The week in real estate in New York started with a shock when Compass came in to acquire real estate everywhere, parent company of Corcoran, Sotheby’s International Realty, Coldwell Banker, Century 21 and other major brands.
The all-stock values everywhere at $ 1.6 billion and gives compass shareholders 78 percent owned by the combined entity.
The transaction is expected to close in the second half of 2026 and the business value of the combined company would be an estimated $ 10 billion.
According to RealTrends, the deal brings the two largest brokers in the country together through transaction volume; Compass registered more than $ 231 billion in transaction volume in 2024, while almost $ 184 billion was handled everywhere.
A lifer of real estate found its next project this week when Harry Macklowwe ditch a deal to redevelop an apartment building from the 1920s on Madison Avenue in Ultraluxury condos. He bought the building at 809 Madison on the “Gold Coast” from the Upper East Side from Churchill Real Estate Holdings for $ 49 million.
An obstacle for the site is the Landmarks Preservation Commission, but MacKlowe was able to get the LPC on board with its plans, sources told The real dealIncluding the use of air rights that he has acquired to expand the building and convert it into large apartments with a single floor of 4,000 square feet.
Macklowwe, who turned 88 last month, did not launch Manhattan development project in a decade when he bought a Wall Street for $ 585 million. The $ 2 billion conversion project has had its ups and downs, but after a period of slow sale there has been an increase in contracts.
Casino developments, however, will not be in the maps for Manhattan. A Community Advisory Committee has flooded the hope of the Soloviev Group on a casino on an empty lot near the United Nations building and voted against the proposal with a 4-2 Tally.
The Freedom Plaza project was the third casino that was rolled out of Manhattan in the course of a few weeks, adding to defeats that SLEEN (Times Square) and Silverstein properties (FAR West Side) suffered.
The “Racinos” was much more lucky later in the week. MGM Empire City in Yonkers and the Queens Aqueduct Casino, operated by Resorts World, received unanimous approval from their CACs and moved their casino proposals to the State Gaming Commission.
If they protect Downstate gaming letters, there would be one for the taking. Among those who want it: Steve Cohen in Queens, Bally’s in the Bronx and Joe Sitt in Brooklyn.
And finally, Sabrina Carpenter has a new home for her on the Real Estate Front of Celebrity to offer potential lovers a ‘home trip’.
An entity bound to Carpenter, who tours a recent album release, closed on a duplex in 108 Leonard Street for almost $ 10 million.
The 2,900 square foot path is connected by a private lift and has four private terraces. The house comes with three bedrooms and three full bathrooms.
Read more
Compass to acquire everywhere for $ 1.6 billion
Macklowe Nobs Madison Ave site for the next Condo project
It’s official: Manhattan doesn’t have a casino
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