The Real Deal - New York Real Estate News

Cuomo proposes tax credits for restaurants, income tax increases

Posted: 19 Jan 2021 03:45 PM PST

Gov. Andrew Cuomo has two major asks of the incoming Biden administration: $15 billion in federal aid and a repeal of the cap on state and local tax deductions. During an address Tuesday on his proposed fiscal year 2022 budget, Cuomo said the state would “pursue litigation” if it doesn’t receive a “fair share” of a $1.9 trillion relief bill President-elect Joe Biden pitched last week. The bill proposes $350 billion in federal funding for

HFZ, Ziel Feldman sued for default on Upper East Side loan

Posted: 19 Jan 2021 03:25 PM PST

Another day, another lawsuit for HFZ Capital Group and its founder, Ziel Feldman. Great Neck, New York–based W Financial REIT is suing an affiliate of HFZ and Feldman for defaulting on a loan tied to five Upper East Side properties. W Financial REIT provided the $43.6 million loan in February for five properties: 150, 152 and 154 East 79th Street, and 1131 and 1135 Lexington Avenue. The lender alleges that Feldman, HFZ’s managing principal, personally

Ivanka Trump, Jared Kushner to rent luxury condo in Miami’s Surfside

Posted: 19 Jan 2021 03:20 PM PST

Ivanka Trump and Jared Kushner are making moves in South Florida. President Donald Trump’s daughter and son-in-law will be renting a luxury condo at developer Alex Sapir’s Arte by Antonio Citterio in Surfside, the Wall Street Journal first reported. The couple has been busy picking up real estate in Florida as they plan for their lives after they depart the White House. Before the end of the year, they paid $32 million for a waterfront

Matt Damon lists Pacific Palisades mansion and heads to NY

Posted: 19 Jan 2021 03:00 PM PST

Matt Damon and his wife have listed their Pacific Palisades mansion for $21 million, as the couple intends to move their family to New York City, where they bought a penthouse two years ago. The Academy Award-winning actor and wife Luciana Barroso are set to list their 13,500-square-foot home, according to the Wall Street Journal. They paid $15 million for the seven-bedroom modernist property in 2012, and haven’t renovated it beyond some cosmetic work, listing

Brooklyn luxury market roars back to life

Posted: 19 Jan 2021 02:30 PM PST

The market for luxury Brooklyn homes — and townhouses in particular — came back to life after a slow start to the year. Twenty-five homes asking over $2 million went into contract last week, according to Compass’ weekly report. Of those, 17 were townhouses. The total of those asking prices was $83 million, up from $37.6 million the week before. Notably, the average price per square foot for townhouses cracked $1,000 for the first time

City Council mulls bill giving nonprofits first crack at buying resi buildings

Posted: 19 Jan 2021 02:15 PM PST

The City Council is considering two bills that seek to ensure more affordable housing is created and controlled by nonprofits. One measure, dubbed the Community Opportunity to Purchase Act, would require city-approved nonprofit organizations or community land trusts be given the first chance to buy residential buildings with three or more apartments when they are put up for sale. The other would create a land bank that would warehouse properties and then prioritize selling them

Biden’s fair housing face-off

Posted: 19 Jan 2021 01:00 PM PST

For decades, New York City has offered communities an enticing deal: Approve new housing and locals will get half of the affordable units. But in 2014, the Obama administration warned the city that so-called “community preference” might be reinforcing segregation. The city balked, offering to tweak the policy but not to dump it. “Without any promise of local benefits,” wrote Vicki Been — then head of the New York City’s main housing agency — getting

Zillow is now charging for rental listings

Posted: 19 Jan 2021 12:38 PM PST

Against the backdrop of a booming housing market, Zillow is upping its fees for agents and for the first time will charge them to post rental listings. As of Jan. 12, the Seattle-based listing giant is no longer syndicating listings from multiple listing systems. Instead, agents will be charged $9.99 per week to post rental listings, according to an email sent to agents. “This encourages our rental owners and managers to remove listings promptly when

Urbanspace inks lease for Financial District food hall

Posted: 19 Jan 2021 11:40 AM PST

A new food hall is coming to the Financial District. Urbanspace inked a 14,722-square-foot, ground-floor lease at 100 Pearl Street. The location will have 12,702 square feet dedicated to its food hall operations, along with an additional 2,020 square feet of back of house space. The food hall will take over the dark, somewhat depressing privately owned public space that connects Water and Pearl streets, and bring 16 “chef-driven food concepts” to the neighborhood. It’ll

All the self-care items you need to stay fresh in 2021

Posted: 19 Jan 2021 10:50 AM PST

Note: These items are independently selected by our team. However, TRD may receive a commission when you purchase products through affiliate links. Real estate can be a high-risk, high-reward industry. That said, it can also be high-stress. Implementing a little bit of self-care into your day — whether as simple as lighting a candle or as involved as a 10-step beauty routine — will help you put your best foot forward. A feel-good smoothie or

Chris Bosh sells waterfront Miami Beach mansion for $15M

Posted: 19 Jan 2021 10:00 AM PST

Retired Miami Heat basketball star Chris Bosh sold his waterfront Miami Beach estate for more than $15 million, The Real Deal has learned. Bosh, who first listed the property at 6396 North Bay Road for $18 million about three years ago, sold the mansion to an undisclosed buyer in an off-market deal, according to an email blast obtained by TRD. Diane Lieberman of One Sotheby’s International Realty represented Bosh and his wife, Adrienne Williams Bosh,

