From the February issue: Lavish parties, VIP tickets to sporting events, golf outings and occasional nights out at “gentlemen’s clubs” have defined New York’s title insurance industry for years. But the industry may soon be turned on its head. That’s because new state regulations — which were supposed to go into effect in mid-December, but were delayed until Feb. 1 — would ban all title insurance companies from paying for clients’ meals, beverages and entertainment. (A […]
By the numbers: The title insurance reckoning
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These were the top Manhattan real estate loans in January
Real estate financing activity bounced back from a holiday lull in December, with $2.4 billion in deals across the 10 largest loans recorded in Manhattan in January. Refinancings still account for the bulk of total, but five of the loans last month involved in-progress construction projects. See the full list below: 1) For you, for life – $382 million In the largest debt deal last month, Mount Sinai hospital landed $382 million in bond financing […]
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Slate buying LIC dev site for new 200-unit rental project
After scrapping plans in Long Island City once before, Slate Property Group is again attempting a project in the development hotbed, albeit in a quieter pocket of the Queens neighborhood. The developer is in contract to acquire a development site at 37-11 30th Street with 200,000 buildable square feet, with plans for a roughly 200-unit rental, sources told The Real Deal. The industrial-and-retail site, which runs along 37th Avenue between 30th and 31st streets, houses […]
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Is there a solution to retail’s struggles?
From the February issue: New York City retail has seen better days, and lately there’s a lot of talk about what can be done to help it. The City Council approved a bill in late 2017 to exempt some 2,000 businesses below 96th Street in Manhattan from the commercial rent tax, which forced them to pay a 3.9 percent surcharge on base rents above $250,000. The measure is expected to save those businesses at least $10,000 […]
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These are some of the biggest commercial projects coming down the pipeline in NYC
In 2018 alone, 15 million square feet of office space is expected to come online in Manhattan, with another 2 million square feet coming down the pipeline in Brooklyn and Queens. It marks the fifth consecutive year for the city’s construction boom, which is expected hit a record $52.5 billion in spending, according to the New York Building Congress. In light of this potential record-breaking year, The Real Deal took a look at some […]
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These were the top outer borough real estate loans in January
Where have you gone, Brooklyn? Although the booming borough usually dominates The Real Deal’s list of top 10 outer borough loans, in January, it was nowhere in the top five, with the Bronx and Queens taking all of those spots instead. A more than $300 million loan for the massive South Bronx project at La Central took the top spot on the list, followed by a $300 million loan for the 5Pointz project in Queens. […]
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Elevators of the future: Companies race to create go-to technology for supertalls
As supertalls continue to sprout up in the city’s skyline, elevator companies are racing to come up with the future of vertical transportation. In the next two years, developers are expected to build 187 towers across the globe that will each rise at least 820 feet high, Bloomberg reported. That fast pace has major companies — Thyssenkrupp, Kone, Otis Elevator, Schindler Group and Mitsubishi Electric Corp., together considered the “Big Five” — scrambling to dream […]
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We ranked the top Manhattan residential brokerages by dollar volume of listings
On Jan. 2, The Real Deal took a one-day snapshot of thousands of active listings on On-Line Residential to determine which New York City brokerages had the greatest dollar volume of for-sale properties on the market. We then shared that information with the firms, most of which sent us deals to help fill in our findings. The goal was to get a window in the battleground for listings, the gateway drug to the Holy Grail: […]
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If you can’t beat ’em: Barry Sternlicht invests in Airbnb-like short-term rental company
A venture capital group, including hotelier Barry Sternlicht, invested in a San Francisco-based company that works with developers who set aside blocks of apartments for short-term rentals. The group, which also included Fifth Wall Ventures and New Enterprise Associates, made a $15.5 million Series A equity investment in AJJK Inc., the Wall Street Journal reported. The company, which is soon to be renamed Lyric, is seeking to create an upscale short-term rental brand akin to […]
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Here are the week’s top luxury sales
Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales.
