For Compass’ first acquisition in New York City, integration has been anything but typical. On Monday, three months after the deal was announced, the SoftBank-backed brokerage shuttered Stribling.com and began redirecting users to a new landing page for “Stribling at Compass,” the banner under which former Stribling agents will continue to work with founder Elizabeth “Libba” Stribling and former president Elizabeth Ann Stribling-Kivlan. A dropdown menu for Stribling at Compass includes Stribling Marketing Associates, the […]
Excavation is progressing at 9 DeKalb Avenue in Downtown Brooklyn, the site of the borough's first supertall. The 1,066-foot-tall tower is designed by SHoP Architects and developed by JDS, which secured $664 million in funding for the project several months ago from Otéra Capital Inc. and Silverstein Capital Partners. The 73-story residential tower will eventually become the tallest structure in Brooklyn, as well as the first tower in the outer boroughs to pass the 300-meter supertall threshold.
New York’s slow multifamily market has continued to plague the real estate industry through the first half of the year, with the number of deals hitting their lowest point since 2011, according to a new report from Ariel Property Advisors. Overall, the city saw about $3.4 billion worth of sales across 169 deals and 238 buildings from January through June, respective declines of 47, 24 and 50 percent compared to the second half of 2018. […]
Developer Robert Gladstone’s luxury condo 212 Fifth Avenue got a major boost last month when Amazon CEO Jeff Bezos closed on an $80 million deal for three units in the building. The day news of the sale broke, Madison Equities, Gladstone’s firm, declared the 48-unit building completely sold. Property records show that condos in the building were priced from $3.7 million — for a two-bedroom on the 12th floor — to $51.5 million for the […]
The exterior glass curtain wall of 74 Trinity Place has reached its 424-foot tall roof parapet in the Financial District. The bronze-trimmed, 26-story superstructure stands directly behind Trinity Church and is being designed by Pelli Clarke Pelli Architects and developed by Trinity Real Estate. Stephen B. Jacobs Group is the executive architect of the 310,000-square-foot building.
Bain Capital, which is raising a new $3.5 billion debt fund, is teaming up with Manhattan-based SKW Funding to target $500 million in troubled real estate debt. The new platform will target distressed and non-performing loans across the country with a focus on the greater New York City area, SKW Funding principal Ayush Kapahi told The Real Deal. “In this environment, it’s just faulty business plans,” that will drive acquisitions, Kapahi said, citing asset classes […]