In the News Brooklyn to Show Up in Force at Post-Inauguration Protest Eagle Fortis Files Plans for Third Tower on LICH Site Eagle Bay Ridgers Miffed as Affordable Housing Applications Botched BK Paper Catching Up With the Last Owner of Brooklyn Heights Cinemas BHB Rezoning Could Create “Venice” on the Gowanus Canal Crain’s A Bay Ridge… Read More >The post Daily Links: Heights Cinemas’ Last Owner Reflects, “Gentrification” Forces Bed Stuy Church Sale appeared first on Brownstoner.
Who are you calling a “worst landlord”? Real estate mogul Kamran Hakim has filed a lawsuit against Public Advocate Letitia James, claiming she unfairly included him on her list of “worst landlords” in 2015 and 2016. In the suit, filed Dec. 20, Hakim claims that four of the six buildings cited in James’ report are actually empty. Located between 1205 and 1215 First Avenue, the buildings are, in fact, slated for demolition. The suit seeks $15 … more
The winter skiing season has kicked off, and if you’re looking to hit the slopes but not venture too far from Brooklyn, there are plenty of options. We’ve rounded up five upstate New York ski areas that will allow you to shred fresh powder without having to hop on a… Read More >The post 5 Upstate New York Ski Resorts to Visit If You Live in Brooklyn appeared first on Brownstoner.
From the December issue: When the Dermot Company’s founder, Bill Dickey, retired in June 2015, the firm’s latest and largest project to date was an incomplete structure hovering 30 stories above the ground. The planned 48-story, 750,000-square-foot Upper West Side rental tower 21 West End — which is slated for completion in January — wasn’t only ambitious in scale. It signaled the firm’s push toward ground-up luxury rental high-rises, or as Dermot CEO Stephen Benjamin called … more
Manhattan skyscrapers remain the ultimate savings account for the global investment community. Whether the lower end of the investment sales market is hot or not, trophy towers generally see a flurry of big-ticket deals. From that perspective, 2016 was no exception, though there were fewer billion-dollar deals and the emphasis was on partial-stake sales. In fact, 12 of the top 20 investment sales were partial-stake deals, according to an analysis by The Real Deal. The market … more
The impending L train shutdown may have renters and buyers turning to another area of Brooklyn: Fort Greene. The MTA plans to shutdown the L Train between Manhattan and Brooklyn for 18 months, beginning in January 2019. Between that shutdown and scheduled repairs on the M Train, some are predicting that renters and buyers will look to the transportation-rich Fort Greene, DNAinfo reported. A new report by StreetEasy named the neighborhood the second “hottest” for 2017, stressing … more
As a Brooklyn homeowner, you can make new year’s resolutions that will save you money. Here are 6 ways to save significantly in 2017! Have you made your New Year’s resolutions for 2017 yet? The start of a new year is a popular time to make them. What are New Year’s resolutions? They’re promises made to yourself to better yourself in the new year. Time.com lists the Top 10 Commonly Broken New Year’s Resolutions: Lose weight and get fit Quit smoking Learn something new Eat healthier and diet Get out of debt and save …
(Correction: A previous version of this story incorrectly described the LLC that filed the bankruptcy filing. MADDD West 38 LLC lists Joseph Noormand as a manager.) UPDATED, 3:30 a.m., Dec. 30: An investor in contract to purchase a Hudson Yards development site filed for “emergency” Chapter 11 bankruptcy protection Thursday in a last-ditch attempt to hold onto the property. By filing for bankruptcy, MADDD West 38 LLC, which lists landlord Joseph Noormand as an authorized signatory, hopes to … more
State officials on Wednesday ordered Glenwood Management to pay $200,000 for violating the state’s lobbying laws in connection with ex-Assembly Speaker Sheldon Silver and former state Senate Majority Leader Dean Skelos. The Joint Commission on Public Ethics fined Glenwood for its role in the pay-to-play corruption cases of Silver and Skelos, the New York Post reported. The developer hired property tax law firm Goldberg & Iryami in 2012 and 2013, knowing that the firm paid Silver … more
Gentrification — and the lack of parking that goes with it — is forcing a church out of its longtime Bedford Stuyvesant home, according to its pastor. Antioch Church of Our Lord Jesus Christ plans to move after more than 30 years at 1259 Bedford Avenue, DNAinfo reported. Bishop Michael Jackson blames the addition of new hotels along Atlantic Avenue for increased traffic and lack of parking in the area. “As you can see there’s gentrification going on … more
From Luxury Listings NYC: What do Leonardo DiCaprio, Cindy Crawford, Tom Ford and Gwen Stefani all have in common? Besides being ridiculously attractive, they’ve all made some serious adjustments to their real estate portfolios this year. And they’re not the only ones. For your perusal, here are some of the biggest celebrity real estate happenings of 2016. more … more
