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The Real Deal - New York Real Estate News |
| Schrager closes Public hotel amid coronavirus outbreak Posted: 23 Mar 2020 05:22 PM PDT Hospitality icon Ian Schrager said he just made one of the most difficult decisions of his career. Schrager is shutting the doors to his trendy downtown Public hotel until the coronavirus pandemic subsides, he announced on the hotel’s website Monday. Schrager wrote it was “an agonizing decision for me and one of the hardest things I have had to do in my entire career.” “In this case, closing is the most ethical, moral and humane |
| Zillow slashes expenses by 25%, cancels revenue guidance Posted: 23 Mar 2020 03:45 PM PDT Zillow Group suspended its full-year revenue guidance and said it would slash expenses by 25 percent to ride out the coronavirus pandemic. The Seattle-based company announced the suspension of its capital-intensive iBuying program Monday morning. During an earnings call after the market closed, it also announced plans to freeze hiring, suspend marketing expenditures and cut discretionary spending to offset an anticipated drop in revenue. With buyers in major U.S. cities sheltering in place, Zillow said |
| Posted: 23 Mar 2020 03:22 PM PDT Compass laid off 15 percent of its staff on Monday, The Real Deal has learned. With the economy reeling from the coronavirus pandemic, the Softbank-backed brokerage said it was projecting a 50 percent drop in revenue over the next six months. “We aren’t just facing an economic recession, we are facing an economic standstill,” CEO Robert Reffkin wrote in an email to agents. “The best we can hope for is a V-shaped recovery as opposed |
| Decision by StreetEasy, REBNY to stop market clock triggers debate Posted: 23 Mar 2020 02:57 PM PDT For years, the “days on market” clock has been part of the yin and yang of New York real estate — a metric buyers love and sellers hate. Now decisions to stop the clock during the coronavirus pandemic, first by the Real Estate Board of New York’s listings service and then by StreetEasy, has started a debate over transparency and data integrity. Many brokers say the health emergency has disrupted the market and that pausing |
| Real estate stocks fall despite Fed’s move to expand lending Posted: 23 Mar 2020 02:36 PM PDT Real estate stocks continued to tumble Monday, in some measures performing worse against the broader market, after Congress failed to pass a nearly $2 trillion stimulus package. Markets closed lower even as the Federal Reserve announced taking bolder steps to prop up the country’s economy in the wake of the coronavirus pandemic with a plan to expand lending. The S&P 500 fell 2.9 percent Monday, and the Dow Jones Industrial Average plunged another 3 percent, |
| Gianaris proposes relief bill for renters and landlords, but not banks Posted: 23 Mar 2020 02:30 PM PDT A Queens politician wants to bailout both renters and landlords by sticking it to the banks. State Sen. Michael Gianaris proposed a bill that for 90 days would suspend rents for small business commercial and residential tenants who are out of work because of the coronavirus. The bill would also forgive mortgage payments for landlords experiencing financial hardship as a result. “There’s going to be a chain reaction in our economy that we can’t even |
| Largest hotel union calls on companies to pay laid-off workers not investors Posted: 23 Mar 2020 02:22 PM PDT As hundreds of thousands of hotel workers lose their jobs, the industry’s largest union is calling on the major hospitality companies to forego returning capital to shareholders and instead use the money to pay workers. The 300,000-member UNITE HERE union on Monday called on five publicly-traded hotel operators to cease dividend payments and share repurchases while workers laid off because of the coronavirus pandemic struggle financially. “Hotel firms should preserve available cash to pay workers |
| LA real estate firm buys shuttered church site for $40M Posted: 23 Mar 2020 01:30 PM PDT The shuttered Church of the Nativity site in the East Village now belongs to a Los Angeles-based real estate firm. Gemini Rosemont purchased 42-46 Second Avenue from the Roman Catholic Church for $40 million, according to property records. The Archdiocese of New York closed the church in 2015 and merged it with the nearby Most Holy Redeemer church as part of its massive reorganization plan, according to EV Grieve. Representatives for Gemini Rosemont and the |
| Photos: Empty NYC streets as “New York State on Pause” begins Posted: 23 Mar 2020 01:00 PM PDT Gov. Andrew Cuomo’s executive order “New York State on Pause” went into effect Sunday, bringing life in the city to a near halt. The order bars non-essential workers from going out to work. For real estate agents, that means they can no longer conduct in-person showings. With non-food retailers shuttered and restaurants closed to diners, landlords and renters alike are grappling with how mortgages and rent will be paid. Construction work appears to be one |
| Williamsburg pad hits market for almost $9M Posted: 23 Mar 2020 12:45 PM PDT A nearly 4,000-square-foot Williamsburg apartment has returned to the market, asking a whopping $8.75 million. Mark Altman, who works in the transportation industry, put the 10-room home on the market last Friday, the same day Gov. Andrew Cuomo ordered that real estate agents are “non-essential” workers, requiring them to stay home amid the coronavirus pandemic. “I think it’s a temporary thing,” Altman said. “I’m very optimistic.” The deal, should a buyer pay the unit’s asking |
