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Category Archives: RE News

Developer files plans for mixed-use project facing BQE

After overcoming concerns about air and sound pollution, Brooklyn developer Bruchy Lefkowitz is moving ahead with plans for a 90-unit mixed-use development facing the Brooklyn-Queens Expressway near Brooklyn Navy Yard. Lefkowitz, doing business as 462 Lexington Ave LLC, plans to build a 106,000-square-foot, nine-story building at 205 Park Avenue, according to documents filed Wednesday with the Department of Buildings. About a quarter of the building’s residential floor area, or 23 units, will be made permanently

The post Developer files plans for mixed-use project facing BQE appeared first on The Real Deal New York.

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New boutique office building headed for East Village’s St. Mark’s

Another high-priced, boutique office building is moving forward in Midtown South. Real Estate Equities Corp.’s development at 1 St. Mark’s Place in the East Village landed a nearly $80 million construction loan, according to property records filed with the city Wednesday. South Korean financial services firm Hana Financial Group provided a $31.1 million mezzanine loan, and Madison Realty Capital provided a $48 million first mortgage. A representative for REEC — headed by Brandon Miller and

The post New boutique office building headed for East Village’s St. Mark’s appeared first on The Real Deal New York.

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It’s official: Facebook is taking 1.5M sf in Hudson Yards

Facebook has officially inked its long-rumored lease at Hudson Yards. The tech giant will take more than 1.5 million square feet of office space across three buildings and 30 floors of the development, landlords Related Companies and Oxford Properties Group announced on Thursday. This includes about 1.2 million square feet at 50 Hudson Yards, 265,000 square feet at 30 Hudson Yards and 57,000 square feet at 55 Hudson Yards. “We’re excited to expand our offices

The post It’s official: Facebook is taking 1.5M sf in Hudson Yards appeared first on The Real Deal New York.

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SoftBank’s $3B payout to WeWork’s investors is delayed

After everything that’s happened at WeWork, shareholders now have a new worry. SoftBank is delaying a $3 billion tender offer for WeWork shareholders. In a letter WeWork sent to shareholders Nov. 8, and obtained by The Real Deal, the Japanese conglomerate’s offer would commence “within five business days of the completion” a $1.5 billion investment in the struggling office startup. That $1.5 billion payment was released to the company Oct. 30, which would have made

The post SoftBank’s $3B payout to WeWork’s investors is delayed appeared first on The Real Deal New York.

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Another megaproject coming to Flushing

The real estate boom in Flushing will continue with yet another megaproject. The development, at 131-01 39th Avenue, will span about 664,000 square feet, including 339,000 square feet of residential space, 314,000 square feet of commercial space and 11,000 square feet of community space, according to plans filed Tuesday with the Department of Buildings. It will stand 19 stories and 245 feet tall with 368 residential units. Queens developer Andy Zhu sold the site in

The post Another megaproject coming to Flushing appeared first on The Real Deal New York.

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WeWork under pressure as losses soar to $1.25B

WeWork lost $1.25 billion in the third quarter — up from $497 million in the same time period last year. The parent of the troubled-office startup also reported a surge in revenue to $934 million in the months following Sept. 30, the Wall Street Journal reports, citing a report to debtholders this week. The $1.25 billion loss falls in contrast to the $638 million loss posted in the second quarter. The company blamed the third-quarter

The post WeWork under pressure as losses soar to $1.25B appeared first on The Real Deal New York.

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WeWork losses soar, SoftBank asked Jared Kushner to divest from Cadre

Every weekday The Real Deal rounds up New York’s biggest real estate news. We update this page throughout the day starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com. This page was last updated at 9 a.m. Donald Trump has been taken to court many times by lawyers, brokers, contractors and others who claimed that he owed them money. Now the shoe is on the other foot, as the Trump Organization copes with

The post WeWork losses soar, SoftBank asked Jared Kushner to divest from Cadre appeared first on The Real Deal New York.

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“That’s the best you can do?” Eliot Spitzer and Eran Chen on their recent project

Architects and developers need each other, but their dynamic often puts them at odds. Developer and former New York Gov. Eliot Spitzer sat down with his architect Eran Chen to discuss finding common ground and chemistry as they worked on their recently completed rental complex along Williamsburg’s waterfront, 420 Kent Avenue. Chen’s firm, ODA, has designed a handful of new buildings along Brooklyn’s waterfront, including 10 Jay Street for Glacier Global Partners and Triangle Assets,

The post “That’s the best you can do?” Eliot Spitzer and Eran Chen on their recent project appeared first on The Real Deal New York.

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Is NYC’s townhouse market in trouble?

As a percentage of the city’s housing stock, townhouses aren’t just small, they’re minuscule. But they’ve attracted outsized attention in recent months. Most notably, this summer, a 48-foot-wide limestone mansion on East 67th Street sold to hedge-fund mogul John Griffin for $77 million — the highest price ever paid for a residential townhouse in New York City.  While that blockbuster deal set a new benchmark, sources say it’s not reflective of what’s going on in

The post Is NYC’s townhouse market in trouble? appeared first on The Real Deal New York.

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The city’s rental growth is slowing

New York City’s rental market in October continued to see gains — thanks to languid home sales — but the growth is slowing. The median rent in Manhattan edged up last month to $3,500. But the increase was slight, at just 0.1 percent year-over-year, and flat from September 2019, according to Douglas Elliman’s recent rental market report. The borough’s net effective rent, which includes concessions, grew 0.7 percent year-over-year to $3,409. This growth has been

The post The city’s rental growth is slowing appeared first on The Real Deal New York.

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