The Real Deal - New York Real Estate News

TRD Talks Live: hear from NYC’s biggest brokerage heads

Posted: 17 Mar 2020 03:24 PM PDT

A pandemic is rocking the real estate industry, and its effects are unprecedented. With New York under threat of shelter-in-place and real estate stocks tanking, The Real Deal is committed to keeping readers connected to the business. That’s why we’re announcing a new web series, TRD TALKS LIVE. Starting tomorrow, TRD will be joined by some of the biggest names in real estate to discuss the industry in the age of the coronavirus. From brokerage

Hudson Yards is latest coronavirus casualty

Posted: 17 Mar 2020 03:13 PM PDT

The accelerating shutdown of New York City continued Tuesday afternoon as portions of Hudson Yards closed indefinitely to wait out the coronavirus outbreak. The high-end mall and tourist attraction locked its doors at 5 p.m., according to developer Related Companies, which cited government directives to reduce the spread of COVID-19, the illness caused by the novel coronavirus. One eatery at the West Side campus will remain open: Spanish Diner at Mercado Little Spain, which will

Real estate pros weigh in on Fed and Trump’s moves to bolster economy from COVID-19 pains

Posted: 17 Mar 2020 03:10 PM PDT

The Trump administration’s effort to work with Congress on an $850 billion stimulus package to bolster the economy may be getting a positive response from investors, but it may not be enough to ultimately calm markets and those same investors. As the U.S. fights to contain the coronavirus epidemic, the Federal Reserve on Tuesday resurrected a program from the financial crisis aimed at helping the flow of credit to businesses and households. That came two

Brooklyn and Queens condo data show inventory shrank

Posted: 17 Mar 2020 02:45 PM PDT

New development condo report Brooklyn • Inventory contracted as developers filed fewer units than were purchased • Developers filed six plans with 27 units • The state approved 0 plans for sale • Buyers purchased 130 units valued at $105 million Queens • Inventory contracted as developers filed fewer units than were purchased • Developers filed three plans with 80 units • The state approved 0 plans for sale • Buyers purchased 91 units valued

SoftBank may bail on WeWork bailout: report

Posted: 17 Mar 2020 02:35 PM PDT

SoftBank no longer plans to proceed with all of its bailout of WeWork, justifying its decision to back out of its $3 billion pledge to buy shares back from investors by citing several regulatory investigations of the troubled shared office–space giant. According to the Wall Street Journal, WeWork’s shareholders were sent a notice Tuesday stating that SoftBank believes that investigations into WeWork’s business, including probes from the Securities and Exchange Commission and Justice Department, allow

Restaurants, bars and gyms to shut down immediately in Fort Lauderdale

Posted: 17 Mar 2020 02:15 PM PDT

The city of Fort Lauderdale is the latest municipality to order its restaurants shut down temporarily, as government officials try to limit the spread of COVID-19. Fort Lauderdale Mayor Dean Trantalis announced on Tuesday afternoon that restaurants, bars, gyms, theaters, bowling alleys, arcades, and entertainment facilities within hotels would have to close immediately, and remain shuttered for the next 30 days. “COVID-19 has struck us at our busiest time of the year,” Trantalis said. The

West Coast pol calls for NY rent strike. Tenant groups say not so fast

Posted: 17 Mar 2020 02:00 PM PDT

A petition calling for a rent strike in New York State was circulated by a candidate for Congress in Washington State, but New York tenant groups cried foul. “It’s incredibly irresponsible,” said Cea Weaver, spokesperson for tenant coalition Housing Justice for All, of a surprise petition calling for a rent strike circulated by Congressional hopeful Joshua Collins. Many tenant organizers have since deleted links from their social media accounts to the petition, which is “already

REBNY advises agents on open houses

Posted: 17 Mar 2020 01:14 PM PDT

Amid calls to shut down open houses, the Real Estate Board of New York has weighed in on the question dividing New York resi agents: to show or not to show? In a memo to members, the trade group outlined a series of “best practices” to keep agents and clients “safe and healthy, while supporting business continuity.” The guidelines were compiled with input from the city’s residential firms, which participated in a conference call Monday,

De Blasio considering shelter-in-place order

Posted: 17 Mar 2020 12:38 PM PDT

Mayor Bill de Blasio is considering an order that would require the city’s 8.6 million residents to stay in their homes in an attempt to slow the spread of the coronavirus pandemic. The mayor on Tuesday said he will decide in 48 hours whether or not to impose the shelter-in-place order, NBC News reported. The order would require residents to stay in their homes except for “essential needs” such as shopping for groceries. “New Yorkers

