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  • Peerless Pierhouse: condo once again takes top spot for priciest contract signed in BK

    The Real Deal New York 17 Sep 2018 | 8:30 am

    The Brooklyn luxury market saw 11 contracts signed last week for the third week in a row, split between seven houses, three condos and one co-op. The properties sold for about $35.7 million overall and went for an average price of about $3.2 million, according to the latest report from Stribling & Associates. The firm defines the borough’s luxury market as all homes priced at $2 million or higher. Dollar volume was lower the week […]

  • US Open celebrates 50th Anniversary at renovated USTA Billie Jean King National Tennis Center

    BrokerPulse 17 Sep 2018 | 8:21 am

    The new Louis Armstrong Stadium opened after two years of construction at the USTA Billie Jean King National Tennis Center. (Via

    (NEW YORK, NY) — Last week, the new and improved USTA Billie Jean King National Tennis Center in Flushing, Queens hosted the 50th US Open.

    The $600-million project debuted its final piece, the Louis Armstrong Stadium, the world’s first naturally ventilated tennis arena with a retractable roof.

    The stadium, designed by Rossetti, a multi-disciplinary architecture firm based in Detroit, is equipped with 14,000 seats, state-of-the-art sightlines, loads of concessions, and a terrace overlooking the grounds.

    The increasingly high demand for the construction and reformation of tennis infrastructures follows the rapidly growing popularity and admiration for the sport.

    The first day of the 50th year anniversary attracted a crowd of 67,832 fans, setting an all-time-single-day attendance record.

    For many, tennis is synonymous with networking. Events like the US Open draw in some of the most powerful people in the world.

    Amongst the crowd last week were entrepreneur and model, Karlie Kloss, former US President, Bill Clinton, professional boxer, Mike Tyson, and many more.

    According to the United Tennis Industry Association, the average income of a typical recreational tennis player is $98,000, and with millions of tennis players in America, it’s fair to say that tennis is a preferred pastime amongst the elite.

    All smiles: Ladies Networking at the USOpen. (Via Telegraph)

    For professions with a focal point in sales, such as real estate, tennis is a great way to connect with prospective clients, partners, and mentors. Here’s why:

    As mentioned previously, tennis attracts high-class players who can turn into high-end buyers, sellers, or even renters. But that’s not all, playing tennis provides a hefty amount of face time, making it the perfect setting to get to know someone better. The 1:1 ratio means there is no need to compete for attention and more time to focus on business.

    Escaping the digital word is arguably one of the greatest advantages of using tennis as a networking tool. In-person interactions can go a long way when it comes to sales. While connecting through digital platforms has its perks, creating a good rapport with prospective business partners or clients is most effective when done the old-fashioned way, in person.

    While attending big events like the 50th US Open is a great opportunity to network and build your career, it’s not the only way. According to the New York Times, there are over 500 public tennis courts in New York City, making it simple and convenient to schedule a leisurely game.

  • Wells Fargo expects CRE lending to decrease while bank copes with fallout from scandals

    The Real Deal New York 17 Sep 2018 | 8:00 am

    Wells Fargo expects its book of commercial real estate loans to shrink as the bank struggles with governance issues. CFO John Shrewsberry said during a conference Friday that he expects commercial real estate and industrial loans to fall from second-quarter levels, the Wall Street Journal reported. Shrewsberry pointed to the bank’s deliberate lending discipline and a competitive lending environment with an influx of alternative funding sources as reasons for the decline. But Wells Fargo is […]

  • Manhattan’s luxe resi market notched just 13 contracts last week: Olshan

    The Real Deal New York 17 Sep 2018 | 7:30 am

    Manhattan’s luxury residential market recorded just 13 contracts last week, most likely the result of slow activity during the Jewish New Year, according to Olshan Realty’s weekly market report. An Upper West Side brownstone claimed the week’s priciest deal. The gut-renovated home at 18 West 75th Street had an asking price of $15 million, a reduction of 23 percent off the $19.5 million the home was originally asking when it hit the market in October […]

  • Two full-floor leases close at 7 Bryant Park

    Real Estate Weekly 17 Sep 2018 | 7:00 am

    CBRE has negotiated a pair of full-floor leases at 7 Bryant Park, totaling almost 30,000 s/f at the 28-story tower.

