HFZ Capital revealed a new rendering of its Chelsea megaproject, the Eleventh, in a new teaser website that went live Wednesday. The rendering depicts the block-long project at 76 Eleventh Avenue, which will have two asymmetrical bronze-and-travertine towers connected by a skybridge. Designed by Danish architect Bjarke Ingels, the 950,000-square-foot development will have 236 units combined and 90,000 square feet of retail. The east tower will have 87 units plus a 137-key Six Senses Hotels […]
HFZ reveals rendering, teaser for Chelsea megaproject
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The online condo deposit is finally here
A Canadian tech company wants to make buying a condominium as easy as pressing a button. And if it’s successful, pricey sales centers might become a thing of the past. BuzzBuzzHome, an online property marketplace, launched a so-called “Buy Now” button on its website. Prospective buyers can click on it, sign a sales agreement and put down a $3,000 deposit — all online. The Toronto-based firm is testing the product with a condo development in […]
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Trump’s steel and aluminum tariffs would hit 4 states hardest: report
President Donald Trump is expected to sign his controversial steel and aluminum tariffs plan today, a move that could slam businesses in a handful of states the hardest, including California, New York and Florida. Experts say the tariffs could start a trade war, raise prices and lead to a drop in new construction. Businesses in 10 states would pay around two-thirds of the $9 billion that the right-leaning Tax Foundation estimates the tariffs will raise, […]
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A look at real estate’s gender divide on International Women’s Day
From the archives: If ever there was a time to talk about sex and gender issues in New York City real estate, it’s now. The topics were thrust onto the national stage in October when news broke that Hollywood boss Harvey Weinstein had allegedly sexually harassed and abused dozens of women for decades, using his power in the industry to threaten their careers if they didn’t comply with his demands. The sordid details of his […]
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VC investor shells out for $35M penthouse at 152 Elizabeth
Silicon Valley bigwig Matt Cohler is the buyer of a $35 million penthouse at 152 Elizabeth Street in Nolita — the boutique condominium designed by Pritzker Prize winner Tadao Ando. The duplex — which was asking $35 million — went into contract in November without ever hitting the market, the Wall Street Journal reported. Cohler, a partner at Benchmark Capital and an early investor in Facebook, sold a penthouse at 10 Bond Street for $13.75 […]
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Kushner brothers’ Cadre plans to launch mortgage business
Cadre, the real estate investment platform co-founded by Jared Kushner, is working on launching a mortgage lending business. The company could issue its first loan as early as this year, according to CEO Ryan Williams. Cadre runs what is basically an online real estate syndication platform: it buys equity stakes in commercial properties, keeps a small portion on its books and offers the rest in small slices to investors through its online platform. “There’s a […]
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The Real Deal wins two SABEW awards
The Real Deal won two Best in Business Awards from the Society of American Business Editors and Writers, the organization announced Thursday. TRD received the general excellence award for an industry publication for series of stories published last year. These included Konrad Putzier’s investigation into an alleged co-working Ponzi scheme involving BarWorks, Putzier’s story revealing that George Soros was the secret financier behind a Kushner-backed real estate finance startup, as well as his and Mark […]
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Big dev site along Williamsburg waterfront hitting the market
A large development site along the North Williamsburg waterfront could soon sprout Brooklyn’s latest megaproject. The family behind an office-equipment empire is looking to sell a site spanning nearly one full city block and a parcel just across the street. Ko-Rec-Type, which manufactures carbon paper and typewriter ribbons, owns six parcels bordered by North 9th and 10th streets and Kent and Wythe avenues, as well as a nearby site at 96 North 10th Street. For […]
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New HUD mission statement removes the words, “free from discrimination”: report
The updated mission statement for the Department of Housing and Urban Development appears to remove language that promises the federal agency will provide housing “free from discrimination.” A March 5 internal department memo stated the agency’s mission statement was being updated “in an effort to align HUD’s mission with [Secretary Ben Carson’s] priorities and that of the [Trump] Administration.” The Huffington Post first reported the story. Assistant Secretary for Public Affairs Amy Thompson circulated the […]
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Next month: TRD’s 15th-anniversary issue!
The Real Deal will be celebrating its 15th anniversary this April! This special commemorative issue will include a ranking of the city’s top office leasing a firms, a profile on Japanese technology group SoftBank and more. This can’t miss issue which will be available in just a few short weeks. There are still key advertising opportunities available, so please contact Advertising@TheRealDeal.com or by calling 212-260-1332. Ad space is closing soon!
