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Category Archives: RE News

Fifth Avenue is the 2nd priciest US office market: report

Office rents on Fifth Avenue are the second-most expensive in the country, according to a new report from JLL. Average asking rents on the Midtown stretch between 50th and 61st streets clocked in at $116.04 per square foot, and at the top end of the range reached $185 per square foot, the Wall Street Journal reported. “When you think about Fifth Avenue buildings, they’re comprised of a subset that are all proximate to the park […]

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The world’s tallest Holiday Inn is being shopped around

The tallest Holiday Inn in the world is up for grabs. Chinese developer Jubao Xie is looking to sell the 50-story, 492-key Holiday Inn Manhattan-Financial District, The Real Deal has learned. There is no official asking price for the hotel, which opened in 2014, but sources said Xie is looking for just north of $300 million for the property. Xie, who is based in China’s Jiangsu Province, developed the hotel at 99 Washington Street with […]

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Greystone Development’s CEO leaves to launch own firm

Greystone Development’s CEO Jeff Simpson is leaving the company to launch his own real estate investment and development firm, Arch Companies. Greystone Development’s head of acquisitions, Jared Chassen, is joining him. Thomas Ryan, who currently serves as head of operations, will replace Simpson on Jan. 1. Arch Companies will collaborate with Greystone on existing projects and future developments, the firm said in a statement Monday. Simpson joined Greystone in 2007 and became the CEO of […]

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Bob Weinstein sells his UWS townhouse for $15M

UPDATED, Dec. 11, 2:20 p.m.: Bob Weinstein, brother to Harvey and the co-founder of Weinstein Company and Miramax, has closed on the sale of his Upper West Side townhouse for $15 million, according to property records filed with the city Monday. The five-story property, at 39 West 70th Street, is a 6,608-square-foot home with five bedrooms and five-and-a-half bathrooms. It has a roof deck, five fireplaces, an elevator, two balconies and a home gym with […]

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“I guess I didn’t get the memo”: With UWS supertall, Gary Barnett doubles down on luxury market

Last month, The Real Deal reported that Extell Development quietly acquired $202M in air rights in order to triple the size of its planned Upper West Side luxury tower at 50 West 66th Street, a move that had been feared by some local politicians and community groups. In an interview with the New York Times last week, Extell’s CEO Gary Barnett, undaunted by gripes of his future building’s neighbors, made clear he’s not concerned about […]

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Trump Soho’s secret suitors: Keith Rubenstein and the head of one of Kazakhstan’s largest banks

For years now, Kazakhstan’s BTA Bank, headed by Kenges Rakishev, has pursued the demise of its former chairman, Mukhtar Ablyazov, whom the bank alleges embezzled more than $6 billion. Previous reports indicated that some of that money may have ended up in three Trump Soho condominiums via Ilyias Khrapunov, the man Ablyazov allegedly entrusted to conceal the money he invested overseas and who maintained a business relationship with Bayrock Group’s Felix Sater, one of the […]

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Paydirt: When you’re a unicorn, they let you do it

In 2014, Compass first felt the wrath of the white glove. The residential brokerage – and much as it loathes that term, that’s what it is, at least for now – had just poached Kyle Blackmon from Brown Harris Stevens, and Hall Willkie didn’t take too kindly to losing one of his top earners. “The value of Kyle’s or anyone’s equity will be dependent on the success of Urban Compass’ founders implementing their vision of […]

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GGP rejects Brookfield’s $15B buyout offer

General Growth Properties rejected the $14.8 billion buyout offer from Brookfield Property Partners, which is now considering making a new bid. The move is not exactly a surprise, as industry experts considered the $23-per-share offer Brookfield made last month to be a lowball bid, and expected the company to make a second and final offer, Reuters reported. Brookfield offered cash and stock to buy the 66 percent of GGP that it does not already own. […]

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NY lawmakers will scratch state millionaires’ tax if Trump plan goes through

Democratic lawmakers in Albany who were pushing for a state millionaires’ tax will likely scrap the proposal if President Trump’s tax bill receives the green light in Washington. Legislative leaders feel that the proposed state tax – added on top of a federal bill that would limit taxpayers’ ability to deduct state and local taxes – could push wealthy New Yorkers out of the state, the New York Daily News reported. “It would be very […]

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Big 432 Park deal pushed luxury contracts to best week of the year: Olshan

A buying spree at 432 Park Avenue that put three units into contract with a combined asking price of $120 million pushed last week’s luxury sales total to the highest point of the year, according Olshan Realty’s weekly luxury market report. Last week recorded a total of $356.78 million worth of contracts at $4 million and above, the strongest week of 2017, according to Olshan. The market saw a healthy figure of 31 contracts signed during the […]

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