Bonnie Heatzig

JOIN MY EXCLUSIVE NETWORK

Be the first to hear about new listings, confidential listings, and my inside track on the most notable estate and luxury properties.

    No, thanks

    Main Content

    Breaking News

    • Canada may have a problem with real estate agents acting as a cartel that serves themselves rather than clients. An investigation by the CBC found agents steered buyers away from a property because it would mean a smaller commission. A buying agent and a listing agent in Canada typically split a 5 percent commission paid by the seller, but they are supposed to negotiate commissions with each listing or sale. Sellers can lower that by The post Real estate agents “blackballed” home for sale by...

    • Saudi nationals with close ties to the royal family bought swaths of land around Orlando, Florida in the late 1990s. Their identities have been a mystery until now. They are the Ibrahim family, one of the most influential families in Saudi Arabia, according to the Miami Herald. The newspaper pinpointed their identity through the Pandora Papers, a trove of 11.9 million documents leaked to the International Consortium of Investigative Journalists that detail secret offshore accounts The post Ident...

    • Cody, Wyoming, may soon lose its most famous resident. Kanye West has listed his 3,800-acre ranch outside the town, asking $11 million for the sprawling property, the Daily Mail reported. It’s known as Monster Ranch for the massive trout stocked in its 180-acre lake. The listing comes less than a month after West closed two big real estate deals. In late September, he dropped $57 million for a 4,000-square-foot Malibu beach house designed by architect The post Kanye West looks to sell sprawlin...

    • Nassau County residents in need of rent relief in the wake of the pandemic have a little more help on the way. A program run by the Community Development Corporation of Long Island is extending the purview of its $6 million rent relief pot. According to Newsday, residents in the county can now apply for three months of prospective rent relief. The program previously covered only three months of unpaid back rent. The initiative has The post Nassau County aims to salvage $6M rent relief program ap...

    • The Boardy Barn bar in Hampton Bays may not be serving beer for much longer: The property that hosts the well-known establishment has hit the market. Newsday reports that the popular Hamptons bar can hold up to 720 people sitting and 1,488 standing. No listing price has been announced for the establishment, which was built in 1984. JLL is handling the sale. With the property up for sale, its future is very much in question. The post Legendary Hampton Bays bar up for sale appeared first on The Re...

    • Chuck Schumer is taking a real estate controversy on his home turf personally. The Senate Majority Leader stopped by a rally in Park Slope Friday morning to lambast real estate firm Greenbrook Partners and its investors for an aggressive fix-and-flip strategy pursued at apartment buildings across Brooklyn during the pandemic. “There is nothing more despicable, despicable, than these predatory real estate equity firms trying to make illegal, in my judgement, billions of dollars on the The post ...

    • Legendary talk show host Dick Cavett has sold his Montauk estate for $23.6 million in the hamlet’s most expensive sale this year. Cavett, 84, had owned 176 Deforest Road for more than 50 years. The estate features 20 private acres of secluded oceanfront surrounded by nearly 200 acres of preserve. The original structure on the property, designed by Stanford White and built in 1882, burned down in 1997 and the home was entirely rebuilt.  The The post Dick Cavett sells estate for $24M in pricies...

    • Who can forget the pandemic walks? When the insides of our houses (and heads) drove us insane, New Yorkers masked up in socially distanced droves to stroll the city streets and parks and enjoy the fresh air — or enjoy anything, really.   There were days when living in the then-desolate city didn’t seem worth the effort. On those days, it helped to think of movies that celebrate the simple joy of walking through New York. The post 5 homes for autumn on the Upper West Side, à la ‘When Har...

    • Global supply chain disruptions have sent industrial tenants into a leasing frenzy, pushing warehouse vacancy to unprecedented lows. Prologis’ portfolio was 98 percent leased and just under 97 percent occupied at the end of the third quarter, the San Francisco-based warehouse REIT reported Friday. Moreover, its development pipeline was already 70 percent pre-leased — the firm’s highest pre-lease rate ever. “Space in our markets is effectively sold out,” CFO Tom Olinger said on the firm...

    • Muss Development notched a win against tenants at a Bed-Stuy rental building who accused the landlord in a lawsuit of illegally inflating rents. The case, brought by tenants at 180 Franklin Avenue, was dismissed by a state Supreme Court justice last week. Muss Development’s lawyers at Belkin Burden Goldman lauded the ruling, with partner Matthew Brett calling it a decision of “law and logic.” The tenants’ lawyers, Lucas Ferrara and Roger Sachar of Newman Ferrara, The post Judge trashes 4...

    • Barry Sternlicht’s next big real estate play is officially underway after Starwood Capital Group raised more than $10 billion to fund deals for distressed real estate. The Starwood Distressed Opportunity Fund XII easily outpaced a previous fund that raised about $7.6 billion in 2018, the Wall Street Journal reports. All of the money raised in this fund was generated during the pandemic. The company is planning on investing the money in both the United States The post Starwood raises $10B for d...

    • Robert Durst was sentenced in Los Angeles to life in prison Thursday for the 2000 murder of Susan Berman at her Benedict Canyon home. The 78-year-old former heir to the Durst Organization fortune will not be eligible for parole, according to the New York Times. Los Angeles County Superior Court Judge Mark Windham denied Durst’s lawyers’ request for a new trial. They are expected to appeal the decision. The courtroom was full for the sentencing, The post Robert Durst gets life in prison for m...

