Manhattan’s luxury market jumped to 19 contracts last week: Olshan

After a particularly slow week, Manhattan’s luxury residential market saw a 58 percent jump in signed contracts, according to Olshan Realty’s latest market report. Nineteen contracts for homes priced $4 million and up were signed last week, according to the report. The prior week only saw 12 contracts, representing the lowest total seen since the[…]

Auction website takes 41K sf sublease at Terminal Stores for showroom, an online marketplace for high-end interior design items, signed a sublease to take more than 40,000 square feet for a new showroom at the Terminal Stores in West Chelsea. The venture-capital backed e-commerce company signed a four-year sublease with electronics manufacturer Flextronics for a little more than 41,000 square-feet at the massive warehouse complex,[…]

Anbang is looking to unload a $5.5B portfolio of 15 hotels

Anbang Insurance Group is switching strategies: Instead of selling hotel properties one-by-one, the Chinese conglomerate is looking to shed the entire $5.5 billion portfolio all at once. The portfolio of 15 hotels includes Essex House Hotel in Manhattan and the InterContinental Hotels in Chicago and Miami. Angbang purchased the properties from the Blackstone Group in[…]

Developer files for Chapter 11 to prevent auction of Hudson Heights dev site

Just before a long-delayed Hudson Heights condominium project hit the auction block, its developer filed for Chapter 11 bankruptcy. Developer Rutherford Thompson filed for bankruptcy protection for the holding company that owns the development site at 33-35 Overlook Terrace, known as One Bennett Park, Crain’s reported. A foreclosure auction for the site was scheduled for[…]

The Closing: Joe McMillan

Joe McMillan Jr. is the chairman and CEO of DDG. The company — which launched in 2009 and initially focused on buying distressed properties — has developed 2.5 million square feet of real estate valued at $2.5 billion, including luxury condos such as 41 Bond, 12 Warren, and 345meatpacking, which made headlines in 2012 when[…]

Meet Michael Cohen’s brother, Bryan. He’s an Elliman executive with a $7M connection to Ukraine

Investigations by special counsel Robert Mueller and federal prosecutors in New York have thrust Michael Cohen into the spotlight. But while President Trump’s former “fixer” gets grilled over his personal business dealings, his brother Bryan, who shares his strong ties to Ukraine, has largely avoided the media’s glare. Bryan Cohen, seven years younger and also[…]