New York City seeking sites for coronavirus triage centers

Posted: 17 Mar 2020 12:28 PM PDT

As the trajectory of the coronavirus epidemic in New York City threatens to overwhelm the city’s health care system, the de Blasio administration’s effort to get ahead of the curve is turning into a real estate problem. The city plans to convert properties such as hotels and parking lots into medical facilities to handle the anticipated surge in patients. “I’ve ordered all my colleagues to identify all spaces that can be converted immediately to medical

Selling the whole city: TRD’s resi brokerage ranking expands beyond Manhattan

Posted: 17 Mar 2020 12:15 PM PDT

Sometimes you can lose and still win. Douglas Elliman’s Manhattan sales dropped more than 23 percent last year from an eye-popping 2018 total of nearly $9 billion, but it still retained its No. 1 spot on The Real Deal’s tally of closed sales for 2019. Elliman also managed to edge out its rival the Corcoran Group in TRD’s new three-borough ranking, which tallies sales for Manhattan, Brooklyn and Queens — but only barely. The firm

Gym ban applies to residential buildings: state

Posted: 17 Mar 2020 12:07 PM PDT

UPDATED, March 17, 2019, 3:43 p.m.: New York Gov. Andrew Cuomo’s order that gyms close until further notice also applies to those inside residential buildings, The Real Deal has learned. The clarification comes a day after Cuomo issued an executive order that “any gym, fitness centers or classes” must cease operations as of 8 p.m. Monday, to slow the spread of the coronavirus. State officials clarified the scope of rule in an email to TRD,

Not everyone’s rattled: Pricey NYC listings are still climbing

Posted: 17 Mar 2020 11:30 AM PDT

As coronavirus fears swept through New York City last week, some home sellers and their agents forged ahead. The top five priciest new listings last week range from a $48 million condo at 15 Central Park West to a Greenwich Village townhouse asking $25 million. Combined, the top five listings totaled $171 million. That’s nearly $43 million more than the previous week’s total and over $64 million more than the amount from the week before.

Morris Moinian to sell site of stalled hotel project

Posted: 17 Mar 2020 11:00 AM PDT

Four years after receiving approval to build a 26-story, 310-key hotel at 1150 Sixth Avenue, developer Morris Moinian has decided to sell the vacant site instead. Moinian’s firm, Fortuna Realty, has hired a JLL team led by Bob Knakal to market the lot, the New York Post reported. Moinian had told the Post in October “we’ll be focusing on Sixth Avenue next year” after getting other projects off his plate. The midblock site between West

Restaurants, bars, gyms and theaters ordered to close in Miami-Dade

Posted: 17 Mar 2020 10:15 AM PDT

UPDATED, March 17, 2 p.m.: Miami-Dade County ordered all restaurant dining rooms, bars, gyms, movie theaters, bowling alleys and other businesses closed due to coronavirus, or COVID-19. Deputy Mayor Jennifer Moon made the announcement along with Miami Beach Mayor Dan Gelber on Tuesday morning at a press conference at Joe’s Stone Crab in South Beach. The order will go into effect as of 11 p.m. on Tuesday, Miami Beach City Manager Jimmy Morales said. It

Real estate stocks lead early market rebound after Fed announces new measures

Posted: 17 Mar 2020 09:43 AM PDT

Markets bounced back slightly Tuesday on news that the Federal Reserve implemented another policy to stave off the economic impact of the coronavirus, and that the Trump administration was seeking a massive stimulus package. The Dow Jones Industrial Average was up almost 5 percent around 12:15 p.m. Tuesday, and the S&P 500 had bumped up over 6 percent. Real estate stocks appeared to be outperforming the broader market. The FTSE Nareit All REITs index, which

Compass to scale back lending programs

Posted: 17 Mar 2020 08:19 AM PDT

Amid a global pandemic and massive economic uncertainty, Compass is scaling back its Concierge and Bridge Loan services, The Real Deal has learned. The SoftBank-backed brokerage is “proactively” restricting the programs at the behest of lending partners, according to a March 16 email to agents that was seen by TRD. “We partner with leading financial institutions and lending partners to drive the Concierge program and based on what they are seeing in the overall market,

RFR to buy Morgan Stanley’s 522 Fifth Avenue for $350M

Posted: 17 Mar 2020 08:01 AM PDT

Aby Rosen’s RFR Realty is in contract to acquire the office portion of 522 Fifth Avenue from Morgan Stanley for around $350 million, Crain’s reported. Morgan Stanley occupies all of the office space in the 23-story office building, and was reportedly looking to sell the office condominiums to a new landlord in 2017 as it searched for a new 1.9 million-square-foot Manhattan headquarters. The investment bank has agreed to stay as a tenant for at

