The Real Deal - New York Real Estate News

The Closing: Michael Gianaris

Posted: 25 May 2020 01:00 PM PDT

State Sen. Michael Gianaris has been an elected official in New York for the past 20 years and became one of the most pivotal figures in state politics last year when he played a key role in derailing Amazon’s plan to build half of its second headquarters in Long Island City. The city is still dealing with the aftermath of the Seattle-based company’s abrupt departure last Valentine’s Day — which happened in the face of

Can eXp’s virtual world work in New York?

Posted: 25 May 2020 11:00 AM PDT

In 2015, eXp Realty CEO Glenn Sanford boarded a 43-foot motor coach and set off from Bellingham, Washington, to barnstorm the country. Over the course of 11 months at “lunch and learn” sessions in hotels, country clubs and local Realtor association offices, Sanford pitched brokers in 28 states (and two Canadian provinces) on the benefits of virtual brokerage. When the financial crisis hit, Sanford — known for his soft-spoken and laid-back style in an industry

The Interview: Bess Freedman on how resi firms will look post-Covid

Posted: 25 May 2020 09:00 AM PDT

It’s been six weeks since New York’s residential firms went dark after Gov. Andrew Cuomo shut non-essential workplaces to curb Covid-19 deaths. In that time, agents have tested the limits of virtual showings and endured a steep drop in deals. Now, major firms are planning the brokerage office of the future — well beyond masks, gloves and hand sanitizer. At Brown Harris Stevens, receptionists will sit behind plexiglass and agents won’t be side-by-side. Instead, work

Pension fund money is getting tangled in some controversial housing deals

Posted: 25 May 2020 07:00 AM PDT

Madison Realty Capital, a private real estate investment firm heavily backed by public pension money, has been stuck with a nearly half-empty rental portfolio in Manhattan’s East Village. When the New York-based firm financed controversial landlord Raphael Toledano’s purchase of the 16 buildings in 2015, critics called the deal overleveraged. Madison lent $124 million for a portfolio that cost $97 million. But the lender had its reasons. The firm, led by Josh Zegen, Brian Shatz

Sizing up Manhattan’s condo crunch following a decade of boom and bust

Posted: 25 May 2020 05:00 AM PDT

It was set to be the tallest condo tower in Lower Manhattan, capped with a ring of golden bands that arched toward the sky. But as the new year arrived, with the high-end condo market in freefall, developers Madison Equities and Gemdale Properties pulled the plug last month on their 1,115-foot supertall at 45 Broad Street, citing “market conditions.” In the previous quarter, sales in the Financial District sank almost 45 percent. Now, the project