| Coronavirus-related supply chain delays threaten developers and builders Posted: 23 Mar 2020 12:30 PM PDT The coronavirus pandemic is taking its toll not only on landlords and tenants, but also on developers and the construction firms. The pandemic has slowed global shipping of building materials — and builders are expecting projects to be delayed as a result, according to the New York Times. Most construction firms have materials in hand they need for projects in the works and some importers have stockpiled materials, but a prolonged crisis could start to |
| The real estate market is in distress. What will Sam Zell do? Posted: 23 Mar 2020 12:15 PM PDT Sam Zell has billions in dry powder and an economy in turmoil. Is the developer and investor, known to zag when everyone else zigs, planning his next strike? The brash, often controversial, sometimes vulgar chairman of Equity Group Investments has made his fortune buying up distressed real estate in times of economic uncertainty and upheaval, and the coronavirus pandemic has prompted both. The stage is set for Zell to pounce, according to Crain’s Chicago. “It’s |
| Fannie, Freddie offer multifamily landlords a break — strings attached Posted: 23 Mar 2020 11:56 AM PDT Some relief from the federal government is on the way for multifamily landlords, but it comes with strings attached. The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, announced that the two mortgage insurers will give multifamily landlords a break on their loans on the condition that they do not evict any renters impacted by the coronavirus. The benefit is available to all multifamily properties who have Freddie Mac or Fannie Mae-backed |
| Coronavirus will cost city billions in tax revenue: comptroller Posted: 23 Mar 2020 11:05 AM PDT New York City could lose up to $6 billion in tax revenue thanks to the coronavirus pandemic, according to a new report from the comptroller’s office. The losses in fiscal years 2020 and 2021 will be between $4.8 billion and $6 billion, depending on the length and severity of the pandemic and subsequent economic shutdown, New York City Comptroller Scott Stringer’s office estimated. The comptroller’s office previously estimated that the city could see a $3.2 |
| Durst Org accused of defamation by lawyer who sued Robert Durst Posted: 23 Mar 2020 10:30 AM PDT A year ago, a Durst Organization spokesperson claimed that a wrongful-death lawsuit against Robert Durst was no more than “a lawyer’s attempt to make a buck.” Now that lawyer is suing for defamation. Robert Abrams, an attorney for the family of Robert Durst’s first wife, the late Kathleen “Kathie” McCormack Durst, alleges that Durst spokesperson Jordan Barowitz and the Durst Organization knowingly disseminated false information to a broad audience “with spite and malice,” accusing him |
| Watch major NYC developers tonight on TRD TALKS LIVE Posted: 23 Mar 2020 10:15 AM PDT Today at 5 p.m. EDT three major NYC developers will join TRD associate publisher Hiten Samtani for the second episode of TRD Talks Live. This time we’ll confer with Ryan Freedman of Corigin Ventures, Steve Witkoff of Witkoff Group, and Miki Naftali of Naftali Group. Register here to listen in. Due to the the ongoing crisis, Mayor Bill de Blasio paused zoning applications, which will put a freeze on over 100 developments in the city. |
| More luxury contracts were signed last week than you might expect Posted: 23 Mar 2020 10:05 AM PDT With New York City in lockdown, home showings banned and a swell of new virus cases, the real estate industry is struggling to come to terms with a new way of doing business. But in Manhattan, deals are still being done. There were 14 contracts signed last week for properties above $4 million, according to the latest market report from Olshan Realty. Broken down, that was 10 condos, three townhouses and one co-op — with |
| One of NYC’s priciest listings to appear on the market last week is already in contract Posted: 23 Mar 2020 09:30 AM PDT UPDATE Monday, March 23, 2020, 6:58 p.m.: As the coronavirus pandemic worsens, there’s still a handful of properties new to market. Many of the listings came online last week amid a heated debate within the residential real estate industry about whether to halt or continue showing apartments given the health risks. The agent organization, the New York Residential Agent Continuum, and co-founder Leonard Steinberg called on agents to stop showings and open houses, while many |
| Brooklyn’s luxury resi market sees big dropoff in activity Posted: 23 Mar 2020 09:00 AM PDT A townhouse in Brooklyn Heights was the priciest residential property to go into contract in Brooklyn last week. The five-bedroom unit at 38 Hicks Street went for about $3.5 million. It spent 402 days on the market but went into contract 46 days after it got a 13 percent price chop. Overall, Brooklyn saw six luxury contracts signed last week, including three houses and three condos, according to the latest report from Compass. The report |
| Amazon seeking to purchase 4 Fairway locations after grocery’s bankruptcy filing Posted: 23 Mar 2020 08:34 AM PDT Amazon is looking to buy four Fairway Market stores in New York and New Jersey, two months after the grocery chain filed for bankruptcy. The e-commerce giant is focused on acquiring one store in Pelham, New York, one in Brooklyn and two in New Jersey, according to the New York Post. Although there has been speculation that Amazon would use them as distribution centers, its specific plans for the sites are still unknown. Fairway filed |
