Ryan Serhant fires back at Bess Freedman, calls legacy brokerages “scared” – Robert Khodadadian

Ryan Serhant is pushing back on claims made by Brown Harris Stevens CEO Bess Freedman at The Real Deal’s New York City Showcase + Forum last week that reality television shows are harmful to the public’s perception of the real estate industry. Sharing a panel with Douglas Elliman CEO Scott Durkin and Serhant, who has …

Joel Schreiber, WeWork’s first investor, faces grind on LA project – Robert Khodadadian

New York City real estate investor Joel Schreiber struck gold when he met Adam Neumann and became the first investor in WeWork. It’s been more of a grind for Schreiber on his hopes of redeveloping a massive building in Downtown Los Angeles. Schreiber’s Waterbridge Capital set its sights on the 1.2 million-square foot, 10-story property …

“Hot girl real estate” reigns at ICSC, Covid be damned – Robert Khodadadian

Storefront leasing is still recovering but the vibes at the world’s biggest retail conference reveal a Covid-blind optimism is in the air. The Wynn Resort poolside parties Sunday — the unofficial pregame to the ICSC conference in Las Vegas — were awash with brokers, investors, developers and some conference newbies eager to get down to …

Manhattan luxury market slumps back toward normal – Robert Khodadadian

Following a year of record-setting luxury home sales, homes entering into contract priced at $4 million and above dwindled last week. A total of 23 contracts were signed between May 16 and 22, according to a weekly report by Olshan Realty. That’s the lowest since the first week of January 2022, when 21 contracts were …

Jumbo Dumbo condo claims top Brooklyn contract – Robert Khodadadian

Eight years ago, Alloy Development filed for permits to build a waterfront condominium at 1 John Street, a joint effort with Monadnock Development. Since then, units from the project have made many appearances atop the weekly report by Compass of luxury Brooklyn homes to go into contract. Last week it happened again as a purchase …

Lone bidder Damac to buy Florida collapse site for $120M – Robert Khodadadian

Damac Properties is poised to buy and redevelop the Surfside collapse site where 98 people died last summer, as no other developers met the deadline to bid on the property. The Dubai-based developer was the stalking-horse bidder, setting a $120 million minimum price last year for the property at 8777 Collins Avenue. Earlier this month, …

Banks, tech among departures sinking Midtown office market – Robert Khodadadian

Midtown Manhattan’s struggles in the wake of the pandemic have reached a new low, with banks and big tech companies partly to blame. These companies are eschewing Midtown offices in favor of spots in trendier neighborhoods, the Wall Street Journal reported. The widespread flight to quality over the last year has seen companies drawn to …

Capital Grille signs with Tishman Speyer, Irvine at MetLife Building – Robert Khodadadian

Tishman Speyer and Irvine Company are heating things up at 200 Park Avenue with a major restaurant lease. Capital Grille signed a 15,000-square-foot lease at the building, where it will replace Naples 45 along East 45th Street, the New York Post reported. The deal, which includes outdoor space, is reportedly one of the largest for …

Sagaponack waterfront estate sells for almost $48M – Robert Khodadadian

Adjacent Sagaponack parcels, one with a waterfront mansion, have been snapped up by an undisclosed buyer for almost all of the $48 million being asked. The sale took place in the “pre-marketing” phase of the listing, according to the Wall Street Journal, meaning it hadn’t even made it to market. The parcels are at 35 …

Amazon to scrap industrial properties in warehouse strategy flip – Robert Khodadadian

Amazon is looking to put more on the market than its offerings as a one-stop shopping hub, reportedly backing off a chunk of industrial real estate. The e-commerce giant is looking to sublet at least 10 million square feet of warehouse space, people familiar with the situation tolf Bloomberg. The company could also end some …

Brooklyn Heights penthouse breaks rental record – Robert Khodadadian

Less than a year after a Brooklyn Heights townhouse set the mark for the borough’s priciest rental, a nearby penthouse has beaten it — by a third. The penthouse at 67 Livingston Street was on the market for only two days before new tenants landed it for $40,000 a month — sight unseen. It’s the …

Manhattan retail rents tick up as recovery slogs along – Robert Khodadadian

Manhattan retail rents are on the rise, but remain below pre-pandemic peaks. Of the 17 major Manhattan retail corridors analyzed for a report by the Real Estate Board of New York, nine had average asking rent per square foot grow from Fall 2021. In the wake of the pandemic, supply chain issues, soaring prices and …

Is Airbnb playing a role in NYC’s skyrocketing rents? – Robert Khodadadian

Looking to rent an apartment in New York City? Maybe you should instead consider taking a vacation here. Curbed is reporting the number of short-term rentals of apartments through online services such as Airbnb in the Big Apple has exceeded the number of standard rental units — just as bidding wars have sent the cost …

China bans government elites from holding overseas real estate assets – Robert Khodadadian

That’s what Xi said. The Communist Party in China is banning its key members and their families from holding real estate assets abroad in a move it hopes will help insulate the government from potential sanctions by other countries. The Wall Street Journal is reporting a notice sent out by the party’s Central Organization Authority …

Surge in remote working a big deal for college towns like Knoxville and Athens – Robert Khodadadian

Remote work, which has surged for the past two pandemic years, is remapping the U.S., as fewer workers need to live in or near big cities. Initially, the only beneficiaries of this shift were vacation destinations in the mountains and by the water, but that growth model likely won’t last as housing costs and labor …

Smurf-erriffic! Michigan home seems to be inspired by cartoon – Robert Khodadadian

Is this roof awesome? Abso-Smurfly. A bright white Michigan mansion with a Smurf-esque blue roof is having its five minutes of internet fame as real estate window shoppers go gaga over its cartoon-esque looks. The New York Post is reporting the listing for the home in West Bloomfield, on the market for $4.19 million, makes …

Colorado home where infamous murder took place quietly listed – Robert Khodadadian

It’s a crime-scene listing. The home where a Colorado man killed his pregnant wife before burying her in a shallow grave and then smothering his two toddler daughters to death has quietly gone on the market — under the wrong address. The New York Post is reporting the 4,177-square-foot on Saratoga Trail in Frederick where …

Office royalty talk conversions, distress and the “downsize upgrade” trend – Robert Khodadadian

Between inflation, rising interest rates, and employees working from home, there have been better times to be an office landlord or broker. Even some of the city’s largest commercial real estate landlords and brokers — folks not known for broadcasting pessimism — agree that certain properties are going to suffer and need to be converted …

Aby Rosen teams up with Rolling Stone publisher on $290M office deal – Robert Khodadadian

