The board of the struggling New York REIT has selected the Wendy Silverstein-led Winthrop REIT Advisors as its external manager to oversee the company’s liquidation plan. Heeding the call of activist investors Michael Ashner and Steven Witkoff, the board voted to place Silverstein at the helm of the embattled REIT, replacing CEO Michael Happel and AR Global as the external adviser. Silverstein served as an executive vice president at Vornado Realty Trust before leaving in … more
Listen up landlords and developers!
Here’s a choice Prospect Lefferts Gardens limestone on a prime block, at 133 Maple Street between Bedford and Rogers. A landmarked one-family designed by prolific Brooklyn Axel Hedman in 1909, it’s in good shape and has some desirable original details. Those include intricate crown moldings, decorative mantels, pocket doors, banisters, ornamental… Read More >The post Landmarked PLG Limestone With Barrel Front, Triple Parlor, Mantels Asks $2.295 Million appeared first on Brownstoner.
Co-living startup Common is launching its biggest project to date, taking over Adam America’s entire 69-unit rental development 595 Baltic Street in Boerum Hill. The new location’s size and layout indicates that Common is more aggressively taking on $16.9 billion behemoth WeWork and its WeLive co-living line. Common Baltic will open in January, according to the project’s website, which went live today. Like Common’s other locations in Crown Heights and Williamsburg, the new building will … more
A Giuliani-era vote is still sending shockwaves through the rental market.
The first significant snow hit Brooklyn this past weekend and residents took full advantage. The blanket of white was quickly marked with footsteps as it was tromped through for the creation of snowmen and snow angels and the photographing of wintry Brooklyn scenes. The arrival of rain and warmer temperatures… Read More >The post A Brief Brooklyn Winter Wonderland (Photos) appeared first on Brownstoner.
From 2013 to 2015 , this is what qualified for “normal”: a record-breaking sale was immediately bested by another, asking prices were determined by comps from a wildly unrealistic peer group, and the target buyer was a 1% captain of the universe. So what does it look like when “normal” becomes…well, normal again? CityRealty released its year-end residential market report last week, and when Reuters, Forbes and other outlets picked it up, they highlighted this … more
For those who want something a little less, well, co-op-y.
These nine brand-new condominium buildings share two important things: First, they place design at the top of their list of priorities, and second, they offer immediate or near future closings. They are located in some of the most sought-after neighborhoods in Manhattan and Brooklyn, including Flatiron, Dumbo, Park Slope and Williamsburg.… Read More >The post Tour 9 Coveted New Condo Developments Where Design Is Paramount and Move-ins Immediate appeared first on Brownstoner.
Sentinel Real Estate Corp. Sells Five-Building Multifamily Portfolio in Brooklyn for $89MREBusinessOnlineNEW YORK CITY — Sentinel Real Estate Corp. has completed the disposition of a five-building multifamily portfolio located in Brooklyn. A&E acquired the portfolio for $89 million. Totaling 243,000 square feet and 265 units, the properties are located …
After two banner weeks in Manhattan’s luxury residential market, contracts on properties priced over $4 million crashed back to earth last week. In the period between Dec. 12 through Dec. 18, a total of 18 contracts were signed on properties priced over $4 million, according to the weekly market report from Olshan Realty. That’s a significant fall on the previous past two weeks, both of which saw more than 30 contracts signed in the luxury … more
Plus, decor sites for renters, and a crackdown on wayward landlords.
For the first time in five years, there’s a new king atop of the CMBS mountain. JPMorgan was the most active underwriter this year with $12 billion worth of U.S. transactions, edging out Deutsche Bank and ending its five-year reign as the top CMBS bookrunner, according to Commercial Mortgage Alert. While U.S. CMBS issuance is on track to dip to $76 billion this year – down 25 percent from $101 billion last year – JP … more
For many New Yorkers, it seems that their wish lists for their apartments and buildings are pretty humble.
In the News National Grid Charges NYC Customers for Gowanus Canal Cleanup Eagle Student Body at P.S. 307 in Vinegar Hill Hasn’t Changed Since Rezone BK Paper Inside a Bright and Cheerful Renovation in Fort Greene NYM One of the Best Bushwick Galleries Closes After 5 Years BK Daily Landmarks Approves Replacement for Long-Time Clinton… Read More >The post Daily Links: Clinton Hill Food Co-op May Be Evicted, New Look for Replacement Building on Washington appeared first on Brownstoner.
JEMB Realty is looking to sell a 50 percent stake in its 715,000-square-foot Financial District office building at 75 Broad Street. The Lower Manhattan-based landlord is marketing the property as a value-add investment with the building at 86 percent occupancy and below-market leases set to roll over, Real Estate Alert reported. At the same time, JEMB – which would retain the remaining 50 percent ownership in the building – is looking to refinance 75 Broad … more
Latkes are delicious, yes, but they also can make your apartment smell like fried potatoes for days.
Brownstoner’s top 10 most-read stories of the year focused on housing prices and beautiful spaces. As prices rose throughout the borough, readers sought guidance on finding affordable housing and the difference in price between “prime” and Central Brooklyn shrunk. Celebrities increasingly call Brooklyn home too, and stories about what they… Read More >The post Gentrification, High Prices, Beautiful Spaces and Celebs: 2016’s Top Stories on Brownstoner appeared first on Brownstoner.
Common Living to Partner on 140-Resident Building in BrooklynWall Street JournalCommon is joining forces with New York developer Adam America Real Estate on a building in Brooklyn's Boerum Hill neighborhood that will have about 140 residents. Brad Hargreaves, chief executive of Common, said the development offers options for …
Private equity firm Antares Capital signed a 55,000-square-foot lease at Vornado Realty Trust and SL Green Realty’s 280 Park Avenue. The lease is for 12 years and asking rents in the building are in the $90s. Antares is moving from Fisher Brothers’ 299 Park Avenue. The firm was a subsidiary of now-defunct GE Capital until last year, when it was sold to Canada Pension Plan Investment Board as part of a $12 billion deal. … more
Once one of the chief foreign investors in NYC real estate, Russian buyers backed off in recent years. Sanctions against them following the annexation of Crimean led to a drop off in luxury apartment sales to Russian buyers. But now, emboldened by a Trump presidency, brokers say the Russians are once again hunting for Manhattan trophy properties. Check out the video below: … more
From Luxury Listings NYC: Actor and serial real estate mover and shaker, Leonardo DiCaprio is at it again. This time the Oscar winner has sold his Studio City, California 1930’s ranch-style home for $2.2 million. more … more
There’s no place like home for the holidays — especially if you have a rent-controlled apartment. But an Upper West Side woman is suing her landlord for not letting her come home. According to the lawsuit, she was allegedly tricked into vacating her apartment while her building was being renovated. May Asher claims her landlord’s representatives duped her into signing an agreement to leave her rent-controlled two-bedroom apartment at 101 West 78th Street, according to … more
From Luxury Listings NYC: Canadian Soprano Sharon Azrieli is hitting a high note. The famed opera star has picked up a large four-unit building in Harlem, presumably to transform the four-story building into a sprawling private home. more … more