The Real Deal - New York Real Estate News

Seamless defers commission fees for restaurants. Critics say it’s not enough

Posted: 15 Mar 2020 05:44 PM PDT

After the state called on restaurants to cut seating in half or shutter Friday, food delivery company Seamless has announced it will defer collecting commission fees from “impacted independent restaurants.” “With dine-in down as much as 75 percent, local restaurants need our support more than ever,” wrote Matt Maloney, CEO of Seamless parent company, Grubhub in a statement emailed to account holders on Sunday. In addition to deferring the collection of its fees, the food

Fed cuts interest rate to near-zero, moves to prop up mortgage market

Posted: 15 Mar 2020 05:36 PM PDT

Acknowledging that the full scope of the coronavirus pandemic’s impact on the economy is unknowable, Federal Reserve Chairman Jerome Powell on Sunday night said the Fed is willing to be patient as it cuts interest rates. In the most drastic actions since the 2008 financial crisis, the Federal Reserve Sunday afternoon announced it cut its benchmark interest rate to near zero, and said it would buy hundreds of billions of dollars in assets in order

“It’s a moral obligation”: Compass’ Leonard Steinberg calls for two-week ban on showings

Posted: 15 Mar 2020 01:52 PM PDT

UPDATED, March 15, 6:55 p.m.: Leonard Steinberg, Compass’ chief evangelist, called for a two-week moratorium on open houses and in-person property showings as U.S. officials attempt to slow the spread of a deadly strain of coronavirus. In an Instagram post on Sunday morning, Steinberg didn’t mince words. “We should all view it as a moral obligation to not expose this virus to the most vulnerable,” he wrote. He noted that mass testing and restricting human

New York state halts evictions statewide due to coronavirus

Posted: 15 Mar 2020 01:30 PM PDT

Amid the coronavirus pandemic, New York officials have suspended eviction proceedings indefinitely. In a memo, New York’s Chief Administrative Judge Lawrence Malks said that starting Tuesday, eviction proceedings and pending eviction orders will be suspended statewide, until further notice. The judge’s rule will apply to all evictions, including commercial evictions. News of the statewide moratorium follows a judicial ruling on Friday that imposed a ban on evictions in New York City for a week. Though

Airbnb launches $1M competition to find unconventional rentals

Posted: 15 Mar 2020 01:00 PM PDT

Airbnb wants to find the “most unconventional and unusual livable spaces on the planet,” and it’s willing to pay big bucks for good ideas. The company is setting aside $1 million for an open competition to find the best and most unique rentals possible, according to the New York Post. The company will give the people who submit the 10 best ideas $100,000 each to build their creations, which will then be rented out on

The South Fork is having its worst year since the financial crisis

Posted: 15 Mar 2020 11:00 AM PDT

The Hamptons’ South Fork is breathing heavy under its own weight. The longtime getaway of New York’s ultra-wealthy is experiencing its worst real estate slump since the financial crisis more than a decade ago, according to the Wall Street Journal. Overbuilding, overcrowding and the traffic that comes with it, as well as high pricing, is giving some would-be homeowners pause and is making some homeowners think of packing up and going elsewhere. Younger buyers in

Investors may find safety in healthcare REITs

Posted: 15 Mar 2020 09:00 AM PDT

Looking for a safe place to put your money to wait out the coronavirus pandemic? Healthcare stocks and real estate investment trusts in the sector aren’t a bad idea. REITs and companies that own hospitals, medical offices, and medical science research facilities are expected to weather the pandemic and are considered safe bets even outside of health crises, according to CNN. Kenneth Leon, an analyst with CFRA Research recommends three entities in particular: Alexandria Real

More than 100 Chinese real estate firms have filed for bankruptcy this year

Posted: 15 Mar 2020 06:00 AM PDT

The coronavirus pandemic has devastated an already weakened residential real estate sector in China. More than 100 real estate firms active in China filed for bankruptcy in the first two months of the year, according to Bloomberg. Smaller firms are taking the biggest hit, said China Index Holdings Ltd. Research Director Huang Yu. “A vast number of mid- to small-sized developers will face a choice no one wants to make — either sell their property

This weekend’s open house? You’ll have to tune in via livestream

Posted: 15 Mar 2020 05:30 AM PDT

You can forget about having Purell and booties at the door. A growing number of startups and agents are embracing video tours and virtual houses amid the global coronavirus outbreak. Although sellers looking to unload multi-million condos may have to sit tight for a while, the demand for rental apartments in New York City is relentless. “People whose leases are ending, they need to find an apartment before the month ends,” said Sachi Hirani, a

From Erie to Ulster: the push to ban evictions

Posted: 15 Mar 2020 05:00 AM PDT

At least half a dozen localities across New York are pushing for — or have already enacted — an eviction ban. More are sure to follow, political insiders say. The patchwork effort across New York to halt evictions is coming from community groups and local elected officials in Albany, Erie County, Syracuse, Tompkins County, Ulster County and Nassau County. Eviction moratorium bills have now been introduced by both the state senate and assembly, and state