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2 weeks ago | 
therealdeal.com | Jess Hardin |Matthew Elo
A member of a prominent Dallas investor family was slapped with a lawsuit in connection with its mixed-use development in Allen. Monroe Capital Management, a lender based in Chicago, sued Saumil Thakkar and his firm Perfect Development in New York State Supreme Court, accusing him of defaulting on a $35.7 million loan that came due in February. The amount due is $24.1 million. As part of the loan, Thakkar signed three guaranties, including a recourse guaranty with “bad boy” carve-outs.
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3 weeks ago | 
therealdeal.com | Sheridan Wall |Matthew Elo
Sizing up the Hamptons rental market on an empirical basis has always been a challenge. Data are often incomplete, disjointed or biased toward the collector. As a reporter, the lack of conclusive numbers means relying largely on anecdotal takes from brokerages and agents locking down deals on the ground. But by all accounts, the rental market Out East has changed drastically post-pandemic. As The Real Deal reported in the latest issue of the magazine, the typical three-month stay is in the rearview.
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3 weeks ago | 
therealdeal.com | Lilah Burke |Matthew Elo
TD Bank hit a group of investors, including billionaire Jeff Sutton of Wharton Properties, Eli and Jeffrey Gindi and brand investor Steven Russo, with a pre-foreclosure suit over mortgage default at a Midtown retail condo. Investors took out a total of $20.3 million from lenders in 2013 for 15 West 34th Street, but despite several extensions, have failed to pay back $17.8 million by the late-April maturity date, the lender claims in the suit.
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1 month ago | 
therealdeal.com | Sheridan Wall |Matthew Elo
New York City-based brokerages chalked last quarter’s earnings up to a win. Following two years of lackluster performance, Douglas Elliman, led by a new CEO, cut down significantly on its losses, grew its revenue and finished the period with a healthy cash store. Compass, fresh off the closing of a major acquisition, expanded its market share and logged a record free cash flow.
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1 month ago | 
therealdeal.com | Elizabeth Cryan |Matthew Elo
A giant LED billboard, along with several surrounding retail properties, landed the city’s largest loan in April, providing a $407 million cash infusion to Steven Roth’s real estate investment trust.
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1 month ago | 
therealdeal.com | Sheridan Wall |Matthew Elo
Secret deals at 80 Clarkson Street could be the difference between a steady new development market and a booming one. In Manhattan, buyers signed contracts for 145 new development units last month, which was on par with the previous April and a modest 3 percent below the decade-average for the month, according to Corcoran Sunshine’s monthly report.
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1 month ago | 
therealdeal.com | Elizabeth Cryan |Matthew Elo
A fully-renovated Park Slope townhouse traded this week for $7.9 million, another seven-figure sale for the well-to-do Brooklyn neighborhood. The seller was an entity tied to Dixon Advisory, an Australian property fund that bought up hundreds of one- to four-family homes in the greater New York area more than a decade ago. Now Dixon has been quietly unloading dozens of those properties after the publicly traded REIT collapsed in 2022.
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1 month ago | 
therealdeal.com | Elizabeth Cryan |Matthew Elo
Rialto Capital is coming after another Signature Bank borrower. Jeff Krasnoff’s firm filed a lawsuit in Manhattan Supreme Court seeking to foreclose on a loan tied to a Chinatown office building owned by the Gluck family’s Stellar Management and Michael Alvandi’s City Urban Realty. The landlord allegedly defaulted in June on a $21 million loan tied to 243 Canal Street, a six-story Class B office building.
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1 month ago | 
therealdeal.com | Sheridan Wall |Matthew Elo
Ryan Serhant says Compass is wagering on the “real estate model of yesterday.”The celebrity broker took aim at the residential giant at The Real Deal’s New York City Showcase + Forum on Wednesday. Joined on stage by other cast members of his Netflix reality TV show, “Owning Manhattan,” Serhant criticized the firm’s strategies, including an acquisition tear and a battle over private listings with platforms and the National Association of Realtors.
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1 month ago | 
therealdeal.com | Sheridan Wall |Matthew Elo
A once-abondoned armory in Fort Greene is turning into condos. Brooklyn-based developers Hesky and Samy Brahimy filed plans in April to convert the property at 167-171 Clermont Avenue, known as the Clermont Armory. The building currently houses 110 rental units and ground-floor commercial space. The Brahimys are partnering on the project with John Frezza of the Strategic Development and Construction Corporation.
