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The Real Deal - New York Real Estate News |
| Commercial eviction and foreclosure ban extended until January Posted: 20 Oct 2020 03:45 PM PDT Landlords looking to boot non-paying commercial tenants will have to wait until the new year. New York’s moratorium on commercial evictions and foreclosures due to non-payment of rent will be in place through Jan. 1, 2021, Gov. Andrew Cuomo announced in a press conference Tuesday. The governor can only extend the ban for 30-day periods — meaning the latest order will need to be renewed again on Nov. 19. A spokesperson for the governor’s office |
| The REInterview: Reeves Wiedeman on the manic rise and fall of Adam Neumann and WeWork Posted: 20 Oct 2020 03:21 PM PDT Dream no small dreams, for they have no power to move the hearts of men — or venture capitalists. Adam Neumann, the co-founder and former CEO of WeWork, certainly wasn’t guilty of small dreams. From being a broke émigré living rent-free in his sister’s apartment to building one of New York’s largest real estate companies to becoming the head of one of the country’s five most valuable startups to wanting to “elevate the world’s consciousness,” |
| Starwood loses control of another mall in default Posted: 20 Oct 2020 02:49 PM PDT Starwood Retail Partners is giving up on one of its suburban Chicago malls, handing over the keys to its lender after first defaulting on a loan payment in the spring. The move comes two months after parent company Starwood Capital Group lost control of a seven-property regional mall portfolio. The Chicago property is the nearly 1 million-square-foot Louis Joliet Mall. Starwood last made a payment on its $85 million CMBS loan in March, and is |
| Cushman & Wakefield paints bleak picture for Manhattan office market Posted: 20 Oct 2020 01:22 PM PDT Statistics on the Manhattan office market’s dismal third quarter continue to roll in, and the situation for landlords remains grim. Commercial brokerage Cushman & Wakefield recently summed up some of the key data points in a message to its clients, Seeking Alpha reported: Occupancy is still below 15 percent, leasing is down almost 50 percent year-over-year, and sublease space has surged to account for a quarter of all space on the market. “As you can |
| Billionaire Rockstar Energy founder flips Elin Nordegren’s former North Palm Beach estate for $48M Posted: 20 Oct 2020 01:00 PM PDT Rockstar Energy Drink founder Russell Weiner likely got a boost of energy after he flipped his North Palm Beach homes for more than $48 million — reaping a 45 percent gain in one month. The billionaire entrepreneur bought the properties from Swedish model Elin Nordegren, the ex-wife of golfer Tiger Woods, for nearly $33 million in September. Property records show he sold the oceanfront mansion at 12520 Seminole Beach Road for $41.8 million to Tranquil |
| Posted: 20 Oct 2020 12:30 PM PDT It’s hard to pigeonhole Square Mile Capital. The investment firm has been among the most active players of this cycle in all parts of the real estate ecosystem, from construction lending to distressed opportunities to refinancings to ground-up projects. And co-founder Craig Solomon likes it that way. His Manhattan-based firm made its name as a lender in the heady days of 2006 and 2007, when swashbucklers like Kent Swig were buying up Downtown and it |
| JEMB Realty claims virus is “pollutant” in Midtown insurance battle Posted: 20 Oct 2020 11:50 AM PDT Is the coronavirus a pollutant? JEMB Realty thinks so, based on a lawsuit filed against its insurer. The landlord’s suit, filed in the Southern District of New York, claims that Greenwich Insurance Company should have covered JEMB’s losses at a Midtown South commercial building during the pandemic. The insurance policy at JEMB’s Herald Center, 1293 Broadway, defines pollutants as “any solid, liquid, gaseous or thermal pollutant, irritant or contaminant.” The coronavirus qualifies, given that it |
| Poof! Adam Neumann’s $185M WeWork gig disappears Posted: 20 Oct 2020 10:35 AM PDT Adam Neumann’s controversial $185 million WeWork consulting deal is no more, according to Marcelo Claure, the company’s executive chairman. “I don’t think that consulting agreement is still in force,” Claure said at The Wall Street Journal’s Tech Live conference Monday, according to the Journal. “I think Adam may have violated some of the parts of the consulting agreement, so that’s no longer in effect.” The deal was part of the WeWork founder’s generous exit package |
| “It’s compliance warfare”: Industry slams landlord accountability bills Posted: 20 Oct 2020 10:16 AM PDT Two bills from the city’s public advocate would significantly raise the stakes for property owners with housing violations:. The legislation, which was introduced by Public Advocate Jumaane Williams last week and has been in the works since at least January, would raise the penalties for property owners with maintenance deficiencies in their buildings, and put those landlords on a new “watchlist.” . The first bill would mandate that the Department of Housing Preservation and Development |
| Stephen Ross slashes price of Time Warner Center penthouse Posted: 20 Oct 2020 09:45 AM PDT Not even Stephen Ross can avoid price chopping in this market. The Related Companies boss and Miami Dolphins co-owner cut the asking price for his Time Warner Center penthouse to $62.5 million — a 17 percent discount from the original $75 million price tag. Spanning 8,274 square feet atop the Related-developed condo tower, Ross’ unit is now priced at $7,553 per square foot, putting it at the upper end of the struggling luxury market. Listing |
| AMC faces serious cash crunch despite theaters reopening Posted: 20 Oct 2020 09:15 AM PDT Movie theaters are reopening across the country, but that may not be enough to save some of the biggest cinema operators. AMC Entertainment Holdings, one of the world’s largest movie theater operators, said it could run out of cash by the end of the year if it can’t find additional sources of liquidity, Reuters reported. The company said in a filing on Tuesday that “substantial doubt exists about the company’s ability to continue as a |
