NYC Real Estate News

Rendering of Freedom Plaza. Credit: Soloviev Group. As the competition for three New York City casino licenses heats up, the latest contender, Soloviev Group, announced this week a partnership with Mohegan in a plan that would include a partially subterranean casino anchoring a Midtown entertainment district near the United Nations headquarters. In addition to the casino, the mixed-use development known as Freedom Plaza would include a hotel, two residential towers, green space, a performance venue, a giant Ferris wheel, and–because nothing says “democracy” like a casino and a Ferris wheel–a museum dedicated to democracy. Soloviev Group CEO Michael Hershman told the New York Times […]

Stressed stocks. Distressed assets. Rigid regulatory environments. Inflationary roller-coasters. The turbulent tech, financial, and political landscape has thrown real estate’s future into question. But it’s in troubling times that the next generation of all-star investors and development geniuses are born. Think you might be one of them? Join us at Future City 2023. The Real Deal’s staff will be back at Baha Mar in the Bahamas from March 5 to March 7, 2023. Future City

The post New focus, new futures: TRD’s Future City event is back appeared first on The Real Deal New York.

A Bjarke Ingels-designed production studio is coming to Red Hook as demand for soundstages heats up across the city. Brooklyn-based Samson Stages is seeking to convert a warehouse at 744 Clinton Street into a 330,000-square-foot studio and soundstage complex, The Real Deal has learned. The $400 million waterfront project will also include a public park. The design by Bjarke Ingels Group involves eight stacked stages with green terraces, which can be developed on the property

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Rent is in the eye of the beholder. In the tri-state area, at least. Compared with a year ago, tenants’ monthly cost is higher in most tri-state markets, according to a Zumper analysis of active listings. But it’s cheaper than it was a month before. Take New York City. Last month, the median asking rent for a one-bedroom apartment was $3,690, easily the most among the markets studied. That was up 13.2 percent year-over-year, but

The post Tri-state rents are up and down — at the same time appeared first on The Real Deal New York.

A infrastructure project more than a half century in the making has finally reached the finish line with last week's official opening of the Grand Central Madison station, the centerpiece of the $11.1 billion East Side Access plan to bring Long Island Rail Road service to Grand Central Terminal in Midtown East. Multiple companies designed, engineered, and collaborated on the project and include AECOM and Jacobs as project managers; WSP as a managing partner of a three-firm joint venture that includes STV and Parsons; Tutor Perini Corporation; Dragados; Judlau Contracting; Skanska; Michels; Comstock; Halmar International; Schiavone; Piccone; Five Star; Yonkers Electric; Tully Environmental; and EJ Electric. The new terminal sits 150 feet below the existing Grand Central facility, along Vanderbilt Avenue between East 43rd and East 48th Streets. The first ceremonial train ran from the Jamaica station in Queens and arrived at the Grand Central Madison station on January 25 at 11:07 a.m.

Lingering uncertainty in New York City’s office market and a virtual moratorium on new hotels allowed a self-storage deal to top the list of 2022’s largest real estate loans. The 10 largest financing deals amounted to $8 billion, on par with 2020’s total but behind the $10.9 billion lent in 2019 on the 10 biggest projects. The five largest loans of 2021 totaled $7.2 billion. The nation’s largest office-to-residential conversion made the list, as did

The post New York City’s biggest borrowers of 2022 appeared first on The Real Deal New York.

Proposals to redevelop and expand the historic Neumann Lathers Industrial Warehouse at 300 Observer Highway in Hoboken, New Jersey, are again under review by local officials. Initial plans to redevelop the property into a mixed-use commercial hub date back to 2015, but have failed to gain approval from the city and support from community leaders.

Permits have been filed for a 22-story mixed-use building at 370 Livingston Street in Downtown Brooklyn. Located at the southwest corner of Livingston Street and Flatbush Avenue, the lot is one block south of the Nevins Street subway station, serviced by the 2, 3, 4, and 5 trains. Yitzchok Katz of Developing NY State is listed as the owner behind the applications, and is also responsible for 362 Livingston Street, the adjacent 15-story residential building.

It was a blank canvas for new office space, until it got stretched a little too tight. A nearly finished boutique office building in Chelsea’s art district is headed for a takeover, most likely by one of its lenders, unless the owner can stave off a pending foreclosure sale. An auction for the eight-story warehouse-to-office conversion at 541 West 21st Street, dubbed “The Frame,” is set for Feb. 14, according to marketing materials seen by

The post Nearly completed West Chelsea office project heads to foreclosure appeared first on The Real Deal New York.

Permits have been filed for a six-story mixed-use building at 2900 Stillwell Avenue in Coney Island, Brooklyn. Located between Mermaid and Surf Avenues, the lot is steps from the Coney Island-Stillwell Avenue subway station, serviced by the D, F, N, and Q trains. Moheeb Nasser under the 2900 Stillwell Avenue Corp. is listed as the owner behind the applications.