Aby Rosen closed the book on his latest office deal with help from an unlikely source. Rosen’s RFR Holding teamed up with Variety and Rolling Stone publisher Penske Media Corporation to finalize his $290 million purchase of 475 Fifth Avenue, where the glossy magazine company has its headquarters. Penske Media contributed 50 percent of the …

Jimmy Fallon, Amy Schumer selling Manhattan pads – Robert Khodadadian

Two famous comedians are moving from their respective Manhattan digs. Jimmy Fallon, host of “The Tonight Show,” and his film producer wife Nancy Juvonen are in contract to sell their penthouse at 34 Gramercy Park East, the New York Post reported. The couple listed the home for $15 million, but the buyer — fellow celeb …

Columbia Property Trust signs investment firm to 71K sf at 799 Broadway – Robert Khodadadian

A Boston-based investment management firm has selected Columbia Property Trust’s 799 Broadway for its first New York City office. Wellington Management beefed up its real estate footprint by leasing 71,000 square feet across four floors at Columbia Property Trust’s new boutique office building three blocks south of Union Square. Wellington’s 16.5-year agreement makes it the …

Crown Building notches another peak sale with $55M condo – Robert Khodadadian

Vladislav Doronin’s OKO Group has nailed down one of the biggest condo sales of the year at the luxury Crown Building. A buyer closed on a full-floor unit at the Aman New York condominiums for $55 million, the Wall Street Journal reported, roughly $8,730 per square foot. The asking price for the apartment was roughly …

Boutique LES office project scores blockchain firm as anchor tenant – Robert Khodadadian

A new, glass-encased boutique office and retail project in the Bowery has landed an anchor tenant. San Francisco-based Solana Labs, has agreed to lease the top four floors of 141 East Houston Street, a ground-up project by East End Capital, Grandview Partners and KPG Funds. The firms acquired the site by buying the Sunshine Theater …

Refinery29 subleasing at 225 Broadway for move in with Vice – Robert Khodadadian

Figuring out office space is becoming a vice for a major media company. Refinery29 is subleasing 15,000 square feet at Braun Management’s 225 Broadway to healthcare technology company Tomorrow Health, the Commercial Observer reported. Employees of the women’s lifestyle media brand have already moved to owner Vice Media’s offices at 289 Kent Avenue in Williamsburg. …

Miki Naftali, Meredith Marshall talk development, death of 421a – Robert Khodadadian

As industry leaders warn that the demise of a property tax break will mean fewer affordable apartments, one developer held out his Williamsburg project as Exhibit A. Miki Naftali, chair and CEO of the Naftali Group, said his company had planned to set aside 30 percent of the rental units in the second phase of …

Real estate tech is coming for your business – Robert Khodadadian

Ignore proptech’s advance at your own peril. That central message emerged from an afternoon panel discussion at The Real Deal’s New York City Showcase + Forum Thursday, where the real estate industry was said to be undergoing its most profound transformation in decades. “I think we are actually in the midst of one of the …

How a basic Bronx supermarket rezoning devolved into food fight – Robert Khodadadian

How hard would you fight to save a batting cage and 12 vacant parcels in your quasi-suburban Bronx neighborhood? Pretty hard, if you wanted to keep 339 apartments — some of them affordable — out of your backyard. In what project supporters call a classic case of Nimbyism, hundreds of Throggs Neck residents are rallying …

Home sales, building to slow: Fannie Mae – Robert Khodadadian

Home prices have reached historic highs in recent months, but low inventory and rising mortgage rates have some economists warning of a slowdown in both sales and homebuilding. A “meaningful slowdown” could be headed for home sales in the second and third quarters, according to an outlook from Fannie Mae reported by Inman. The economists …

Gary Barnett has something to say – Robert Khodadadian

Gary Barnett doesn’t do many interviews. But it turns out that he has a lot of opinions. The billionaire founder and president of Extell Development shared a few in a rare sit-down Thursday, including: that he should not have to pay millions of dollars to holdout tenants; that it’s wrong to say foreign buyers of …

CBRE doubles down on flex-office provider Industrious – Robert Khodadadian

CBRE cast another vote of confidence in flex-office provider Industrious, handing the co-working startup another nine-figure sum. The company announced this week it was investing another $100 million in Industrious. Part of the investment will go towards accelerating international expansion for the co-working company, which recently announced international acquisitions in Asia and Europe. Jamie Hodari, …

Rising interest rates will dampen city’s investment sales market this year – Robert Khodadadian

Activity in New York City’s investment sales market continued to rebound in the first quarter of 2022, but a slowdown could be on the horizon as rising rates drive up borrowers’ costs. Dealmakers bought and sold 582 properties in the quarter, a year-over-year jump of 53 percent, according to a report by Ariel Property Advisors. …

Eric Adams critiques DOB, wants to roll out “red carpet” for development – Robert Khodadadian

Eric Adams knows his audience. “What oil is to Texas, real estate is to New York,” the mayor told a crowd of real estate professionals at The Real Deal’s New York City Showcase + Forum Thursday, noting the significant chunk of city revenue the industry provides. In remarks at the Metropolitan Pavilion, the mayor criticized …

Top resi execs talk brand building, tech and politics at TRD NYC event – Robert Khodadadian

Brown Harris Stevens CEO Bess Freedman is no fan of the wave of real estate reality TV shows that made Ryan Serhant, founder of the eponymous brokerage, famous – and she let him know as much during a panel discussion for The Real Deal’s New York City Showcase + Forum. “I do think reality TV …

Southampton Village allows owners to collect summer’s rent upfront – Robert Khodadadian

Another Hamptons locale has passed a rental registry law ahead of the summer season. Southampton Village adopted its law last week, 27East reported, just before peak season begins in the Hamptons. The village is one of several to adopt a similar registry rule to get around a provision in the state’s ​​Housing Stability and Tenant …

George Comfort & Sons inks 62K sf tenant in Midtown – Robert Khodadadian

George Comfort & Sons has got the goods at its newly renovated office building in the Theater District, signing a “consumer goods company” to a long-term lease. The landlord announced the 62,000-square-foot lease at 135 West 50th Street, a recently renovated, 1960s-era building a block west of Rockefeller Center, but did not specify the tenant …

Rabsky Group scores $92M loan for big Gowanus project – Robert Khodadadian

Simon Dushinsky and Isaac Rabinowitz’s Rabsky Group scored a $92 million construction loan for a large mixed-use project in Gowanus as developers continue to flock to the recently rezoned Brooklyn neighborhood. The Brooklyn-based developer secured the loan for its project at 313-315 Bond Street — where it plans a 526,000-square-foot building — from G4 Capital, …

