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Category Archives: RE News

Coming soon: TRD’s 250th issue!

The Real Deal will be celebrating its 250th issue this January! This special commemorative issue will include a look back at the first two decades of New York real estate in the new millennium, and some of The Real Deal’s most notable coverage. Don’t miss our stories on the billion-dollar dealmakers and the billion-dollar deals that have helped shape the city and its skyline. Our first issue of the new decade will also include a

The post Coming soon: <i>TRD’</i>s 250th issue! appeared first on The Real Deal New York.

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Massive, controversial Queens site back on market

An 18-acre Queens development site has hit the market, and its owner hopes to fetch more than $40 million, sources said. The property, at 151-45 Sixth Road on the Whitestone waterfront, is being marketed by a Cushman & Wakefield team led by Stephen Preuss. It is being pitched as shovel-ready and approved for 52 single-family homes of typically 2,500 to 5,000 square feet, along with 26 boat spaces. The site is split between 12.8 upland

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SoftBank wanted Jared Kushner to divest from Cadre

Talks for SoftBank to fund crowdfunding startup Cadre ended when Jared Kushner declined to divest his ownership stake in the company. Ryan Williams — who co-founded the platform with Jared and Joshua Kushner in 2014 — was in talks with SoftBank CEO Masayoshi Son in early 2018, Bloomberg reported. Williams had even flown to Tokyo at Masayoshi Son’s invitation, but the talks fell through. Son, SoftBank’s CEO, was concerned that Jared Kushner may have had

The post SoftBank wanted Jared Kushner to divest from Cadre appeared first on The Real Deal New York.

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Unions at bay, but hostility for real estate worse than ever

Inside an elegant dining room at the Pierre hotel Thursday, panel moderator Robert Blumenthal scanned the floor — packed with real estate’s biggest names — for signs of unrest. It was a decidedly calmer scene than at the same Schack Institute of Real Estate capital markets conference a year ago, when protesters interrupted the panel discussion to blast Stephen Ross, the Related Companies chairman, whose firm was in a dispute with unionized construction workers. “I’m

The post Unions at bay, but hostility for real estate worse than ever appeared first on The Real Deal New York.

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Housing court could get a lot more political under reform plan

The city’s housing court judges could become political appointees under a proposal to dramatically rework the state’s judicial system. Housing court judges today are appointed by a judicial advisory council. But under a plan examined at a state legislative hearing Wednesday, the mayor’s office could be making those appointments. That’s concerning to some, considering the hostile political climate for landlords and Mayor Bill de Blasio’s pro-tenant history. “This mayor has been notoriously, blatantly anti-owner,” said

The post Housing court could get a lot more political under reform plan appeared first on The Real Deal New York.

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“Something is rotten” at Chelsea co-op, owners say

Homeowners in a land-lease cooperative in Chelsea are facing eviction after skyrocketing maintenance fees and a hostile takeover of their board. “Something is rotten in the state of 101 West 23rd Street,” co-op board member and resident David Hillman said in a New York Supreme Court affidavit. In a 2015 lawsuit against the firm that owns the land and now controls 85 percent of the six-story co-op, 11 homeowners alleged foul play. They said E&M

The post “Something is rotten” at Chelsea co-op, owners say appeared first on The Real Deal New York.

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Corcoran shakeup: Bill Cunningham out; Gary Malin now COO

Bill Cunningham, the Corcoran Group’s president of sales, is leaving the firm, The Real Deal has learned. The move is part of a broader shakeup that will also see Gary Malin, president of sister firm Citi Habitats, add the role of COO of Corcoran to his responsibilities.  In an email to agents Thursday, Corcoran CEO Pam Liebman said Cunningham’s departure is one of several changes underway at the company, which is a subsidiary of publicly

The post Corcoran shakeup: Bill Cunningham out; Gary Malin now COO appeared first on The Real Deal New York.

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Battle of the boroughs: Tallying the city’s top law firms by real estate loans

UPDATED: Nov. 7, 2019, 10:22 a.m.: Fried Frank also topped the list of law firms that oversaw the largest commercial loan volumes in Manhattan, with a whopping $6.97 billion among just 22 deals. That put the firm way ahead of Gibson, Dunn & Crutcher, which came in second place with $5.88 billion among 36 deals. The largest loan handled by Fried Frank across the city in the same time period was a $600 million-plus loan

The post Battle of the boroughs: Tallying the city’s top law firms by real estate loans appeared first on The Real Deal New York.

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Exposed: Playboy has left the Playboy Club New York

Playboy Enterprises has stripped all of its licensing from its pricey Manhattan members-only club. The recently revamped restaurant and club on West 42 Street was a local branding play for the global brand with an affiliate of Merchants Hospitality that’s been operating the venue since it opened in September 2018. That came to an end last week. Playboy confirmed in a statement to The Real Deal that it has terminated its agreement for the club

The post Exposed: Playboy has left the Playboy Club New York appeared first on The Real Deal New York.

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Durst deadlocked with owners of prime LIC site

A Long Island City development site next to Amazon’s abandoned headquarters location — mockingly called “Lake Vernon” for its large puddles — has racked up thousands of dollars in fines for being a mosquito breeding ground. But it’s not the owners paying the bills at 44-02 Vernon Boulevard. Rather, it’s the Durst Organization, which holds the debt on the property and has been trying to foreclose on it for more than a decade. The developer

The post Durst deadlocked with owners of prime LIC site appeared first on The Real Deal New York.

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