    Orion Resource Partners, an alternative investment firm, secured more than 14,000 s/f on the 25th floor of the 470,000 s/f building while Whittle School & Studio leased just shy of 13,900 s/f on the 27th floor.

    Both deals are for a 10-year term. CBRE declined to share the asking rents for the spaces.

    Jason Pollen, Silvio Petriello and Ben Friedland of CBRE represented Orion Resource Partners for their negotiations while fellow CBRE agents Ben Fastenberg, David Maurer-Hollaender and Cara Chayet represented Whittle School & Studio, a global school network that plans to open locations for pre-k to 12th grade education in Washington, D.C. and Shenzen, Cina next year.

    Mary Ann Tighe, Howard Fiddle, Evan Haskell, Clyde Reetz, Evan Fiddle and Adele Huang, represented the landlord, Bank of China.

    “Orion Resource Partners needed larger space to meet its growing operations and wanted to be located in a building with expansive park views that was close to its current location in Midtown,” Pollen said. “7 Bryant Park offered the opportunity to be located at a world-class address, in a building that is equipped with advanced technology and tenant infrastructure to help create a modern and forward-thinking workplace.”

    Developed by Hines, 7 Bryant Park, also known as 1211 Avenue of the Americas, was sold to Bank of China upon its completion in 2014. Other tenants include financial institutions such as Schroder Investment Management North America and Venrock.

    “7 Bryant Park is the best boutique building in the burgeoning neighborhood. The building has spectacular views of Bryant Park from every floor and has a trophy-like design aesthetic when viewed from the street,” Fiddle said.

    “These features coupled with the fact that the building was built from the ground up  in the last two years has led to the building being extremely well received by the tenant community and in fact currently only a very small amount of space remains.”

    The post Two full-floor leases close at 7 Bryant Park appeared first on Real Estate Weekly.

  • Extell sells Sixth Avenue properties for $52M, buyers plan luxury housing

    Real Estate Weekly 17 Sep 2018 | 6:06 am

    Extell Development Company has sold a cluster of buildings near the corner of 14th Street and Sixth Avenue to a joint venture that plans to build high-end apartments on the site.

    California-based Landsea Homes Incorporated and DNA Development, a New York real estate developer and investment firm, purchased four buildings from 530 to 540 Avenue of the Americas from Extell for $52.75 million, according to the New York City Finance Department’s online database.

    The joint venture announced Monday that it has secured $97 million in senior and mezzanine loans from the Mack Real Estate Group to  acquire the properties and redevelop them into luxury residences, although it has not said whether they will be condos or rentals. Patrick Hanlon, Sean Meehan and Ross Cumming of Ackman-Ziff Real Estate Group LLC, arranged the financing.

    Extell purchased the buildings as part of a small portfolio for $50 million in early 2016.

    “Landsea Homes is excited to announce the closing of another major deal in Manhattan, reaffirming our confidence in the New York City market,” Thomas Graham, president of the company’s New York Metro Division, said in press release. “This is precisely the type of deal we are looking for in New York City and we are pleased to partner with DNA Development, on this prime corner site in an incredible location close to numerous transportation options, parks, retail, restaurants and cultural institutions.”

    Mack Real Estate Credit Strategies has provided the early stage financing the project, including a $30 million mortgage for the buildings, one of which features a large yellow Moscot Eyewear sign on the corner of West 14th Street and Sixth Avenue.

    Standing five stories tall, 530 Avenue of the Americas is home to the historic glasses dealer as well as several other ground floor retail tenants. Next door, 536 Avenue of the Americas is a narrow four-story pre-war rental building with six apartments while 538 and 540 are four-story commercial properties.

    Although Landsea Homes has properties around the world, it is relatively new to the New York market. It announced its first project, 212 West 93rd Street, a 20-unit condo on the Upper West Side, last year.