Title insurers launch new closing tools as homebuying rises

Posted: 19 Jan 2021 09:30 AM PST

As Americans look to take advantage of the historically low interest rates and buy new homes, more companies are providing platforms and tools to expedite the closing process. One of the nation’s largest title insurance companies, Fidelity National Financial, recently launched a guided digital closing tool for real estate transactions, Inman reported. It is one part of the company’s broader platform that provides transaction tracking, e-notarization and e-closing services for agents and buyers, according to

Friendly’s saved from bankruptcy, preserving 130 locations

Posted: 19 Jan 2021 09:10 AM PST

It’s all smiles for Friendly’s. The casual dining chain has been saved from bankruptcy by Amici Partners Group, which invests in and runs eateries. The investment firm, which is affiliated with Brix Holdings, plans to keep 130 corporate-owned and franchised Friendly’s locations open. Friendly’s filed for bankruptcy and announced a tentative deal with Amici in November. At the time, it was reported that the chain would sell for $2 million, but the parties didn’t disclose

Industrial now 36% of Blackstone’s RE portfolio

Posted: 19 Jan 2021 08:15 AM PST

In the past five years, Blackstone has pivoted its portfolio away from retail and hotels and instead turned toward one of real estate’s hottest asset classes — industrial — helping the investment firm avoid losses that others are now facing. The company bolstered its presence in the industrial sector to account for 36 percent of its real estate equity value, up from only 9 percent in 2017, according to the Wall Street Journal. Demand for

Workforce housing investor gets $320M boost

Posted: 19 Jan 2021 07:30 AM PST

A private equity firm that backs workforce housing is getting a financial boost. Almanac Realty Investors, an affiliate of Neuberger Berman, is investing $320 million in Asia Capital Real Estate. The investment will target multifamily properties that provide housing to people who don’t qualify for subsidized housing, according to Bloomberg News. The companies said investors are attracted to this subset of real estate because it provides more consistent, safer returns — a particular draw since

Converting empty malls to warehouses isn’t easy

Posted: 19 Jan 2021 06:50 AM PST

As demand for e-commerce grew and large tenants like Sears closed up shop, some mall owners sought to redevelop their struggling properties into warehouses, residential buildings or office properties. But the task has proven more challenging than expected, according to the Wall Street Journal. Mall owners are required to spend hundreds of millions of dollars on construction and labor costs. The new developer might not have ownership of the individual department stores or parcels, further

Mid-market muscles up: $154M in deals last week

Posted: 19 Jan 2021 06:00 AM PST

It was another strong showing for New York City investment sales between $10 million and $30 million. Ten deals, of which half were in Long Island City, combined for a total weekly volume of $154 million, edging out last week’s $143 million. Here are more details for the week ending Jan. 15. 1. Rudd Realty sold two mixed-use buildings, each with 16,600 square feet and 24 units, at 140 and 142 West 4th Street in

Phil Collins finds buyer for waterfront Miami Beach estate listed for $40M

Posted: 19 Jan 2021 05:30 AM PST

Phil Collins found a buyer for his waterfront Miami Beach mansion. Collins’ sale of his home at 5800 North Bay Road is pending, according to Realtor.com and other listings websites. The 11-bedroom, 10-bathroom mansion, which once belonged to Jennifer Lopez, hit the market in December for $40 million. Jill Hertzberg, of the Jills Zeder Group at Coldwell Banker, has the listing. The 10,769-square-foot Mediterranean Revival estate, built in 1929, sits on a 1.2-acre lot. It

What office tenants pay at Witkoff & Cammeby’s Woolworth Building

Posted: 19 Jan 2021 05:00 AM PST

Overlooking City Hall Park in Lower Manhattan, the Woolworth Building was the tallest in the world when built in 1913. The Woolworth family sold the 60-story tower in 1998, and in 2012 the Witkoff Group and Cammeby’s International sold the top half to Alchemy Properties, which would convert it into high-end condos. Witkoff and Cammeby’s still own the office portion of the building, at 233 Broadway, and in 2015 refinanced it with a $256 million

Paradise found: Can Francis Suarez make Miami the next Big Tech mecca?

Posted: 19 Jan 2021 04:30 AM PST

You could call it the tweet heard around the world. In early December, Delian Asparouhov, a principal at venture-capital firm Founders Fund, threw out a proposal moving Silicon Valley to Miami. Francis Suarez, a real estate attorney who stepped into the mayor’s chair in 2017, quote-tweeted the investor. He asked, “How can I help?” Suarez’s response went viral with more than 2 million impressions and thousands of likes. The mayor later likened it to “catching

Corcoran to sublet 50K sf in IBM Building

Posted: 19 Jan 2021 04:00 AM PST

The Corcoran Group is betting on New York City’s office market. The brokerage is moving to the IBM Building at 590 Madison Avenue, where it is subleasing the seventh and eighth floors from Aspen Insurance. The brokerage signed a lease for 11 years and two months for the 48,200-square-foot space, which is roughly the same size as its former office space at 660 Madison Avenue. The new space will be home to the brokerage’s corporate