| Pretium, Ares agree to buy Front Yard Residential Posted: 20 Oct 2020 08:45 AM PDT Pretium and Ares Management have agreed to buy Front Yard Residential in a deal valued at $2.4 billion. If it’s finalized, Pretium and Ares would own and operate more than 55,000 homes across the U.S., making the newly combined company the second-largest single-family home landlord in the country, Bloomberg News reported. The deal highlights Wall Street’s growing interest in the single-family rental space since the onset of the coronavirus. Blackstone Group, Nuveen Real Estate, and |
| Brooklyn home sales drop by 57%, but prices rise Posted: 20 Oct 2020 08:15 AM PDT The pandemic paradox is holding strong in Brooklyn: Even though the number of homes sold has dipped dramatically from last year, prices remain higher. An analysis of third-quarter property sales by The Real Deal found that the one- to three-family market in Brooklyn suffered a massive slowdown, with the overall number of deals dropping by 57 percent year-over-year. From July to September, 582 sales closed in the borough, totaling $660 million. That’s down from 1,356 |
| Design, click, build: Startup sells new homes online Posted: 20 Oct 2020 07:32 AM PDT Building a new home from the ground up may get easier thanks to a New York City startup that’s bringing the entire process online. Welcome Homes, which officially launches this week, lets buyers choose a plot of land, select finishes for their new home and put down a deposit on the platform. The company has raised a $5.35 million seed round led by Global Founders Capital, and is available in Westchester County, Morris and Bergen |
| Housing starts jump as homebuilder confidence rises Posted: 20 Oct 2020 07:24 AM PDT The number of homes under construction surged across the U.S. last month as homebuilder confidence kept rising. In September, housing starts for single-family properties stood at 1.4 million, seasonally adjusted, according to the U.S. Census Bureau’s monthly report on residential construction. That’s a jump of about 11 percent year over year. The number is also up about 2 percent from August levels. Housing starts fell in August by 5 percent, or 76,000 units, compared to |
| Travis Kalanick cooks up a real estate empire Posted: 20 Oct 2020 07:10 AM PDT Uber co-founder and ex-CEO Travis Kalanick has quietly amassed a real estate empire over the past two years. Companies tied to Kalanick’s CloudKitchens, a startup that rents available space to food delivery businesses, have snapped up more than 40 properties across the country for more than $130 million, the Wall Street Journal reported. Kalanick’s assets include closed restaurants, auto-body shops and warehouses in cities like Las Vegas, Nashville, and Portland, Oregon. CloudKitchens is a “ghost |
| The best space heaters to warm up your workspace Posted: 20 Oct 2020 06:30 AM PDT Note: These items are independently selected by our team. However, TRD may receive a commission when you purchase products through affiliate links. There are few office conflicts more common than the fight over the thermostat. Maybe it’s true that our brains think better when it’s cold out, but having to stay bundled up in the workplace can be a major distraction. And for many, working from home is no solution. Some are reluctant to crank |
| Duplex sells at Vornado’s 220 CPS for $65M Posted: 20 Oct 2020 06:00 AM PDT After a string of big-ticket closings last month, Vornado Realty Trust has sold a duplex at 220 Central Park South for $65 million. The unit, which occupies the eighth and ninth floors in the “villa” portion of the condo, went into contract in February 2018, according to property records. It closed this October for $65.6 million. The buyer, named only as ENKA Residence LLC, secured a $32.5 million mortgage from Bank of America, records show. |
| Betting on distress: Bulk condo website launches, aimed at investors Posted: 20 Oct 2020 05:30 AM PDT Miami-based Condo.com founder Richard Swerdlow and South Florida developer Bruce Goldstein are partnering to launch an online platform for bulk condo deals, The Real Deal has learned. They’re betting on the growing distress of condo markets across the country and developers’ desire to keep their offers confidential. Swerdlow and Goldstein are rolling out their nationwide website, BulkCondoDeals.com, so that developers and other sellers can post their bulk deals – defined as more than one condo |
| Muted week for middle of the i-sales market Posted: 20 Oct 2020 05:00 AM PDT The middle of the investment sales market was quiet last week, with just two transactions between $10 million and $30 million. An apartment building sold in Queens and an educational building previously operated as a day care sold in Brooklyn. The sale of a mixed-use building in Manhattan, previously reported by The Real Deal, was also recorded this week. Here are details of new mid-market i-sales for the week ending Oct. 16. The estate of |
| Does Brookfield’s balance sheet fully reveal the health of its real estate? Posted: 20 Oct 2020 04:30 AM PDT Standing in front of a mostly virtual audience in a fitted dark suit with slicked-back salt-and-pepper hair, Brian Kingston attempted to calm investors’ nerves about the coronavirus’ impact on real estate. “Ultimately, this is temporary,” the CEO of Brookfield Property Partners said at the firm’s investor day in late September. “We will recover, we’ll come out the other side of it.” The numbers were concerning: As of Sept. 18, only about 10 percent of Manhattan |
| Porch CEO: SPAC deal gives us $200M and a clean slate Posted: 20 Oct 2020 04:00 AM PDT Porch’s merger with a blank-check company will wipe out its history of losses and set the stage for massive revenue growth, according to the startup’s chief executive. In an interview with The Real Deal, founder and CEO Matt Ehrlichman defended Porch’s finances after an IPO filing revealed $263 million in cumulative losses as well as liquidity concerns. Ehrlichman said the deal would give Porch $200 million in cash and no debt. “It gives us a |
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