Steve Roth is looking for a Madoff-like return on investment on a Montauk beach home once owned by the notorious Ponzi schemer. The Vornado Realty Trust chairman his wife Daryl have listed the waterfront property for $21 million, according to the Wall Street Journal. Roth bought the pad in 2009 for $9.4 million. The U.S. Marshals Service handled the sale, and proceeds went to victims of Madoff’s Ponzi scheme. It’s about to hit the market […]
Steve Roth’s Montauk beach house is hitting the market
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LA takes next step in limiting Airbnb hosts to 120 days a year
After three years of debate, a City Council committee on Tuesday approved a measure to regulate Los Angeles’ enormous and currently illegal short-term rental business and its biggest player, Airbnb. The bill, which still needs approval by the full City Council, would cap the number of days Angelenos can rent out their primary residence each year at 120. It would also create a means for “qualified hosts in good standing with the City” to exceed […]
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Council Speaker Johnson says middle-class homeowners need a tax break
Fresh-faced City Council Speaker Corey Johnson wants middle-class homeowners in the city to get a tax break. Though not clear how many “middle-class” homeowners there are in a city where the median home prices even in Queens are well over $500,000, Johnson floated a $400 tax rebate for co-op and condominium owners making less than $150,000 a year, Crain’s reported. “We have a broken property-tax system, one that favors some homeowners over others,” said Johnson, […]
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The richest ZIP code in the US was once owned by a Vanderbilt
Where in the U.S. do locals take in an average of $2.5 million a year? Somewhere in Silicon Valley, Manhattan, or Los Angeles? It’s actually on a man-made barrier island in Miami, Florida named after South Florida’s first African-American millionaire and once owned by the Vanderbilt family. Fisher Island’s 33109 ZIP code is the country’s richest, according to an analysis of 2015 tax data by Bloomberg. The average income is $1 million higher than number […]
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Westchester and Fairfield Cheat Sheet: Office rents hit 15-year high in Westchester … & more
Westchester office rents hit a 15-year high in Q1 Both Westchester and Fairfield counties’ office markets saw a strong start to 2018, according to CBRE’s first quarter market report. Westchester’s rents rose to a 15-year high of $29.43 per square foot as adaptive repurposing pulls office space off the market. Availability dropped to 22 percent from 27 percent in the previous quarter. Fairfield had its strongest start in three years with 611,000 square feet leased. “Given […]
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Extell snags building next to UES dev site
Extell Development just scooped up another low-rise apartment building in Yorkville, across the street from its 20-story condominium project. The Gary Barnett-led firm shelled out $16 million for 1637 First Avenue, a four-story, 16-unit building, records show. The seller was the Hakim Organization, which had owned the property since 1998. The low-rise property is one of five adjacent apartment buildings on the north side of 86th Street that Extell has collected, with plans to transfer […]
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Brooklyn’s toniest neighborhoods posted big declines in home prices in Q1
Residential Sales | Ideal Properties The median price of a home in Brownstone Brooklyn (Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, etc.) and North Brooklyn (Williamsburg, the Navy Yard and Greenpoint), dropped 11.4 percent year-on-year to $1.02 million in the first quarter. The decline was partly due to a weakening condominium market. During the period, the average sales price for the segment stood at $1.446 million, which amounts to a 7.1 percent […]
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Newmark’s Falk to take over leasing from Cushman’s Stacom at 1 WTC
Newmark Knight Frank will now handle leasing at 1 World Trade Center, replacing Cushman & Wakefield. A Cushman team led by Tara Stacom had leased 2.3 million square feet at the 104-story building, but the Port Authority of New York and New Jersey and the Durst Organization are tapping an NKF team led by David Falk to handle the last phase, according to the Commercial Observer. Roughly a quarter of the 3.1 million-square-foot tower is […]
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Tenants asked to stand-in as threat of doormen strike looms
Residents at some of the city’s swankiest buildings could soon be tossing their own trash and opening their own doors. Property managers are scrambling to prepare for a possible strike by apartment building workers seeking higher wages, with some asking tenants to prepare to stand-in as voluntary doormen. Thousands of janitors, porters, handymen and doormen will attend a rally today, organized by their union 32BJ, a division of division of the Service Employees International Union. […]
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Sumaida + Khurana snags construction financing for Álvaro Siza’s first NYC condo