Pending home sales fell 2.5 percent in the month of November, another indicator that the market is cooling off as 2017 approaches. Economists surveyed by the Wall Street Journal had actually expected pending home sales to rise 0.5 percent in November. Lawrence Yun, the top economist for the National Association of Realtors, said the expected spike in interest rates combined with limited inventory and rising prices was largely to blame. The pending home sales index, … more
From the South Florida website: Miami’s real estate market experienced the first wave of a slowdown in condo sales at the start of 2016, with some experts warning it could lead to a recession by the end of the year. Twelve months later, South Florida real estate didn’t implode, but the industry is beginning to feel the pinch of a bear market. more … more
Having prevailed in a lawsuit, foreclosure proceeding and high-stakes bankruptcy auction for one of the city’s most talked-about development sites, Gamma Real Estate officially filed plans for an 844-foot residential tower at 3 Sutton Place. N. Richard Kalikow’s firm, which paid $98 million for the site and air rights earlier this month, submitted plans to build a 67-story tower with 389 apartments. The 262,069-square-foot building would have two units per floor on floors two through … more
From the December issue’s “In their words” feature, a roundup of the funniest and most insightful comments on real estate: To read other smart and/or funny sayings, click here for the full feature. … more
The most prolific architects in New York City also tend to be the least visible. These are the firms that are often involved in development projects from the very beginning, filing necessary paperwork with the city’s Department of Buildings and navigating the labyrinth that is the city’s zoning codes. These are the architects of record, who sometimes pair up with international superstar architects who aren’t technically licensed to work in New York City. One such … more
UPDATED, Dec. 29, 6:28 p.m.: An affiliate of residential developer MADDD Equities filed for “emergency” Chapter 11 bankruptcy protection Thursday in a last-ditch attempt to retain its hold on a Hudson Yards development site. By filing for bankruptcy, MADDD 38 LLC, which appears to be tied to Jorge Madruga’s Queens-based development firm, also hopes to avoid forfeiting the $9.5 million deposit it paid to Equity Residential earlier this year. According to the filing, the MADDD affiliate entered into … more
Brooklyn Daily EagleBuildings Dept. OKs plans for lux tower at site of Brooklyn Heights LibraryBrooklyn Daily EagleHudson paid $52 million for the triangular plot of choice Brooklyn Heights real estate. According to the city, the sale will generate roughly $40 million towards $300 million of Brooklyn Public Library's capital repair needs. As part of the deal, 114 …
F&T Group secured a $214.1 million construction loan from HSBC Bank for Two Fulton Square, a four-building Flushing complex that would bring a mix of retail, office, residential condominiums and hotel to replace the former Flushing Mall. The loans total $278 million, according to property records filed with the city Thursday. The financing combines a $157 million building loan and $57 million project loan, and consolidates an additional $63 million in previous loans. Over the … more
MEPT buys Brooklyn apartment building The Addison for $154MReal Estate WeeklyHolliday Fenoglio Fowler, L.P. announced that it closed the $154.25 million sale of The Addison, a 271-unit, high-rise multi-housing property in downtown Brooklyn. HFF represented Waterton in the sale of the property. Multi-Employer Property Trust …
It’s underdog versus underdog in this office-lease spat. In a lawsuit filed Wednesday in New York State Supreme Court, WeWork rival Coworkrs alleges that struggling ride-sharing startup Lyft tried to renege on a one-year lease at 60 Broad Street in the Financial District. According to the suit, Lyft agreed to lease 23 desks and two conference rooms from Coworkrs for $17,527 a month — which ended up being $175,527 for the year after Coworkrs sweetened the … more
Real Estate WeeklyKushner JV buys 85 Jay Street parking lot in Brooklyn for $345MReal Estate WeeklyA joint venture of CIM Group, Kushner and LIVWRK has acquired 85 Jay Street in Brooklyn from Watchtower Real Estate for a reported $345 million. The parcel is currently a 135,000-square foot parking lot in the Dumbo neighborhood, and the partnership is …and more »
Women’s clothing manufacturer Mystic Inc. is expanding its office footprint in the Garment District, by renewing a lease and taking an extra 5,600 square feet at 463 Seventh Avenue. The company will grow to a total of 36,800 square feet at the building, Crain’s reported. The lease means Mystic — which manufactures clothing for brands like Michael Kors and Anne Klein — will take 400,000-square-foot building’s entire 12th floor and part of the 13th floor. The … more
A reader is hoping to find a new heating solution for the apartment building they own. The four-story building currently has steam heat which the owner finds inefficient and expensive. They are investigating alternative heating systems that would allow tenants to control the temperature as well as pay a… Read More >The post From the Forum: Is a Hybrid Heat Pump System Practical for Heating an Apartment Building? appeared first on Brownstoner.