NYC Real Estate News

Sat, 05/25/2024 - 06:30
Permits have been filed to convert a two-story structure into a four-story residential building at 27-10 Crescent Street in Astoria, Queens. Located between Newtown Avenue and 28th Avenue, the lot is near the 30th Avenue subway station, serviced by the N and W trains. Jakup Shalesi of JS Remodeling NY Inc. is listed as the owner behind the applications.
Sat, 05/25/2024 - 05:02
Accommodations for shareholders are required by law, and your building needs to take action.
Fri, 05/24/2024 - 15:37

A Gramercy Park building as well known for its architectural grandeur as for its role in the downfall of fraudster Anna Delvey is losing its sole tenant and will hit the market next week, Crain's has learned.

Built in 1894 and added to the National Register of Historic Places in 1982, 281 Park Ave. South has been home to contemporary Swedish photography museum Fotografiska since 2017.

Manhattan-based real estate investment company RFR Holding purchased the property for $50 million in 2014 from the Federation of Protestant Welfare Agencies, city records show, and reportedly signed a 15-year lease with the Stockholm-based museum to occupy all 45,000 square feet of space there three years later. Instead of staying until 2032, the museum will leave the landmark in September with plans to move elsewhere, according to an unemployment filing made public Thursday. The details of its new location are not yet known.

A representative from RFR, who declined to provide a name, said the building will be marketed either for lease or sale. They also declined to provide a listing price or precise day next week it will hit the market. 

In 2022, however, the structure, which sits at the corner of Park Avenue South and East 22nd Street, was listed for sale at $135 million — just about six months after the Netflix series "Inventing Anna," which chronicled Delvey's trajectory from self-proclaimed heiress looking to create a private club at the building to convicted felon, first aired.

Brokers Tal and Oren Alexander of the Alexander Team had listed the building at the time, but it never sold. The Alexanders did not respond to a request for comment, and a representative for RFR, whose co-principals and co-founders are Aby Rosen and Michael Fuchs, said the firm will be selecting a new agent in the coming days.  

As for Fotografiska, which also operates the upscale restaurant Verōnika and the exclusive lounge Chapel Bar in the building, spokeswoman Claudia Hensley said the museum's last day at 281 Park Ave. South will be Sept. 29, but the bar and restaurant are expected to shutter next month.

Fri, 05/24/2024 - 15:16

Luxury home prices in select Asian cities are soaring, bucking a downward trend in more established markets including New York and London.

Prime property prices — defined as the top 5% of the market — fell more than 2% in New York and London in the first quarter compared to the same period a year ago, according to real estate consultancy Knight Frank. Hong Kong, Frankfurt and Berlin also posted declines. But in Manila, Tokyo and Mumbai, luxury home prices surged, gaining 27%, 13% and 12%, respectively.

Higher borrowing costs and recession fears have hampered some high-end property markets in the U.S. and Europe. But globally, prime real estate prices have bounced back this year amid strong economic growth and demand from wealthy investors, posting average annual growth of 4% in the 44 cities analyzed in the report.

Housing prices have soared in Manila, with the overall economy in the Philippines growing at the strongest rate in all of Southeast Asia. In Tokyo, a weaker yen and lower borrowing costs have boosted demand from foreign investors. And in Mumbai, luxury housing growth has been in line with India’s booming economy, which is expected to become the world’s top contributor to global GDP growth by 2028.

Knight Frank’s prime property posted zero growth at the end of 2022, as higher interest rates cooled demand. But now, 78% of markets are seeing annual price growth. With those recent gains, Knight Frank’s prime property index is inching closer to its long-term annual growth rate of 5.4%.

“Rather than heralding a return to boom conditions, the index indicates that upwards price pressures are stemming from relatively healthy demand, set against continued low supply volumes,” said Liam Bailey, Knight Frank’s global head of research.

Fri, 05/24/2024 - 14:30
An architectural firm waited years to design for clients who wanted a modern look in the Hamptons — it uses the sky, the ocean and dunes as muses.
Fri, 05/24/2024 - 13:33

Financier Jonathan Gray, who through his three decades with Blackstone helped the asset manager assemble the largest commercial real estate portfolios in the world, has parted with a property closer to home.

Gray, Blackstone’s chief operating officer, and his wife, Mindy, a philanthropist, have sold their five-bedroom co-op on the Upper East Side, according to the city register.