Sumaida + Khurana and LENY have scored a $155 million construction loan for a Hell’s Kitchen condominium tower that will be the first New York project designed by Pritzker-winning architect Álvaro Siza. The financing for 611 West 56th Street came from Madison Realty Capital and an investment fund managed by an affiliate of Apollo Global Management, sources told The Real Deal. Adi Chugh of Maverick Commercial Properties brokered the financing. “You are just waiting for that moment when […]
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WeWork buys Chinese co-working company for $400M
WeWork continues its acquisition spree, paying $400 million for the Chinese co-working company Naked Hub. Most of the acquisition price will be paid in shares, Bloomberg reported. Naked Hub was founded by Shanghai-based luxury resort operator Naked Group in 2015 and has 46 locations across Asia. In January, Naked Hub bought a 70 percent stake in the Australian co-working company Gravity, according to China Money Network. WeWork began expanding into China in 2016, initially without […]
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Widow of hedge fund executive sells Upper East Side mansion at $21M discount
The widow of a hedge fund executive who committed suicide last year has sold her Upper East Side mansion for $21 million less than what she wanted. Annabella Murphy, widow of hedge fund executive Charles Murphy, sold the seven-story home at 7 East 67th Street for $28.5 million, according to property records. In 2016, her late husband listed the 25-foot wide property for $49.5 million. The 19th century home has eight bedrooms, and Murphy sold […]
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Top Cushman broker leaves to run leasing at Tishman Speyer
UPDATED, April 12, 8:42 a.m.: One of Cushman & Wakefield’s veteran office brokers is leaving the firm after 30 years to take the top leasing job at Tishman Speyer. Gus Field, who has been with Cushman since 1988, will join Tishman as head of the company’s New York leasing department starting May 1, the landlord confirmed to The Real Deal. “Gus is a well-known and respected leader in real estate, and I am very happy that […]
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DHA, Heng Sang nix condo conversion plans for Cassa Hotel
DHA Capital and Heng Sang Realty have shelved plans to convert the residential portion of the Cassa Hotel in Hell’s Kitchen to condominiums. The firms jointly purchased the building’s 108 extended-stay apartments for $80.5 million last November, with DHA’s involvement in the deal kept under wraps. In spite of the disclosure of DHA’s stake, both sides declined to disclose their share of the project. The partners funded the acquisition with a $50 million loan from […]
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Vanbarton buying the UN-leased Albano Building for $117M
The Vanbarton Group is picking up the Albano Building, a Midtown East property entirely leased to the United Nations, for $117 million, The Real Deal has learned. The Midtown-based real estate investment firm, led by Richard Coles and Gary Tischler, signed a contract earlier this week to acquire the 16-story, 187,000-square-foot building at 305 East 46th Street, sources said. The UN is considering whether to exercise a five-year option, which becomes available in the third […]
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A broken record? Concessions again reach new highs in Brooklyn, Queens
Another month, another record for concessions in the outer boroughs. Brooklyn and Northwest Queens both hit records yet again for the amount of new rental transactions with concessions in March, with the share hitting nearly 48 percent in Brooklyn and 63 percent in Queens, according to the latest report from Douglas Elliman. In Brooklyn, the size of the concession year-over-year remained stable at 1.5 months, while in Queens, it rose from 0.9 months to 1.8 […]
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New development agents get stretched thin
From the April issue: The developers of 111 Murray Street had reason to celebrate this fall after pulling off a $650 million loan that would partially refinance unsold units at the 800-foot condo tower. But for brokers selling the $1 billion condo project — which is reportedly 80 percent sold — the loan is a heavier load to bear. Discounts and longer marketing time for condos mean smaller paychecks for new development brokers, who are also being forced […]
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Concessions remain high, and rents continue to slide in Manhattan
Concessions remain high and rents on residential apartments keep sliding in Manhattan, leading to the largest year-over-year decline in net effective rent in the last six-and-a-half years. Median net effective rent dropped 3.8 percent to $3,168 in March, according to Douglas Elliman’s latest rental report. Though lower than February, the share of new rental transactions with concessions hit 41.7 percent — the third highest level seen in seven-and-a-half years, the report states. “On one hand, […]
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Here’s why developers aren’t keen on the state’s “green” bank
As of last year, a state-sponsored bank committed more than $440 million for clean energy projects. But the program apparently isn’t very popular with New York City developers. One reason is that by accepting funding from the state, building owners are potentially opening up their personal financial information to public records requests. Jonathan Flaherty, senior director of sustainability and utilities at Tishman Speyer, noted that for tax purposes, buildings aren’t incorporated as individual entities. Instead, […]
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