Land Use approves East Harlem rezoning

Land Use approves East Harlem rezoning

The City Council’s Land Use Committee on Tuesday greenlighted a proposal to rezone East Harlem under the Mandatory Inclusionary Housing program — a plan that is expected to create 1,288 affordable housing units on private sites. Under MIH, the city estimates that at least 20 to 25 percent of all new residential units in East Harlem will be affordable. As a part of the plan, New York City Housing Authority’s East Harlem properties will get […] Read More >> https://therealdeal.com/2017/11/21/land-use-approves-east-harlem-rezoning/

Mark Stagg: “They think one day they’re going to wake up, and rents for two-bedrooms are going to be $3,500.”

Mark Stagg: “They think one day they’re going to wake up, and rents for two-bedrooms are going to be $3,500.”

From the November issue: The funniest and most insightful comments on real estate. Read More >> https://therealdeal.com/issues_articles/in-their-words-68/

Hamptons Cheat Sheet: Why one hedge funder has no use for a $70M mansion, historic Southampton inn could become condos … & more

Hamptons Cheat Sheet: Why one hedge funder has no use for a $70M mansion, historic Southampton inn could become condos … & more

Hedge funder who broke national sales record lists old East Hampton digs for $70M Hedge fund manager Barry Rosenstein has listed his oceanfront East Hampton home for $70 million. After buying the Drew Lane property in 2005 for $19.2 million, Rosenstein tore down a 1920s-era cottage and built a modern seven-bedroom, 9½-bathroom home in its place. The property also boasts a two-bedroom guest cottage, a 62-foot lap pool and a separate garage with office space. […] Read More >> https://therealdeal.com/2017/11/21/hamptons-cheat-sheet-why-one-hedge-funder-has-no-use-for-a-70m-mansion-historic-southampton-inn-could-become-condos-more/

Treetop buys Far Rockaway rental complex for $135M

Treetop buys Far Rockaway rental complex for $135M

Treetop Development picked up a four-building rental complex in Queens’ Far Rockaway neighborhood from E&M Associates for $135 million, the buyer said. The complex at 711 Seagirt Avenue has four interconnected properties with a total of 916 rental apartments and eight commercial units. The buildings, known as the Sand Castle, sit just two blocks from the beach. Westwood Realty Associates’ Steven Vegh represented both sides in the deal. Vegh said the purchase is a “significant […] Read More >> https://therealdeal.com/2017/11/21/treetop-buys-far-rockaway-complex-for-135m/

2 Herald Square’s leasehold to hit auction block in February

2 Herald Square’s leasehold to hit auction block in February

The troubled Midtown office building 22 Herald Square is heading to the foreclosure auction block in February, sources told The Real Deal. A New York State Supreme Court judge granted summary judgment Monday in favor of lender SL Green over the leasehold’s $250 million first mortgage. The judgment thus orders a sale of the leasehold, which had been repeatedly delayed for much of this year. The leasehold’s owners, Sitt Asset Management and more than 80 limited partners, […] Read More >> https://therealdeal.com/2017/11/21/2-herald-squares-leasehold-to-hit-auction-block-in-february/

Land Use kills grandfather clause exempting Gamma’s tower from rezoning

Land Use kills grandfather clause exempting Gamma’s tower from rezoning

The City Council Land Use Committee voted on Tuesday to remove a clause that would exempt Gamma Real Estate’s Sutton Place condo tower from a rezoning that would scale back the project. The committee nearly unanimously (with one abstention) voted in favor of approving and modifying an application that will rezone 10 blocks on the Upper East Side. The committee decided against grandfathering Gamma’s Sutton 58, meaning that if the full Council agrees, the 800-foot […] Read More >> https://therealdeal.com/2017/11/21/land-use-kills-grandfather-clause-exempting-gammas-tower-from-rezoning/

Global Infrastructure Partners inks lease for 1345 Avenue of the Americas

Global Infrastructure Partners inks lease for 1345 Avenue of the Americas

Infrastructure investment company Global Infrastructure Partners is moving across town. The private equity firm inked a 42,300-square-foot lease for the 30th floor of Fisher Brothers’ 1345 Avenue of the Americas,  located between West 54th and 55th Streets, according to the Commercial Observer. Asking rent was $95 per square foot, and the lease will last for 16 years and two months. The move will likely take place in mid-2018. Global Infrastructure Partners is currently located at […] Read More >> https://therealdeal.com/2017/11/21/global-infrastructure-partners-inks-lease-for-1345-avenue-of-the-americas/

