons Real Estate Online. Starting today, visitors to HREO — a relic of the dial-up era — will be automatically redirected to Out East, a glossy new website tricked out with photos and hyper-local search filters. “The first iteration of this site was paying people to drive around and pick up photos from agents,” said Matt Daimler, Out East’s general manager […]
↧
Concessions hit record highs once again in Brooklyn and Queens
The rental markets in Brooklyn and Queens kicked off 2018 by once again setting new records for the amount of deals that include concessions, according to a report from Douglas Elliman. In Brooklyn, the amount of new rental transactions with concessions or where the owner paid the broker commission was at 47.5 percent for January, a massive increase from 18.1 percent a year ago, while in Queens, it hit 50.8 percent, up from 38.5 percent […]
↧
New York tech workers stung by expensive housing market
New York City tech workers are making more money than they did last year, but they’re still being stretched thin by a sky-high housing market. In a new report by Hired, a tech-employment marketplace, local tech workers get the least bang for their buck compared to counterparts in cities like Los Angeles, San Francisco and Austin. “New York salaries have gone up,” Mehul Patel, CEO of Hired, told Crain’s. “But New York is not keeping […]
↧
↧
Great American Songbook archivist sells UES townhouse for $15M
You must take the A Train To go to Sugar Hill way up in Harlem But if you have this kind of money You probably won’t Michael Feinstein, archivist of the Great American Songbook, sold his Upper East Side townhouse for $15.2 million. He and husband Terrence Flannery enlisted Douglas Elliman for the sale and originally asked $15.9 million, according to the New York Post. The 16-room home at 143 East 63rd Street, just off […]
↧
Grocer with mob ties wants $4M in tax breaks for Williasmburg condo project
The owners of a Brooklyn supermarket with close ties to the Gambino crime family are looking for $4 million in tax breaks to build a new condominium and grocery store. Tapps Supermarkets currently runs a Key Food at 575 Grand Street in Williamsburg, where it has applied for tax exemptions to build a six-story mixed-use building, the New York Daily News reported. Tapps, which described itself as a “family-owned” operation, has been owned by Pasquale […]
↧
HNA’s 245 Park Avenue is officially for sale
HNA Group will put $4 billion in U.S. properties on the market, including 245 Park Avenue, the Manhattan office tower it paid $2.2 billion for just last year. The Chinese conglomerate is looking to address its mounting debt by liquidating the holdings, Bloomberg reported. HNA has begun relying on investments from employees to meet its obligations. Other buildings HNA is putting on the block include the Cassa Hotel and 850 Third Avenue in Manhattan and […]
↧
More Pages to Explore .....