Where have home values grown more, suburbs or cities? The answer may surprise you – Robert Khodadadian

First, let’s get one myth out of the way: Home prices did not rise faster in the suburbs than in urban areas when the pandemic hit. Urban home values outperformed their suburban counterparts for the first 15 months of Covid, through July 2021, as they had since the beginning of 2013. But in the past …

Destructive tenants driving upstate landlords to despair – Robert Khodadadian

Upstate landlords are fed up with tenants wrecking their rentals and getting away with it. Landlords and property managers took their gripes to the Schenectady City Council last week, the Times Union reported. They want more police help to deal with destructive tenants and less punishment for minor infractions. The landlords shared stories of tenants …

NY Public Library leases 41k sf for Midtown offices – Robert Khodadadian

The New York Public Library isn’t taking a page from the rest of Manhattan’s beleaguered office market, instead signing a sizable lease in Midtown. The NYPL signed a 33-year lease at ABS Partners Real Estate’s 270 Madison Avenue, the Commercial Observer reported. The office space is across three floors of the 19-story building, covering 41,000 …

Compass aims to grow its North Fork agent count fivefold – Robert Khodadadian

Compass is planning an aggressive expansion on the North Fork as the market becomes increasingly like an extension of the Hamptons. The firm, which entered the market in March 2021, has opened an office at 54100 Main Road, Southold, and recruited three teams since the start of the year. In the months ahead, it plans …

Ben Shaoul plans 376-unit complex near L.A.’s Chinatown – Robert Khodadadian

A high-profile New York landlord has bigger plans for a multifamily project near Downtown Los Angeles. Ben Shaoul is looking to build a 194,581-square-foot, 376-unit apartment complex at 1457 North Main Street, according to documents filed with the Department of City Planning. The proposed structure, with the alternate address of 114-116 West Sotello Street, would …

Landlords called it: Vacancy rate jumps, rent-stabilization stays – Robert Khodadadian

When Gov. Kathy Hochul extended the deadline to complete the 2021 Housing and Vacancy Survey, landlords decried the move. They predicted the city would use the extra time — which the state said the pandemic made necessary — to wait for more renters to return, pushing vacancy rates below the 5 percent threshold required to …

Tri-state deal roundup: Multifamily, industrial still hot – Robert Khodadadian

In a world of rising apartment and warehouse rents, it is not hard to find investors for multifamily and industrial assets in the tri-state area. A number of recent sales in New Jersey and the lower Hudson Valley, along with a development in Newark, reflect that interest. In North Brunswick, the Northwood Estates Apartments, a …

Vice scraps move to Rudin’s Dock 72 – Robert Khodadadian

Vice Media will remain in its 77,000-square-foot Williamsburg office digs and not move to Rudin Management’s Dock 72 as had been expected. Vice has renewed its lease with WEB Holdings LLC, the owner of 289 Kent Avenue, where it has been headquartered since 2014. The renewal is for only four years, providing time for Vice …

Developer Alex Sapir’s wife files for divorce, citing a “loveless” marriage – Robert Khodadadian

UPDATED, May 18, 1:26 p.m.: After nearly 12 years of marriage, another real estate couple is heading for divorce. Yanina Sapir, the wife of developer Alex Sapir, filed for divorce in April, court records show. The reason? “The wife can no longer remain in such a loveless relationship,” according to the complaint, filed in Miami-Dade …

Related launches lodging for executives’ hybrid work – Robert Khodadadian

Related Companies has a new brand up its sleeve, aimed at top executives splitting time between remote work and the office. The developer is launching The Set, a rental apartment brand, the Wall Street Journal reported. Instead of focusing on fully remote employees or lower-level freelance staffers, the brand is designed to provide a luxury …

Matt Lauer finds buyer for languishing Hamptons estate – Robert Khodadadian

Disgraced “Today” host Matt Lauer found a buyer after three years of trying to trade his Hamptons estate. Lauer sold his Strongheart Manor property in the North Haven neighborhood of Sag Harbor, the New York Post reported. While a buyer and sales price weren’t revealed, a listing appears to show the home sold for $33.8 …

Silverstein, Metro Loft pick up Rudin’s 55 Broad Street for $180M – Robert Khodadadian

Rudin Management handed off a Financial District building after nearly 60 years, selling the 30-story office property to a pair of developers. Silverstein Properties and Metro Loft Management teamed up to buy 55 Broad Street for roughly $180 million, the Commercial Observer reported. The landlords have inked a contract, but the closing date remains unclear. …

Ranking the top residential brokers on the Upper East Side – Robert Khodadadian

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need. No other area of Manhattan has the legacy of glamor as the Upper East Side, where new luxury buildings …

Ranking the top residential brokers on the Upper East Side – Robert Khodadadian

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need. No other area of Manhattan has the legacy of glamor as the Upper East Side, where new luxury buildings …

REBNY calls for larger fines. Wait, what? – Robert Khodadadian

Seven years ago, 22-year-old Carlos Moncayo was killed when the walls of an excavation pit collapsed on him at a construction site in the Meatpacking District. The general contractor, Harco Construction, was convicted of manslaughter in what was considered a landmark construction safety case. But the Occupational Safety and Health Administration only fined the company …

Investor claims Jeff Sutton cheated him out of millions on Times Square deal – Robert Khodadadian

A decade-old deal to build out a large retail space in the heart of Times Square landed Jeff Sutton with both a lucrative addition to his portfolio and a new enemy: an investor who claims the billionaire Wharton Properties founder cheated him out of millions. Investor Norman Rappaport claims Sutton defaulted on a $15 million …

Public housing goes middle class – Robert Khodadadian

UPDATED, April 12, 2022, 1:12 p.m.: Public housing has gone middle class. Billed as “workforce housing,” it mimics a private-sector trend in places where home prices and rents have soared beyond the household budgets of many working professionals, who find themselves locked out of homeownership and hard-pressed to afford monthly rents. Making the market work …

Burberry sews up deal at Tishman Speyer building – Robert Khodadadian

Burberry is moving its New York City offices from Madison Avenue to a Tishman Speyer tower across from Bryant Park. The company, which is known for its trademarked “Burberry Check” plaids, signed a 15-year lease for nearly 43,000 square feet at 11 West 42nd Street. It will have the entire 18th floor and part of …

Naftali lays out project as holdout tenant plays new card – Robert Khodadadian

A holdout tenantdidn’t stop Naftali Group from filing permits last week to build 45 luxury units on the Upper West Side. The filing lays out plans for a 16-story, mixed-use building at 215 West 84th Street. But now Mike Naftali’s firm has another problem: The holdout’s hard-charging lawyer is maneuvering to drag the developer into …