Nordstrom shutters stores in response to coronavirus

Posted: 17 Mar 2020 07:16 AM PDT

Nordstrom is temporarily shutting its stores in the U.S. and Canada to prevent the spread of the coronavirus and pulled back its 2020 guidance. The department store said the closures will last for two weeks. Nordstrom’s websites and, where possible, its curbside order pickup services will remain open. Nordstrom operates 380 stores across 40 states. It has 116 full-stores in the U.S., Canada and Puerto Rico. “On behalf of everyone at Nordstrom, our hearts go

Empire State Building observation deck closed by coronavirus

Posted: 17 Mar 2020 06:45 AM PDT

The Empire State Building’s owner announced Tuesday that it had closed the tower’s observation deck to the public, as the Trump administration advised against gatherings of more than 10 people to curb the coronavirus outbreak. Another observation deck, Edge, which had only just opened at Hudson Yards, closed Friday following guidance from Gov. Andrew Cuomo to limit gatherings of 500 or more people. The following day, One World Observatory, which opened in 2015 at the

Georgetown plans 1.1M sf Hudson Yards office building

Posted: 17 Mar 2020 06:30 AM PDT

As a 10-year easement with the Port Authority of New York and New Jersey nears expiration, Georgetown Company has big plans for a waterfront site near Hudson Yards which it has owned for over 50 years. The development firm, headed by Adam Flatto, is planning a 25-story, 1.1-million-square-foot office building on the site, Commercial Observer reported. Georgetown plans to break ground next year and tenant delivery is expected in 2024. Georgetown acquired the site in

The 1% are shelling out $400K on Hamptons rentals as NYC shuts down

Posted: 17 Mar 2020 06:00 AM PDT

As the reality of the coronavirus pandemic set in for markets and governments last week, much of the real estate world decided to wait and see how things would shake out. But in one market, deals are moving ahead with more urgency than ever. The market for rentals in the Hamptons has seen a remarkable surge in interest in recent weeks, as wealthy New Yorkers seek to avoid being trapped in their city apartments, agents

Localize.city launches subscription-based agent tools

Posted: 17 Mar 2020 05:30 AM PDT

Localize.city is one step closer to its end game. The residential listings marketplace and data company is rolling out its first set of agent tools today, firm president Steven Kalifowitz announced. For a subscription fee, agents will be able to customize a page with photos, videos, a headshot, bio, past transactions, press mentions, neighborhoods they invest or live in, and a direct-contact form. Agents will also be able to ask each other for recommendations, but

Why nothing ever gets built on this Pacific Park site

Posted: 17 Mar 2020 05:00 AM PDT

It looked like the long-stalled effort to build Pacific Park’s largest structure finally had momentum when the Cuomo administration announced in November that it would condemn the final properties needed. But the project, catercorner to the Barclays Center in Brooklyn, continues to go nowhere. Instead, its intended home — the parcel known as Site 5, which has long housed retailers P.C. Richard and Modell’s — remains entangled in a legal dispute. Approved in 2006 for

Showing showdown: Resi brokers split on apartment tours amid pandemic

Posted: 17 Mar 2020 04:30 AM PDT

Should brokers be showing homes in person right now? It’s a question that’s dividing the real estate industry as agents across the city grapple with complicated professional and personal decisions in the grip of a fast-moving pandemic. Over the weekend, Leonard Steinberg, Compass’ chief evangelist, called for a moratorium on in-person showings, describing it as a “moral imperative” for agents to help slow the spread of the coronavirus. Likewise, the New York Residential Agent Continuum’s

No more playrooms, pools or gyms as NYC resi buildings hunker down

Posted: 17 Mar 2020 04:00 AM PDT

Pools are shutting down, along with playrooms, lounges and sleek co-working spaces that just a few days ago were among the most sought-after amenities at New York City luxury buildings. Doormen are stopping delivery food workers before entering buildings, requesting they either sanitize their hands or leave the food at the door. Residents are giving each other side eye over recent travels and flu-like symptoms, while property managers mull the risks for workers to make

What the Fed’s actions mean for the housing market

Posted: 17 Mar 2020 03:30 AM PDT

To contain the economic fallout of the coronavirus, the Federal Reserve announced Sunday afternoon it cut its benchmark interest rate to near zero, and said it would buy hundreds of billions of dollars in assets. For the housing market, the Fed’s decision to purchase at least $200 billion of mortgage-backed securities will have the biggest impact, according to some experts. The decision to scoop up mortgage-backed securities, which it will purchase along with at least