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Experts dig into LA’s housing shortage, millennials and the “LAIR” at The Real Deal’s Westside forum
It’s no secret that Los Angeles has a serious shortage of affordable housing. Gubernatorial candidates are pledging a dramatic increase in new housing and Mayor Eric Garcetti is claiming state Senate bills don’t do enough. In Westside, home prices have skyrocketed amid low supply and its proximity to the beach. The residential real estate market took center stage at The Real Deal’s Westside forum on Wednesday at the Water Garden in Santa Monica, where experts […]
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Scorecard: I-sales market sees another month of over $2B in deals
From the March issue: A roundup of news and data on the commercial market.
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Shake Shack heading to Hudson Yards
Did you really think Hudson Yards wouldn’t have a Shake Shack? The popular burger-and-fries chain signed a lease for roughly 2,700 square feet inside the seven-story retail podium at the Related Companies and Oxford Properties Group’s Far West Side megaproject, according to property records filed with the city Thursday. Representatives for Shake Shack and Related could not be immediately reached for comment. Celebrity restaurateur Danny Meyer’s Union Square Hospitality Group, which spun Shake Shack off […]
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National Cheat Sheet: US house-flipping hits 12-year high, study shows that REITS with more female board members get higher returns … & more
Houses are flipping at the highest level since 2006 More than 207,000 condominiums and single-family house were flipped in 2017 — the most since 2006 — a report from Attom Data Solutions found. The average 2017 flip generated a 50 percent gross return compared to 28 percent during the housing bubble of the 2000s, Bloomberg reported. [TRD] REITS with female board members get higher average prices and total returns Real estate investment trusts with an […]
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Massey’s campaign manager David Amsterdam joins Colliers
Paul Massey’s former mayoral campaign manager David Amsterdam is joining Colliers International as president responsible for leasing, investments and the Eastern U.S., the company announced Thursday. Amsterdam will head Colliers’ offices in New York, Boston and Washington, D.C. Massey tapped Amsterdam to manage his long-shot bid for mayor in June 2016, but dropped out a year later amid disappointing polls and a lack of funding. Prior to his brief stint in politics, Amsterdam spent […]
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Who is Jack Parker? Meet the development firm looking to sell all its NYC real estate
Some developers get their start in construction. But Jack Parker went a degree further. Before pursuing real estate, Parker worked in the lumber business on the West Coast. He operated two mills, which he sold in 1954 before moving to New York. He launched his namesake firm, the Jack Parker Construction Corporation, the following year and soon tackled three colossal projects in Queens that cemented his name within the real estate industry. Although he died […]
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How Edward S. Gordon came to be known as the godfather of modern commercial brokerage
From the March issue: Agents with specialties. Electronic databases that track tenants. Shiny shoes and suspenders. In ways both substantive and superficial, the Edward S. Gordon Company, a firm that came to prominence in New York in the 1980s, was instrumental in creating the modern-day commercial-brokerage business. A clear line can be drawn from that legacy to the firm’s namesake: a colorful character who generated tremendous good will before his death at the age of 65 […]
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These resi brokerages are seeing the biggest declines in Brooklyn
Some real estate agencies just aren’t feeling the Brooklyn boom. By examining data from the Department of State’s Division of Licensing Services, The Real Deal was able to determine which residential brokerages saw the steepest decline in agent count between June 14, 2016 and Feb. 20 of this year. (TRD recently used the same data to determine which firms had seen the most growth.) MySpace NYC saw the sharpest decrease in agent count, falling 44 […]
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Manhattan office buildings are overpriced by 20%. That’s great news for LA
Los Angeles has a new weapon in its constant battle for supremacy with New York: better office real estate profits. A study from Green Street Advisors found that New York’s office buildings are overpriced by an average of 20 percent compared to West Coast markets like West Los Angeles, according to Bloomberg. Per Green Street, the lower profit margin in New York is based on factors including new supply in places like Hudson Yards and […]
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Another battle over NYC rents is looming. Here’s what a landlord typically makes on a stabilized apartment
Landlord and tenant groups are gearing up for round infinity of the battle over raising rents on stabilized apartments in New York. The Rent Guidelines Board had a meeting on Thursday and will use the next few months to decide what the permissible rent increases are for rent-stabilized apartments in New York City in the coming year, with a final vote set for June, according to the New York Times. In 2016, the average rent […]
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