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Category Archives: RE News

Pearl Diner in FiDi to be replaced with 21-story hotel

One of the Financial District’s last standalone diners may soon be no more. A new 21-floor hotel is set to take the place of the Pearl Diner at 212 Pearl Street, according to documents filed with the Department of Buildings on Friday. George Drallios of Chaon LLC is the developer. Drallios, a registered architect, founded the Bi2em Design Architecture consultancy in 2005 and has been involved in projects in the U.S., the Caribbean and Russia […]

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Long Island Cheat Sheet: RXR sells Woodbury office complex for $37M, Nassau and Suffolk home sales flatten … & more

RXR Realty sells Woodbury office complex for $37.4M The Feil Organization, a Manhattan-based and family-owned real estate development firm, has agreed to pay $37.4 million to buy a six-building office complex in Woodbury from RXR Realty, according to Long Island Business News. The sale of the properties, which total 192,916 square feet of space, is part of a recently-adopted strategy by RXR to shed its suburban office properties. RXR and an affiliate, Australia-based Reckson New York […]

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Adtech company leaving 33 Whitehall for 42K sf at Brookfield Place

Digital marketing company Fluent, Inc., fresh off a spin-off from its parent company, is growing into a new office in the Financial District. The eight-year-old company signed a sublease for just shy of 42,000 square feet with high-frequency trading firm Virtu Financial at 300 Vesey Street at Brookfield Place, representatives from Fluent told The Real Deal. The spinoff in March gave Fluent access to cash it didn’t have before to help fuel its growth. Since […]

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Sales slump: nearly 85% of luxury listings trade at a discount

The downturn hasn’t been kind to the luxury market. And there’s new data to put it into perspective: 84 percent of high-end homes have sold at a discount. The sales number account for the first three quarters of the year, the New York Times reported citing data from StreetEasy. The figure is up from 65 percent during the boom in 2015. The median price cut was unchanged at $500,000. The trend is part of a […]

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The New York Wheel is getting sold for parts at auction

Discarded parts from the failed New York Wheel project will get put up for auction next month in Delaware. Parts going up for sale will include the wheel’s legs valued at $9.2 million, its drive towers valued at $3.3 million, its cable spokes valued at $4.4 million, its frame braces valued at $3.4 million and 36 capsules valued at $23 million, according to the New York Post. The project’s 9,147 tons of steel might also […]

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Manhattan’s luxe resi market off to a slow start in December: Olshan

Manhattan’s luxury residential market saw its slowest start to December since 2015, with just 18 contracts signed on homes $4 million and up last week, according to Olshan Realty’s weekly market report. That figure was down from 30 contracts inked during the same week in 2017 and 2016. Last week’s priciest contract went to a condominium at the Plaza Hotel with an asking price of $23.5 million. Unit 603/605 at 1 Central Park South spans […]

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A&E buys UWS complex for $220M

A&E Real Estate Holdings has spent $220 million to buy Glenn Gardens on the Upper West Side. The company bought the residential complex at 175 West 87th Street from a Sherwood Guernsey-led partnership, according to Commercial Observer. The property consists of two buildings with 266 residential units. This is the first time ownership has changed since 1974, when Glenn Gardens was built. The building includes one 32-story residential tower, one five-story walk-up, a parking garage […]

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The Brooklyn luxury market just finished up a very slow week

There were just seven contracts signed in the Brooklyn luxury market last week, split between five townhouses and two condos. The properties sold for about $24.1 million overall and went for an average price of roughly $3.5 million, according to the latest report from Stribling & Associates. The firm defines the borough’s luxury market as all homes priced at $2 million or higher. The figures were down from the week before, when the market saw […]

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Lalezarian Properties snags Murray Hill development site for $80M

Kevin Lalezarian bought a development site at the corner of 34th Street and Third Avenue in Murray Hill for nearly $80 million. Lalezarian, head of the family-owned Lalezarian Properties based in New Hyde Park, paid $79.5 million to purchase the five parcels from the Riese Organization, property records show. Representatives for Lalezarian and Riese were not immediately available for comment. The five properties had addresses at 207-211 East 34th Street and 507-511 Third Avenue. A […]

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Former City Council staffer helping JPMorgan on new HQ approvals

JPMorgan’s got an ace up its sleeve when it comes to getting city approvals for its new Midtown headquarters. The bank earlier this year hired Ramon Martinez, a veteran inside the halls of the City Council who is expected to play a role in helping the company secure permission to shrink the amount of public space required for its new Park Avenue office, Crain’s reported. Martinez spent more than a decade at the Council, including […]

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