NYC Real Estate News

Tue, 10/22/2019 - 07:30

When Silverstein Properties announced plans to raise roughly $50 million on the Tel Aviv Stock Exchange in early February, many eyebrows were raised. Israeli bonds issued by New York developers and other American companies had been in free fall since November 2018, when Boaz Gilad’s Brookland Capital suspended trading and announced that it would miss an $11 million principal payment due before the new year. Similar disclosures from other firms fueled the uncertainty, and the

The post New York developers hit restart button in Israel. But has the game reset? appeared first on The Real Deal New York.

Tue, 10/22/2019 - 07:30
Installation of the sleek glass curtain wall of 74 Trinity Place is nearing completion as work on the 424-foot-tall Financial District tower wraps up. Located directly behind Trinity Church, the bronze-trimmed 26-story structure is 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 property.
Tue, 10/22/2019 - 07:00
Construction at 202 Broome Street is now topped out, marking a significant milestone for the Essex Crossing mega-development. Designed by CetraRuddy, the 14-story building will eventually contain 175,000 square feet of Class-A office space, 83 condominiums, and 34,500 square feet of retail.
Tue, 10/22/2019 - 07:00

Developers usually flock to tax breaks. But there’s one program in New York that’s seeing increasingly less interest from the real estate community. In the past 10 years applications for J-51 dropped 69 percent, according to data collected by the city’s Department of Housing Preservation and Development. Within the past five years, the volume declined 37 percent, and 23 percent between fiscal years 2017 and 2018. Back in 2004, the city received 1,405 applications —

The post What’s wrong with J-51? Plenty, landlord reps say appeared first on The Real Deal New York.

Tue, 10/22/2019 - 06:30
Permits have been filed for a three-story affordable housing building at 190 Essex Street in Cypress Hills, Brooklyn. Located between Fulton Street and Folsom Place, the lot is two blocks east of the Cleveland Street subway station, serviced by the J train. The city's Department of Housing Preservation and Development is listed as the owner behind the applications.
Tue, 10/22/2019 - 05:01
A vintage Palm Springs house was begging for an overhaul. Simple plywood built-ins offered a visually appealing (and cost-effective) solution.
Tue, 10/22/2019 - 05:00
The vintage house was begging for an overhaul. Simple plywood built-ins offered a visually appealing (and cost-effective) solution.
Mon, 10/21/2019 - 17:00

HUD Secretary Ben Carson, investor Grant Cardone and more than a dozen panelists highlighted The Real Deal Miami’s sixth annual Showcase & Forum on Thursday, led by TRD Publisher Amir Korangy. Thousands of attendees filled Mana Wynwood, hobnobbing through the displays of more than 100 sponsors and watching panels that covered such topics as new development, selling homes in a buyer’s market, the diversity dilemma and co-living.

The post Here’s what you missed at <i>TRD</i>’s Miami Showcase & Forum: PHOTOS appeared first on The Real Deal New York.

Mon, 10/21/2019 - 16:14

Updated Oct. 21, 2019 4:44 pm: WeWork has reached an agreement to be taken over by SoftBank Group, in a deal that will value the embattled office-space company between $7.7 billion and $8 billion, people familiar with the matter told The Real Deal. The deal would buy out some earlier investors and shareholders, and dilute the stake of former CEO Adam Neumann, those sources said. The final hour offer comes before a Monday deadline to

The post SoftBank to take control of WeWork at less than $8B valuation appeared first on The Real Deal New York.

Mon, 10/21/2019 - 16:00

The year’s two biggest office tower sales have been announced in recent weeks, but Chicago investment sales brokers don’t believe it’s a sign that the market is roaring back. Earlier this year, investment sales of office buildings in the central business district dropped to a 20-year low, with only two sales recorded in the second quarter and six in the first quarter. The slowdown has been attributed to the uncertainty surrounding commercial property taxes under

The post Chicago’s ice-cold office market is finally heating up. But don’t get too excited appeared first on The Real Deal New York.