    • The pandemic isn’t just jolting the housing market for primary residences. It’s whetting buyers’ appetites for vacation homes as well. Low interest rates, savings accumulated over the past year and the rise of remote work are driving increased demand for additional residences, the findings of a Knight Frank survey, first reported by Bloomberg, indicate. The Knight Frank Global Buyer Survey crystalized how buyers’ attitudes towards home purchases are shifting. According to the survey, 13 ...

    • Major League Baseball player Asdrúbal Cabrera sold his Southwest Ranches mansion for $7.4 million. Records show the Cincinnati Reds third baseman sold the house at 1700 Stratford Court to a Delaware-registered entity. Cabrera and his wife Lismar Del Valle Barrios bought the 2.6-acre property in 2016 for $1 million. The two-story, modern home was built last year. Cabrera made his major league debut in 2007 with the Cleveland Indians and has played for eight teams, The post Ex-Mets player Asdrúb...

    • The largest hotel on Shelter Island is getting a pricey makeover. Fort Amsterdam Capital, in partnership with Tilden Park Capital Management, have closed on a $17.4 million first mortgage bridge loan to finance the recapitalization and renovation of the Pridwin Hotel and Cottages. The loan will be used to transform the East End hotel into a full-service luxury resort featuring enlarged guestrooms, a spa and fitness center, a modernized lobby and a 100-seat restaurant and The post Just-sold Shelt...

    • Suzy Welch, the widow of former General Electric CEO Jack Welch, bought an Upper East Side mansion for just over $22.7 million. Welch — who works as an author, journalist and television commentator — bought the property at 160 East 81st Street from Bridget Macaskill, a member of the JLL board of directors, and her husband, documents show. Welch is listed as a co-trustee on a deed for the property, alongside the John F. Welch The post Widow of late General Electric CEO Jack Welch buys $23M UE...

    • The landlord of the Four Seasons Hotel at 57 East 57th Street is suing tenant Zilli USA for $2.7 million in arrears. Ty Warner Hotels and Resorts alleged in a complaint filed this week that the American subsidiary of the French luxury fashion company skipped rent on its lease for a portion of the property’s ground floor. Zilli signed the lease in 2009, but the agreement has since been amended several times. Starting in 2019, The post Ty Warner’s Four Seasons Hotel sues tenant over $2.7M of m...

    • A pair of Upper East Side apartment buildings are headed to foreclosure. New York-based Aulder Capital is planning a UCC foreclosure sale for the interests in a 37-unit multifamily assemblage at 162-164 East 82nd Street. The sale is scheduled for Nov. 3. If the foreclosure sale goes through, Aulder can take over the equity stake in the properties from owner 77 Varet Holding Corp., which is led by apparel entrepreneur Ruben Azrak. Bankruptcy and foreclosure The post Two Upper East Side apartment ...

    • Private equity and venture capital firm Stripes is changing up its current office digs — but it isn’t going far. The company is moving to the “Solar Carve” building at 40 10th Avenue, according to the Commercial Observer. The move to the 160,000-square-foot, 10-story building will mark a departure from its current Meatpacking District building just a block away at 402 West 13th Street. The company signed a 10-year lease at the Aurora Capital Associates-owned The post Private equity firm ...

    • That big hole in the ground in Brooklyn’s Clinton Hill is finally getting filled in. Two years after workers dug out the foundation of an apartment building on the corner of Grand Avenue and Fulton Street, only to have it sit dormant so long that at least one tree sprouted, construction has finally started again. A completion date is even in sight. Contractors breaking ground on the lot this week told The Real Deal that The post Resurrection! Work resumes on stalled Clinton Hill residential pr...

    • A 171-unit multifamily complex in New Jersey’s Hudson County just changed hands for $36.5 million. The General Kearny Apartments community at 41-109 Belgrove Drive in Kearny was sold by John Pjeternikaj of JP Management, a New Jersey-based real estate developer who bought the six-building complex for $11 million in 2004, according to public records. The buyer was Robert Tagliareni, a New Jersey-based real estate investor focusing on mixed-use, multifamily, retail and office assets, sources tol...

    • When Jabari Brisport thinks about New York’s housing crisis, he blames developers. When I think about the crisis, I blame politicians. Brisport, for one. As a state senator, Brisport doesn’t control the zoning that limits homebuilding and drives up prices. But he fuels an anti-development narrative that perpetuates the problem. After a developer proposed replacing a McDonald’s at 840 Atlantic Avenue with an 80 percent market-rate apartment building, the Brooklyn senator said such projects ...

    • Over the weekend, Gov. Kathy Hochul ushered in greater protections for undocumented immgirants, signing legislation that makes threatening to report immigration status punishable by imprisonment. In theory, the law shields undocumented tenants from landlords who might use the threat of deportation against them, for example, to warn tenants against filing complaints or fighting eviction. Tenant advocates and attorneys doubt that the protections, while well-intentioned, will make much difference f...

    • Billionaires know how to find a bargain. The price of one of the three retail properties that Ruben Brothers recently acquired from Vornado Realty Trust was just $50 million, less than half of what the real estate investment trust had paid for it, according to property records. The 18,000-square-foot retail condominium at 828-850 Madison Avenue was among Vornado’s five retail property sales announced in late August. At that time, Vornado said it had agreed to The post Vornado takes bath on Mad...