    DNA Development also has an ongoing condo development in the works, at 350 West 71st Street. It’s also working on a mixed-use project at 12 West 48th Street.

    Alexander Sachs, a partner at DNA Development, said the joint venture plans to develop at “best-in-class property” at the site, which he described as being “at the crossroads of downtown.”

    “With our collective market insight and shared commitment to quality and sustainable building practices, we look forward to delivering a sophisticated product at this corner location,” Sachs said.

    The post Extell sells Sixth Avenue properties for $52M, buyers plan luxury housing appeared first on Real Estate Weekly.

  • Renters: High-Kicking Through Four Pools

    NYT > Real Estate 17 Sep 2018 | 2:00 am

    Amenities in luxury building often go unused, but this Rockette has worked her building’s steam room, sauna and all four pools into her training routine.

  • What's Selling Now: Homes That Sold for Around $1,300,000

    NYT > Real Estate 16 Sep 2018 | 2:00 am

    Recent residential sales in New York City and the region.

  • What You Get for $700,000

    NYT > Real Estate 15 Sep 2018 | 9:22 pm

    An 18th-century plantation house in Woodruff, S.C.; a timber-frame house in Fairfield, Vt.; and a midcentury-modern home in Salt Lake City.

  • NEW DEVELOPMENT: Leasing launched at 20 Broad, Closings to begin at The Lindley

    Real Estate Weekly 14 Sep 2018 | 11:40 am

    Leasing underway at 20 Broad

    Developer Metro Loft announced the launch of leasing at 20 Broad Street, a 29-story, luxury rental development.

    Twenty Broad is an adaptive reuse of a property originally built as an extension of the New York Exchange in 1956.

    It underwent a full restoration with the help of design firm CetraRuddy to cater to the large number of renters seeking spacious, quality homes downtown.

    The property has 533 studio, studio + home office, one bedroom, one bedroom + home office, and two- bedroom + home office residences, along with a collection of high-end amenities, highlighted by a rooftop terrace and sky lounge.

    Mitchell Wasser, director of marketing and leasing at Metro Loft, said “Twenty Broad Street presents a rare opportunity for the renter-by-choice to lease a well-designed residence with condo-style amenities and finishes, in what is widely considered to be one of the most desirable neighborhoods in New York City.”

    Bold New York is handling the exclusive marketing and leasing for Twenty Broad Street. Pricing will begin at $2,455 for studios.

    Amenities include a 24-hour doorman, Liv Unlimited concierge, and valet services. The Sky Lounge and Rooftop Terrace have an outdoor movie theatre, green lawn and grills.

    There is also a Technogym fitness center with a private yoga studio, children’s playroom, a library, game room and another lounge with the option to reserve for private events. Keyless entry, resident bicycle storage, and an onsite super add to the list.

    Sneak peek at Arbor Eighteen

    Adam America and development partner CGI Strategies are looking to stir up some excitement for their new Arbor Eighteen boutique ahead of a November sales launch.

    The JV announced this week a “teaser site” has gone live with details on the ground up, 11-story property between South Slope and Greenwood Heights in Brooklyn.

    Arbor Eighteen will have 73 studio to three-bedroom residences. 29 will have private outdoor space.

    One of the highlights of the property is the outdoor space, which includes a Zen garden, courtyard and landscaped rooftop terrace.

    It will also have a fitness center, yoga studio, meditation room, infrared sauna, library, lounge, screening area and a private dining room, children’s playroom, bike and stroller storage, private storage, onsite parking with electric car chargers, a pet spa, and an auxiliary laundry room for oversized items.

    The wellness-oriented interiors were designed by Paris Forino. Isaac & Stern Architects designed the facade of the building.

    Sales are expected to launch this November, with construction expected to be complete by Q3 2019
    Halstead Property Development Marketing’s The Aguayo Team is handling exclusive marketing and sales.

    Smart moves at Quay Tower

    RAL Companies and Oliver’s Realty Group announced a collaboration with Amazon to provide a smart home experience for buyers at Quay Tower, the new luxury condominium on the Brooklyn Heights waterfront in Brooklyn Bridge Park.

