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Hilton Grand Vacations buys Midtown timeshares for $136M

The timeshare apartments at 12 East 48th Street are sufficiently nice that Hilton Grand Vacations bought them twice. The Orlando-based timeshare company bought the remaining 111 hotel rooms at the Midtown building, dubbed the “Central at 5th,” for $136 million from Henry Silverman’s 54 Madison Partners, property records filed Wednesday show. The purchase pencils out to $1.2 million per unit, or about $2,800 per square foot. Hilton Grand,...

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Fashion exec’s Tribeca townhouse sells for $24M

Fashion executive Mickey Drexler sold his eccentric Tribeca townhouse for $23.5 million. The former CEO of J. Crew and Gap traded 464 Greenwich Street to an unknown LLC for $2,600 per square foot, property documents show. The 9,000-square-foot pad hit the market in 2021, asking $30 million. Drexler bought the five-bedroom, six-bathroom home for $5.5 million in 2008. He initially listed the townhouse for $30 million in May 2016, according to St...

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Related to walk away from empty LIC office campus

The mantra that millennials wanted to “work where they live” drew some of New York’s biggest developers across the East River in the late 2010s to build Instagrammable offices in hot Queens and Brooklyn neighborhoods. Today many of those offices remain empty, and now some developers are conceding that the gold rush never materialized.  Case in point: Related Companies’ fund management arm and its partner BentallGreenOak are ready to w...

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Hospitality companies target rival properties

Hospitality companies are contending with a drop in new hotel construction by poaching independent and rival properties for their own brands. Conversions are some of the biggest growth drivers since the pandemic as financing for hospitality projects has dried up, the Wall Street Journal reported. The tactic is more common during times of economic uncertainty and slower development cycles. Hilton is leading the charge among the biggest names in...

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Ranking the brokerages that rule NYC’s suburbs

The Tristate housing market has cooled off in recent months in the harsh winds of interest rate hikes and an inventory crunch, but business remains brisk enough for brokerages to cash in — if they have enough boots on the ground. The Real Deal combed Department of State records to see which brokerages have the most agents selling in Nassau, Suffolk and Westchester counties Douglas Elliman ruled Long Island in 2021, boasting the most agents read more »

Columbia Property Trust takes haircut on 149 Madison

 Columbia Property Trust is taking a haircut on one of its Manhattan office buildings. The REIT sold the 12-floor, 121,000-square-foot property at 147-149 Madison Avenue in Midtown South for $77 million to the consumer products company Enchanté Accessories, according to city records filed Wednesday. The sale price was nearly $11 million less than when Columbia paid $87.7 million for the land beneath the office building in 2017. The REIT ...

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Cardboard magnate sells Carhart Mansion duplex for $20M

Cardboard magnate Dennis Mehiel and his wife Karen are out at the Carhart Mansion. The couple sold their duplex at 3 East 95th Street for $20 million, or $1,930 per square foot, according to ACRIS. The five-bedroom, five-bathroom condo drifted on and off the market without a buyer for about 15 years. The couple relisted their home last September for $24 million and went into contract less than a month later. The Mehiels purchased the

Th...

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Fairfield adds to Long Island portfolio with $60M purchase

Long Island’s largest multifamily landlord continues to grow. Fairfield Properties bought a portfolio of five rental complexes in Suffolk County, paying $59.6 million for the 228-unit portfolio in Bay Shore, the Long Island Business News reported. The seller was the estate of Joan Wimmer, who died a year ago. The Wimmer family developed the properties in the 1960s. The rental buildings are 96 percent occupied. The largest is The Hedges at 40...

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Life after Naftali: Sigoura breaks out with UES project

It’s been seven years since Victor Sigoura ditched Miki Naftali for a chance to make it on his own. After a rocky start, the former Naftali Group chief investment officer seems to have found his footing with Legion Investment Group’s first Manhattan project: a 19-story, Upper East Side condominium off Park Avenue with a projected sellout of $440 million. The boutique building at 109 East 79th Street is down to its last few units after

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Ampiera Group plans 85K sf resi project in Sunnyside

Alex Lau’s Ampiera Group is set to deliver dozens of units to Queens’ Sunnyside neighborhood.  The developer filed plans for a 63-unit project at 45-07 45th Street, Crain’s reported. The filing comes a year after the developer purchased the site for $11 million. The 85,000-square-foot project will include 13 income-restricted units. The eight-story, 83-foot tall building will also have ground floor retail space and 25 parking spaces. My...

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