The duplex apartment at 925 Park Ave., which features a living room with a fireplace, an eat-in kitchen with a pantry and a formal dining room, plus a primary suite with a fireplace and a spacious dressing room, traded for $13 million, property records show. The deal, which closed Monday, included two storage areas. Margaret Boyden was the buyer, records show.

Gray, who helped his buyout firm orchestrate one of the largest-ever takeovers, the $39 billion acquisition in 2007 of Sam Zell’s 600-building Equity Office company, seems to have a good sense of the local residential market.

In November Gray listed the apartment, which spans the third and fourth floors of a 14-story prewar building at East 80th Street, for $12.5 million. So the unit, where the couple raised their four children, managed to find a taker relatively quickly and at a slight premium to boot.

The co-op, which was designed in part by architect Peter Pennoyer, looks to have been a solid investment overall. The Grays purchased their co-op in 2005 for about $8 million before adding the two storage areas, in 2015 and 2016, for a total of about $600,000, the register shows, so the property cost about $9 million all in.

Joining Blackstone in 1992 after earning English and business degrees at the University of Pennsylvania, Gray spent his early years helping to run the company’s then-much-smaller real estate group.

In the years that followed the blockbuster Equity Office deal, Blackstone shed most of those commercial towers—a seemingly prescient move based on what’s become of the office sector in the Covid era—but also dramatically ramped up its residential holdings along the way.

Today the firm, which was co-founded by Stephen Schwarzman in 1985, reportedly owns and manages 300,000 units of rental housing in the U.S. but has remained active in commercial sectors such as warehouses, data centers and student housing.

The billionaire Gray, considered Schwarzman’s heir-apparent, is also a major donor to the Democratic party and supports causes across the city through his family’s decade-old philanthropic group Gray Foundation, which recently stepped in to fund swim lessons for second-graders.

A Blackstone spokeswoman said Gray was unable to comment by press time. And Hilary Landis, the Corcoran Group agent who marketed the home, did not return an email for comment.

Fri, 05/24/2024 - 13:33

Financier Jonathan Gray, who through his three decades with Blackstone helped the asset manager assemble the largest commercial real estate portfolios in the world, has parted with a property closer to home.

Gray, Blackstone’s chief operating officer, and his wife, Mindy, a philanthropist, have sold their five-bedroom co-op on the Upper East Side, according to the city register.

The duplex apartment at 925 Park Ave., which features a living room with a fireplace, an eat-in kitchen with a pantry and a formal dining room, plus a primary suite with a fireplace and a spacious dressing room, traded for $13 million, property records show. The deal, which closed Monday, included two storage areas. Margaret Boyden was the buyer, records show.

Gray, who helped his buyout firm orchestrate one of the largest-ever takeovers, the $39 billion acquisition in 2007 of Sam Zell’s 600-building Equity Office company, seems to have a good sense of the local residential market.

In November Gray listed the apartment, which spans the third and fourth floors of a 14-story prewar building at East 80th Street, for $12.5 million. So the unit, where the couple raised their four children, managed to find a taker relatively quickly and at a slight premium to boot.

The co-op, which was designed in part by architect Peter Pennoyer, looks to have been a solid investment overall. The Grays purchased their co-op in 2005 for about $8 million before adding the two storage areas, in 2015 and 2016, for a total of about $600,000, the register shows, so the property cost about $9 million all in.

Joining Blackstone in 1992 after earning English and business degrees at the University of Pennsylvania, Gray spent his early years helping to run the company’s then-much-smaller real estate group.

In the years that followed the blockbuster Equity Office deal, Blackstone shed most of those commercial towers—a seemingly prescient move based on what’s become of the office sector in the Covid era—but also dramatically ramped up its residential holdings along the way.

Today the firm, which was co-founded by Stephen Schwarzman in 1985, reportedly owns and manages 300,000 units of rental housing in the U.S. but has remained active in commercial sectors such as warehouses, data centers and student housing.

The billionaire Gray, considered Schwarzman’s heir-apparent, is also a major donor to the Democratic party and supports causes across the city through his family’s decade-old philanthropic group Gray Foundation, which recently stepped in to fund swim lessons for second-graders.

A Blackstone spokeswoman said Gray was unable to comment by press time. And Hilary Landis, the Corcoran Group agent who marketed the home, did not return an email for comment.

