The Real Deal - New York Real Estate News

City reports decline in construction-related injuries, deaths

Posted: 18 Sep 2020 02:57 PM PDT

The city reported a nearly 19 percent decrease in construction-related injuries in the last fiscal year, a drop the Department of Buildings partially attributes to a new construction safety law. There were 534 construction-related injuries between July 2019 and June 2020, a drop from the 646 seen during the same time period in the previous year, according to Mayor Bill de Blasio’s latest management report, released Thursday. Eight workers were killed in construction-related incidents, down

Real estate execs to city, state: Let us help with recovery efforts

Posted: 18 Sep 2020 02:45 PM PDT

Mayor Bill de Blasio and Gov. Andrew Cuomo’s mailboxes may be getting full. The Partnership for New York City sent another letter to the city and state’s top executives Friday, in which 177 business leaders offered to collaborate on a strategic plan for New York’s economic recovery. “As the first place in America to be struck hard by the coronavirus and the first to successfully manage its containment, New York should step up to chart

State’s highest court dismisses property tax reform appeal

Posted: 18 Sep 2020 02:30 PM PDT

The state’s highest court this week dismissed an appeal that sought to reform New York’s property tax system. The New York Court of Appeals did not rule on the merits of the case, but dismissed Tax Equity Now New York’s claim because “no substantial constitutional question is directly involved.” Tax Equity Now New York argued the current system favors luxury condos and single-family homes, and perpetuates racial inequalities. Despite the ruling, the coalition isn’t giving up.

HelloFresh inks Industry City deal for content studio

Posted: 18 Sep 2020 02:00 PM PDT

HelloFresh is trading Chelsea for Industry City. The meal kit delivery company has signed a 10-year lease at the Sunset Park mixed-use complex, and will move its content studio and production space from Manhattan. It will take over 9,294 square feet at 88 35th Street, an upgrade from its current 3,600-square-foot space in Chelsea. Along with a “restaurant-grade” kitchen, the new location will dedicate more than 7,500 square feet to a visual content studio for

Flip-flop on eviction ban extension highlights state’s chaotic response

Posted: 18 Sep 2020 01:00 PM PDT

Three days after a state agency published an order extending the eviction moratorium through Dec. 31, it flip-flopped, marking the latest mixup in New York’s eviction policy saga. The Office of Disability and Temporary Assistance, which administers state benefit programs, sent the initial directive on Monday. The letter — which caught recipients off guard — announced that because of the federal eviction moratorium, “the provisions of Judge [Lawrence] Marks’ Administrative Order have been extended to

Going green: Governors Island could soon house climate center

Posted: 18 Sep 2020 12:45 PM PDT

Governors Island could become a major hub for the city’s efforts to fight climate change under a proposal for a new, 4.2 million-square-foot mixed-use development. The Trust for Governors Island, the nonprofit that manages the island, unveiled the wide-ranging plan this week which includes the development of office space, hotels and dormitories. The proposal calls for taking over 33 acres on the island’s southern end that were designated for future construction under a 2010 master

“What would we discipline them for?”: Brokers deny discrimination at heated hearing

Posted: 18 Sep 2020 10:57 AM PDT

One by one, Long Island real estate agents appeared before U.S. senators on Thursday to respond to allegations of discrimination stemming from a 2019 Newsday exposé. They weren’t there by choice: The Senate was forced to issue subpoenas after 67 agents and company representatives failed to appear at a planned hearing earlier this year. Many were defiant, insisting they had not discriminated against anyone or violated any fair housing laws. That was despite extensive undercover

$700M Seattle office tower buy would be among largest Covid-era property deals

Posted: 18 Sep 2020 10:20 AM PDT

In what could soon be the biggest single-property acquisition of the Coronavirus era, a South Korean consortium has signed a preliminary agreement to buy a Seattle office tower for nearly $700 million. The group, consisting of Hana Alternative Asset Management and other units of Hana Financial Group, has been selected as the preferred buyer for Skanska USA’s newly-constructed Qualtrics Tower, according to South Korean news outlet Maeil Business. Wednesday’s report cited investment banking sources. The

Fifth Ave co-op owned by Rockefeller family hits market

Posted: 18 Sep 2020 09:53 AM PDT

A Fifth Avenue apartment with a connection to one of New York City’s most powerful families — and uninterrupted views of Central Park — has hit the market for $11.5 million. The 3,990-square-foot co-op at 812 Fifth Avenue was once the home of Nelson Rockefeller, who served as governor of New York from 1959 to 1973, and was Gerald Ford’s vice president. He’s the son of famed philanthropist John D. Rockefeller Jr., who was instrumental

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Posted: 18 Sep 2020 07:36 AM PDT

Nightingale Group and Wafra Capital Partners are seeking a five-year, $860 million loan to redevelop 111 Wall Street. The renovations at the former Citibank building will include a new facade and a spate of high-end amenities, including a scooter charging room and a spa, Commercial Observer reported. Nightingale and Wafra also plan to integrate new social distancing measures in the building’s overhaul. Nightingale, led by Elie Schwartz and Simon Singer, frequently partners with Wafra, a

Chetrit Group sues Sharif El-Gamal for unpaid rent

Posted: 18 Sep 2020 07:00 AM PDT

One New York developer is suing another for half a million in unpaid rent at a Midtown synagogue. The Chetrit Group claims that developer Sharif El-Gamal owes nearly $500,000 in rent for 1384 Broadway, Crain’s reported. The complaint, which was filed by Juda Chetrit in state Supreme Court in Manhattan on Wednesday, alleges El-Gamal has not paid rent since April. El-Gamal subleased the space to the Garment Center Congregation in 2014, but both leases expired

Wall Street investors bet on single-family rentals as mortgage payments stack up

Posted: 18 Sep 2020 06:10 AM PDT

Wall Street landlords, which emerged during the 2008 downturn, are prepared for windfall as homeowners skip mortgage payments. Firms including Brookfield Asset Management, Blackstone Group and J.P. Morgan Asset Management have each invested hundreds of millions in single-family rental companies, the Wall Street Journal reported. As the expiration date of the federal forbearance programs draws near, many Americans may look to sell their homes in order to make ends meet. Shares in the two largest

What you need to know about Zumper, a $400M startup accused of renter bias

Posted: 18 Sep 2020 05:00 AM PDT

On September 1, Zumper published a set of core principles it said defined its brand: inclusivity, safety and respect. “We believe that everyone deserves a fair shot and a safe place to call home,” Anthemos Georgiades, CEO of the rental platform, wrote on the company blog. “We do not tolerate any form of discrimination with regard to race, color, nationality, age, gender identity, marital status, religion, sexual orientation, or disability.” Just two weeks later, Zumper

JLL’s Bob Knakal on the future of New York

Posted: 18 Sep 2020 04:30 AM PDT

While most New Yorkers hunkered down when the city went into lockdown, Bob Knakal did something different. The veteran commercial broker walked the streets of Manhattan, looking at every building south of 96th Street, and mapped all ongoing and potential development sites he found. “Now I have a Sanborn map that’s 27 feet long, 12 feet wide, completely highlighted,” he said. “And that’s the basis of a tremendous amount of great information that we’re hoping

City Planning considers controversial Flushing waterfront rezoning

Posted: 18 Sep 2020 04:00 AM PDT

The city is moving forward with a controversial proposal to rezone a chunk of Flushing’s waterfront, which would pave the way for a massive mixed-use development. The City Planning Commission held a hearing this week on the Special Flushing Waterfront District proposal, which calls for a 13-building project with more than 1,700 residential units, a hotel, retail and public space. It would include 75 to 90 affordable apartments, depending on the option chosen under the