Single-family rental platform Appreciate to go public in SPAC deal – Robert Khodadadian

Defying investors’ waning interest in risky proptech stocks, the sponsor pair behind Porch’s 2020 rocky SPAC merger are taking another firm public — this time are targeting the hot single-family rental sector. PropTech Investment Corporation II, the second special-purpose acquisition company launched in 2020 by Abu Dhabi Investment Authority veterans Joseph Beck and Thomas Hennessy, …

Emmy winner Evan Peters buys Brooklyn penthouse – Robert Khodadadian

Emmy Award–winning actor Evan Peters is the latest in a long list of movie stars to move to Brooklyn. Evans, who won the honor in 2021 for outstanding supporting actor in a limited series for his portrayal of Detective Colin Zabel in “Mare of Easttown,” bought a penthouse unit in Prospect Heights for $2.2 million, …

Film studio to replace vacant public housing in Newark – Robert Khodadadian

Newark’s first public housing site is about to be reborn as a massive film studio. Great Point Studios is developing the Lionsgate Newark project at the former site of the Seth Boyden Court site, the New York Times reported. The $100 million production hub is expected to open across 15 acres by March 2024, complete …

RPI signs at Taconic and Silverstein’s life sciences hub – Robert Khodadadian

Another tenant has signed on to join in on the fun of New York City’s booming life sciences market. The Rensselaer Polytechnic Institute signed a lease for 23,000 square feet at Taconic Partners and Silverstein Properties’ Hudson Research Center, the Commercial Observer reported. Lease terms were not disclosed, but asking rents at 619 West 54th …

Douglas Elliman bets on Vegas in westward expansion – Robert Khodadadian

Residential brokerage Douglas Elliman is betting on Las Vegas. The company said Tuesday it is opening an office in the city’s Downtown Summerlin development. Nevada is the fourth state in the brokerage’s move into the West, after California, Colorado and Texas. Howard Lorber, executive chairman of the brokerage, said the move was “to be where …

Council backs off sabotage of 421a – Robert Khodadadian

As the mayor makes a last-minute push to save an affordable housing tax break, City Council members planned to rally for its demise. With seven working days left in the state’s legislative session, Mayor Eric Adams is traveling to Albany to make his case for a replacement for 421a. Meanwhile, the City Council’s Committee on …

Future City: An Amazon for architects – Robert Khodadadian

Paint by numbers Material Bank, a kind of Amazon for architects and designers, raised $175 million to expand its marketplace for paint, tile and other products used to put the finishing touches on projects. The Series D round, led by Brookfield’s venture capital arm, Brookfield Growth, reportedly valued the Boca Raton-based startup at $1.9 billion, …

Macklowe art collection fetches nearly $1B at auction – Robert Khodadadian

Monday was another lucrative day for those paying close attention to real estate’s biggest divorce. Sotheby’s auctioned its second set of art from Harry and Linda Macklowe’s prized collection on Monday night, the New York Times reported. The night’s collection went for $246.1 million, a paltry sum compared to the $676.1 million reaped in November …

Construction-tech firm Buildots raises $60M in Series C round – Robert Khodadadian

Buildots, a Tel Aviv- and London-based startup that builds software to help construction site managers track work and accurately pay subcontractors, raised $60 million to grow its business in the U.S. Israel-based Viola Growth and Eyal Ofer’s O.G. Tech led the Series C, announced Tuesday. Buildots did not disclose a valuation with the round, which …

Passive house asking $15M tops Brooklyn contracts – Robert Khodadadian

An eco-friendly 19th-century townhouse was the most expensive home to go into contract in Brooklyn last week. The seven-bedroom home at 37 Sidney Place in Brooklyn Heights was asking just under $15 million, according to Compass’ weekly report on luxury home sales in the borough. Dating to 1899, according to city records, the 7,000-square-foot Greek …

Holdout threatens massive Long Island development – Robert Khodadadian

A developer may be forced to pump the brakes on a massive mixed-use project in Ronkonkoma, as a bus company owner is refusing to yield to an attempted seizure by eminent domain. A depot operated by charter bus company North Fork Express stands in the way of the second phase of Tritec Real Estate’s $750 …

Landlord in rush for 421a booted Gowanus business: lawsuit – Robert Khodadadian

A lighting and stage rental company alleges that its landlord, Midwood Management Corp, forced it out of a Gowanus property to reap the benefits of the area’s rezoning and the 421-a tax break. A day after Midwood filed for demolition permits, Eastern Effects sued three entities connected to the developer, alleging that it fraudulently induced …

Elad picks up shovel-ready UES development site – Robert Khodadadian

Isaac Tshuva’s Elad Group is getting into a condo project on the Upper East Side. The Israeli billionaire’s development firm paid $61 million to buy a site at the corner of Third Avenue and East 74th Street from a joint venture of Premier Equities, Continental Ventures and Thor Equities, property records filed Monday show. Approved …

Biden unveils his answer to high home prices – Robert Khodadadian

President Biden laid out a plan Monday aimed at closing the housing shortfall across the U.S.. Doing so will be an uphill battle: The administration’s previous affordable housing proposals floundered under the failed Build Back Better reconciliation bill. Still, housing advocates reacted enthusiastically. “In my 25 years in this business, we haven’t had this level …

Lower-end listings dominate Manhattan’s luxury deals – Robert Khodadadian

Luxury homes kept finding buyers in Manhattan last week, but activity was largely on the lower end of the spectrum. Of the 39 homes priced at $4 million or above that went into contract, most were asking less than $5 million, according to Olshan Realty’s weekly report, dropping the median asking price below that amount …

Join Mayor Eric Adams at TRD’s NYC Real Estate Showcase + Forum – Robert Khodadadian

The Real Deal’s annual New York City Real Estate Showcase + Forum is just days away, and we’ve introduced you to the vast array of speakers you’ll meet there… except for one. Join us at the Metropolitan Pavilion on Thursday, May 19 to welcome Mayor Eric Adams. The real estate industry had high hopes for …

Brookfield signs first tenant at 660 Fifth Avenue – Robert Khodadadian

After emptying out 666 Fifth Avenue, Brookfield Asset Management is one tenant closer to filling up 660 Fifth Avenue, the $400 million redevelopment of the same property. Australian financial services company Macquarie Group has signed on as the first tenant in the revamped office tower, the Wall Street Journal reported. Financial terms were not disclosed, …

One in five homes facing wildfire risk, report says – Robert Khodadadian

The risk of wildfires is heating up across the country as climate change and other factors fuel more frequent and strong incidents. Nearly 80 million residential and commercial properties are at risk of being damaged by a wildfire in the next 30 years, according to analysis from nonprofit research firm First Street Foundation reported by …

