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Schuster out as Hopson borrows $156M for Midtown tower

Hopson Development has dropped one partner and picked up a new one at its condo development in Midtown. The Hong Kong developer has scored a $156 million construction loan from Fortress Investment Group for its 191-unit luxury project at 131-141 East 47th Street, The Real Deal has learned. It has also parted ways with Josh Schuster’s Silverback Development, which joined the project in March 2020 but has run into problems of late. The new funding

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Day 2 of ICSC: Retailers button up to network, prep for uncertain future

After partying the day away Sunday, retailers at ICSC Las Vegas swapped their swimsuits for business suits as they gathered for some old-fashioned, in-person networking. Monday’s annual industry conference, held in Sin City’s cavernous convention center, marked a stark departure from December’s thinned-out event for a still-struggling sector. This year, nearly 22,000 people registered, according to ICSC — short of the 30,000 or more that attended in previous years, but enough to call it a

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The Real Deal celebrates “The New Kings of New York” debut

In The Real Deal‘s “The New Kings of New York,” journalist Adam Piore details the cast of deep-pocketed characters behind the city’s biggest real estate deals over the last 20 years. In addition to filling the insider’s account of the “blood sport” that is New York City real estate, some of those characters joined friends of Piore and The Real Deal for a 100-strong gathering near Union Square Tuesday night to celebrate the book’s release

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Firm ditches Park Ave for entire floor of GM Building

As many firms downsize but upgrade their office space to account for hybrid work, one Midtown tenant is expanding — leaving Park Avenue for larger digs on Fifth. Eldridge is moving its city offices to the entire 17th floor of 767 Fifth Avenue, a 50-story office tower owned primarily by Boston Properties and better known as the General Motors Building. It signed a nearly 11-year lease for 37,150 square feet, roughly 75 percent more than

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Marvin Azrak, investors seal deal for Chaskiel Strulovitch’s Brooklyn portfolio

The purchase of a key piece of Chaskiel Strulovitch’s portfolio finally closed, ending one of Brooklyn’s most combative real estate tussles in recent memory. Facing foreclosure from hardball lender Maverick Real Estate Partners, Strulovitch put 31 buildings into Chapter 11 bankruptcy in 2019. He was able to save most of them with costly refinancing from Marvin Azark’s Maguire Capital, a New York-based lender. But nine properties slipped away, and after a contentious auction, Maguire eventually

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NYC budget proposes restoring unstaffed voucher discrimination unit

The New York City Human Rights Commission’s Source of Income Unit lost its last employee. Mayor Eric Adams’ executive budget aims to bring some back. The administration is proposing a six-person enforcement team be shifted from the Human Resources Administration to CCHR, City Limits reported. The HRA unit does similar work, but it’s not clear if the new team would be tasked with the same mission as the stripped-down SOI team. A spokesperson confirmed to

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Neil Patrick Harris sells Harlem brownstone in neighborhood record

Neil Patrick Harris and David Burtka are in contract to sell their Harlem home at a — wait for it — legendary price for the neighborhood. Harris and Burtka inked a deal with a local New Yorker, who is in contract to buy the home at 2036 Fifth Avenue for north of $7.1 million, people familiar told the New York Post. While the roughly $888 per square foot sale may ultimately come in below the

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Fairfield County town nears private island purchase for over $100M

Just how much are 60 acres of mostly undeveloped land on Connecticut’s Gold Coast worth? Darien taxpayers are about to find out. The Fairfield County town is in contract to purchase Great Island (technically a peninsula) on the Long Island Sound for somewhere north of $100 million, the Wall Street Journal reported. Town officials began negotiations last month with descendants of William Ziegler, a 19th-century industrialist who bought the parcel 120 years ago as a

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South Florida’s rapper resi market is super dope fire

South Florida’s residential market for rappers is banging, yo. In the past four years, famous hip-hop stars have dropped serious loot buying luxury homes on Miami-Dade County’s waterfront and in the western fringes of Broward County. From Sean “P Diddy” Combs doubling down on mansions in Miami Beach’s Star Island to Rick Ross and Trippie Redd acquiring multimillion-dollar cribs in Southwest Ranches, rappers are vying against hedge fund managers, tech bros and other celebrities for

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Helmut Lang finally sells East Hampton estate

Helmut Lang can lounge on the beach with his neighbors even after selling them his East Hampton estate. The fashion designer and artist sold the remainder of his property — believed to be at 8 Tyson Lane — to his two neighbors for $70 million, the Wall Street Journal reported. The sale comes two years after Lang sold a parcel to one neighbor, Hess CEO John Hess, for $9 million. Hess nabbed the smaller amount

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