The Real Deal - New York Real Estate News

Susan Sarandon lists Chelsea pad, Jeff Zucker finds buyer for Midtown co-op

Posted: 22 Jul 2020 02:35 PM PDT

Manhattan’s residential market is starting to thaw, with high-profile sellers jumping into action. The latest evidence is actress Susan Sarandon listing her long-time residence in Chelsea for $7.9 million, and CNN president Jeff Zucker inking a contract to sell his Lenox Hill co-op, according to the Wall Street Journal. Sarandon’s six-bedroom co-op spans 6,000-square-feet over two levels in a boutique 1920s-era building on West 15th Street. The actress said she’d been planning to sell since

Doctor’s orders: developers increasingly tap medical experts, amenities

Posted: 22 Jul 2020 01:50 PM PDT

Amid the coronavirus pandemic, wellness services at developments have expanded to include an array of medical amenities, and gone far beyond luxury residential projects. Crocker Partners, one of Florida’s biggest office landlords, even hired a doctor to fill a new role for the company: director of environmental health. By hiring Dr. Walter Okoroanyanwu, Boca Raton-based Crocker Partners, an owner, operator and developer of office and mixed-use properties in the U.S., said it is making a

NYC commercial and residential brokers are split on market outlook

Posted: 22 Jul 2020 01:37 PM PDT

New York’s commercial brokers are all doom and gloom. Commercial brokers scored their present confidence in the Big Apple at 0.89 out of 10, according to the Real Estate Board of New York’s second-quarter sentiment survey. That marked a 66 percent drop compared to the first quarter, and an 89 percent drop year-over-year. When it comes to REBNY’s future confidence index, which considers brokers’ views on the market six months ahead, commercial brokers were also

National home sales jump 20% in June

Posted: 22 Jul 2020 12:39 PM PDT

Home sales increased at a record rate in June, signalling a rebound after three months of decline. Data from the National Association of Realtors shows that sales of existing homes across four major regions went up 20.7 percent from the previous month, to a seasonally-adjusted annual rate of 4.72 million in June. The median home price also increased to $295,300 — marking the 100th month in a row that year-over-year median home prices have increased.

A loss for real estate? Two more socialist candidates poised to win in primaries

Posted: 22 Jul 2020 11:20 AM PDT

It looks like the political landscape may only get worse for real estate. Two more Assembly candidates backed by the Democratic Socialists of America are poised to unseat incumbents in Crown Heights and Astoria. Phara Souffrant Forrest, a union nurse and tenant organizer, is now ahead by 2,500 votes for the Assembly seat in her home of Crown Heights, according to the campaign’s internal tally. In Astoria, Assembly member Aravella Simotas conceded on Wednesday afternoon

IBM slams Zillow with second suit over patented search tools

Posted: 22 Jul 2020 09:59 AM PDT

IBM is escalating its legal battle with Zillow, filing a second lawsuit accusing the listings giant of infringing on patents to build its real estate search engine. In a July 21 lawsuit, filed in federal court in Washington, IBM claimed the Seattle-based company infringed on five patents that improve searches by ranking results and simplifying content displays, among other things. Despite written notifications, Zillow has engaged in a “policy of willful blindness” and continues to

How long can this leading virtual tour player stay on top?

Posted: 22 Jul 2020 09:40 AM PDT

Last August, R.J. Pittman hopped on stage at a Las Vegas conference to promote his company. A seasoned tech executive with stints at Apple, Google and eBay, Pittman was less than a year into his role as CEO of Matterport, which develops and sells cameras and software to create 3D digital models of interior space. “Are you ready to step into the future?” he asked the audience packed with real estate executives and agents as

Losing the narrative: Mayor’s signature issue slipping away

Posted: 22 Jul 2020 08:35 AM PDT

This story was originally published in February 2020. Five months into his mayoralty, Bill de Blasio blasted out a press release that quoted 80 elected officials, developers and advocates praising his new $41 billion housing plan. He’s been taking victory laps ever since to celebrate its progress. But Vicki Been, his deputy mayor for housing and economic development, acknowledged last fall that some New Yorkers aren’t buying it. In fact, many have come to believe

