The Real Deal - New York Real Estate News

Negotiating in a pandemic: 32BJ, landlords reach reopening deal

Posted: 29 May 2020 02:40 PM PDT

Labor negotiations can be tense, a give-and-take dance between rivals across the table. But the pandemic changed that dynamic — moving contract talks to phone and video conferences. The Realty Advisory Board of Labor Relations and 32BJ SEIU have reached several agreements in the past few months, including an extension of two contracts that were slated to expire for security officers and window cleaners. There’s typically a more public lead-up to such contract renewals: The

“Dream” comes true for long-vacant Bronx ice house

Posted: 29 May 2020 01:30 PM PDT

Over time, the stately but aging edifice at 20 Bruckner Boulevard became known as History Channel Building for the network’s massive advertising sign on its roof. Naming it after the occupant wasn’t an option — there hasn’t been one for decades. That will change next year, when the Dream Charter School moves its main campus to the Mott Haven site. Jorge Madruga’s Maddd Equities, developer Eli Weiss and Drew Katz — son of the late

NYC sees second week with no mid-market deals since onset of pandemic

Posted: 29 May 2020 01:15 PM PDT

The weather’s heating up, but for mid-market investment sales, it was another week of absolute zero. The last week of May marked the second time since the onset of the pandemic that commercial sales between $10 million and $30 million ground to a complete halt. After the first time it happened, during the week of April 6, brokers unanimously blamed the coronavirus pandemic for the absence of buying and selling. And while some said they

Inside South Florida’s mall, retail and restaurant reopenings

Posted: 29 May 2020 12:45 PM PDT

Masks, one-way signs, spread-out open-air dining. Malls, stores and restaurants are reopening in South Florida, and changes are evident amid the pandemic. The Real Deal’s South Florida Managing Editor Ina Cordle toured the Miami Design District with Craig Robins, Bal Harbour Shops with Carolyn Travis and Aventura Mall with Jackie Soffer on Saturday, May 23. After two months of forced closures of non-essential businesses and stay-at-home orders, shoppers were ready to venture out. Robins, president

Not your father’s distress: Down market could be opportunity of a lifetime or a big letdown

Posted: 29 May 2020 12:10 PM PDT

As the coronavirus pandemic bore down on the economy, veteran investor Tom Barrack emerged as one of the loudest voices urging a lifeline for the real estate industry. Barrack, the head of Colony Capital and a longtime friend of President Donald Trump, penned a series of much-discussed blog posts and took to the airwaves, warning that the real estate industry could collapse. His alarm hit close to home when Colony disclosed this month that it

TPG RE Finance gets $325M infusion from Starwood

Posted: 29 May 2020 11:01 AM PDT

Facing a cash crunch, TPG Real Estate Finance Trust has secured a major infusion a little over two weeks after it sold off nearly $1 billion of its commercial real estate debt. The real estate investment trust announced that Starwood Capital is taking a stake in the company, providing it with up to $325 million in new capital. Greta Guggenheim, TPG RE Finance CEO, said the investment will provide the firm with “with additional liquidity and

WeWork sued for backing out of San Francisco development deal

Posted: 29 May 2020 10:15 AM PDT

An investor in San Francisco’s largest residential complex is suing WeWork for abandoning its development plans and backing out of a pledge to invest $450 million. The development at Parkmerced — which plaintiffs allege lost a year in closing additional investments, Bloomberg reported — was intended to showcase WeWork’s WeLive initiative, featuring amenities like media rooms, hot tubs, and offering happy hours and yoga classes. The plaintiff, Parkmerced Investors LLC, is seeking at least $100

Rihanna is on the hunt for a Hamptons getaway. And she “doesn’t have a budget”

Posted: 29 May 2020 08:45 AM PDT

Rihanna is reportedly in the market for a Hamptons getaway, either short-term or long-term. The singer and fashion entrepreneur is looking to buy a home, but first wants to get a feel for the East End with a rental, according to the New York Post. The 32-year-old is a big fan of jet skiing and is specifically looking for something on the water. “She doesn’t really have a budget, she just knows what she wants,”

Le Pain Quotidien freed from 59 leases in bankruptcy

Posted: 29 May 2020 08:05 AM PDT

Upscale bakery chain Le Pain Quotidien will be allowed to break 59 of its leases, in a decision the judge acknowledged is “unusual.” The company filed for Chapter 11 bankruptcy protection, which allowed it to pare down debt and complete a $3 million sale to Aurify Brands pending court approval, Bloomberg reported. “The relief requested is unusual, but these are unusual times,” U.S. bankruptcy Judge John Dorsey said of Le Pain Quotidien’s request for immediate

CDC recommendations would drastically alter offices

Posted: 29 May 2020 07:00 AM PDT

Sweeping new recommendations from the nation’s health protection agency would drastically alter how people work in offices. The Centers for Disease Control and Prevention guidelines range from technical — increasing air circulation and guarding against mold and stagnant water — to cultural, like recommending employees abstain from “handshakes, hugs or fistbumps.” Scientists last week warned that stagnating water in office buildings, left empty for months in some cities, could lead to the proliferation of bacteria,

IBM to leave WeWork’s 88 University Place

Posted: 29 May 2020 06:25 AM PDT

IBM is pulling the plug on a large office space it leases from WeWork. The technology giant will leave the 70,000-square-foot space it leases from WeWork at 88 University Place sometime around Labor Day, Business Insider reported. IBM will continue to lease office space from WeWork in Chicago and London. When the two parties struck a deal in 2017, it marked a turning point for WeWork, which was trying to expand past the market for

Marriott jumps into Hamptons rental market

Posted: 29 May 2020 05:30 AM PDT

Marriott International is dipping its toe into the frenzied Hamptons rental market. The hotel management company’s short-term rental business, Homes & Villas by Marriott, has partnered with Hamptons rental company StayMarquis to offer hotel-quality properties and concierge services to guests, the companies announced. When Homes & Villas launched last May, Marriott said the move reflected the evident evolution of “consumer travel needs.” Rental guests can also use and earn points via Marriott’s loyalty program, which

TRD Insights: NY, NJ homeowners more likely to be in mortgage forbearance

Posted: 29 May 2020 05:00 AM PDT

The number of homeowners seeking forbearance for their mortgages has risen dramatically as a result of the coronavirus crisis, with the Mortgage Bankers Association finding more than 8 percent of home loans to be in forbearance as of mid-May. But what kinds of homeowners have been seeking relief on their loans? A recent analysis by Kroll Bond Rating Agency provides some clues. The company ran a logistic regression analysis on about 22,000 mortgages across 47

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

Posted: 29 May 2020 04:00 AM PDT

Hypergrowth has been the mantra of flex-office-space players for years. WeWork became the largest private tenant in New York City by signing leases at an astonishing rate, and venture-backed rivals from Knotel to Industrious were similarly ravenous. But when you’re a flex-space player bankrolled by the world’s largest commercial real estate services firm, you approach growth quite differently. “We’re not in the business of land-grabbing,” Andrew Kupiec, CEO of Hana, said in a conversation with The