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Category Archives: RE News

“We will rally the troops. We will literally march in Albany:” Industry gears up for another pied-à-terre fight

State lawmakers who plan to reintroduce the pied-à-terre tax should brace themselves for “a lot of firepower” from the real estate industry, which is still licking its wounds from the historic rent law defeat in June. “We will rally the troops. We will literally march in Albany. We will do everything we can to make people understand that this is not a good thing,” said Corcoran Group’s Pam Liebman, in response to the lawmakers’ renewed […]

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These were August’s top 3 residential deals

August is slow, but it didn’t stop three anonymous buyers from snapping up giant condos in some of the hottest residential buildings in Manhattan. This includes 220 Central Park South, where British musician Sting recently bought a $65.7 million penthouse , and 565 Broome Street, where tennis player Novak Djokovic scooped up two, two-bedroom condos in 2017. To see July’s top sales, click here

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Only in Manhattan? Luxury condo owner files “class action” because unit doesn’t have a wine cooler

Across the city, residents sometimes have to tussle with landlords to make sure they are getting basic necessities like heat and hot water. But at 565 Broome Street, a luxury development in Soho, one resident is fighting to make sure they get their state-of-the-art wine cooler. Ayal Martin Hayes, who through an LLC bought the $3.6 million unit at the development, alleges in a new lawsuit that buyers-to-be were promised the specialty coolers, which were […]

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Data alert: Crunching the numbers on condo inventory

New development condo report Manhattan Inventory shrank as developers filed fewer units than were purchased Developers filed three plans with a total of 172 units The state approved one plan with 34 units valued at about $539 million Buyers purchased 199 units valued at $1.13 billion

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REBNY honors late union president Hector Figueroa with humanitarian award

Ahead of its annual banquet, the Real Estate Board of New York announced on Thursday that it will bestow its humanitarian award on the late president of 32BJ SEIU. REBNY chose Hector Figueroa, who died unexpectedly in July, as the recipient of its Kenneth R. Gerrety Humanitarian Award, the trade organization announced at its headquarters on Thursday. Figueroa, who led the country’s largest building services union for seven years, recently sided with the real estate […]

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Thor Equities on the verge of losing another building in Manhattan

Joe Sitt’s Thor Equities could soon lose yet another property. The owner of 545 Madison Avenue is looking to evict Thor, which paid $53 million for a ground lease at the building in late 2013, according to Crain’s. The arrangement essentially let Thor act as the property’s landlord in exchange for rental payments to the underlying owner Marx Realty. Thor started falling behind on rent payments as tenants left the property, and Marx Realty started […]

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Philip Seymour Hoffman’s old West Village pad sells for $2.57M

Philip Seymour Hoffman’s onetime home in the West Village has traded hands, five years after the actor’s death from a drug overdose. According to records, Hoffman’s penthouse at 1 Sheridan Square sold for $2.57 million to Helicopter Sprockets, a Westchester-based LLC. Sheridan bought the apartment in 2002, but wasn’t living there at the time of his death. In 2008, Hoffman paid $4.25 million for a condo at 68 Jane Street, where he lived with former […]

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NYC’s largest student housing firm makes a $101M gamble on owning its own real estate

A student housing company has purchased a Lower Manhattan building used as a Pace University dorm for about $101 million. The nonprofit company Educational Housing Services has purchased the 17-story property at 55 John Street from Tessler Developments, according to property records. It had been the sublandlord at the building prior to buying it outright, sources familiar with the deal said. Tessler had purchased the building in 2006 for $38 million from the Chetrit Group, […]

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Brookfield, RXR among major companies urging action on gun violence

Some of the country’s biggest landlords and developers have thrust themselves into perhaps the most contentious national debate: gun control. Brookfield Property Group’s Ric Clark is among 145 CEOs urging Senate leaders to expand background checks on all guns sales and pass stronger “red flag” laws, which would limit sales to potentially dangerous people. “Doing nothing about America’s gun violence crisis is simply unacceptable,” the CEOs wrote in the letter, which was shared with the […]

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Blackstone closes largest-ever real estate fund, building owner alleges de Blasio conspiracy: Daily digest

Every day, The Real Deal rounds up New York’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day, starting at 9 a.m.. Please send any tips or deals to tips@therealdeal.com Blackstone says it has closed a $20 billion fund — the largest in real estate history. The company surpassed its own record of $15.8 billion, which it set in 2015. Blackstone has earned itself a […]

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