    Through the relationship, the first of its kind for a Brooklyn condominium, each of the building’s 126 residences will be delivered with an Amazon Echo and Echo Dot and will be equipped to control compatible smart home technology, offering Quay Tower residents the ability to switch on a lamp, dim the lights, change the temperature and more just using their voice.

    “At Quay Tower, we’re working hard to deliver homes that meet modern-day needs of active New Yorkers and their families. We’re trying to take that to the next level by integrating Alexa, simplifying life for our residents so they can relax and enjoy time with those they love,” said Robert Levine, President and CEO of RAL Companies.

    “We are thrilled to be working with Amazon, the undisputed leader in smart home technology, to offer integrated home automation features that will enhance daily life at Quay Tower.

    The 28-story building was designed by ODA Architecture with interiors by Marmol Radziner and offers two- to-five-bedroom residences which will come with a suite of smart home devices that work with the Amazon Echo and Echo Dot devices, including Nest thermostats and Lutron Caseta light switches and lamp dimmers.

    Residents will also be able to control the settings on devices by downloading and installing the Alexa app on their smartphones and tablets.

    They can also expand on the features to tailor their fully integrated Alexa smart home for their lifestyle.
    Douglas Elliman Development Marketing is the exclusive sales and marketing firm for Quay Tower (pronounced “kway”). Pricing begins at $1.9 million.

    Things get real at The Lindley

    Closings are about to get underway at The Lindley in Murray Hill with the building already 70 percent sold.
    To celebrate, developer CBSK Ironstate, has opened a model residence for the first look inside the building.
    Comprised of studios through three-bedrooms, pricing and the ground-up development start from the $900,000s.

    Designed inside and out by Rawlings Architects, the new one bed, 1-bath model has been furnished in collaboration with Design Within Reach to showcase “realistic model interiors that are easily able to recreate,” according to a press statement.

    The post NEW DEVELOPMENT: Leasing launched at 20 Broad, Closings to begin at The Lindley appeared first on Real Estate Weekly.

  • South Beach broker sentenced to probation for extortion

    BrokerPulse 13 Sep 2018 | 8:03 pm

    Realtor Kevin Tomlinson, convicted of extorting real estate agent duo known as the Jills, listens to Judge Hirsch speak at his sentencing on Friday August 31, 2018 C.M. GUERRERO (Via Miami Herald)

    (MIAMI, FL) — Kevin Tomlinson, a former South Beach real estate agent, was sentenced in late August on two counts of extortion for demanding $800,000 from rival luxury relators, Jill Eber and Jill Hertzberg, also known as “the Jills.”

    The state’s sentencing guidelines, while not mandatory, called for a minimum prison term of 19 months. However, Tomlinson won’t be serving time behind bars.

    Judge Milton Hirsch of the Eleventh Judicial Circuit Court sentenced Tomlinson to 15 years of probation. Tomlinson was also sentenced to two years of “community control,” a form of house arrest, and was stripped of his real estate license.

    According to the Miami Herald, back in April 2015, Tomlinson filed a complaint with the Miami Association of Realtors stating that the Jills had been manipulating home data on the Multiple Listing Service (MLS). He then demanded money from Eber and Hertzberg, threatening to ruin their careers if he wasn’t paid.

    At the sentencing, both Eber and Hertzberg took responsibility for what one of their employees was doing with the properties. However, they stated that they were unaware of it at the time and had personally not used MLS in roughly two decades.

    During the sentencing, the prosecutors asked for prison time. “This has been the most traumatic experience of my life both personally and professionally,” said Hertzberg.

    However, the defense attorney argued that since Tomlinson had no previous criminal record and had committed an isolated crime, the punishment should not be severe.

    “I’d like to take this opportunity to apologize to the court and to everyone involved, the Jills. I’m ready to go to the next step and take whatever comes and do that,” said Tomlinson.

    While Tomlinson avoided prison, 15 years of probation, a lost real estate license, and a new criminal record is no light sentence.