    • A long-awaited public portal for the Real Estate Board of New York’s residential listings is officially on its way, with a well-heeled partner bent on ending StreetEasy’s reign as the city’s dominant listings platform. Branded as Citysnap and slated to come online in the second quarter of 2022, the portal will be built through a partnership between REBNY and Homesnap, a residential software company owned by commercial data giant CoStar Group. The Real Deal first The post Brokerage execs gu...

    • Commercial real estate’s resilience through the pandemic hinged on its surprising flexibility and new focus on convenience — themes that will remain vital going forward, a report concludes. The industry held up far better than most professionals expected at the outset of the economic shutdown in March 2020, according to Emerging Trends in Real Estate, a trends and forecast report published annually by PwC and the Urban Land Institute. “By forcing people to work and The post How commercial ...

    • A huge office purchase requires huge financing, and Harbor Group International got it for its recent acquisition of Black Rock. Two months ago HGI entered into an agreement to buy the office building at 51 West 52nd Street from ViacomCBS for $760 million. Now, the Commercial Observer reports that $558 million of that is coming from commercial mortgage-backed securities financing. The six-year, floating-rate capital was provided by Deutsche Bank and Goldman Sachs, which combined on The post Harbo...

    • Wealthy condo owners benefit from New York City’s flawed property-valuation process, in which officials use arbitrary calculations and shift the majority of tax burdens to lower-priced properties and rentals, according to a new Bloomberg News investigation. Authorities have blamed imbalances in tax bills on Section 581 of the New York Real Property Tax Law, which has been interpreted to mean that assessors determine taxable value based on the hypothetical incomes co-ops and condos would genera...

    • Doomsday prophets in Los Angeles are waiting for the Big One. It’s the earthquake with a magnitude of 7.8 or above that would strike along the southern San Andreas fault line, pulverizing L.A.’s built environment, flattening homes, offices, shopping centers and likely leading to tens of billions of dollars in property damage — not to mention loss of lives. Such a quake would be 44 times stronger than the one in Northridge in 1994, a The post Shaken, not stirred: LA commercial landlords are...

    • Manhattan’s retail market is showing slow signs of recovery aided by a few major deals, according to a new report by CBRE. Direct ground-floor availabilities across 16 of Manhattan’s shopping corridors decreased in the third quarter of this year, from 290 to 282 quarter-over-quarter. Though the figure is 11 percent higher than it was a year prior, the slight decrease marked the first decline in availability in the region since 2019. Leasing activity, which includes The post Manhattan retail ...

    • Less than two months after assuming office, Gov. Kathy Hochul is already doing a few things differently than her predecessor. For one, she isn’t quite as keen on slideshows glorifying New York’s past infrastructure feats, nor name dropping Robert Moses and Nelson Rockefeller. And while speaking to a crowd of builders, architects and developers on Thursday, she vowed to do something Gov. Andrew Cuomo actively avoided: work alongside New York City’s mayor to get some The post Hochul vows to ...

    • After seven years navigating a maze of approval processes, Tavros thought it could finally start construction on its Meatpacking District office building. Then the walls started caving in. Tavros, whose projects include the Dime Savings Bank redevelopment in Williamsburg, plans to construct a nine-story commercial building on a peculiar assemblage it acquired back in 2014 at the corner of Ninth Avenue and 14th Street. The building would be set back on the plot, behind a The post City orders Meat...

    • The historic building that has long housed Theatre 80 St. Marks in Manhattan’s East Village survived the threat of prohibition-era police raids or robbers making off with cash stashed in underground safes. Now, it faces a final curtain call from its lender. Maverick Real Estate Partners, known for its hardball tactics, is using a provision that skirts a statewide moratorium on traditional foreclosures to try to go after the former speakeasy and home of the The post Hardball lender Maverick see...

    • Ceruzzi Properties has tried just about everything to save its troubled Hayworth condo project on the Upper East Side, but the developer has run out of rope. The lender on the 61-unit building on Lexington Avenue initiated a foreclosure action for Ceruzzi’s ownership interest in the property, according to a notice for the auction. The move by the UK-based Children’s Investment Fund comes after Ceruzzi — whose founder, Louis Ceruzzi, died unexpectedly in 2017 — The post Children’s Fund ...

    • The Peebles Corporation, Exact Capital Group and the Witkoff Group submitted an RFP for a 1,500-foot Hudson Yards-area complex. The proposal is for a building on Manhattan’s west side at 418 11th Avenue between West 35th and West 36th Street on a 1.2-acre lot, New York YIMBY reported. David Adjaye of Adjaye Associates is listed as the architect on the project. The bid for the project marks the possibility not only for one of the The post Peebles, Witkoff plan Hudson Yards supertall appeared fi...

    • A pair of first-time real estate fund managers are betting half a billion dollars on the ever-resilient self-storage sector. Concord Wilshire, a Los Angeles-based developer, and Summit Investment Management, a Denver-based distressed debt investor, will put $480 million to work over the next four years buying and developing 40 self-storage facilities. The Miami-based venture, known as Concord Summit Fund-1, launched in April and has already made commitments for properties in Atlanta, Tampa and B...

    • The mass eviction event feared by many when the federal moratorium ended in August has not come to pass — not yet, at least. Court eviction filings increased by 8.7 percent in the United States from August to September in more than 30 cities tracked by Princeton’s Eviction Lab. While that figure marks an increase, the Wall Street Journal reports the 36,796 filings were only about half of the month’s pre-pandemic average. In the wake The post End of moratorium did not result in mass evictio...

