The Real Deal - New York Real Estate News

Here are Chicago’s priciest residential sales of 2020

Posted: 18 Dec 2020 03:00 PM PST

The pandemic pushed many Chicago luxury buyers out of the city and into the burbs, as five of the 10 priciest residential properties that sold in Cook County in 2020 were in tony Winnetka. That included the most expensive home on the list, a 6,000-square-foot estate at 203 Sheridan Road, which includes 9,000 square feet of private beach fronting Lake Michigan. It was also one of four homes on Sheridan Road that made this year’s

601W lands $705M loan to fund West Side office buy

Posted: 18 Dec 2020 02:15 PM PST

The 601W Companies landed a massive loan for what’s said to be the biggest office property to trade hands since the start of the pandemic. JPMorgan Chase is providing the Chicago-based investor with a $705 million loan to fund the acquisition of SL Green Realty Trust’s 410 10th Avenue, Commercial Observer reported. The seven-year, fixed-rate loan will be securitized. 601W is paying $952.5 million, or roughly $1,550 per square foot, for the 636,000-square-foot office property.

REBNY taps Patrick Jenkins to consult on “job creation,” pandemic recovery

Posted: 18 Dec 2020 02:10 PM PST

As the threat of a pied-à-terre tax mounts, an entity tied to the Real Estate Board of New York has hired a consultant who worked to kill the measure last year. But the consultant, Patrick Jenkins, says he isn’t tackling the controversial tax, nor other hot-button industry issues, including a proposed blanket eviction moratorium. Rather, “the work is to focus on job creation and job growth coming out of this crisis,” he said. Putting New

Aby Rosen says firms have been too “nice-nice” with employees

Posted: 18 Dec 2020 01:30 PM PST

Aby Rosen is no fan of the work-from-home phenomenon. In fact, the RFR Holding chief says companies have been too “nice-nice” with their employees. At his portfolio — which includes the Seagram Building and a number of Fifth and Madison Avenue office towers — tenants are still paying rent but only 12 percent of workers have returned, according to Bloomberg News. Like many other real estate executives, Rosen has brought back his full staff. His

Global CFOs have a message for real estate investors: We’re cutting space

Posted: 18 Dec 2020 12:45 PM PST

The Covid-19 vaccine is being distributed across the country, but it may already be too late for commercial real estate landlords and investors. Companies around the globe are looking at how they can cut costs in the wake of the coronavirus pandemic, and scaling back real estate holdings is one big way they’re looking to do so. Bloomberg analyzed transcripts from over 4,700 earnings calls between July 21 and Dec. 8, and found that one

New York’s rent relief program reopens

Posted: 18 Dec 2020 12:10 PM PST

A state program to provide relief to renters facing financial hardship reopened today, ahead of a fast-approaching deadline to use the federal funds. The slight expansion of the program comes after a report from the agency showed that more than half the applications for relief were denied — and only $40 million of the available $100 million in federal funding had been doled out. The state was faced with the possibility of losing the federal

“Shark Tank” investor looks to flip Los Angeles mansion

Posted: 18 Dec 2020 11:30 AM PST

Robert Herjavec, a longtime investor on the reality show “Shark Tank,” is hunting for a deal in Los Angeles. The Canadian businessman and television personality listed his Hidden Hills mansion for $17.3 million, just 16 months after he bought it for $14.6 million, according to the Variety. The “modern farmhouse” property includes a main house and guest house, which together have seven bedrooms and nine bathrooms. They total 14,400 square feet, and sit on 1.8

Former Cantor Fitzgerald CEO buys Boca Raton home for $6M

Posted: 18 Dec 2020 10:50 AM PST

A former CEO of Cantor Fitzgerald paid $5.6 million for a home in the Boca Raton’s Royal Palm Yacht & Country Club. Philip A. Marber bought the house at 2333 Acorn Palm Road from David O. Meehan and his wife, Holly, according to records. David Meehan is executive vice president of partnership development at the GEO Group in Boca Raton. The publicly traded real estate investment trust invests in private prisons and mental health facilities

