The former Plaza Hotel home of architect Frank Lloyd Wright appears to have snagged a buyer. Unit 409 at the iconic Central Park South property has entered into contract, the New York Post reported. The four-bedroom unit with Central Park views was listed in February for $18.9 million. Charlie Attias of Compass represented the sellers, […]
This article originally appeared on The Real Deal. read more »
Even buildings with low vacancy rates and steady rental incomes are feeling the sting of a fickle economy. About 100 seemingly healthy office properties backed by CMBS loans are in some stage of distress, the Commercial Observer reported. That’s about 5 percent of the approximately 2,000 properties nationwide with 85 percent occupancy rates studied by […]
This article originally appeared on The Real Deal. read more »
Trumpers are relishing the administration’s attack on New York Attorney General Letitia James, who last year won a civil fraud case against the president for what his fans considered normal business practices. Is turnabout fair play? Or is this, to use one of Donald Trump’s favorite phrases, a political witch hunt? There’s no doubt that […]
This article originally appeared on The Real Deal. read more »
Developers can now start applying for a new density bonus. The Department of Housing Preservation and Development on Tuesday released an application for the Universal Affordability Preference, or UAP, program. The program was created as part of the City of Yes for Housing Opportunity and replaces the city’s voluntary inclusionary housing program. UAP does not […]
This article originally appeared on The Real Deal. read more »
After a five-year slump, the Brooklyn office market is beginning to rebound — and school tenants are behind some of the biggest deals. Landlords in the borough leased 570,000 square feet of offices last quarter, four times the prior period and one of the best three-month spans since the pandemic, Bisnow reported, citing figures from […]
This article originally appeared on The Real Deal. read more »
The Jay Group landed a construction loan for two buildings in its sprawling multifamily development in Downtown Brooklyn. Bank Hapoalim and Israel Discount Bank provided the $105 million loan for two 99-unit buildings. The properties are part of a larger luxury development spanning several lots, including 104-106 Fleet Place, 159 and 165 Willoughby Street and […]
This article originally appeared on The Real Deal. read more »
Jane Goldman wants to revisit the explosive case last summer over the Goldman real estate empire — the latest escalation in the family feud with her nephew and sister. Goldman on Monday filed a notice that she intends to appeal a Delaware court’s decision from July that followed a trial over the power struggle between […]
This article originally appeared on The Real Deal. read more »
Contractors for a Jersey City luxury high-rise paid workers under the table, failed to issue timely paychecks and stiffed workers on overtime pay, according to a state lawsuit. Attorney General Matthew Platkin and a labor commissioner sued Grand Street Construction for paying workers off the books and denying them benefits while building the 32-story, 392-unit […]
This article originally appeared on The Real Deal. read more »
Last week likely smelled like money for Le Labo co-founder Fabrice Penot. Penot, who co-founded the swank fragrance company in 2006, scored the top contract in Brooklyn last week with his Clinton Hill townhouse asking $6.75 million, or $1,754 per square foot. Penot bought the home for $2.5 million in 2013. He later rented it […]
This article originally appeared on The Real Deal. read more »
DivcoWest’s Ariel Aber has jumped ship to join CBRE’s investment sales team. Aber, who headed New York investments for seven years at California-based DivcoWest, will partner with Doug Middleton to source and execute institutional investments in the Big Apple, the firm announced. It will be his first foray into brokerage. At DivcoWest, Aber helmed the […]
This article originally appeared on The Real Deal. read more »