    • Fintech firm iCapital Network is again doubling its space at Empire State Realty Trust’s One Grand Central Place. The company has agreed to a lease extension in the Midtown Manhattan office building for an additional 35,186 square feet on the 25th floor, increasing its presence over three floors to 64,537 square feet across three floors, according to the Commercial Observer. The extension of the lease at 60 East 42nd Street is for six years, tacked The post Fintech firm doubles down at ESRT&am...

    • Two oceanfront hotels in Montauk have hit the market, asking $45.9 million and $25 million. The pricier listing, the Sands Motel at 71 South Emerson Avenue, was built in 1951. A main building has 36 rooms, all with decks facing the ocean or Fort Pond. A separate building has eight suites with decks. There is also a two-bedroom cottage. The Sands’ website says it has been family-owned since 1951 “under the vision of Abe and The post Two Montauk hotels hit the market asking combined $71M appea...

    • Two tri-state area development projects show how pandemic-driven demand in the housing market is shaping the region’s broader real estate landscape. In Farmington, Connecticut, an affiliate of CSRE Group scored a $32 million construction loan from Kriss Capital to convert a former hotel into an apartment community, according to Real Estate Weekly. The development was the site of the Hartford Marriott Farmington, a 381-key hotel 10 miles southwest of the state capital. The hotel couldn’t The ...

    • Like most alleged Ponzi schemes, a Miami-based troika’s plan to tap South American investors to fund their real estate projects started off with non-criminal, ambitious intentions. Ernesto Weisson, a Coconut Grove businessman and architect who spent time as a developer in his native Ecuador, teamed up with fellow Ecuadorian and financial manager Roberto Cortes to build a few luxury homes on Key Biscayne through traditional funding sources and construction loans in the early 2000s, according Th...

    • This year is chock-full of luxury deals across the Hamptons, New York City and South Florida, according to a new report by Bespoke. The Hamptons has had 87 deals at or above $10 million so far this year, totaling $1.6 billion. New York City counted 173 transactions making up $2.9 billion. Meanwhile in South Florida, there were as many as 279 deals, totaling $5.4 billion. “The big takeaway is that 2021 is outperforming 2020, which The post Luxury home deals soar in Hamptons, New York, South Flo...

    • ​​A month ago, Lake Tahoe was choking on smoke. The Caldor Fire had ignited east of Sacramento, only to explode in ferocity as it roared north through the Sierra Nevadas, crossing highways and engulfing country cottages. Thousands of Lake Tahoe residents and tourists evacuated, leaving streets eerily deserted, while some ski resorts even flipped on snow machines to use as improvised water cannons. None of it deterred Larry Ellison. Just as the famed vacation area The post Larry Ellison is on...

    • The Greenwich housing market appears to know no bounds. After home sales in 2020 topped the highest volume on record, demand this year has pressed on full steam ahead. First-quarter contracts hit a 16-year high countywide, bidding wars peaked in mid-summer and figures from Compass’ third-quarter market report now show sales are on track to break 2020’s record. Year to date, 1,041 houses, condos and co-ops have sold in Greenwich. Sales volume is 44 percent The post Greenwich home sales set to...

    • Housing advocates and landlords support the idea of legalizing “granny flats” — they just don’t agree on how to go about it. The measure, showcased at a state Assembly hearing on Wednesday, is billed as a way to allow property owners to bring basement apartments and structures up to code, leading to tens of thousands of affordable housing units. While the Real Estate Board of New York said legalizing such apartments is a “common-sense solution,” The post “Granny flats” in play as...

    • Ved Parkash has ticked most of the boxes on the bad-landlord bingo card. He took the top spot on the public advocate’s worst landlord list in 2015 by racking up 2,200 open housing violations. In 2016 he was sued by 38 tenants for allowing violations to run rampant at 750 Grand Concourse. The next year, several tenants in the rodent-infested building came down with rat-borne diseases, and one died. In 2017, there was Section 8 The post Former “worst landlord” sued for wage theft on his birt...

    • SL Green Realty has gained control of Ashkenazy Acquisition’s 690 Madison Avenue for what appears to be a discount. The major Manhattan landlord paid transfer taxes on about $74 million, just under 65 percent of what Ashkenazy paid for the property in 2015, according to property records. PincusCo first reported the transaction, but did not specify a price tag. SL Green in September held a UCC foreclosure auction of an Ashkenazy entity that owns the The post SL Green snaps up Ashkenazy’s 690 ...

    • After New York lawmakers passed the Housing Stability and Tenant Protection Act in 2019, greatly strengthening rent regulation in the state, investors were certain: Rent-stabilized buildings were no longer assets, but liabilities. All manner of violent metaphors surfaced to explain just how bad the changes were for landlords. The new law was “a horror show” that “gutted and neutered” routes to deregulation, insiders said at the time. Repairs would backlog, facades crumble. Hordes of mom-...

    • A 360-unit affordable housing complex is coming to Staten Island’s North Shore, the city’s Department of Housing Preservation and Development announced Wednesday. Monadnock Development, the nonprofit Sisters of Charity Housing Development Corporation and The Master Group submitted the winning proposal for the city-owned site, a vacant lot south of Hannah Street on part of a 35-acre decommissioned U.S. Navy base in the borough’s Stapleton neighborhood. Bernheimer Architects and Starr Whiteh...