    (Via Miami Herald)

  • Will WeWork become the largest private office tenant in Manhattan?

    BrokerPulse 12 Sep 2018 | 7:33 pm

    WeWork global headquarters in Chelsea.(Via Metropolis)

    (NEW YORK, NY) — WeWork is 74,000 square feet away from becoming the largest office tenant in Manhattan.

    The eight-year-old company’s footprint currently represents just under 3 percent of office space in the city, but it could rise to as high as 10 percent over the next decade.

    WeWork is currently the second-largest private office tenant in Manhattan. The company falls behind JPMorgan Chase, but not for long.

    74,000 square feet is the typical size of a WeWork, and with such a rapid growth rate, the company could surpass JPMorgan Chase any day now.

    Over the past year, WeWork has drastically increased its Manhattan presence by signing a 167,000-square-foot lease at 18 West 18th Street as well as a 100,000-square-foot lease at 214 West 29th Street.

    Just last month, the company almost reached the milestone through a lease at the World Trade Center. The company was bidding for 220,000 square feet of office space; however, the negotiation fell through.

    The co-working company continues to dominate the market and currently operates in more than 20 countries.

  • Anna Faris Has Sold the Hollywood Hills Retreat She Shared With Chris Pratt

    Real Estate – Observer 14 Aug 2018 | 4:01 pm

    But the home didn't bring in quite the haul she was hoping for.

  • Joe Jonas Doesn’t Want Cake by His Sherman Oaks House

    Real Estate – Observer 14 Aug 2018 | 9:14 am

    He's listing the home for $4.25 million.

  • Summer Aboard a Boat: The Cheaper Version of a Vacation Home With Way Better Views

    Real Estate – Observer 10 Aug 2018 | 3:30 am

    Tired of your current location? With a boat as a summer home you can pick up and sail to Martha's Vineyard, Montauk or Maine.

  • Mannequin maker shifts to new showroom space

    Real Estate Deal Watch - Crain's New York Business 1 Feb 2016 | 9:00 pm

    Midtown / Park Ave. South - A company that manufactures and provides mannequins to retailers across the city is moving its midtown south showroom a few blocks away. Mondo Mannequins leased 4,500...

    To view the full story, click the title link.

  • Deal Preserves Apartments’ Affordability for 55 Years

    Multi-Housing News Online 30 Oct 2015 | 5:11 am

    Photo credit:

    Photo credit:

    By Dees Stribling, Contributing Editor

    Pacifica, Calif.—Ocean View Senior Apartments has traded hands, with National Church Residences selling the property to Bridge Housing for an unspecified price. The transaction will preserve Ocean View as an affordable housing property for seniors in Pacifica and pave the way for new capital improvements.

    In 2000, National Church Residences acquired the 100-unit Ocean View at the request of the City of Pacifica, with the goal of sustaining the property’s affordability. Since then, the nonprofit provided property management at Ocean View and raised funds for roof replacement and other improvements. Most recently, National Church Residences had been pursuing a refinancing of Ocean View to repay two maturing loans and address capital needs.

    Bridge will start renovations next month with new financing in place. That includes tax-exempt bonds, additional funding through California Housing Finance Agency, restructuring of existing debt with the San Mateo County and the Housing Endowment and Regional Trust, and the addition of low-income housing tax-credit equity.

    The planned renovations will replace aging building elements with more efficient and higher-performing alternatives; restore and enhance the physical condition of the building; and, according to Bridge, enhance residents’ quality of life. The recapitalization also provides funding to enhance on-site services. Residents will have access to programs such as wellness and nutrition classes and referral services, without charge.

    All current residents will be able to remain in their units for the long term, and new deed restrictions have been placed on the property to ensure rent restrictions will continue for 55 years. Ocean View is affordable to seniors whose annual incomes range from about $14,928 to $84,500 (minimum income standard to 80 percent of area median income, depending on household size), though 31 apartments will have additional subsidy provided by the Housing Authority of the County of San Mateo.

