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Trump Parc condo tied to embattled Australian construction magnate hits market

An apartment tied to an embattled Australian construction magnate is on the market, asking $27 million. Daniel Grollo is CEO of Melbourne-based construction company Grocon. The company was behind some of the city’s most iconic buildings, including Eureka and Rialto towers, before falling into financial trouble in recent years. The unit’s listing comes after the company slipped into administration, a process similar to bankruptcy proceedings in the United States, where creditors found the firm was

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Celeb buyer of Richard Gere’s Westchester estate revealed

The tri-state housing market is taking on the feel of Six Degrees of Richard Gere. The mystery buyer who snapped up the actor’s Pound Ridge estate in Westchester County was none other than Ryan Murphy, the prolific television creator, the New York Post reported. Last listed in October by Gere at $28 million, the property sold for $24.1 million, a 14 percent discount. The “Pretty Woman” star paid $1.5 million in 1986 for the 49-acre

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Mark Cuban: Metaverse real estate is the “dumbest sh*t ever”

Nobody can ever accuse Mark Cuban of mincing words about the metaverse. The Dallas Mavericks owner and prolific investor aired his particularly unfavorable opinion about metaverse real estate on the Altcoin Daily YouTube channel. “The worst part is that people are buying real estate in these places,” Cuban said of metaverse platforms like the Sandbox and Decentraland. “That’s just the dumbest s*** ever.” Cuban added, “Did I say it was dumb? That’s not strong enough.”

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Rybak, Century file to build Queens multifamily projects

A pair of outer borough real estate developers have each submitted plans to bring more than 200 residential units to Queens. Sergey Rybak’s Rybak Development and George Xu’s Century Development Group filed separately on Monday to build a total of 280,000 square feet in Forest Hills and Long Island City. Rybak’s Brooklyn-based firm is seeking to build a 150,000-square-foot multifamily project at 78-29 Austin Street in Forest Hills. Rybak bought the development site from the

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The Fortress real estate hall of fame

Fortress Investment Group has played a key role in some of real estate’s biggest — and most audacious — deals. From Harry Macklowe’s infamous $7 billion purchase of a chunk of the Equity Office Properties portfolio, to the $5.5 billion sale of Stuyvesant Town–Peter Cooper Village, to backing Trump Tower Chicago, the private equity firm earned a reputation for getting involved in hairy projects that scared others away. Now, with SoftBank considering a sale of

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Thor sues insurer over Bob Gladstone’s alleged theft from 212 Fifth

Thor Equities wants the money it claims to be owed at 212 Fifth Avenue, and has turned the attention to an insurer to get the millions. Joe Sitt’s firm sued Hiscox on Wednesday for failing to cover $3.4 million the firm alleges Madison Equities CEO Robert Gladstone stole from the luxury condo project, the Commercial Observer reported. The money was allegedly taken by Gladstone without permission after all 48 units at the building were sold.

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East Williamsburg’s resi market reaches new heights

To a casual observer, East Williamsburg may not seem like an obvious place for luxury residential projects. Flatbed trucks rumble down Metropolitan Avenue on their way to and from Queens industrial yards, billowing dust and exhaust over graffiti-covered buildings home to functioning warehouses and nightlife venues alike. Amid the stretch of warehouses stands the Milk Factory, a luxury development of 32 condos at 850 Metropolitan Avenue. Behind its sand-colored and glass facade is a notable

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Power buyer Homeward lays off 20% of staff

Homeward doesn’t feel like home to 20 percent of its staff who were laid off by the power buyer. The Austin-based company cut a fifth of its staff in response to the housing slowdown, Inman reported. The company employed about 600 people prior to the cut, meaning around 120 were affected. “The shifting market and decrease in contract activity have resulted in more headcount than necessary — we have to adjust our business to accommodate

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Defeated by industry, criminal background check bill returns

The City Council is seeking to revive a measure that would bar property owners from making criminal background checks of prospective tenants and buyers. Real estate professionals helped kill a nearly identical bill last year and seem poised to wage a similar fight if changes are not made to the measure. Council member Keith Powers, the prime sponsor, said he expects to discuss it further with stakeholders but wouldn’t speculate on potential amendments. He said

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Bayside shopping center goes for $32M to lead mid-market sales

A summer of strong mid-market investment sales in New York City, particularly in multifamily assets, paused during the first week of August. Only five transactions involving commercial properties valued between $10 million and $40 million hit city records. Three were in Brooklyn, while Manhattan and Queens each had one. Below is more information on each, listed by dollar value: 1. Alfredo Li, through the entity Mandarin Realty NY LLC, sold a shopping center at 61-01

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