Harry Macklowe’s inspirations? Matisse and Bottega Veneta

Harry Macklowe’s inspirations? Matisse and Bottega Veneta

Harry Macklowe received an important lesson in labor relations on his first project of the 1960s — a loft-to-office conversion on 28th Street. With plans to renovate the building — and raise rents from $1 per square foot to $4 per square foot — the developer drove his station wagon to the Bowery, hired six laborers and put them to work with five- and 10-pound sledgehammers. He thought nothing of it when the workers begged […] Read More >> https://therealdeal.com/2017/11/21/harry-macklowes-inspirations-matisse-and-bottega-veneta/

Sales of existing US homes fall for second-straight month

Sales of existing US homes fall for second-straight month

Existing-home sales fell year-over-year for the second-straight month in a row a seasonally adjusted rate of 5.48 million in October, according to the National Association of Realtors. But the slowdown is more the result of a dearth of homes for sale than sluggish demand, the Wall Street Journal reported. “The housing market largely remains stuck in the same, predictable rut it has been in for the past two years or so” of demand outpacing supply, […] Read More >> https://therealdeal.com/2017/11/21/sales-of-existing-us-homes-fall-for-second-straight-month/

WeWork is gearing up for a big push into retail: sources

WeWork is gearing up for a big push into retail: sources

WeWork is quietly setting the stage for the launch of a brick-and-mortar retail platform as it continues to branch out into new business lines ahead of an expected public offering. Several sources told The Real Deal that work on retail concepts gained momentum over the past six months and is shaping up to be a priority for the firm. What WeWork’s retail business could look like is still unclear, but sources said extending the firm’s […] Read More >> https://therealdeal.com/2017/11/21/wework-is-gearing-up-for-a-big-push-into-retail-sources/

Alan Bell planning 173-unit resi project in northern Bronx

Alan Bell planning 173-unit resi project in northern Bronx

Alan Bell is planning a new 173-unit residential project across two buildings in the Williamsbridge neighborhood. The developer’s company B&B Urban is in contract to buy a 30,000-square-foot development site in Williamsbridge that spans four parcels: three between 718 and 722 East 212th Street, each of which span 3,300 square feet, and an adjoining parcel on East 211th Street that spans 20,000 square feet. B&B is purchasing the property from Ace Tents Amusement Corp, a […] Read More >> https://therealdeal.com/2017/11/21/alan-bell-planning-173-unit-resi-project-in-northern-bronx/

WeWork leads $32M Series B for women-only co-working club

WeWork leads $32M Series B for women-only co-working club

A women-only co-working club, the Wing, just raised a $32 million Series B round of funding, the bulk of which came from unicorn competitor WeWork. This round of financing brings the total investment in Wing to more than $42 million, Forbes reported. The company raised an $8 million Series A round of funding in April. The company opened its first location in the Flatiron District in October 2016, and opened its second this year in […] Read More >> https://therealdeal.com/2017/11/21/wework-leads-32m-series-b-for-women-only-co-working-club/

Mayor appoints new compliance officer to NYCHA in wake of lead scandal

Mayor appoints new compliance officer to NYCHA in wake of lead scandal

Changes are coming to the New York City Housing Authority in the wake of its lead inspection scandal. Although Mayor Bill de Blasio has steadfastly remained behind NYCHA commissioner Shola Olatoye so far, he has also appointed Edna Wells Handy to be the agency’s new chief compliance officer, according to the Wall Street Journal. Handy currently works as legal counsel for New York Police Department Commissioner James O’Neill. The Department of Investigation came out with […] Read More >> https://therealdeal.com/2017/11/21/mayor-appoints-new-compliance-officer-to-nycha-in-wake-of-lead-scandal/