  • Suburban Dallas Apartments Up for Sale

    Multi-Housing News Online 30 Oct 2015 | 4:55 am

    By Adriana Pop, Associate Editor

    Dallas—Greysteel has been retained as exclusive advisor and agent for the sale of The Lakeshore, a 140-unit garden-style multifamily community in the Northwest Dallas suburb of Lake Dallas, Texas.

    The Lakeshore in Lake Dallas, Texas

    The Lakeshore in Lake Dallas, Texas

    Completed in 2015, the property offers 40 one-bedroom/one-bathroom units at 763 square feet, 36 two-bedroom/two-bathroom units at 1,080 square feet, 40 two-bedroom/two-bathroom units at 1,091 square feet, and 24 three-bedroom/two-bathroom units at 1,311 square feet.

    The community is conveniently located along Swisher Road, a high traffic thoroughfare which provides ideal accessibility to Interstate 35E, Dallas-Fort-Worth’s main north and south artery. Residents at The Lakeshore also benefit from the property’s proximity to the University of North Texas in Denton, which is educating over 36,000 undergraduate, graduate, and doctoral level students. Another attraction is the nearby Lewisville Lake, which features 183 miles of shoreline along with over 29,600 acres of navigable waters that offer a multitude of activities.

    Unit interiors feature wood-look vinyl flooring, ceiling fans, brushed nickel fixtures, walk-in closets, a desk nook with cabinetry, private balconies and patios with storage, washer and dryer connections, and black appliance packages with microwaves. Exterior amenities include a resort-style swimming pool, fitness center, business center, clubhouse, theater, BBQ grilling area, and garages.

    Greysteel’s multifamily investment sales team in charge with the assignment is led by Boyan Radic, Doug Banerjee, Andrew Mueller, and Ryan Hill.

    “The Lakeshore is one of only two Class A developments in the City of Lake Dallas in the past 10 years and the design was done by award winning BGO Architects along with the landscaping designed by Meeks Design Group (MDG),” Doug Banerjee, Greysteel director, said. “This property will allow a new buyer to come in and acquire a brand new asset on the highly trafficked Swisher Road extremely close to Lewisville Lake, which makes it a very desirable location for years to come.”

  • C&W Finds Buyer for Villas at Pine Hills

    Multi-Housing News Online 30 Oct 2015 | 3:21 am

    By Balazs Szekely, Associate Editor

    Villas at Pine Hills

    Villas at Pine Hills

    The Villas at Pine Hills multifamily community was recently sold. SCR Properties 3 LLC closed on the acquisition of the 96-unit property in a transaction valued at $5.85 million. Executive Director Jay Ballard and Senior Director Ken Delvillar with Cushman & Wakefield represented the seller, Villas at Pine Hills Partnership.

    Located on a 16.5-acre site at 5249 Champagne Circle in Orlando, Villas at Pine Hills is surrounded by a densely populated garden suburb northwest of the city’s core. Ridgewood Park Elementary and the Maynard Evans High School are both within walking distance from the community, which also offers easy access to a number of shopping and dining destinations. Completed in 1984, the community comprises two-bedroom, two-bathroom duplexes measuring 980 square feet. Each unit features a private driveway, direct access garage, a fenced patio and washer and dryer connections.

    Photo credit: Cushman & Wakefield

  • Ad firm takes a second floor in midtown south building

    Real Estate Deal Watch - Crain's New York Business 28 Sep 2015 | 10:00 pm

    Midtown / Park Ave. South - Lowe & Partners Worldwide is doubling its space at 386 Park Ave. South a year and half after signing a deal to move into the building. The advertising firm is taking the...

    To view the full story, click the title link.

  • Upper West Side goes upscale with new caviar bar

    Real Estate Deal Watch - Crain's New York Business 22 Sep 2015 | 10:00 pm

    Upper West Side - A 14-year-old caviar purveyor is expanding. Olma Caviar Boutique & Bar, which operates a location at Todd English’s Plaza Hotel Food Hall, has signed on for its first freestanding...

    To view the full story, click the title link.


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