Major Food Group bringing members club to Hudson Yards – Robert Khodadadian

The company behind Carbone is cooking up a new experience at Hudson Yards with a more exclusive iteration of its downtown predecessor. Major Food Group is planning a New York branch of ZZ’s Club, a members-only establishment popular in Miami, in 25,000 square feet across three floors at 37 Hudson Yards, the New York Times …

A tale of two oceanfront Hamptons homes – Robert Khodadadian

Two oceanfront Hamptons listings featuring a slew of common features are lined up to score very different prices. In Southampton, a 4.5-acre home at 1580 Meadow Lane sold in April for $16.4 million, according to Behind the Hedges. The property has 240 feet of direct oceanfront and a private walkway that leads to the beach. …

Innovo’s $855M deal for HSBC tower in trouble – Robert Khodadadian

Innovo Property Group’s much-hyped $855 million deal to purchase the HSBC tower in Midtown could come apart. The real estate firm led by Andrew Chung agreed to buy the office tower at 452 Fifth Avenue in December from Property and Building Corporation. But Chung’s team has not been able to close on financing, according to …

Self storage still rising after pandemic surge – Robert Khodadadian

Eased pandemic restrictions mean fewer people are stuck at home with their extra stuff, but the nationwide interest in self storage doesn’t appear to be going anywhere. Rent performance and demand continue are still on the rise for self storage, according to a report from RentCafe. While the sector formerly relied on business from major …

East Hampton Airport closure at hand, except… – Robert Khodadadian

Ah, summer in the Hamptons — the smell of freshly manicured lawns, the mist from waves crashing against pristine beaches, and the buzz of helicopters zooming by. Locals fed up with aircraft noise are on the verge of silencing much of it, but lawsuits could still ground their effort to privatize the East Hampton Airport, …

Nest Seekers tapped to market Skyline Tower penthouses – Robert Khodadadian

Nest Seekers has been tapped to sell the penthouses at the Skyline Tower in Long Island City. The 67-story tower is the tallest condominium tower in New York City outside of Manhattan. Sales launched in 2019 with brokerage Modern Spaces before Nest Seekers joined in March 2021 and was co-listed. Now, Nest Seekers Development Marketing …

With Aby Rosen out, Chinese developer slashes Midtown condo prices – Robert Khodadadian

After ending a bad marriage with Aby Rosen, a Chinese developer is scrambling to save its luxury Midtown condo. Step one: Cut prices. A lot. And get a new broker. Sales are on again at Vanke’s “Selene,” the rebranded 63-story tower at the corner of 53rd Street and Lexington Avenue, which has sold just 28 …

In cities, “starter homes” getting more difficult to find – Robert Khodadadian

Looking for a starter home in the big city? Good luck. The New York Times is reporting that the metropolitan areas of San Francisco, Irvine and Oakland, California as well as Gilbert, Arizona and Henderson, Nevada had no homes listed for $150,000 or less — or what it considered a “starter home” price. In fact, …

Preservationists and developers duel upstate. Wanna guess who’s winning? – Robert Khodadadian

Rural New York has become a battleground between preservationists and luxury developers, and local officials have been siding with the builders. As New Yorkers migrate from the city to secondary home markets upstate, developers have planned housing for them. In their corner have been local governments seeking broader tax bases, not to mention new blood …

Preservations vow to turn John Steinbeck’s Sag Harbor home into writers’ retreat – Robert Khodadadian

Preservationists on Long Island have vowed to turn John Steinbeck’s long-for-sale Hamptons home into a writers’ retreat just as two connected Manhattan townhouses that once belonged to “East of Eden” author have hit the market. The New York Post is reporting that the Sag Harbor Partnership wants to buy and preserve Steinbeck’s part-time residence in …

Nashville mansion asks $50M, highest in Tennessee history – Robert Khodadadian

A Nashville mansion is asking the highest price in the state’s history. The 19,811-square-foot Chickering Road home was listed by billionaire businessman Dr. Tom Frist Jr., who founded HCA Healthcare, for $50 million, the New York Post reported. Located in the pricy Belle Meade neighborhood, the five-bedroom house sits on just under 50 acres and …

Goldman Sachs-backed funds pay $45M for Florida community – Robert Khodadadian

Two Goldman Sachs-backed ventures have taken over a whole rental home community in Florida last month. The firms — Fundrise Interval Fund and Growth eREIT VII — paid $45 million for 87 single-family properties in Brevard County, according to an Orlando NBC affiliate. The move is part of an ongoing shopping spree. The New York …

Two chances to live on Sylvan Terrace, one of NYC’s coolest blocks – Robert Khodadadian

You wouldn’t think it is New York City. There are 20 almost identical wooden row houses lining Sylvan Terrace, a cobblestone street connecting Jumel Terrace in Washington Heights to St. Nicholas Avenue — via stairs. Normally, finding a home on such a beautiful, sought-after block is a tough climb, but the New York Post is …

Shelter Island’s revamped Pridwin Hotel set to reopen June 17 – Robert Khodadadian

Just in time for the summer season, the historic Pridwin Hotel and Cottages will reopen to guests beginning in June after a two-year, pandemic induced closure and $28-million spruce up. The New York Post is reporting that Shelter Island’s largest hotel will be up and running by June 17 with a whole new look for …

Lake George private island, mansion back on market – Robert Khodadadian

Green Harbour Mansion is back on the market, at $8.4 million. For anyone who ever wanted to own their own island, this may not be the South Pacific but close enough. The mansion is situated on land on Lake George at Cooper’s Point. That’s a discount of 44 percent from 2019, when it was listed …

Tiffany designer puts townhouse on discount rack (only $42M) – Robert Khodadadian

A Tiffany and former Coach designer has cut $6 million off the asking price of his gut-renovated Lenox Hill townhouse. It’s not quite on the discount rack, though: Reed Krakoff and his wife Delphine still want $42 million for their six-story home at 54 East 64th Street, which has failed to sell since November. Krakoff, …

Logistics inventory dips to historic low: Prologis – Robert Khodadadian

The booming industrial real estate sector could soon see the bottom fall out, an executive at Prologis predicted. Tenants could cut through the remaining logistics space in 16 months, Prologis head of U.S. research Heather Belfor said in a webinar reported by Bisnow. That’s a record low amount of inventory in the market. “That may …

Baloghs find their crown jewel at Billionaires’ Row supertall – Robert Khodadadian