    • The Garden State’s office market has hit a snag. New Jersey’s office leasing volume from July to September was 1.3 million square feet, less than half of the second quarter’s volume of 3 million square feet, according to Avison Young’s quarterly market report. (The Real Deal had reported on July 6 that second-quarter leasing volume tracked by Avison Young was only 2.1 million square feet. The updated number is higher, probably because some leases signed The post New Jersey’s office mar...

    • Zara Realty landed nearly $83 million in financing for its newest apartment building in Queens, which it’s touting as one of the first projects in the area that will meet with the ambitious caps the city has set on greenhouse gas emissions by the end of the decade. Queens-based Zara locked in the construction loan from Emigrant Bank and Arbor Realty Trust for its planned 223-unit multifamily development at 153-10 88th Avenue in Jamaica, the The post Zara lands $83M construction loan for energy...

    • Solar firm GoodLeap has reached a massive valuation as it looks to make U.S. homes greener. In the past 10 months, GoodLeap has amassed more than $1 billion from major tech players including Michael Dell and Laurence Tosi. Following a September fundraising round, the firm has hit a valuation of $12 billion, according to the Wall Street Journal. The company is led by Hayes Barnard, who was previously chief revenue officer at SolarCity. Barnard resigned The post Solar firm GoodLeap gets $12B valua...

    • A shopping center in Westfield, New Jersey, has traded hands for just over $1 million below its original $20.5 million ask. The Adoni Group purchased the shopping center at 260 North Avenue East from ACNY Development for slightly above $19.2 million, Manhattan-based investment-sales brokerage Highcap Group announced. ACNY reduced the asking price several times during the pandemic. The shopping center is located in the downtown area, situated on almost two acres of land. There are The post Union ...

    • An auction date for a majority stake in Jeff Winick’s Winick Realty Group has been set for Nov. 9. A 63 percent interest in the commercial brokerage will be sold to the highest bidder by Maltz Auctions. The auction will be virtual and only bidders will be allowed to participate. A bankruptcy judge in New York’s Southern District Court approved the hiring of Maltz in June. Neither Winick nor Maltz Auctions immediately responded to requests The post Auction date set for 63% stake in Winick Rea...

    • Fintech startup Point and finance company Redwood Trust, Inc. have teamed up to deliver what they claim is a historic transaction backed only by residential Home Equity Investment (HEI) agreements. The two companies announced the deal as the first time a securitization is only being backed by HEI agreements. The transaction closed on Sept. 23, issuing close to $146 million in asset-backed securities. Point, which claims on its website to “pay you today for a The post Fintech firm completes fir...

    • Hussain Sajwani has made a career out of going against the tide. While his compatriots scaled back after the 2008 market downturn, Sajwani, the founder of Dubai-based Damac Properties, announced his biggest project yet, the 42 million-square-foot Damac Hills. And years later, as many high-profile businesses severed ties with the Trump Organization over Donald Trump’s anti-Muslim rhetoric on the campaign trail, Sajwani did not budge. He opened the Middle East’s first Trump-branded gol...

    • The penthouse at Walker Tower — seized by federal agents five years ago in connection with an international money laundering scandal — is once again the center of controversy. The condo board of the luxury building at 212 West 18th Street is asking a New York Supreme Court judge to eject owner Ron Vinder, a private wealth manager at Morgan Stanley, and award the board immediate possession of his unit after accusing the government of The post Condo board looks to evict buyer of heavily discou...

    • The Village of Freeport is in a legal battle over its attempt to sell a nine-acre patch of land to Amazon for use as a distribution center. The Long Island village is suing the Freeport Union Free School district for $45 million, according to Newsday. The lawsuit was filed in Nassau Supreme Court weeks after the school district revealed plans for a lawsuit of its own. At stake is the Cleveland Avenue fields, situated between The post Village, school district feud over potential land sale to Amaz...

    • The tristate area multifamily market got a spark from two recent sales. Portfolios in Fairfield County and Jersey City traded hands last month for a premium over what they sold for five years back, reflecting strong demand for the asset. New York’s Timberline Real Estate Ventures sold Hillcroft Village, a 192-unit apartment complex at 10 Clapboard Ridge Road in Danbury, Connecticut, just five miles from Westchester County, for $41.2 million, a person familiar with the The post Multifamily asse...

    • When Michael Werner finally returned to his office at 1 New York Plaza last fall after months spent working from home, the stacks of paper piled atop the credenza caught his eye.  “These were pending acquisitions of office properties or retail properties,” recalled Werner, a partner in Fried, Frank, Harris, Shriver & Jacobson’s real estate practice, referring to the documents that now function mainly as relics of a time before the pandemic turned the city’s The post How NYC&...

    • JBG Smith rang in a seemingly major accomplishment last month: carbon neutrality across a 60-plus building portfolio — and nearly a decade ahead of schedule. The real estate investment trust had pledged last year to meet that goal by 2030 in part by curbing energy usage, installing solar panels, tapping offsite renewables and swapping electric heat for natural gas. But the Washington, D.C-based REIT said it wanted to make a dent in the short term, The post Why carbon-neutral portfolios won’t...

