The Real Deal - New York Real Estate News

Toby Moskovits’ Williamsburg Hotel is headed for receivership following $68M loan default

Posted: 30 Oct 2019 03:28 PM PDT

Months after defaulting on a $68 million mortgage and failing to secure refinancing, Toby Moskovits’ Heritage Equity Partners is set to see management of its Williamsburg Hotel taken over by a temporary receiver. The New York County Supreme Court approved lender Benefit Street Partners’ request for a receiver earlier this month, court documents show. Both parties have until month’s end to propose a candidate for that role, and a receiver will be selected on Nov.

Co-op owners get a quick fix on registration program aimed at rent-regulated apartments

Posted: 30 Oct 2019 02:25 PM PDT

After facing backlash from co-op owners, the City Council is moving to amend a law that requires landlords to register their rent-regulated apartments with the city. Council member Mark Levine introduced a bill that will change the definition of “affordable units” that must be registered with the Department of Housing Preservation and Development’s online affordable housing portal. Local Law 64, which went into effect last year, included Housing Development Fund Corporations, co-ops that were taken

The Fed lowers rates, and once again real estate is loving it

Posted: 30 Oct 2019 01:00 PM PDT

There may come a time when a Federal Reserve interest rate cut is met with skepticism from the broader real estate industry. But now is not that time, experts say. Investor interest in real estate deals has climbed since the Fed first started cutting rates in July, through to its third and latest round of cuts announced Wednesday. Lowering interest rates makes other asset classes such as bonds less attractive, which has caused investors to

Here are the week’s top luxury sales

Posted: 30 Oct 2019 11:45 AM PDT

Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales

Barneys creditors push plan to salvage the company

Posted: 30 Oct 2019 10:41 AM PDT

Barneys’ creditors are still holding out hope that an underdog bidder will keep the iconic luxury retailer’s doors open. Ahead of a Halloween-day hearing to finalize the sale of Barneys, the retailer’s unsecured creditors demanded to review a second acquisition bid that would save the department store. But it is unknown whether the bid will even come in before the hearing. The leading bidder appears to be Authentic Brands Group, which owns the intellectual property

Inside Kushner Companies’ $1B expansion into South Florida

Posted: 30 Oct 2019 07:45 AM PDT

Since the start of the year, Kushner Companies has rolled out plans to build three major apartment projects in South Florida that will bring a total of 3,000 units at a cost topping $1 billion. That’s a major investment for the New York-based developer that had not previously set foot in the Sunshine State. And it comes at a time when condo development has nearly ground to a halt and when South Florida’s multifamily market

Here are the neighborhoods where homes are flying off the shelf

Posted: 30 Oct 2019 06:45 AM PDT

Most of the city’s residential listings are collecting dust, but in Queens homes are flying off the shelf. A new report by StreetEasy ranked the top neighborhoods where homes are selling the most rapidly according to median days on the market in the third quarter. In South Queens, where the median sales price rose 5 percent year-over-year to $545,000, homes took an average of 60 days to sell – the shortest timespan in the city.

Council overhauls commercial waste collection, IBM on the hunt for massive office space

Posted: 30 Oct 2019 06:00 AM PDT

Every day, The Real Deal rounds up New York’s biggest real estate news. We update this page in real time, starting at 9 a.m. Please send any tips or deals to [email protected] This page was last updated at 5 p.m. Video produced by Sabrina He A City Council bill passed Wednesday will likely increase the cost of commercial waste collection. The measure, which is supported by the de Blasio administration, will end the open-market system that

This Park Slope lot has been vacant for decades. Here’s why

Posted: 30 Oct 2019 05:15 AM PDT

Brooklyn’s real estate boom has made Park Slope one of the priciest neighborhoods in New York City. But one prime location, just steps from Prospect Park and a subway stop, has remained stubbornly empty for decades. The lot, at 15 Plaza Street West, once had a paddle tennis court for the stately Montauk Club next door. But the social club sold it to developer Donald Minerva in 1998, according to property records and Montauk Club

These highly leveraged real estate firms could feel the squeeze in a downturn

Posted: 30 Oct 2019 04:30 AM PDT

To back its risky instant home-buying program, Zillow Group opened two credit lines with Credit Suisse and Citibank over the past 14 months totaling $1 billion. The revolving debt pushed the Seattle-based company’s borrowing to a record level as its earnings fell nearly 75 percent in the first half of 2019 to just above $26 million. Zillow then doubled down last month, when its executives announced plans to sell $1.1 billion in corporate bonds to