The Real Deal - New York Real Estate News

New Yorkers ship Upstate and to the Hamptons to wait out coronavirus

Posted: 29 Mar 2020 11:00 AM PDT

It’s no secret to New Yorkers hunkering down in the city: many of their neighbors are missing. New Yorkers have fled the city in droves, but where did they get off to? Those who can afford it are renting homes in rural communities upstate, the Hamptons, and small towns across the Northeast. The owners of Home Sweet Hudson, an Airbnb listings and management company, said that inquiries are way up. Many people are asking to

The end of Seattle’s construction boom

Posted: 29 Mar 2020 09:00 AM PDT

Washington Gov. Jay Inslee has put a halt to nearly all construction in his state to help stop the spread of coronavirus. Construction will stop at commercial and residential sites for two weeks as a result of an order to stop all non-essential work, according to Bloomberg. That includes projects in Seattle, one of the nation’s busiest cities for building. Inslee’s counterpart in New York, Andrew Cuomo, also ordered a stop to most construction on

Government office closures stop commercial deals in their tracks

Posted: 29 Mar 2020 06:00 AM PDT

Broad economic anxiety isn’t all that’s tamping down on commercial real estate deals these days. States and municipalities across the country are shuttering document recording offices to contain the spread of COVID-19 and that means parties can’t close deals, according to Commercial Observer. Commercial real estate deals require parties to submit and pull all sorts of property records and documents from city recording offices, including escrow instruction letters, liens, judgments, and deeds. The American land