    • Oracle co-founder Larry Ellison acquired a waterfront resort in Lake Tahoe’s Incline Village neighborhood for $345 million, representing one of the billionaire’s most significant property purchases yet along the lake’s north shore. Lawrence Investments LLC, which Ellison heads and has used to buy properties in California and Nevada before, according to multiple news reports, is the new owner of the Hyatt Regency Lake Tahoe Resort, Spa and Casino at 111 Country Club Drive in Nevada. The pos...

    • A Virginia real estate agent was shot and killed on Friday by an elderly man who later turned the gun on himself. Soren Arn-Oelschlegel, who worked at Suffolk-based Long & Foster, was slain in Portsmouth on Friday night by Albert Baglione, 84, according to WTKR 3. Baglione had moved into the home just one day earlier after buying it on spec. “He bought the house sight unseen from Alabama, moved in here Thursday and called The post Virginia realtor slain by client distraught over new h...

    • Nearly two-dozen planning directors from cities across the country released a joint statement last week acknowledging the role their departments have played in systemic racism and segregation. The statement, which invited fellow planning directors to sign on, also outlined a series of commitments aimed at creating more equitable, inclusive communities, such as diversifying city planning departments, addressing displacement resulting from development and promoting housing choice and economically ...

    • Is Manhattan’s office market recovering? Depends where you look. Its comeback in the months ahead will vary widely from one submarket to the next, according to an analysis by KPG Fund and Newmark. During the third quarter, prospective tenants were looking for 6.5 million square feet of office space in Midtown South, which includes Chelsea, Flatiron, Hudson Square, the Meatpacking District and NoHo/SoHo — up a robust 64 percent from the first quarter of this The post Midtown South leads Manha...

    • Joe Sitt’s Thor Equities is facing big problems at two Soho retail properties. A special servicer on the company’s defaulted loan secured by the 470 Broadway property filed to foreclose on the loan, according to PincusCo. The plaintiff, who is a CMBS trustee, filed to foreclose on Monday, citing $22.9 million in debt. The debt consists of $18 million in unpaid principal, $2.6 million in unpaid interest and $2.3 million in protective advances. The building The post Thor facing pre-foreclosure...

    • Donald Trump’s struggling Washington, D.C., hotel may soon be somebody else’s problem. Miami-based investment firm CGI Merchant Group is close to striking a deal with the Trump Organization to acquire the lease on the Trump International Hotel Washington, D.C., for more than $370 million, according to the Wall Street Journal. The deal could ultimately fetch closer to $400 million, according to one source, twice the estimated $200 million the Trump Org spent renovating the former The post Tru...

    • Legendary real estate investor Harry Helmsley took special pride in finding what he termed the “romance” in a property: the parts of it that could be run more efficiently, thereby cutting expenses and boosting profits. Stephanie Blake, too, searches for the romance. But her quest lies less in spotting leaky boilers and more in identifying the elements of a building that could stir the blood of some of the world’s most iconic brands. Her firm, The post Can creative p...

    • An additional real estate sales tax in the East End is one step closer to fruition after Gov. Kathy Hochul signed a Hamptons legislator’s bill into law. The legislation would add a 0.5 percent real estate transfer tax to certain sales in the Peconic Bay region. According to Newsday, the law is still subject to voter approval at the local level in the five towns that make up the South Fork and North Fork: East The post Hochul signs bill that could add 0.5% tax to most East End sales appeared fi...

    • The pandemic is far from over, but employees are slowly beginning to head back into their workplaces in a positive sign for the national office market. An average of 36 percent of the workforce in those cities were back in the office during the week of Oct. 4-8, according to data from Kastle Systems reported by the Wall Street Journal. The security company tracks access-card swipes at buildings in ten major cities in the United The post Office workers in major cities reach pandemic-best return r...

    • A New Jersey-based real estate developer reportedly has its eyes on $440 million worth of industrial space across state lines in Orange County, New York. RDM Group has been signing contracts to purchase land and hunt for development approval from local municipalities in the Hudson Valley county, according to the Westchester & Fairfield County Business Journals. The company aims to build up to 14 warehouses with a total of 4 million square feet. The developer The post RDM Group plotting ...

    • Ron Dickerman has made quite a career out of coming in second. As the founder of Madison International Realty, which over the past two decades has pumped north of $17 billion into real estate assets, Dickerman is one of the industry’s biggest secondary investors, focused on owning minority positions in big-ticket properties. His company’s name isn’t generally in the headline of a press release, but it’s in a lot of them.  Madison owns or has The post The Closing: Ron Dickerman appeared ...

    • Though New York City is welcoming back a steady stream of renters and workers, Hudson Valley’s housing market shows no signs of slowing down. Median prices for single-family homes and the total number of sales soared for nearly every county as the Hudson Valley, according to a report from the Hudson Gateway Association of Realtors. In Westchester County, 2,377 single-family homes were sold in the third quarter, a 9 percent rise from the same period The post Hudson Valley housing market remains...

    • When Richard Grossman, a longtime executive and sales manager at Halstead and then Brown Harris Stevens, said he was joining Avenue 8, an 18-month-old San Francisco-based startup, even his own boss was left dumbfounded. “I thought ‘Who the hell is that?’” said Bess Freedman, CEO of Brown Harris Stevens, New York’s biggest privately owned brokerage. “I had never heard of Avenue 8.” Founded last year and backed by big names such as Warby Parker co-founders The post Inside Avenue 8: A...