As retail market changes, landlords seek solace in short-term leases

As retail market changes, landlords seek solace in short-term leases

Retail landlords are increasingly turning to short-term leases as a way to test the market and give stores a chance to try out locations. Lease agreements that last two to three years, rather than the traditional five- to 10-year longer-term leases allow retailers to test how much they can afford at a location, Crain’s reported. These deals also provide landlords with rent in the short term and the possibility of landing a tenant for an […] Read More >> https://therealdeal.com/2017/11/21/as-retail-market-changes-landlords-seek-solace-in-short-term-leases/

Bank of America plans to lease entire HBO Building

Bank of America plans to lease entire HBO Building

Bank of America plans to lease nearly 400,000 square feet at 1100 Sixth Avenue, across the street from its current headquarters. The bank is taking the entire 386,000 square feet of the 15-story building, which has been home to HBO since 1981, the New York Post reported. Bank of America is headquartered across Sixth Avenue at the Durst Organization’s One Bryant Park. Brookfield Property Partners and California’s Swig Co. bought the leasehold earlier this year, […] Read More >> https://therealdeal.com/2017/11/21/bank-of-america-plans-to-lease-entire-hbo-building/

Here’s what the $10M-$20M NYC investment sales market looked like last week

Here’s what the $10M-$20M NYC investment sales market looked like last week

In the world of mid-market New York City investment sales last week, Treetop Development sold off a row of Harlem walk-ups and Solil Management picked up a Turtle Bay building for $15 million. 1.) Leon Goldenberg’s Goldmont Realty bought twin apartment buildings near Ditmas Park for $14.6 million. The two four-story buildings, at 754 East 23rd Street and 837 East 22nd Street, each span 32,000 square feet and have 63 units between them. The price […] Read More >> https://therealdeal.com/2017/11/21/heres-what-the-10m-20m-nyc-investment-sales-market-looked-like-last-week-127/

Knotel inks two new leases for more than 44K sf

Knotel inks two new leases for more than 44K sf

Co-working company Knotel just inked two new leases totaling more than 44,000 square feet in Midtown and Downtown Manhattan. Knotel agreed to take 23,429 square feet on the 14th floor of American Realty Capital’s 123 William Street, the Commercial Observer reported. The company’s 10-year lease begins in February. The asking rent was in the low-to-mid $50s per square foot, according to CoStar. Knotel also signed a five-year sublease for 20,955 square feet on the ninth […] Read More >> https://therealdeal.com/2017/11/21/knotel-inks-two-new-leases-for-more-than-44k-sf/

Playing by the book: Why some landlords are leasing to independent bookshops

Playing by the book: Why some landlords are leasing to independent bookshops

For landlords, leasing retail space to an independent bookstore almost certainly means leaving money on the table — other commercial tenants, like banks and pharmacies, can generally pay higher rents. And the continued dominance of Amazon has threatened the business model of smaller shops and chains alike. New York City has seen a series of high profile closures in recent years, including P.S. Bookshop in Brooklyn, La Casa Azul Bookstore in Manhattan and Barnes & […] Read More >> https://therealdeal.com/2017/11/21/playing-by-the-book-why-some-landlords-are-leasing-to-independent-bookshops/

The collapse of rental concessions

The collapse of rental concessions

From the November issue: In early September, Citi Habitats broker Jason Burke put his listing for a three-bedroom condo at 218 West 22nd Street on the rental market for $6,500 a month. While the owner planned to cover the full commission, weeks passed and the Chelsea unit remained empty. After 30 days on the market, Burke advised his client that there was only one real option: It was time for a price reduction. He and the owner agreed […] Read More >> https://therealdeal.com/issues_articles/the-collapse-of-rental-concessions/

Brokers win $1.2M in six-year-long commission battle

Brokers win $1.2M in six-year-long commission battle

A pair of brokers who were cheated out of commission on a $28 million contract got paid off — with interest — after a six-year battle. Herb Hirsch, who now leads the commercial team at Berkshire Hathaway NYC, and Bloom Real Estate Group’s Michael Burak received a $1.2 million commission after interest accrued for years on a 2009 contract, according to the brokers’ attorney. The two were originally owed a $750,000 commission for a contract […] Read More >> https://therealdeal.com/2017/11/21/brokers-win-1-2m-in-six-year-long-commission-battle/