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The Real Deal NYC

Bloomberg, Turner Construction executives to be charged in overbilling scheme

More than a dozen executives at Bloomberg L.P., Turner Construction and their subcontracting companies are accused of running a scheme that overcharged Bloomberg for renovation work by tens of millions of dollars. Anthony Guzzone, the former global head of construction at Bloomberg, and two former Turner executives are expected to be indicted Tuesday on fraud, theft and bribery charges, the New York Times reported. As part of the scheme, company executives and subcontractors allegedly agreed […]

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Carlyle Group pays record price for Queens rental tower, scores $180M loan

A fund managed by the Carlyle Group on Monday closed on the purchase of 1 QPS Tower for $284 million, making it the most expensive acquisition of a rental building in Queens’ history. Carlyle financed the purchase of the 45-story tower at 42-20 24th St with a $179.8 million loan from MetLife Real Estate Lending, according to property records filed Monday.  The loan, which will retire a previous debt package provided by Deutsche Bank to […]

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CRE scorecard: Manhattan office leasing through October 2018

OFFICE LEASING IN MANHATTAN Midtown office leasing fell 20 percent in October compared to September, totaling 1.4 million square feet. This was just 1 percent under the five-year monthly average. The availability rate dropped by 0.2 percentage points, to 10.9 percent. The average asking rent retreated in October, to $78.03 per square foot. The largest deal in Midtown was inked by online listings website Zillow, which leased 127,520 square feet at 1250 Broadway. Leasing activity […]

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It’s official: Brookfield owns Forest City

Nearly 100 years after the company was founded as a family-owned lumber business, Forest City Realty Trust — owner of millions of square feet of real estate across the country — has once again gone private. Brookfield Asset Management officially closed on its $6.8 billion purchase of the real estate investment trust on Friday. In New York City, Brookfield will be taking over 4.8 million square feet of office space from Forest City, and more […]

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Arel Capital exec is the latest to close on a 220 CPS pad

A real estate investment executive whose firm has made plays in New York City is the latest to close on a unit at 220 Central Park South. Richard Leibovitch, a founding partner at Arel Capital, closed on a $26.2 million apartment at Vornado Realty Trust’s luxury supertall, according to records filed with the city’s Department of Finance on Monday. Leibovitch bought the unit through an LLC, records show. He declined to comment on the transaction. […]

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Coca-Cola looks to sell Fifth Ave building

Coca-Cola is looking to sell its eponymous building on Fifth Avenue. The soft drink maker has put the 18-story, 354,000-square-foot building it owns at the corner of 55th Street on the market, Bloomberg News reported. Coca-Cola, which inherited the building at 711 Fifth Avenue in 1983 with its purchase of Columbia Pictures “has determined that it does not need to retain its investment in the building to support its activities in New York,” according to […]

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Brooklyn Heights townhouse joins elite club with $12M sale

The sellers of a Civil War-era Brooklyn Heights townhouse hoped to smash a sales record when they listed their home for $16 million in 2014. The property fell short of that, but still snagged a price tag few other homes in the borough have topped. The single-family townhouse at 192 Columbia Heights closed on Monday for $11.75 million, according to records filed with New York City’s Department of Finance. The sellers are former Granite Broadcasting […]

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Former Airbnb exec snags Cobble Hill townhouse for $4.6M

A former Airbnb exec just snatched up a Cobble Hill townhome near his new gig. Shaun Stewart, former global head of Airbnb’s vacation rental business, and his wife, Katie Krawiec Stewart, paid a discounted price of $4.6 million for the three-story home, according to a city filing. The townhouse, located at 120 Congress Street, was listed in February for about $5.5 million. After his work at Airbnb, Stewart became a director in Google’s self-driving cars […]

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Allianz’s Gary Phillips is heading to Eastdil

Gary Phillips, head of acquisitions at Allianz Real Estate of America, is leaving the company and moving to Eastdil Secured, where he will serve as managing director for capital markets and real estate sales at the firm’s New York office, according to multiple industry sources. Phillips had been with Allianz since 2011 and has also worked at Clarion Partners and Deutsche Bank. He recently helped lead a deal at Allianz to sell a 49 percent […]

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Multifamily investor Iris Holdings buys Maimonides’ Brooklyn portfolio for $68M

Maimonides Medical Center has sold eight of its buildings in Borough Park to Marc Blumenfrucht Iris Holdings for about $68 million, according to property records. TPG Real Estate Finance Trust provided $67.5 million in financing for Iris Holdings for the deal. The properties are addressed at 864 49th Street, 983 and 1005 46th Street, 5001 10th Avenue, 1016 50th Street and 902, 914 and 926 47th Street. They are mostly vacant multifamily buildings with 295 […]

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