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Mexican real estate investors focus on SoFla amid heated presidential race
In the last two months, Diego Arnaud of Aventura-based DA Luxury Realty has spotted a noticeable increase in sales activity among his clients from Mexico, who account for nearly all of his business. Several have just purchased multimillion-dollar units at the Ritz-Carlton Residences in Sunny Isles Beach and at Prive at Island Estates in Aventura, the broker-owner said. And one Mexican investor is under contract to acquire three Walgreens-leased properties for nearly $20 million. The […]
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Hermès to open Soho store
Luxury retailer Hermès is close to signing a lease for a 4,800-square-foot Soho store. The French luxury accessories company is close to inking a deal at Thor Equities and Premier Equities’ 63 Greene Street, Women’s Wear Daily reported. Hermès will reportedly lease the space initially for one year, as tenants still wary of high retail rents have shown a preference for doing shorter-term deals. Gucci, for example, signed a two-year lease last year for 10,700 […]
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Company partnering with Todd English claims Kushner lied about food hall space
The company partnering with Todd English to create a food hall in the New York Times building is suing Kushner Companies, accusing the landlord of relying on “alternative facts” to renege on promises made about the space. OHM Concession Group alleges that despite Kushner representatives repeatedly describing frontage and space on 44th Street — dubbed “the Bridge” — as part of its 11,970-square-foot lease at 229 West 43rd Street, the landlord changed its tune and […]
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Manhattan apartments haven’t been a great investment over the last decade
If you bought a Manhattan apartment in 2008, chances are it was a poor investment. New data from Douglas Elliman show the median price of a Manhattan apartment was $1.14 million last year, up 20 percent from $955,000 in 2008. But that investment had an annualized return of 1.8 percent (excluding closing costs, taxes, maintenance and mortgage interest). Factor in those costs, and the investment is actually a loss, Crain’s reported. For starters, most buyers finance […]
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Tribeca site primed for mixed-use tower hits the market
A development site with approved plans for a 45-story condominium-and-hotel tower overlooking City Hall Park is hitting the market. The Roe Corporation is looking to sell the 131,000-square-foot development site it stitched together at 267 Broadway in Tribeca, the property’s listing broker told The Real Deal. Geoffrey Newman of Newmark Knight Frank said the site doesn’t have an asking price. But HAP Investments recently closed on the purchase of a condo development site six blocks […]
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Olympic gold medalist Lindsey Vonn sells Beverly Grove home
It’s all downhill from here. As Olympic skier Lindsey Vonn prepares to go for another gold, flying down the slopes in Pyeongchang, South Korea, her agent has been busy moving her Beverly Grove home. The four-bedroom abode features geometric modern stylings inside and out, a custom Miton kitchen, floor-to-ceiling windows and a fireplace in the living room. The backyard includes a zero-edge swimming pool and a 400-square-foot front terrace includes a fire pit. Vonn purchased […]
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Jailed landlord’s tenants still have no cooking gas
In 2016, Bronx landlord Arthur Gibbons went to jail for failing to address hundreds of city violations at 156 East 178th Street. The city placed the property under its Alternative Enforcement Program, but conditions haven’t improved, tenants say. In fact, they haven’t even had cooking gas for 11 months, Crain’s reported. The tenants plan to hold a rally tomorrow to apply pressure to the city’s Housing Preservation and Development agency to make the necessary repairs […]
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MaryAnne Gilmartin: “I consider it to be my moment.”
From the February issue: The funniest and most insightful comments on real estate.
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Hamptons Cheat Sheet: Legal battle over local listings heats up, Sag Harbor assemblyman proposes tax to fund loans for first-time homebuyers … & more
Legal battle between Saunders & Associates and Meg Salem heats up in court Star broker Meg Salem is accused of stealing thousands of active and non-active listings by her former employer Saunders & Associates when she left for startup brokerage Compass in late 2015, but last week in U.S. District Court in Islip Salem’s defense lawyer argued that Saunders was using the alleged data breaches as a “golden opportunity” in its fight against Compass. Saunders […]
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