    • The Reuben brothers extended their Madison Avenue buying spree last week, scooping up two properties with 130 feet of frontage along the beleaguered shopping corridor for a total of $50 million. No financing documents were recorded with the purchases, suggesting all-cash deals. One of the properties was among five that seller Vornado Realty Trust recently said had been losing money due to a meager 30 percent occupancy rate. Dependent on foot traffic from emptied Midtown The post Reubens Bros.’...

    • Joe Sitt’s Thor Equities has sold two floors of office space overlooking Bryant Park in a deal that indicates the city’s office condo market could be improving from its pandemic lows. The New York-based developer sold 11,158-square-foot of space at 24 West 40th Street to the Chinese textile company Loftex for $10.75 million, according to broker Rudder Property Group, which represented both parties in the deal. The purchase price fell well short of Thor’s asking The post Thor Equities sells...

    • UPDATED Oct. 11, 2021, 5:30 p.m.: Shares of Compass, the second-biggest U.S. residential brokerage by sales volume, fell to an all-time low, six and a half months after going public, amid uncertainty about the housing market and investors’ concerns that someone was looking to unload shares. The stock fell as low as $10.72 during Monday trading before closing at $10.74, down 5.37 percent from the open and 47 percent from April 1, its first day The post Compass lost $3.6B in market value...

    • A condo unit in Brooklyn Heights that went into contract last week not only marked a likely borough-high price for the year, but also led Compass’ weekly report of luxury contracts. The 4,544-square-foot condo at Quay Tower was asking $10.65 million, including $2,344 per square foot and four bedrooms, three bathrooms and one half bathroom. According to 6sqft, the unit on the 23rd floor included a grand entry foyer, a mudroom and a gallery. A The post Brooklyn luxury contracts led by $10.7M con...

    • Trouble continues to mount for Los Angeles-based Urban Compass, the bankrupt owner of Lower Manhattan’s Wagner Hotel and former operator of the RMS Queen Mary in Long Beach, California. In a lawsuit filed Thursday in Los Angeles bankruptcy court, New York-based LLC Berritto Enterprises accused the developer and two of its executives of accepting a $1 million investment for a hotel venture, then making off with the funds after the deal fell apart. The plaintiff’s The post Urban Commons defrau...

    • Private equity firm KKR is undergoing its most significant leadership change since the company’s founding in 1976. KKR announced Monday co-founders Henry Kravis and George Roberts are departing as Co-CEOs of the company they founded, but will stay on as executive co-chairmen. Joe Bae and Scott Nuttall, who have served as co-presidents and co-COOs since 2017, will assume the roles of co-CEOs, effective immediately. The company in a news release called Bae the “architect” of The post KKR fou...

    • Data center provider DataBank has acquired a 34-acre site in Rockland, New York, to expand its capacity in the New York metro region. The Dallas-headquartered company paid owner Skae Group $23 million for the site at 2000 Corporate Drive in Orangeburg. Skae Group bought it from Verizon in 2017 for $18.25 million, property records show. Rockland County Business Journal first reported the transaction. DataBank — whose real estate footprint includes 60 data centers and 20 The post Data center pro...

    • Humming Homes, a home management startup that helps suburbanites care for lawns and fix leaky pipes, raised $5.6 million to help it expand beyond the northeastern U.S. Venture capital firm Greycroft led the round, with backers that included AlleyCorp, Thrive Capital, Sound Ventures and New Valley Ventures. It brought the startup’s total funding to $8.1 million. Humming Homes aims to provide home management for first-time homeowners, many of them millennials, who are finally abandoning urban Th...

    • On a nondescript corner in Brooklyn, sandwiched between on-ramps for the Brooklyn and Manhattan bridges, a long-vacant hotel formerly run by the Jehovah’s Witnesses is starting a new chapter. Aby Rosen’s RFR Realty acquired the 29-story building at 90 Sands Street for $135 million in 2017, intending to create, as his partner Ian Schrager described it to the New York Post, “the No. 1 hotel in Brooklyn.” Those plans never came to fruition, and a The post Hotel conversions race against the ...

    • Despite a modern makeover, the final sale price on Eleanor Roosevelt’s former townhouse didn’t live up to its original listing price. The former first lady’s home at 55 East 74th Street sold for $13.5 million, a 17 percent cut from when it was asking $16 million earlier this year. Meera Gandhi, founder and CEO of the Giving Back Foundation, had been trying to sell the property since 2018, when it hit the market with a The post Eleanor Roosevelt’s UES townhouse sells for 17% post-makeover...

    • A flood of deals last week proved that buyers’ appetite for Manhattan luxury homes has remained strong into October. Forty-six contracts were signed for homes asking $4 million or more in the borough, according to Olshan Realty’s weekly report. It’s the highest number of deals inked in one week since the third week of April, when 56 contracts were signed. “It was an extremely pleasant surprise,” said Donna Olshan, author of the report. “And there The post Manhattan luxury contracts s...

    • Hardcore Procore, the construction management platform, acquired Levelset for $500 million. It is the firm’s largest acquisition to-date and among the largest ever for a venture-backed construction software company. Analysts said the deal, which is expected to close in the fourth quarter, will sharpen Procore’s competitive advantage and help it corner business from specialty contractors — a nut no one has so far cracked. The acquisition also hints at the company’s...

    • Bobby Zar’s ZG Capital Partners is in contract for a largely vacant office building at 836 Broadway. The six-story building just south of Union Square includes 81,000 square feet and sold for $40 million. The property used to house New York University, which has since left the space. “It’s all on them to build it up,” said Skyline Properties President Robert Khodadadian, who has also been working on office deals in the area. “It shows The post Bobby Zar’s ZG Capital in contract for o...

