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Category Archives: RE News

MTA halts a Manhattan hotel project, and the lawsuits fly

Work has ceased at a hotel tower on Trinity Place because, according to a new lawsuit, the Metropolitan Transportation Authority is trying to “strong-arm and suffocate” the developer. Peter Zen’s FIT Investment Corp. claims the MTA wrongfully issued a stop-work order at 50 Trinity Place, where FIT is building a 173-key hotel. The agency allegedly halted work earlier this month to enable another developer, Trinity Place Holdings, to work on an elevator at the Rector

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Richard Leibovitch wants $10M more for the 220 Central Park South home he bought a year ago

What might end up being the first resale at the Billionaires’ Row tower 220 Central Park South is up for grabs — and the seller is seeking $10 million more than what he paid for it just a year ago. Richard Leibovitch, who co-founded Arel Capital, shelled out $26.2 million for unit 31A at the ultra-luxury, 70-story tower in December 2018. Now, he wants $36 million for the 3,703-square-foot condominium, according to the listing. That’s

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Overzealous investigators went too far in pursuit of Brooklyn landlord, appellate court rules

A Brooklyn landlord who served 20 days in jail after pleading guilty to mortgage fraud has successfully had his conviction overturned. Daniel Melamed won his case by convincing a panel of New York state appellate judges that the warrant the state’s attorney general used to search Melamed’s office in 2015 was so broad that it violated the United States Constitution’s Fourth Amendment protection against illegal search and seizure. “Most notably, other than a date restriction

The post Overzealous investigators went too far in pursuit of Brooklyn landlord, appellate court rules appeared first on The Real Deal New York.

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US is short nearly 4M new homes: report

The housing shortage in the U.S. is deepening despite strong demand, and a new report found that builders must construct nearly four million new homes to catch up. Almost 9.8 million households were formed between 2012 and 2019, but just 5.9 million new single-family homes were constructed during that period, according to listings website Realtor.com. The report found it could take four to five years to fill the void of 3.8 million homes. That estimate

The post US is short nearly 4M new homes: report appeared first on The Real Deal New York.

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Cuomo spares real estate in plan to close $6B budget gap

New York is facing a $6.1 billion budget deficit, but Gov. Andrew Cuomo said new revenue streams — for example, a controversial high-end real estate tax — are not how he will close it. Cuomo outlined his annual budget proposal Tuesday, calling for the revival of a panel tasked with reforming the state’s Medicaid program and freezing spending on local assistance programs. “This is not the time to come up with creative, although irresponsible, revenue

The post Cuomo spares real estate in plan to close $6B budget gap appeared first on The Real Deal New York.

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Meryl Streep parts with Tribeca PH for $15.8M

Oscar-winner Meryl Streep has sold her Tribeca penthouse for $15.8 million. Located at River Lofts, a private condominium popular with A-listers, Streep’s condo spans 4,000 square feet with four bedrooms, a wood-burning fireplace and media room. The full-floor pad also has a landscaped wraparound terrace. Streep and husband Donald Gummer paid $10.13 million for the loft in 2006, according to records. They listed it for $24.6 million in 2018. After a broker swap and price

The post Meryl Streep parts with Tribeca PH for $15.8M appeared first on The Real Deal New York.

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TF Cornerstone pays $140M for Williamsburg multifamily building

TF Cornerstone has purchased a Brooklyn apartment building for $137.75 million — more than $30 million less than the seller paid a few years ago. The developer bought the 234-unit property at 250 North 10th Street in Williamsburg, and secured an $82.75 million mortgage from M&T Realty Capital, according to property records. The seller was Nuveen, which paid $169 million for the property in 2015. TF Cornerstone partnered on the purchase of the 150,000-square-foot building

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Raphael Toledano’s “ghostly” East Village portfolio

Nearly half of Raphael Toledano’s East Village portfolio is sitting vacant — mired in bankruptcy proceedings with lender Madison Realty Capital. Andrea Shapiro, program manager of tenants’ rights group Met Council, estimated that half of the 279 units have been “warehoused” since 2016. The portfolio includes 226 rent-stabilized apartments, according to tax filings. A Madison Realty Capital spokesperson blamed Toledano, saying, “The owner of the properties demolished the vacant units a few years ago and

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Brooklyn Heights townhouse is priciest Brooklyn contract

A tony townhouse in Brooklyn Heights was the priciest residential deal to go into contract in Brooklyn last week. The five-bedroom property at 35 Sidney Place went for $6.25 million. It spans 5,900 square feet and went into contract at its asking price after 76 days on the market. Overall, Brooklyn saw 12 contracts signed for $2 million or more last week, split between 10 houses and two condos, according to the latest report from

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“We are still in it”: Softbank still believes in WeWork’s core business

After committing a $9.5 billion rescue package for WeWork and shaking up the firm’s management, SoftBank still believes in the embattled co-working giant’s core business idea. That’s according to Deep Nishar, senior managing partner at SoftBank’s Vision Fund, who spoke at Munich’s Digital Life and Design conference Saturday, according to Bloomberg. “We are still in it. We are involved. We are helping the company because we believe the idea at its core is very, very

The post “We are still in it”: Softbank still believes in WeWork’s core business appeared first on The Real Deal New York.

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