The Balogh family clearly thought unit 53 at 111 West 57th Street was a gem. The Baloghs paid $22.5 million for the Billionaires’ Row pad, according to property records, or $4 million below the asking price. The family once owned Balogh Jewelers, a top brand in South Florida that catered to royalty and celebrity clients, …

Chetrit, Stellar land $714M refi for UES luxury buildings – Robert Khodadadian

Chetrit Group and Stellar Management have scored a $714 million refinancing for two luxury buildings on the Upper East Side. The developers secured the CMBS loan for Yorkshire Towers at 305 East 86th Street and Lexington Towers and 160 East 88th Street from a collection of lenders, including Citigroup, BMO Harris Bank and Starwood, according …

Charles Cohen eyeing Rye Brook redevelopment – Robert Khodadadian

Charles Cohen is cooking up plans for a Westchester County project to replace the shuttered Doral Arrowwood resort. Cohen Brothers Realty Corporation is considering redeveloping the property into a luxury resort and housing project, the Westchester & Fairfield County Business Journals reported. Rye Brook Mayor Jason Klein said a formal proposal could be sent in …

What can Tom Suozzi do for real estate? – Robert Khodadadian

U.S. Rep. Tom Suozzi isn’t new to business or to politics. The congressman from New York’s 3rd district is a CPA, an attorney, a former county executive and served four terms as mayor of his native Glen Cove. He also isn’t new to gubernatorial candidacy, having faced off against Eliot Spitzer in the state’s 2006 …

Jamestown lands $425M to bring the metaverse to One Times Square – Robert Khodadadian

Jamestown is full-steam ahead in its $500 million metaverse-tinged redevelopment of One Times Square. The firm landed $425 million in financing from JPMorgan Chase to cover most of the redevelopment, the Commercial Observer reported. About $208 million of debt refinances CMBS date that goes back to Jamestown’s acquisition loan in 1997. Jamestown also landed an …

Languishing student housing firm on the hook for $50M – Robert Khodadadian

A languishing student housing firm is on the verge of crumbling after settling a lawsuit with investors at its former Skyloft property near the University of Texas at Austin. Nelson Partners Student Housing agreed to pay investors $50 million under a preliminary settlement approved by a Texas judge, the New York Times reported. The settlement …

As lawmakers race to electrify buildings, industry pushes back – Robert Khodadadian

With just three weeks left of the legislative session, lawmakers debated a key question for developers: Is it possible to make all new buildings electricity-powered in just a few years? Environmental advocates have pushed for the state to ban gas hookups in new construction throughout New York starting in 2024. Gov. Kathy Hochul pitched a …

With 421a dying, apartment project financing “has come to a stop” – Robert Khodadadian

Multifamily investors and developers piled into a stately Midtown building Thursday to try to make sense of their turbulent industry as rising interest rates, inflation and supply chain issues have sent construction costs higher than a tower crane. Meanwhile, lawmakers haven’t figured out how to make office-to-residential conversions viable. Everyone at the conference had ideas …

Can tenants have it both ways? – Robert Khodadadian

Anh-Thu Nguyen and her two roommates don’t want to leave their apartment. Why would they? Although it won’t appear in Architectural Digest, it’s perfectly livable, it’s on the most prestigious street in Brooklyn’s nicest neighborhood, and it’s cheap. Not only are they right across the street from 526-acre Prospect Park, the Olmstead and Vaux–designed jewel …

Compass reports $188M first-quarter loss, CFO’s resignation – Robert Khodadadian

Compass reported a first-quarter loss of $188 million and the departure of its chief financial officer as the tech-first brokerage sought to reassure investors about its path to profitability. The firm recorded $1.4 billion in revenue for the quarter, up 25 percent from the same period a year ago, against $1.6 billion in expenses, for …

Famed architect lists Hamptons estate for $23M – Robert Khodadadian

Thierry Despont is selling another one of his homes, giving prospective buyers an opportunity to see how a designer for the rich and famous lives. Despont listed his Southampton home at 320 Majors Path for $23.5 million, Mansion Global reported. Between 2011 and 2013, Despont paid $8.5 million for the three contiguous parcels that he …

SmartRent losses widen as supply crisis lingers – Robert Khodadadian

SmartRent’s beaten-down shares got some relief Thursday after the smart-home technology provider reported the highest quarterly revenue in its five-year history. The company’s results could have been even stronger, executives said on an earnings call Wednesday. While demand for SmartRent’s services is at an all-time high, the global logistics logjam has hindered its ability to …

Realogy rebranding as Anywhere Real Estate – Robert Khodadadian

Realogy will soon be nowhere to be found. Well, actually, it’ll be Anywhere. The entity that owns major brokerages including Corcoran, Coldwell Banker, Century 21 and Sotheby’s announced at an Investors Day event it is changing its name from Realogy Holdings Corp. to Anywhere Real Estate Inc. The rebrand will be complete by the end …

Michael Dell’s family office finances deal for Trump Hotel – Robert Khodadadian

The family office managing the wealth of tech billionaire Michael Dell funded the acquisition of the Trump Hotel in Washington, D.C, The Real Deal has learned. Sources familiar with the $375 million acquisition of the leasehold by a fund associated with CGI Merchant Group said that Dell’s MSD Capital provided a $285 million acquisition loan …

Madison Realty Capital plans 100 small apartments, a NYC rarity – Robert Khodadadian

One of New York City’s busiest real estate firms is putting up 100 studios and one-bedroom apartments on Staten Island, perhaps taking advantage of the city’s shortage of small dwellings. Madison Realty Capital has filed plans for a seven-story mixed-use building at 364 Bay Street in Tompkinsville, the Staten Island Advance reported. The property houses …

Mighty Midwood bookends top outer-borough loans – Robert Khodadadian

Brooklyn dominated the list of April’s 10 largest real estate loans in the outer boroughs, with six projects fetching $361 million in proceeds. The 10-loan total of $675 million represented a drop from the previous month’s $1.03 billion and from April 2021’s $830 million. An acquisition loan used by the Dermot Company to purchase an …

New owner Capstone revives Midtown’s Renwick Hotel – Robert Khodadadian

The Renwick Hotel has arisen after its new owner reportedly scored a “substantial discount” to acquire the property. Capstone Equities reopened the hotel at 118 East 40th Street last month, the Commercial Observer reported. The hotel is operated by the private equity firm’s hospitality management arm, Rebel Hospitality. The reopening caps off a challenging couple …

Life Time takes 100K sf in JDS’ Brooklyn Tower – Robert Khodadadian

Michael Stern’s JDS Development landed the tenant of a lifetime at Brooklyn’s first supertall. Life Time signed a lease for more than 100,000 square feet at Brooklyn Tower, the 1,066-foot, 93-story skyscraper at 9 DeKalb Avenue. The health club brand and the developer announced the lease on Wednesday. Life Time will operate a fitness experience …

