Inside Real Estate - April 8th, 2017

Inside Real Estate (Apr 8th, 2017)

Most expensive townhouse / Sam Zell / MDLNY / Iggy Azalea

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A new record has been set for the most expensive townhouse in New York City, a sale price of $79.5 million. Designed by Gilded Age architect Horace Trumbauer, the 21,702-square-foot building is located steps from Madison Avenue. The property served as the Wildenstein art gallery for over 85 yaears and hit the market in 2016 for $100 million. Billionaire Len Blavatnik sued David Wildenstein over a handshake deal for the building in a lawsuit that ended last month. It is a commercial property but could also be converted to a residence. The new owner is only identified as 19-21 East 64th Holding LLC, but is rumored to be linked to a Chinese conglomerate. – CURBED NY

According to a recent report from HSBC, 70 percent of millennials in China are homeowners, the highest percentage in the world. In the US, the millennial homeownership rate is 35 percent, putting it behind Mexico (46 percent) and France (41 percent). Of the nine countries surveyed, the United Arab Emirates had the lowest share of millennial homeowners in the world at 26 percent with Australia just ahead at 28 percent. – BBC

Town Residential broker Steven Gold is the newest cast member of Bravo’s “Million Dollar Listing NY”. A former model, Gold says he has sold over $100 million in the past year and wants to double that number in 2017. He previously represented Anne Hathaway on the sale of her Brooklyn unit. – THE REAL DEAL

Chinese internet giant Tencent and property portal have partnered on an online property channel Content on the site will be shown to Tecent’s QQ network which has 899 million monthly active users. Powered by Juwai, will feature 130,000 real estate listings from 65 countries. Interested purchasers can get phone and online support from a Shanghai-based customer care team.  – PROPERTY PORTAL WATCH

A new development in Brooklyn will include two schools, 900 apartments, and 200,000 square feet of office space. The project, 80 Flatbush, will be adjacent to Atlantic Terminal near Barclays Center. The first phase of the project, including the schools and a 38-story mixed-use building, will be completed in 2022. The second phase, beginning with the construction of a 74-story skyscraper and renovation of existing buildings, is expected to be done by 2025. Of the 900 planned apartments, 200 are designated for affordable housing. – REAL ESTATE WEEKLY

Ashford Hospitality Prime Inc. has acquired the 190-room Park Hyatt Beaver Creek Resort & Spa near Vail, Colorado for a local record price of $145.5 million. The Denver Post reports that $766,000 per room is also a local record. The company originally announced the agreement March 10 and financed the hotel with a $67.5 million non-recourse mortgage loan. The property will continue to be operated as a Park Hyatt under a management agreement with Hyatt. – DENVER POST

Billionaire real estate Sam Zell told attendees at NYU's Schack Institute of Real Estate's REIT symposium that he hopes interest rates go up soon. Zell likened the current interest rate situation to playing basketball without a shot clock stating that there is no sense of urgency for investors to buy. He also indicated he believes that this real estate cycle might still have some extra innings in it, noting that corporate America still has plenty of capital in reserve for investing and that consumer confidence remains strong. – BISNOW


Video game developer Richard Garriott has listed his 65-acre property in Austin for $45 million. The land includes 1,300 feet of waterfront along Lake Austin and a home site with room for an over 25,000 sq. ft. home. There is a private marina with eight covered boat slips, a 1,000 sq. ft. guest lake house, and a 300 seat outdoor theater modeled after Shakespeare’s Globe Theater. A conservation easement stipulates the property is only for single family residential use and cannot be subdivided. – AUSTIN BUSINESS JOURNAL

Billionaire Frank McCourt has purchased a Palm Beach estate owned by Venezuelan banker and polo team owner Victor Vargas for $77.06 million. Property records show that the trust that purchased the home is affiliated with McCourt’s firm. Vargas purchased the eight-bedroom waterfront home in 2008 for $68.5 million. McCourt, who sold the Dodgers for $2 billion in 2012,  bought a 40-acre equestrian property in Wellington, Florida for $20 million last year. – SOUTH FLORIDA BUSINESS JOURNAL

Rapper Iggy Azalea and her former fiancé NBA player Nick Young are selling their home in Tarzana, California for $3.6 million. The pair bought the home from Selena Gomez in 2014 for $3.45 million. The six-bedroom home was built in 2012 and has a game room, pool, basketball court, and attached guest house with its own entrance. Variety notes that the new listing uses the same images from when the Gomez sold the home. – VARIETY

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