    • Homebuying startup Orchard Technologies is nabbing some real estate of its own at L&L Holding Company’s 195 Broadway. The four-year-old firm, which reached a billion-dollar valuation last month, has signed a 10-year lease for 107,000 square feet at the Financial District office building. The lease includes the entire 25th and 26th floors, as well as part of the 24th floor, according to the New York Post. It’s not immediately clear how much Orchard paid for The post Orchard Technolog...

    • The owners of a boutique office building in the Meatpacking District landed a $300 million refinancing deal. Aurora Capital Associates, in partnership with William Gottlieb Real Estate, secured the loan from Pbb Deutsche Pfandbriefbank to replace the existing debt from the same lender for the building known as the “Solar Carve,” sources told The Real Deal. The 10-story, 160,000-square-foot property at 40 10th Avenue was built in 2019. The owners did not return messages requesting The post Au...

    • The pandemic’s impact on the New York City office market remains unrelenting, according to figures from the state comptroller. The market value of office buildings in the city dropped by $28.6 billion — 16.6 percent — during the last fiscal year, per the report from State Comptroller Thomas DiNapoli. That marks the first decline since at least 2000. In the previous fiscal year, the total market value of office properties in the city reached $172 The post The pandemic gave NYC office buildi...

    • The rich get slicker. Housing Development Fund Corporation cooperatives were designed with low-income homebuyers in mind. But the children of wealthy parents have found a loophole to take advantage of the special property tax break and discounted prices, according to Bloomberg Businessweek. Close to 1,000 properties in New York City receive the special tax break. While income limits apply to buyers, wealth limits do not. That allows affluent offspring to acquire them in all-cash deals The post T...

    • Landlords in New York City are already on the hook for their tenants’ heat and hot water. A City Council proposal would add internet service to that list. The measure, introduced Thursday by Council member Ben Kallos, would require owners of multifamily buildings to provide free broadband internet to their tenants. If the bill is passed, existing buildings with 10 or more apartments would have until Jan. 1, 2026, to comply. “Every New York City The post Council bill would require landlords t...

    • The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need. The glass is half full — less, actually — at 345 Seventh Avenue, a century-old office building near Penn Station, and three smaller buildings that sold last month: Paying tenants occupy just 43 percent of their combined 212,000 rentable The post What tenants are paying at 345 Seventh Avenue appeared ...

    • When Trump-appointed regulator Joseph Otting, previously a career banking executive, proposed a series of overhauls to a 1970s redlining law last year, critics viewed it as a giveaway to the banking industry.  If that was the aim, it backfired.  Banking interests and community advocates united in their opposition, with the latter filing a lawsuit to block the reforms from moving forward. Since proposing the changes, Otting has stepped down as comptroller of the currency, and The post Tug-of-wa...

    • Developers have incorporated “wellness” amenities and designs into more and more projects over the past several years. Some 740 “wellness” residential projects were in development or built worldwide at the beginning of 2018 and that number has grown to around 2,300, according to a study by the Global Wellness Institute first reported by CEPro. GWI defines “wellness real estate” as projects that incorporate intentional wellness elements into design, amenities, programming, materials, ...

    • Boston has given the city’s commercial landlords an ultimatum: take immediate steps to eliminate greenhouse gas emissions or face thousands of dollars in fines. An ordinance signed into law this week sets new annual emissions targets and reporting requirements for large buildings in the city, with the ultimate goal of eliminating greenhouse gas emissions by 2050. Acting Mayor Kim Janey signed an updated Building Emissions Reduction and Disclosure Ordinance, the first since BERDO was enacted Th...

    • China Evergrande Group isn’t the only Chinese developer with mounting debt problems. Fantasia Holdings Group missed a $205.7 million bond payment, according to Bloomberg. A unit of the company also missed a payment on a separate $108 million loan due last week. That’s according to Country Garden Services, which last month agreed to buy the assets of a Fantasia subsidiary’s property management business. The missed payment wasn’t entirely a surprise to the market. Last month, The post Ever...

    • It was a record third quarter for the U.S. industrial market by just about every key metric. Vacancy fell to an all-time low of 4.1 percent on the back of a record 140 million square feet of net absorption, according to the Business Journals. Average rents reached an all-time high of $7.18 per square foot. Developers are also setting records: The 521.4 million square feet of space under construction in the quarter was the most The post US industrial market hit records across several metrics in Q...

    • Outgoing New York City mayor Bill de Blasio and first lady Chirlane McCray are fixing up their post-Gracie Mansion digs. The couple’s three-story Park Slope home is getting an addition across the two bottom floors and a total renovation inside and out, according to the New York Post. They’re set to leave the mayoral mansion at the end of de Blasio’s term at the end of the year. His administration is making a push to The post New York Mayor Bill de Blasio starts renovation work on Park Slop...

    • Vice President Kamala Harris has sold her Washington, D.C., condominium for just under asking price. But it took a minute. Harris sold her two-bedroom unit at developer Eastbanc’s Westlight complex in the West End for $1.85 million, just below the $2 million April listing, according to the Wall Street Journal. She paid $1.78 million for the property in 2017 — the same year she was sworn in as a U.S. senator for California. The condo The post Vice President Kamala Harris sells DC condo for $1...