Life Time takes 100K sf in JDS’ Brooklyn Tower – Robert Khodadadian

Michael Stern’s JDS Development landed the tenant of a lifetime at Brooklyn’s first supertall. Life Time signed a lease for more than 100,000 square feet at Brooklyn Tower, the 1,066-foot, 93-story skyscraper at 9 DeKalb Avenue. The health club brand and the developer announced the lease on Wednesday. Life Time will operate a fitness experience …

Startup plans LI convenience stores that shoppers can’t enter – Robert Khodadadian

A couple of convenience stores coming to Long Island are so convenient, customers don’t even need to go inside. In fact, they can’t. DoorDash is opening two DashMart locations on the peninsula, Newsday reported. The stores enable customers to order groceries, goods and restaurant items on the DoorDash app to be delivered or picked up. …

Brookfield’s $25M Queens warehouse deal tops another slow week for i-sales – Robert Khodadadian

A spring slowdown in mid-market investment sales continued into May, with just three deals hitting New York City records last week for commercial properties trading between $10 million and $40 million, two of which were in Queens. The most notable among them involved Brookfield Property Partners expanding its industrial portfolio. A limited liability company tied …

NYC rents soar as Covid deals die – Robert Khodadadian

Rents in New York soared so high in April that even discounted leases hit new heights. Net effective median rent on a unit with concessions in Manhattan hit a new high last month at $3,870, according to a monthly report by appraisal firm Miller Samuel for Douglas Elliman. The price point marks the highest annual …

Sellers of luxury homes gain from South Florida’s flipping frenzy – Robert Khodadadian

The first big flip in recent memory seemed too good to be true.  Russell Weiner, the billionaire founder of Rockstar Energy Drink, sold two North Palm Beach homes for more than $48 million — $15 million, or 45 percent more than he paid to acquire the properties from Swedish model Elin Nordegren just one month …

NewYork-Presbyterian takes 75K sf at Tishman Speyer’s Spiral – Robert Khodadadian

NewYork-Presbyterian is the latest high-profile tenant to lease space at Tishman Speyer’s The Spiral in Hudson Yards. The medical center said Wednesday it has reached a 20-year agreement to open an Och Spine outpatient care facility at the real estate firm’s under-construction, 65-story tower overlooking the Hudson River and the High Line. The facility will …

“A tremendous ordeal”: Lawyers in $97M Durst buyout slam case – Robert Khodadadian

Their decade-long court battle with Douglas Durst over a Long Island City development site is over. But lawyers representing the investors who bought out Durst last week for $96.9 million say it could have been avoided. “It was a tremendous ordeal and probably a waste of an immense amount of legal fees going through what …

Brad Zackson’s Dynamic Star borrows $115M for Bronx, LIC projects – Robert Khodadadian

Brad Zackson’s development firm scored three loans totaling $115 million for its Fordham Landing project in the Bronx and a planned Long Island City office tower. Connecticut-based Dynamic Star, led by Zackson and Gary Segal, secured the bridge loans from Columbia Pacific Advisors, according to a release. The financing will be used to reposition the …

Airbnb listing backfires on Hudson Valley woman – Robert Khodadadian

Listing your upstate home on Airbnb might draw frowns from neighbors but usually not public criticism — unless you were a politician who vehemently opposed short-term rentals in the past. Rebecca Wolff, a former member of Hudson’s Common Council, started a scandal in the Hudson Valley city by listing her home on Airbnb, the Times …

Midwood closes on $102M West Village property, plans renovations – Robert Khodadadian

John Usdan’s Midwood Investment and Development is planting its flag in the West Village. Midwood on Tuesday closed on its $102 million purchase of a 158-unit apartment building at 56 Seventh Avenue from BlackRock, the company said. The Real Deal first reported that Midwood had struck a deal for the mixed-use property, known as Candela …

Cushman pushes back on subpoena in Trump property probe – Robert Khodadadian

Cushman & Wakefield is resisting an order to comply with an investigation into Donald Trump and the Trump Organization. The commercial real estate giant filed an appeal Wednesday, seeking to overturn a judge’s decision to uphold a subpoena in the probe by New York Attorney General Letitia James. As part of the civil inquiry, James …

Brookfield to spin off asset management business – Robert Khodadadian

Brookfield Asset Management is planning to spin off its asset management business. The Toronto-based investment manager plans a new entity that will control Brookfield’s fee-generating assets including real estate, infrastructure, credit, private equity and renewable energy, Insider and Bloomberg reported, citing people familiar with the matter. Brookfield’s goal is to allow investment in a publicly …

NYCHA sent thousands of false Section 8 termination notices – Robert Khodadadian

The New York City Housing Authorities has been sending tenants into a panic with erroneous notices saying their Section 8 subsidy would be cut off. NYCHA sent the incorrect termination notices between August and March, The City reported. The letters were sent because NYCHA employees believed tenants didn’t submit paperwork to recertify income and household …

Former fuel oil terminal hits market in Gravesend – Robert Khodadadian

A sizable industrial site could gas up the commercial real estate market in South Brooklyn. One of the fuel oil terminals formerly owned and operated by the Bayside Fuel Oil Depot Corporation in Gravesend has hit the market, the Commercial Observer reported. Instead of a traditional sale, the brokers are aiming to ground lease the …

Eviction redux: Crown Heights family faces second ouster – Robert Khodadadian

Three months ago, a Crown Heights family was ushered by activists back into their home after being locked out by real estate operatives whom they accused of stealing it. But now they might be evicted again. A housing court judge has agreed to hear arguments on whether to reinstate an eviction warrant that in February …

Toll Brothers to build 355 apartments in Stamford; Schuster out – Robert Khodadadian

Toll Brothers has chosen Stamford for its first big multifamily play in Connecticut. The publicly traded homebuilder’s apartment division is developing a 355-unit luxury complex at 777 Summer Street in the city’s downtown. The project, the first in the state for Toll Brothers Apartment Living, will be a joint venture with Boston-based private equity firm …

Oceanwide loses control of Manhattan supertall site – Robert Khodadadian

Oceanwide Holdings has lost control of a Manhattan development site where it planned to build a 1,500-foot skyscraper. The Financial District property, 80 South Street, is in receivership after Oceanwide failed to pay back $165 million out of a $175 million loan from Midtown-based DW Partners, according to a filing with the Hong Kong Stock …