Judge rejects Realogy’s bid to force $400M sale of Cartus

Posted: 22 Jul 2020 07:30 AM PDT

A judge has rejected Realogy’s bid to compel the would-be buyer of its relocation business, Cartus, to close the $400 million purchase. And now, the brokerage giant is pursuing a $30 million breakup fee for its trouble, according to Inman. Realogy sued Madison Dearborn Partners and subsidiary SIRVA in an effort to finalize the deal on a contract the firms entered into late last year. Realogy accused SIRVA and Madison Dearborn of using the coronavirus

Extell, Bronx councilman’s brother among dealmakers in NYC’s mid-market i-sales last week

Posted: 22 Jul 2020 07:00 AM PDT

The mid-sized New York City investment sales market sprang back to life last week. A little bit, anyway. Five deals between $10 million and $30 million closed between July 12-18, compared to just one the week prior. Deals popped up in all boroughs except for Staten Island, with Manhattan notching two, and Brooklyn, Queens and Bronx each recording one. 1. Gary Barnett’s Extell Development sold 12 commercial condo units at 50 West 47th Street in

AIG throws its weight behind Manhattan’s office market

Posted: 22 Jul 2020 06:30 AM PDT

AIG is pulling the trigger on its new Midtown headquarters at the former Time-Life Building, despite uncertainty over the future of office life. The financial and insurance giant is moving ahead with its new eight-level office at Rockefeller Group’s 1271 Sixth Avenue, Crain’s reported. The new, 325,000-square-foot office is slated to be up and running next year. AIG will consolidate its 450,000 square feet in existing space between the Midtown HQ and two other offices

Charles Cohen is behind on debt payments — but he’s not worried

Posted: 22 Jul 2020 06:01 AM PDT

Billionaire landlord and film producer Charles Cohen is late on about half of his loan payments. An analysis by Bloomberg shows that the real estate scion is at least a month late in paying for at least four Manhattan properties: the Decoration & Design Center; 465 Park Avenue; 3 Park Avenue South; and 805 Third Avenue. In total, Cohen Brothers Realty owes about $1 billion in commercial mortgage-backed securities debt across its 12 million-square-foot portfolio,

“We’re moving into this new normal”: Retail landlords are finally getting paid

Posted: 22 Jul 2020 05:30 AM PDT

After months of skipping out on rental obligations due to the coronavirus pandemic, retailers are getting closer to making their landlords whole. Over 72 percent of national chain retailers paid their July rent as of mid-July, according to the latest report by Datex Property Solutions. That’s up from 62 percent just a month ago. “We’re moving into this new normal,” Datex Property Solutions CEO Mark Sigal said. “It’s going to be mushy and uneven. I

There’s a scramble to refinance and buy new homes

Posted: 22 Jul 2020 05:00 AM PDT

As the summer heats up, so too is the demand for home loans. An index tracking the volume of mortgage applications to buy homes increased 2 percent, seasonally adjusted, from the second week of July when it fell by 6 percent. The so-called purchase index is a metric based on the Mortgage Bankers Association weekly survey, which encompasses 75 percent of the U.S. residential mortgage market. Joel Kan, who leads industry forecasting for MBA, said

“I had to be better, stronger, faster”: Basis CEO Tammy Jones talks strategies for more diversity in real estate

Posted: 22 Jul 2020 04:30 AM PDT

When Tammy Jones decided to launch her own business, she found a partner in her former client, the Manhattan development and investment firm JEMB Realty. The two formed Basis Investment Group in 2009, and 11 years later, the company has closed roughly $4 billion in commercial real estate debt and structured equity across the U.S. Jones, the firm’s CEO and majority owner, has more than 25 years of experience in the industry, having previously worked

JDS accused of inflating costs at Park Slope condo project

Posted: 22 Jul 2020 04:00 AM PDT

Michael Stern’s partner on a Park Slope condo development is accusing him of inflating project costs to finance his “lavish lifestyle” — the latest lawsuit in a three-year war over the site. An LLC tied to Largo Development alleges that the JDS Development chief inflated the cost of 613 Baltic Street, a 43-unit condo project with a projected sellout of $90.9 million. The July 8 complaint, which was approved by the court on Monday, claims