The Real Deal

09/09/2025

Jeffrey Gural helped shape Manhattan. The GFP chairman oversees 41 buildings and 13M+ square feet. A civil engineer and civic-minded dealmaker, Gural has influenced everything from Times Square’s revival to the rebirth of racetracks across New York and New Jersey.

In 2025, NYC’s commercial market is in flux — what does a veteran like Gural see ahead?

⭐️ TRD subscribers can hear directly from one of NYC’s largest building owner in this rare and candid fireside chat on October 9th at our Hudson Yards HQ. Get all the details below!

09/09/2025

Former real estate attorney Mitchell Kossoff, once a power player for NYC landlords, wants to get out of prison early.

Kossoff was sentenced to up to 13.5 years in 2022 after admitting he stole nearly $15 million in client funds. He’s served just over 3 years so far, and the now-71-year-old is making his case later this month at a parole hearing under New York’s merit time program, which can shorten sentences for certain non-violent crimes.

👉 Should early release apply in cases like this — or should financial crimes face tougher time?

Full story in the comments.

09/09/2025

🏙️ Vornado Realty Trust pivots to residential near Penn Station

The REIT announced plansfor a 475-unit apartment building at 484 Eighth Avenue, with an estimated $350 million budget. The project will use New York’s 485x tax incentive program to support affordable housing, though the exact number of income-restricted units hasn’t been disclosed.

This marks a major shift for Vornado, long known for Midtown office towers, as it leans into residential development amid a changing urban market and ongoing office demand challenges.

If you owned office property in Midtown, how would you adapt to these shifting city dynamics?

👉 Full story in the comments.

09/09/2025

🏛️ Historic Oakland building owner files for bankruptcy

The owner of the Athenian-Nile Club building in downtown Oakland has filed for Chapter 11 protection following a loan default. The 1901 four-story property houses Geoffrey’s Inner Circle jazz club, retail tenants and event space, making it a longtime cultural hub for the NorCal city.

The move allows the owner to delay foreclosure on a $4.3M loan while a federal court oversees financial reorganization. The filing comes amid broader development in the area, including a recently approved 40-story residential tower next door.

How can cities balance historic preservation and new development in urban revitalization efforts?

👉 Full story in the comments.

09/09/2025

🏠 Fashion designer Reed Krakoff has listed his Amagansett estate for $49.5M.

The 7,200-sf home, designed by Thomas Phifer and Partners, sits on a three-acre gated property with 200 feet of frontage on one of the East End’s most coveted stretches of sand.

At nearly $6,900 psf, the listing represents top-tier Hamptons pricing with architectural pedigree.

With high interest rates and market headwinds, will trophy properties like this continue to command record pricing?

👉 Full story in the comments.

09/09/2025

💰🐻 The Chicago Bears are pushing ahead with their $2B Arlington Heights stadium and entertainment district plan — and this fall, they’ll present their most detailed proposal yet.

Unlike Nashville and Buffalo’s recent stadium projects (both backed by $1B+ in taxpayer subsidies), the Bears say they’ll fund construction privately. But they still want Springfield to approve long-term property tax agreements — a move critics argue amounts to a public concession.

If approved, the project would transform the 326-acre former Arlington International Racecourse into a domed stadium with restaurants, housing, and entertainment, creating an estimated 9,000 permanent jobs. The venue could also bring marquee events like the Super Bowl and NCAA Final Four to Illinois.

Should the Bears get tax breaks to make this deal happen — or should the franchise cover the full cost? 🏟️

👉 Full story in the comments.

Art credits to (MANICA)

09/09/2025

💰 NYC’s richest are skipping the closing table and signing luxury leases instead.

Ultra-luxury rentals ($20K+/month) surged 30% year-over-year between January and April, with more than 5,600 millionaire renters now calling the city home. From a $40K/month condo at 160 Leroy to a record $75K lease at 130 William, developers are cashing in.

📈 “The rental market is the hottest it has ever been in the history of New York City,” said Orin Wilf of Skyline Developers, who’s launching new units asking up to $35K/month.

Why are the city’s wealthiest opting to rent over buy—and which neighborhoods are leading Manhattan’s luxury market?

👉 Read the full story

A West Village condo snagged a $40K a month lease, as more of the city's wealthiest residents are on the hunt for rental deals.

09/09/2025

🏠 Florida mansion linked to investment fraudster enters contract

A lavish 10-bedroom, 10.5-bath Pinecrest estate, owned by a former portfolio manager convicted of securities fraud, is now in contract. The 20,182-sf home sits on a 2-acre lot and features a pool deck, spa, cold plunge, gym, and tennis court.

It’s one of 15 luxury homes and condos in Miami-Dade priced at $4M+ that secured buyers last week, totaling $132.7M in asking volume. Single-family homes averaged $9.5M and 72 days on the market, while condos averaged $6.2M and 251 days.

How do you think South Florida’s high-end market compares to other major cities? 🌴

👉 Full story in the comments—share your thoughts below!

09/08/2025

🏢 Austin "Treehouse" hits the market on HGTV

Austin's iconic Bouldin Treehouse — a 1,300-sf, trunk-shaped home with spiral staircases, round floor plans, and a retro Airstream-adjacent ADU — is for sale for $1.6 million.

Katie Jackson of Christie’s International Real Estate Lone Star marketed the property live on the HGTV show “Zillow Gone Wild” last week.

Would you live in a house like this, or redevelop the lot? 🤔

👉 Full story in the comments — drop your thoughts below!

09/08/2025

💷 Inside Dubai’s property boom for Brits

UK investment in Dubai real estate jumped 62% YoY in Q2 2025, as developers like Binghatti, Danube, Damac and Aldar set up London offices to woo British buyers.

Why now? The dirham has lost 8% against the pound, making Dubai property cheaper for UK investors—and flexible payment plans and branded residences sweeten the deal.

UK residents are now the top foreign buyers in Dubai, overtaking Indian investors, while Emirati developers explore building back in the U.K.

🌍 How do you think currency swings will continue to shape global real estate?

👉 Full story in the comments — share your thoughts below!

09/08/2025

Openigloo launched as a Yelp-for-renters, a platform where tenants could anonymously review landlords and buildings. Now it’s rebranding, aiming to bring landlords into the fold with brokerage services and data tools.

But will landlords buy in? Watch as Lilah Burke breaks it down. 👀

Read more here: https://bit.ly/45UVew4

09/08/2025

💰 Greystar closes Los Angeles County' biggest multifamily deal of 2025

The real estate giant acquired a 235-unit building (formerly Modera Glendale, now The Adeline) in Glendale for $126M — about $536K per unit. It’s the largest multifamily sale in L.A. County so far this year, according to public records.

With pricing per unit climbing, is Southern California’s multifamily sector heating up again — or just consolidating at the top?

👉 Full story in the comments. Sound off below.