The Real Deal - New York Real Estate News

The trade war keeps escalating. Here’s how it’ll impact NYC real estate

Posted: 23 Aug 2019 02:35 PM PDT

For months, trade war tensions with China have been on the rise. The Chinese government said Friday morning it would implement a $75 billion retaliatory tariffs on U.S. goods — a response to President Trump’s $300 billion tariff on Chinese goods. After the announcement, Trump said he would raise tariffs on Chinese goods by as much as 30 percent, according to the Wall Street Journal. As the back and forth unfolds, watch the video above […]

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world

Posted: 23 Aug 2019 01:41 PM PDT

VC-backed rivals. New types of tech. The Real Deal talked to six players in New York City’s residential space about the new pain points they’re feeling in a sector that’s getting squeezed from all sides. Below, Eric Gordon talks about losing clients in the past — and redoubling efforts to stay competitive now. Read the full story — “Tales from the front lines” — here Eric Gordon RealPlus Eric Gordon Eric Gordon launched the back-end listings […]

This state senator wants to run for comptroller, meet WeWork’s board: Daily digest

Posted: 23 Aug 2019 01:00 PM PDT

Every day, The Real Deal rounds up New York’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page at 9 a.m., 12:30 p.m., and 4 p.m. ET. Please send any tips or deals to [email protected] This page was last updated at 4 p.m. Produced by Sabrina He Developer turned Democratic state Sen. Brian Benjamin is mulling a run for New York City comptroller. The former […]

Exclusive: Inspectors deemed Manhattan elevator safe 3 weeks before fatality

Posted: 23 Aug 2019 12:31 PM PDT

Three weeks before a man was fatally crushed by an elevator in a luxury Manhattan building, inspectors said the car was safe to operate, The Real Deal has learned. A scheduled test conducted on Aug. 2 at ATA Enterprises’ 344 Third Avenue by elevator technicians involved an “exhaustive review of all the elevator’s safety systems, including the brakes,” according to the city’s Department of Buildings. The inspectors found no violations or deficiencies and approved the […]

Former members of Trump Doral may have to wait decades to get their deposits back

Posted: 23 Aug 2019 11:30 AM PDT

Ex-members of Trump National Doral have been waiting to inch forward on the refund list at the Doral golf course and resort — and they may have to wait decades more. To move up on the list by one spot, four new members need to join the golf club, and the list is more than 265 people long, according to the Miami Herald. The deposits range from $10,500 to $19,000. The Trump Organization bought the […]

Behind the curtain of WeWork’s all-male board of directors

Posted: 23 Aug 2019 11:00 AM PDT

WeWork recently revealed the makeup of its Board of Directors in advance of its much anticipated IPO, and the selections are already stirring up some controversy. Many have zeroed in on the fact that none of the board members are women, despite the fact that the co-working giant’s S-1 filing promoted a “culture of inclusivity.” And because WeWork co-founder Adam Neumann remains chairman of the board and its majority shareholder, he retains the ability to […]

Tech company subleases 40K sf at pricey space on Fifth Ave

Posted: 23 Aug 2019 10:15 AM PDT

Software company Unqork is subleasing almost 40,000 square feet of space on Fifth Avenue. The firm, which focuses on app development, has leased just under 40,000 square feet from Univision Communications at 114 Fifth Avenue, owned by L&L Holding Company, Columbia Property Trust and Allianz, according to sources familiar with the deal. The deal is for 11 years, and asking rents were said to be in the $90s per square foot. Unqork was represented by […]

The Daily Dirt: Who holds the keys to Jeffrey Epstein’s estate?

Posted: 23 Aug 2019 09:00 AM PDT

Nice work if you can get it…I guess? Selling properties seized from alleged criminals is apparently a fairly competitive business. Since Jeffrey Epstein’s death, the fate of his Upper East Side mansion has been up in the air. Though the criminal case against him will no longer proceed, the government could still pursue a civil forfeiture case against any one of his U.S. properties. The proceeds from the sales would then go to victims. If […]

These are the priciest properties on the Westchester market

Posted: 23 Aug 2019 08:30 AM PDT

To list a high-end property in Westchester these days is an exercise in lowering one’s expectations. When TRD took a look at the priciest local listings back in September 2015, the top five were priced between $23 million and $18.8 million. Today, that range has changed tellingly: Aside from one outlier, the five priciest listings range between $16 million and $14.9 million. Whether you blame it on the SALT deduction cap, stock market instability or […]

Long-suffering retailers took another serious beating in Q2

Posted: 23 Aug 2019 07:45 AM PDT

Ahead of new tariffs on Chinese goods set to hit everything from tracksuits to ski gloves, second quarter earnings reports from big retailers have been a mixed bag. Affordable, big box and discount brands like Target fared relatively well, while sales from higher-end companies such as Victoria’s Secret and Nordstrom disappointed yet again. Razor-thin profit margins call for creative tactics from the retail industry, and some are experimenting with partnerships and e-commerce fusions. Kohl’s, for […]

The many homes of David Koch

Posted: 23 Aug 2019 06:50 AM PDT

David Koch, the billionaire industrialist who was a major funder of conservative politics and New York City’s second-richest resident, died Friday. He was 79. With a net worth of $50.5 billion, he was tied with his brother Charles as the 11th-richest person in the world, according to Forbes. In June 2018, Koch retired from Wichita-based Koch Industries, his family’s massive company whose businesses ranged from paper manufacturing to oil refineries. Born in Wichita in 1940, […]

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Posted: 23 Aug 2019 05:45 AM PDT

Two Douglas Elliman agents are taking on Compass with a new platform that overlaps with the VC-backed brokerage’s non-traditional lending service for sellers. Cousins John Giannone and Jac Credaroli last month launched a loan origination platform, dubbed Feeasy, that provides quick cash to renters, sellers or buyers who need some extra liquidity to seal a real estate deal. Giannone and Credaroli, who work on the Lauren Muss Team at Elliman, said they came up with […]

MAP: Here’s a look at all the Big Tech locations in NYC

Posted: 23 Aug 2019 05:00 AM PDT

Big Tech firms like Facebook, Apple and Amazon are beating at the doors of New York City landlords looking to lease millions of square feet of premier office, retail and warehousing space. Whether it’s the deal Mark Zuckerberg’s social network is reportedly negotiation for 1.8 million square feet at Hudson Yards, or Apple’s search for as much as 750,000 square feet in the city, Silicon Valley firms are among the most active tenants in the […]

The e-commerce industrial revolution

Posted: 23 Aug 2019 04:30 AM PDT

It seems buying and selling e-commerce space these days can provide more value than an IPO — at least as far as Singapore’s GLP is concerned. The massive logistics firm had been considering going public, according to a person familiar with the matter, but landed on a better way to feed its investors: selling a massive warehouse portfolio to Blackstone Group for $18.7 billion, one of the largest deals ever in industrial real estate. Blackstone’s […]

The money behind the New York tenant movement

Posted: 23 Aug 2019 04:00 AM PDT

With just 11 days left before the rent laws expired, a chain link of tenants formed along the stairs that led to the New York State Assembly chambers, refusing to let anyone — especially real estate lobbyists — in or out. Their chants filled the hallway outside the chamber doors, where lobbyists and others vied for a chance to influence lawmakers. Clad in red “housing justice for all” t-shirts, the protestors held signs calling on […]