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The Real Deal - New York Real Estate News |
| It’s never been more expensive to buy a home in the US Posted: 21 Aug 2020 03:01 PM PDT The U.S. housing market is setting records despite a pandemic. The number of existing home sales across the country grew by 24.7 percent to 5.86 million last month compared to the 4.72 million homes sold in June, according to a new report from the National Association of Realtors. Last month’s sales set a new record in month-over-month growth and represents the 101st consecutive month of reported gains. The NAR report tracks sales of all existing |
| Pace University pitches Downtown tower as dev site Posted: 21 Aug 2020 02:55 PM PDT Pace University is looking to sell part of its Lower Manhattan campus near the Brooklyn Bridge. The school has come to market with One Pace Plaza East, a 462,500-square-foot, 18-story tower that houses dorms, classrooms and a library, according to brokers marketing the deal. The property — bound by Park Row and Frankfort, Gold and Spruce streets — was built in the late 1960s and is being pitched as a potential development site for a |
| Five things to know about Airbnb’s IPO Posted: 21 Aug 2020 01:30 PM PDT More than a decade after Brian Chesky rented out a room in his San Francisco apartment, Airbnb made it official this week: The hospitality marketplace is going public. The home-share unicorn, most recently valued at $18 billion down from $31 billion, offered few details beyond confirming it has submitted a confidential filing with the Securities and Exchange Commission. Here’s what else you should know about one of the buzziest IPOs this year. • The prospectus |
| The postmaster general is a real estate player Posted: 21 Aug 2020 01:28 PM PDT When it comes to real estate, Louis DeJoy isn’t mailing it in. Since he took over as postmaster general in June, DeJoy has mostly made headlines for the controversial changes he’s brought to the Postal Service. Under DeJoy, the USPS has removed mail-sorting machines and cut workers’ overtime, sparking fears that the measures could jeopardize mail-in voting. DeJoy is also under scrutiny for his financial connections to XPO Logistics, a company that does business with |
| Crowdfunding platform PeerStreet launches debt fund for Covid-era opportunities Posted: 21 Aug 2020 01:05 PM PDT Real estate investment platform PeerStreet is getting in on the distressed-debt investment game. Through its new Peer Street Credit Opportunity Fund, the El Segundo, California-based crowdfunding startup will enable investors to take advantage of pandemic market disruption by providing exposure to distressed debt, warehouse financing and subordinate investments, the firm said this week. “This was the next logical step in the evolution of our marketplace and provides more options for different investment preferences,” co-founder and |
| CMBS loan troubles, 3 WTC and 2020 predictions gone wrong Posted: 21 Aug 2020 12:10 PM PDT The one and only Yogi Berra once said, “It’s tough to make predictions, especially about the future.” Or did he? The late, great Yankee also said, “I really didn’t say everything I said.” But we know two things for sure: Predictions are indeed tough, and a clip of some made early this year was one of the four most popular videos this week on TRD’s YouTube channel. Descriptions and links for them are below. The |
| John and Chrissy list Beverly Hills manse for $24M Posted: 21 Aug 2020 10:45 AM PDT John Legend and Chrissy Teigen have listed their Beverly Hills mansion, a few months after buying smaller properties in Los Angeles and Manhattan. The entertainment power couple is asking just under $24 million for the 8,500-square-foot contemporary, according to the Los Angeles Times. The Wall Street Journal first reported the listing. That’s $10 million more than what they paid for it in 2014. In late March they bought a second penthouse unit in their Nolita |
| Chopper rides from Hamptons fly off the shelves as Covid changes plans Posted: 21 Aug 2020 10:00 AM PDT Elites are snapping up the fastest ride from the Hamptons: by helicopter. A chopper ride-sharing service, Blade, last week announced a membership deal for helicopter flights between the East End and New York City. Customers who forked over $965 could then book one-way flights for $295 a pop. The memberships sold out in one day, according to CNBC. The company said business typically diminishes by 80 percent in September. However, as more Covid-weary New Yorkers |
