“Wait for me to come home,” Ed Sheeran croons in his song “Photograph.” That home is likely in Brooklyn Heights.
Indeed, this past week there was a lot of major real estate news, among it was The Real Deal’s scoop that singer-songwriter Sheeran paid around $12 million to purchase a unit in the Brooklyn building he previously rented for $36,000 a month.
Sheeran and his wife Cherry Seaborn paid nearly double what the unit last traded for in 2017.
In less bubblegum pop-y news, a major real estate dealmaker faced major criminal charges this week. Mark Nussbaum was once a leading attorney for Lakewood and Brooklyn heavyhitters. But over the last year, many of his clients began facing allegations of fraud. At the same time, others started lawsuits claiming he didn’t hand over escrow funds.
This week, Nussbaum was officially indicted by the Manhattan District Attorney for grand larceny. Prosecutors allege he stole over $15 million over the last year.
The investigation is allegedly still ongoing, so there may be more indictments to come. For now, Nussbaum has pleaded not guilty, and we’ll be keeping a close eye for any future developments.
Speaking of heavy hitters, after months of speculation, Scott Rechler’s RXR has emerged as the buyer of 590 Madison, which hit the market last February.
RXR is shelling out nearly $1.1 billion for the trophy building, making it the most expensive New York City deal in quite a long time.
There were quite a few likely contenders vying for the Plaza District skyscraper. Tishman Speyer, Blackstone Group, SL Green and RFR were all in the mix. Blackstone was specifically considered a favorite thanks to its dry powder that would make financing the transaction easier.
In the end, however, RXR won. And it’s another indication that New York commercial real estate may be back in business.