Fri, 05/24/2024 - 13:23

Leases

Wholesaler lands spot on Seventh Avenue

Address: 469 Seventh Ave., Manhattan
Landlord: Meyer Equities
Tenant: JME 
Lease size: 17,000 square feet
Asking rent: $52 per square foot
Asset type: Office
Brokers: LSL Advisors’ Daniel Lolai, Wayne Siegel and Eric Siegel represented the tenant.
 

Sales

Four Winds Real Estate picks up 110-unit rental near Empire State Building 

Address: 47 E. 34th St., Manhattan
Seller: Robert Morgenstern
Buyer: David Schneiderman
Sale price: $68 million
Asset type: Multifamily

Financings

Developer obtains acquisition loan backed by Upper West Side rental sites 

Address: 472 and 474 Columbus Ave., Manhattan
Owner: Josef Chehebar
Lender: JPMorgan Chase & Co.
Loan amount: $9.4 million
Asset type: Mixed use

Landlord refinances office tower in Diamond District

Address: 1200 Sixth Ave., Manhattan
Owners: Boris Shamayev and Natanielle Elishaev
Lender: Symetra Financial
Loan amount: $14 million
Asset type: Mixed use

Fri, 05/24/2024 - 12:43

Investment giant Blackstone has purchased a minority stake in a massive Lower East Side mixed-use project from Goldman Sachs.

Blackstone has taken a roughly $171 million stake in The Suffolk, a 30-story project at 55 Suffolk St. led by developer the Gotham Organization, according to property records. The move is part of a $200.5 million financing package the development has received from Wells Fargo.

Blackstone bought its stake through Blackstone Strategic Partners, a company fund that manages $69 billion worth of assets.

Blackstone and Gotham declined to comment on the deal. Representatives for Goldman Sachs and Wells Fargo did not respond to requests for comment by press time.

The Suffolk features 378 luxury apartments, split between 75% market-rate and 25% affordable, and includes retail space on the ground floor. It is also home to the headquarters for the Chinese-American Planning Council. The $236 million project spans 400,000 square feet and was completed in 2023, according to Gotham's website.

The Suffolk is part of Gotham's Broome Street Development, which also features The Norfolk at nearby 64 Norfolk St., a 16-story building with 115 affordable senior apartments.

New York rents hit all-time record highs last year and appear poised to do so again this summer, with consistently high interest rates keeping many would-be homebuyers in the apartment market. Rents at available units in The Suffolk range from $4,690 for a studio to $11,700 for a three-bedroom, according to StreetEasy.

Blackstone placed a major bet on the multifamily market earlier this year, when it struck a deal to buy the apartment landlord AIR Communities for about $10 billion. The firm also recently sold a portfolio of its industrial properties in Queens and New Jersey to Terreno, a San Francisco-based real estate firm, for $246 million.

Fri, 05/24/2024 - 12:43

Investment giant Blackstone has purchased a minority stake in a massive Lower East Side mixed-use project from Goldman Sachs.

Blackstone has taken a roughly $171 million stake in The Suffolk, a 30-story project at 55 Suffolk St. led by developer the Gotham Organization, according to property records. The move is part of a $200.5 million financing package the development has received from Wells Fargo.

Blackstone bought its stake through Blackstone Strategic Partners, a company fund that manages $69 billion worth of assets.

Blackstone and Gotham declined to comment on the deal. Representatives for Goldman Sachs and Wells Fargo did not respond to requests for comment by press time.

The Suffolk features 378 luxury apartments, split between 75% market-rate and 25% affordable, and includes retail space on the ground floor. It is also home to the headquarters for the Chinese-American Planning Council. The $236 million project spans 400,000 square feet and was completed in 2023, according to Gotham's website.

The Suffolk is part of Gotham's Broome Street Development, which also features The Norfolk at nearby 64 Norfolk St., a 16-story building with 115 affordable senior apartments.

New York rents hit all-time record highs last year and appear poised to do so again this summer, with consistently high interest rates keeping many would-be homebuyers in the apartment market. Rents at available units in The Suffolk range from $4,690 for a studio to $11,700 for a three-bedroom, according to StreetEasy.

Blackstone placed a major bet on the multifamily market earlier this year, when it struck a deal to buy the apartment landlord AIR Communities for about $10 billion. The firm also recently sold a portfolio of its industrial properties in Queens and New Jersey to Terreno, a San Francisco-based real estate firm, for $246 million.