| Born to serve: Springsteen drummer Max Weinberg joins Delray planning and zoning board Posted: 21 Aug 2020 09:30 AM PDT Bruce Springsteen’s drummer Max Weinberg is getting into civil service. Weinberg, a property owner and resident of Palm Beach County, was appointed to a two-year term on the Delray Beach Planning and Zoning Board this week. Weinberg told The Real Deal that he’s been interested in real estate since he was a “very young man,” and that he has built and renovated a number of homes in different states. He wrote in his application that |
| Nearly $1.5B in NYC hotel loans are unpaid Posted: 21 Aug 2020 08:50 AM PDT New York’s hotel industry has a whole lot of debt and none of it is getting paid. There are $1.47 billion worth of commercial mortgage-backed securities loans on hotels that have gone unpaid, Crain’s reported. That’s the largest wave of hotel delinquencies in the country. It’s pushed the greater New York market’s delinquency rate to nearly 39 percent, compared to the usual 1 percent rate nationally. One in four U.S. hotels is at risk of |
| Blow to luxury market from Covid worse than impact of 9/11 Posted: 21 Aug 2020 08:00 AM PDT Covid-19 has dealt a blow to New York’s luxury real estate market that is worse than the 2008 financial crisis and the 9/11 terrorist attacks. The virus plowed into a market that was already scuffling, and industry pros now say that to encourage deals they may have to provide additional discounts that will sink prices even further, according to the Wall Street Journal. Manhattan home sales cratered 56 percent year-over-year between March 23 and Aug. |
| Europe tops US in CRE deal volume Posted: 21 Aug 2020 07:15 AM PDT The U.S. property market is no longer on top. For the first time since 2017, Europe saw more commercial real estate deals than the U.S. America saw $19 billion less in property trades above $10 million than Europe during the second quarter, Bloomberg reported, citing data from Real Capital Analytics. Though Europe has a larger population, the U.S. has seen a greater number of Covid-19 infections and deaths. The public health situation creates “greater uncertainty |
| Mumbo jumbo: Why are mortgage rates all over the place? Posted: 21 Aug 2020 06:30 AM PDT Jumbo loans, typically seen as lower risk investments by banks, are seeing rates vary widely among lenders. The mortgages, used to finance properties that are too big to be sold to Fannie Mae or Freddie Mac, usually fall within a 10th of a percentage point of each other. But since the pandemic started, there is a much smaller pool of lenders willing to offer jumbo loans, according to the Wall Street Journal. “I’ve seen a |
| Ohebshalom’s FiDi development site, freed of legal shackles, hits market Posted: 21 Aug 2020 05:45 AM PDT Legal entanglements that tied up a Financial District development site for years have been stripped away and its new owner wants to make up for lost time. Richard Ohebshalom’s Pink Stone Capital has scored a total of $87 million in financing for two Washington Street properties, in part to settle a long-running dispute with his father Fred over the 11,255-square-foot site at 111 Washington Street. Pink Stone closed on an $80 million loan from Carmel |
| Posted: 21 Aug 2020 05:00 AM PDT Other people’s money leads to other people’s problems. Lenders used to have a strong incentive to ensure a real estate project made financial sense, as loans lived on their balance sheets. When Wall Street stepped into the picture with its mega commercial mortgage–backed securities loans, which were sliced and packaged into securities to be passed on to other investors, deals began to be structured for maximum size rather than maximum sense. Nowhere was this disastrous |
| Posted: 21 Aug 2020 04:30 AM PDT David Schwartz is a principal and co-founder of Slate Property Group, the real estate development and investment firm that has been at the center of several headline transactions. The Manhattan-based company, which has been pivoting away from luxury condos toward affordable housing developments, has inked more than $1 billion in acquisitions in the last five years. Slate, which Schwartz and his partner Martin Nussbaum founded in 2013, has completed about 50 development and renovation projects |
| Property tax revenue rises, but delinquencies and glitches abound Posted: 21 Aug 2020 04:00 AM PDT Despite warnings of doom, city property tax revenue is up — but collection this year has been messy, an analysis by The Real Deal found. From the tax bills issued in June, some $8.61 billion poured in through July 25, up 5.3 percent from the same period a year ago, thanks to higher assessments and new construction coming on line. Payments increased in every borough, although delinquency grew in Manhattan, to 5.7 percent from 5.5 |
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