| City’s property tax overhaul would increase burden for single-family homeowners Posted: 23 Mar 2020 08:00 AM PDT The preliminary proposal from a mayoral commission to overhaul New York City’s property tax system would raise fees on owners of one- to three-family homes and hold down taxes on co-ops and condos. An analysis from the Wall Street Journal found that the plan would raise taxes on houses by more than $1.13 billion in total, although more than a third of building owners would pay less. Taxes would rise for owners of Manhattan mansions |
| Zillow latest iBuyer to press pause Posted: 23 Mar 2020 07:16 AM PDT After watching rivals Opendoor and Redfin drop out of the iBuying game, Zillow Group said Monday that it would also suspend home-buying amid the coronavirus pandemic. In a statement, co-founder and CEO Rich Barton cited emergency orders in New York, California, Illinois, Louisiana, Ohio and Nevada, which have instructed nonessential businesses to shutter. In New York, Gov. Andrew Cuomo specifically told real estate agents to stop in-person showings and open houses. “Given the concerns for |
| Tom Barrack predicts commercial mortgage market crisis Posted: 23 Mar 2020 07:00 AM PDT Colony Capital chairman and CEO Tom Barrack thinks the commercial mortgage market in the United States is on the verge of collapsing. Barrack wrote in a white paper, posted to Medium late Sunday, that the coronavirus pandemic and subsequent shutdown of sectors of the U.S. economy could lead to margin calls, foreclosures, evictions and potential bank failures. He claimed the impact of this could be greater than the impact of the Great Depression. “Immediate concerted |
| Fed plans major commercial mortgage buyback Posted: 23 Mar 2020 06:21 AM PDT The Federal Reserve dramatically expanded its lending programs meant to unclog credit on Monday by expanding its facilities to include different types of municipal and corporate debt. The Federal Open Market Committee said the Treasury and mortgage security purchases it approved a week ago are basically unlimited, according to the Wall Street Journal. It plans to buy $375 billion worth of Treasury securities and $250 billion worth of mortgage securities this week. It will also |
| WeWork gears up for potential legal fight with SoftBank Posted: 23 Mar 2020 06:05 AM PDT SoftBank recently advised WeWork shareholders that it might renege on part of its rescue package, and a pair of independent directors for the co-working firm are considering all options in response, including legal action, according to Bloomberg and the Wall Street Journal. SoftBank had struck a deal to buy $3 billion worth of stock in WeWork, effectively rescuing the company after a disastrous initial public offering attempt. However, the conglomerate sent a message to stockholders |
| How will coronavirus affect global CRE deal volume? Posted: 23 Mar 2020 05:30 AM PDT As cases of Covid-19 surge, financial markets have nosedived — a fate that has not escaped public real estate investment. Industry experts say some investors are trying to turn lemons into lemonade, hunting for opportunistic plays. But others note that negative sentiment already has seeped into the private real estate investment world, as the uncertainty of the pandemic and its impact on the economy has stopped some deals in their tracks. “We’ve seen that investor |
| 8 Tools To Help You Adjust to Working from Home Posted: 23 Mar 2020 05:00 AM PDT With the Coronavirus rapidly spreading, real estate firms across the country are enacting work from home policies. Major brokerages such as Compass, Douglas Elliman and Halstead have closed their offices and asked employees to work from home. With many scrambling to create a comfortable place to work within their own home, TRD presents a few essentials you’ll need to get it up and running. Here are a few of our picks: 1.Wireless Mouse If you |
| Flatiron office building leads New York’s mid-market investment sales Posted: 23 Mar 2020 04:30 AM PDT Five properties traded hands in New York’s mid-level investment sales market last week, including a 12-story office building in the Flatiron District and two South Bronx warehouses that RXR purchased from Keith Rubenstein. Here are the details: 1. An LLC linked to Triad Professional Services purchased 1115 Broadway in Manhattan’s Flatiron District for $26.1 million from an LLC based in Westchester. The office building stands 12 stories tall and has 50 units. 2. Scott Rechler’s |
| Posted: 23 Mar 2020 04:00 AM PDT It was an audacious goal from the start. Five years after Compass hired its first 10 agents in New York City, CEO Robert Reffkin pledged the company would have 20 percent market share in 20 major U.S. cities by 2020. “That means we’re going to expand,” he told agents who gathered in New York for an all-team meeting in 2017. “We’re going to expand to Seattle, San Diego, Phoenix, Dallas, Austin, Houston, Atlanta, Philadelphia and |
| StreetEasy follows REBNY in cutting days-on-market count Posted: 22 Mar 2020 06:03 PM PDT StreetEasy will strike its days-on-market clock from listings, the company told agents Sunday. The move comes after previously insisting that doing so would compromise its integrity. In an email to agents Sunday night acknowledging the severity of the coronavirus pandemic, the Zillow-owned portal said it would replace the “Days on Market” field with “Counting Suspended.” It will also temporarily remove open house promotions from listings, search results and customer emails. StreetEasy cited Gov. Andrew Cuomo’s |
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