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Tag Archive design

A&E closes on $287M purchase of Stonehenge Village

As the city’s multifamily market gains steam, A&E Real Estate Holdings has resumed tackling monster deals. A&E closed Friday on the purchase of a three-building, 420-unit Upper West Side rental complex known as Stonehenge Village for $287 million, sources told The Real Deal – more than $100 million above its previously reported price. The Midtown-based multifamily investment firm, led by Douglas Eisenberg and John Arrillaga Jr., secured new debt – north of $145 million in […]


Source: realdeal

Glasshouses inks big deal for new events venue in Hell’s Kitchen

West Chelsea events space Glasshouses is opening a second venue on the Far West Side, where it’s signed a lease for a new 75,000-square-foot space overlooking the Hudson River. The trendy events space, the brainchild of real estate developer Jack Guttman, signed a 30-year deal with the Bay Ridge Auto Group for the new space at 660 12th Avenue in Hell’s Kitchen, a representative for Glasshouses told The Real Deal. The two floors – one […]


Source: realdeal

Rough cut: How the global diamond trade shaped New York’s skyline

There are figurative cutthroat businesses, and there are literal ones. Yitzchak Tessler knows the difference. Chain-smoking in his Midtown office, he recalled his days flying from South Africa into civil war-torn Angola to buy gemstones. In the 1980s, “blood diamond” hadn’t yet become a rallying cry for human-rights groups, and traders could work in war zones with impunity. The country’s capital, Luanda, was a woebegone place — sewage in the streets, no running water in […]


Source: realdeal

The Real Deal’s April issue is live!

Glass may give New York City’s skyline its gloss, but it’s diamonds that have largely shaped it. In this month’s cover story, The Real Deal explored the symbiotic relationship between the global diamond trade and the city’s real estate industry. TRD found that developers who began in the diamond trade have built, acquired or have an interest in more than 200 properties and projects now worth at least $20 billion. While most of these investments are above […]


Source: realdeal

Co-sponsor of bill to weaken title insurance regs stood to benefit from rollback

State Sen. Susan Serino, who stood to lose money following new state regulations on the title insurance industry, co-sponsored a bill to reverse the new rules, a new report claims. In 2016, Serino’s husband Mark earned between $5,000 and $20,000 from Real Property Abstract and Title Services, one of the many title insurance companies that the state’s Department of Financial Services banned from gift giving months later, according to Crain’s. State Sen. James Seward then […]


Source: realdeal

State-backed Abu Dhabi and Dubai developers launch new $8.2B joint venture

Two of the United Arab Emirates’ most prolific developers, Emaar Properties and Aldar Properties, are teaming up. Through a recently-announced $8.2 billion joint venture the developers will spearhead two mixed-use waterfront projects — one in Dubai, one in Abu Dhabi — with a combined total of almost 10,000 residential units, according to Reuters. Details of other projects were not released. Dubai-based Emaar and Abu Dhabi-based Aldar both are linked to their respective ruling governments; the […]


Source: realdeal

When building a megamansion goes wayyy over budget

From TRD Los Angeles: Be careful what you wish for — and who you hire to build a dream house. Ziad Ghandour hired Lendlease, a commercial builder inexperienced in building luxury homes, because, he says, convinced him that the 35,500-square-foot home he was building would be more like a commercial project. But then his house was completed three years late, ran $7 million over-budget and problems from leaks to air filtration to the installation of […]


Source: realdeal

Asking for directions: Investors are searching for “a safe haven”

The past may not inform the future this time around. Investors seeking to minimize risk are at a loss as investments that typically rally during periods of volatility, like gold and Treasurys, weakened instead. Even more confusing, these assets unexpectedly diverged from the U.S. dollar and Japanese yen, going against the observed correlation from past periods of market disruption, as the Wall Street Journal reports. “The normal correlations you expect to see don’t work so well,” […]


Source: realdeal

Engineering techniques used in collapsed Miami bridge are common: experts

From TRD Miami: Experts say the engineering behind the collapsed FIU bridge in Miami was nothing special. As scrutiny turns to what led to the bridge’s collapse, the structure’s so-called unconventional engineering and construction has been put in the spotlight, but the techniques used to build the bridge, known in the business under the umbrella term of “ABC” or Accelerated Bridge Construction, are typical and long-standing practices, according to Wired. ABC refers to a series […]


Source: realdeal

Hoop dreams: Would you play in one of these in-condo courts?

Need a little exercise after spending the better part of three weeks glued to the screen for March Madness? Well, if you lived in these five condos, you could go shoot hoops like the pros — or try to — as more developers are starting to build space for basketball courts in high-end residential buildings. “There has been a huge demand for this amenity which only a limited number of buildings can provide,” said Extell’s […]


Source: realdeal