The Closing: Jeff Goldberg – Robert Khodadadian

Jeff Goldberg’s Fairstead — the multifamily investment firm he founded with his brother, CBRE’s Andrew Goldberg, in 2014 — is a family business. It’s just not the family business. “My entire family, all my cousins, everyone owns bagel bakeries. That’s the family thing you do,” said Goldberg, who, in deference to the bloodline, ran his …

Hedge funds, investment firms rare bright spot for office leasing – Robert Khodadadian

Money managers are making waves with office leases, but even their deep pockets aren’t enough to pick up the beleaguered market. Hedge funds and investment firms are embracing office space in Manhattan, unlike many other companies that are retreating, Bloomberg reported. Financial services firms, insurers, private equity, hedge funds and asset managers accounted for 35 …

Douglas Elliman profits plunge more than 50% – Robert Khodadadian

In its second earnings report after being spun off from a tobacco company, Douglas Elliman came to grips with a harsh reality: It’s difficult to run a profitable brokerage. Net income fell by more than 50 percent to $6.5 million in the first quarter, down from $14 million the year prior. Consolidated operating income was …

Council member calls 40% affordable project “slap in the face” – Robert Khodadadian

One developer’s concession is another City Council member’s “bread crumbs.” Developers trying to save One45, a proposed 915-unit project in Harlem, added 150 income-restricted units to their plan Tuesday, bringing the portion of affordable units to 40 percent. That is more than nearly every project in the city’s Mandatory Inclusionary Housing program, which mandates up …

New York+? Studio properties rise in the region – Robert Khodadadian

The streaming wars appear to be slowing down, but not the race for studio space in New York. Soundstage square footage in New York and New Jersey has increased 14 percent since the start of last year, according to CBRE data reported by the Wall Street Journal. More is on the way, as nine studios …

Buyer found for Richard Gere’s $28M Westchester estate – Robert Khodadadian

“It must be difficult to let go of something so beautiful.” The memorable line from the 1990 romantic comedy “Pretty Woman” could also apply to its frontman’s sale of his 49-acre estate in Pound Ridge. Richard Gere recently signed a contract with a buyer for the huge Westchester County property, Mansion Global reported. The buyer …

Robin Birley to open dining club on Upper East Side – Robert Khodadadian

Famed British club manager Robin Birley is making his next move in New York City: a dining club on the Upper East Side. Birley signed a lease for a two-story, 12,000-square foot space at 828 Madison Avenue, the New York Post reported. The building, owned by the Reuben Brothers, formerly housed the Westbury Hotel. The …

Cain International lands Hudson Hotel for redevelopment – Robert Khodadadian

The Hudson Hotel is trading hands, setting the shuttered property on a new course. Cain International is acquiring the property at 356 West 58th Street, the Commercial Observer reported. The acquisition cost is unclear, but Parkview Financial and Montgomery Street Partners combined to lend $207 million to Cain International for the purchase and redevelopment. The …

Industrial megadeal: Prologis offers $24B for Duke Realty – Robert Khodadadian

Prologis has proposed to buy Duke Realty for $24 billion in an all-stock deal that would add about 160 million square feet to its industrial real estate portfolio. The San Francisco-based logistics specialist offered to buy the REIT for $61.68 per Duke Realty share, Prologis announced Tuesday. Duke Realty’s share price, which closed yesterday at …

Lumber prices drop to new 2022 low in continued slide – Robert Khodadadian

Lumber prices slipped deeper into a slumber this week. The price of lumber dropped as low as $780 per thousand board feet on Monday, the lowest point for the commodity in 2022, Insider reported. Prices dropped as much as 6 percent on the day and 13 percent in the past week. Year-to-date, lumber prices are …

Brown Harris Stevens dives into TikTok – Robert Khodadadian

Apartment tours, real estate tips and tricks and brunch recommendations are coming to Brown Harris Stevens’ newly hatched TikTok channel. The brokerage last month launched @brownharrisstevens on the popular social media platform as part of its “Mastery of the Craft” marketing campaign. “We want to present that knowledge that helps our agents get to that …

Chinese developer Hongkun faces foreclosure on luxury NJ condo – Robert Khodadadian

A luxury condo project overlooking the Hudson is headed to auction in the latest example of a Chinese developer facing distress in the U.S. amid tighter oversight back home. Lender Parkview Financial has initiated a UCC foreclosure sale for the equity interests in a 282-unit development in Weehawken, New Jersey, planned by the American affiliate …

Edward Minskoff lists Park Avenue co-op – Robert Khodadadian

Edward Minskoff admires one of his developments so much that he plans to move there, putting his Lenox Hill co-op in the rearview mirror. The Edward J. Minskoff Equities chairman listed his unit at 730 Park Avenue for $17.7 million, the Wall Street Journal reported. Minskoff said he purchased the unit in the 1980s for …

Expansion teams: Residential brokerages take on new frontiers – Robert Khodadadian

In February, Douglas Elliman signaled its arrival in Vero Beach, a small Florida city about 75 miles up the coast from Palm Beach, by scooping up Daley and Company, a local brokerage that it said had closed more than $232 million in sales since 2020.  Founder Sally Daley said that her firm has always made …

Goldman Sachs halts work in SPAC market – Robert Khodadadian

Goldman Sachs Group is withdrawing from the SPAC market over new guidelines from regulators, an ominous sign for real estate companies looking to go public through a so-called SPAC, or special purpose acquisition vehicle. The investment bank, among the largest underwriters of SPACs, has been informing SPAC sponsors that it will be ending its involvement, …

Co-living firm Common barraged by complaints: report – Robert Khodadadian

Tenants have something in common at Common Living’s communal spaces: nightmarish experiences, according to a published report. More than a dozen tenants went on the record to describe their experiences at Common buildings across the country, the Daily Beast reported. Alleged issues include unaddressed vomit, fighting roommates, poor communication, lengthy maintenance delays and poor security. …

Investors in huge LIC project buy out Durst for $97M – Robert Khodadadian

The Durst Organization is out of a planned 112 million square-foot development along the Long Island City waterfront, clearing the way for the huge project to move ahead. A group of investors including Mayor Rudy Guiliani’s former confidante Bruce Teitelbaum and MaryAnne Gilmartin’s MAG Partners bought out Douglas Durst from the “Lake Vernon” site near …

$18M townhouse tops Brooklyn luxury market – Robert Khodadadian

A 160-year-old townhouse in Brooklyn Heights led Brooklyn contract signings last week. The 5,000-square-foot house at 77 Columbia Heights went into contract asking $17.777 million, and if it closes near that price, it would be the most expensive sale this year in Brooklyn, according to Compass’ weekly report of homes asking $2 million or more. …