Keller Williams drops mobile application Smarter Agent

Posted: 18 Dec 2020 09:08 AM PST

Keller Williams is shutting down its popular mobile real estate search app. The Smarter Agent platform will continue to provide services to clients until the agreement with Keller Williams expires, Inman reported. Texas-based brokerage firm Keller Williams has had a controlling stake in the platform, which lets users create branded real estate search apps, since 2018. At the time of the acquisition, Keller Williams also brought on 31 mobile web developers. Early in 2020, Keller

Long Island housing market remains hot as winter sets in

Posted: 18 Dec 2020 07:54 AM PST

Median home prices in Suffolk and Nassau counties hit record highs in November, thanks in large part to low mortgage rates, according to Newsday. Suffolk County’s median sales price was $472,500, up 18.4 percent from November 2019. That trend appears to be continuing, as pending sale prices were up 16 percent year-over-year. The number of sales was 19 percent higher. Nassau County’s median sales price hit $598,000, up 11.9 percent year-over-year, and pending sales prices

NYC lost $1.2B in real estate tax revenue

Posted: 18 Dec 2020 07:18 AM PST

The sputtering real estate market took a $1.2 billion bite out of New York City’s revenue this year so far, a report by the Real Estate Board of New York found. Sales of commercial and residential properties are down 49 percent for the year through November, Bloomberg reported. That in turn has led to a crippling decline in revenue for New York City, which depends on real estate taxes to keep the lights on. Revenue

Emerald Equity, David Werner behind on loan for East Village rental

Posted: 18 Dec 2020 06:30 AM PST

Isaac Kassirer’s Emerald Equity and David Werner Real Estate Investments have fallen behind on a CMBS loan backing a high-end rental building at 2 Cooper Square. The firms are 30 days delinquent on the $65 million loan, Commercial Observer reported. Atlantic Development Group built the 143-unit luxury high-rise between East Fourth and East Fifth streets in 2010. Two years later, Wafra Capital Partners purchased the 70-year leasehold for $134 million, then sold it in 2019

Meet the “wellness real estate movement” evangelist

Posted: 18 Dec 2020 06:00 AM PST

On the latest episode of Coffee Talk, TRD’s Amir Korangy sat with wellness real estate CEO Paul Scialla, whose company Delos has raised over $230 million to further its mission of, as Scialla put it, “merging the health sciences with the building sciences.” The company has been valued at over $1 billion and attracted attention back in 2014 with a wellness-first development. The project’s residents, including Delos board members Deepak Chopra and Leonardo DiCaprio, enjoyed vitamin-C

Anne Hearst and Jay McInerney buy in Malibu

Posted: 18 Dec 2020 05:30 AM PST

Anne Hearst, the granddaughter of famed publisher William Randolph Hearst, and novelist Jay McInerney scooped up a Malibu house on Colony Beach. The couple paid $10.7 million for the home at 23350 Malibu Colony Road, according to the Los Angeles Times. The sale was about 10 percent below asking. The 90-year-old two-story house has four bedrooms and four bathrooms and totals 2,520 square feet. The property hit the market this summer for the first time

10 biggest new real estate projects in NYC in 2020

Posted: 18 Dec 2020 05:00 AM PST

Planning a new development project in New York City is not for the faint of heart, but some builders remained undeterred in 2020 — even in the face of the Covid-19 pandemic, as well as rising anti-development sentiment. This year saw the defeat of the Industry City rezoning, which would have transformed Sunset Park, as well as the Olnick Organization’s Lenox Terrace expansion. There was a near-miss with the Special Flushing Waterfront District, which was

Tales from the industrial boom

Posted: 18 Dec 2020 04:30 AM PST

A former Miami golf course turned into an industrial park. A Hollywood warehouse chopped up into six smaller offerings. And a bidding war over industrial space in East Hialeah. Commercial brokers recount these tales in South Florida, a market with high demand for warehouses but not enough industrial-zoned land for new development. Industrial experts must turn to creative problem solving, as a reluctance to visit brick-and-mortar stores has led to a boom in online shopping

Here are NYC’s 10 biggest investment sales of 2020

Posted: 18 Dec 2020 04:00 AM PST

New York’s investment sales market is often seen as a barometer for real estate the world over. And as the list of the Top 10 deals of 2020 shows, it was a rough year. The largest deals totaled just about $4 billion worth of sales, roughly half of the $8 billion recorded in 2019. Coming into the year, the landscape was already challenged. New rent laws put into place in 2019 were hampering sales activity