The Real Deal - New York Real Estate News

Eyeing eviction “avalanche,” bill would quicken Right to Counsel rollout

Posted: 26 Jan 2021 03:23 PM PST

With an eye on a looming “avalanche” of evictions, some City Council members want to speed up the expansion of a law that guarantees legal representation for low-income tenants. A proposed bill seeks to immediately apply the Right to Counsel law citywide. The measure, which has gradually been rolled out by ZIP code since 2017, was originally slated to include all tenants citywide by July 31, 2022. But with the eventual expiration of federal and

HAP Investments unveils new plans for Journal Square high-rise

Posted: 26 Jan 2021 01:51 PM PST

A new high-rise and a public park could soon be coming to Jersey City. New York-based HAP Investments unveiled new plans for a 42-story apartment building at 500 Summit Avenue in Journal Square. Its 902 rental units will range from studios to three bedrooms, with prices expected to start at $2,300 and topping out at around $5,000 per month. The new plans also call for a nearly one-acre public park, which could include a playground

Matthew Perry parts with Malibu beach house for $13M

Posted: 26 Jan 2021 01:15 PM PST

It’s one Los Angeles property down and another to go for Matthew Perry. The “Friends” star sold his beachfront home in Malibu for $13.1 million, but is still looking to unload his larger Century City penthouse, the Los Angeles Times reported. The two-story Malibu home at 25438 Malibu Road is 5,500 square feet, and has four bedrooms and 3.5 bathrooms. Both levels open up to decks on the beach-facing side of the house. Perry listed

Lawmakers one-up Cuomo with commercial eviction and foreclosure bill

Posted: 26 Jan 2021 12:30 PM PST

The New York state legislature is moving ahead with its own commercial eviction and foreclosure bill, despite Gov. Andrew Cuomo including a similar measure in the state’s budget. The bill, sponsored by Assembly member Harry Bronson of Rochester and Sen. Anna Kaplan of Long Island, would ban evictions of businesses with fewer than 50 employees until May 1. It differs from the current blanket eviction ban, which draws no distinction between small and large businesses.

Life sciences boom continues with 36M sf in works

Posted: 26 Jan 2021 12:00 PM PST

Demand for life sciences doesn’t seem to be letting up. As the need for wet lab space exceeds the limited supply, more than 36 million square feet of new construction is expected to hit the top 14 life sciences markets across the United States, according to a new report by Newmark. That comes as $29.9 billion of health care venture capital poured into the market last year, a 36 percent increase from 2019. Major owners

Historic UES mansion hits market for $52M

Posted: 26 Jan 2021 11:30 AM PST

A Fifth Avenue mansion built around 1900 is set to hit the market for $52 million. The five-story, 25-foot-wide property is owned by the American Irish Historical Society, which purchased it in 1936, according to the Wall Street Journal. A spokesperson for the organization told the Journal they had decided to sell the property at 991 Fifth Avenue “in order to best enable the Society to pursue its cultural and scholarly mission in a sustainable

US home prices surged 9.5% in November

Posted: 26 Jan 2021 10:45 AM PST

In November, indices tracking U.S. home prices surpassed a historic high point of nearly 15 years ago. The S&P CoreLogic Case-Shiller US National Home Price Index rose 9.5 percent year-over-year in November, up from 8.4 percent in October. The monthly index is about 26 percent higher than the previous peak of July 2006. The 20-city home price index, which tracks the housing market in 20 cities including New York City, Los Angeles, Miami and Chicago,

Steve Wynn rolls dice with $110M mansion listing

Posted: 26 Jan 2021 09:30 AM PST

Disgraced casino mogul Steve Wynn is looking for a big payday in Beverly Hills. The billionaire is asking $110 million for his expansive mansion on Benedict Canyon Drive, according to the Los Angeles Times. Last March, Wynn was offering the 27,000-square-foot estate for $135 million in an off-market listing. In early 2018, Wynn was pushed out as CEO of Wynn Resorts following numerous allegations of sexual misconduct against him by employees over the years. The

$75M loan tied to Gramercy Park Hotel sells to anonymous buyer

Posted: 26 Jan 2021 09:15 AM PST

A $75 million loan tied to the Gramercy Park Hotel sold to an anonymous buyer. JPMorgan Chase sold the debt, which has a maximum principal amount of $75 million, to RDAC 8 LLC, according to PincusCo. The loan is secured by the Gramercy Park Hotel. Just last month, Artnet reported that the hotel’s owner, Aby Rosen’s RFR Holding, owes $900,000 in ground lease payments on the property. A notice on the hotel’s door at the

These startups want to guarantee your rent

Posted: 26 Jan 2021 08:35 AM PST

As millions of Americans struggle to pay their rent on time, investors are betting on a crop of startups to help landlords get their money. New companies such as Flex, Till and NestEgg have raised cash to put renters on flexible payment plans. Flex and NestEgg have gone as far as fronting monthly payments to landlords. And San Francisco-based rental marketplace Zumper followed suit this summer when it rolled out a rent guarantee for landlords.

Cuomo to ease Covid restrictions, but not on indoor dining

Posted: 26 Jan 2021 07:45 AM PST

New York plans to remove some of its coronavirus restrictions, but that doesn’t mean indoor dining is returning to New York City just yet. Gov. Andrew Cuomo said Monday that the state will again allow elective surgeries to continue in Erie County, where they had been suspended since Dec. 4. Cuomo also said his health department would look at other restrictions that cover the state’s largest cities such as New York City, Buffalo, Rochester, Syracuse

Multifamily landlords feel pain as tenants miss rent payments

Posted: 26 Jan 2021 06:52 AM PST

Multifamily property owners fared better in the past year than those in other real estate sectors, but as the pandemic drags on, they’re increasingly facing issues with their loan payments. The share of the riskiest apartment debt held by banks rose to 17 percent from 5 percent during the pandemic, the Wall Street Journal reported, citing data from Trepp that looked at the risk ratings from more than a dozen banks. Nearly a year after

Mid-market i-sales top $100M for third straight week

Posted: 26 Jan 2021 06:18 AM PST

It was another banner week for New York City’s mid-range investment sales: Seven deals between $10 million and $30 million combined for a total volume of $115 million. While that’s below last week’s total of $154 million, it’s still a strong showing for the third week of 2021. Manhattan had three deals, including a Tribeca retail space that sold for $3,900 per square foot. Two properties changed hands in Brooklyn, while Queens and the Bronx

Rhino raises $95M and eyes IPO

Posted: 26 Jan 2021 05:28 AM PST

Rhino, a startup offering an alternative to security deposits, has raised $95 million after a surge in demand sparked by the need for more affordable housing. The round, led by Tiger Global Management, values the New York startup at nearly $500 million, the company said Tuesday. Kairos and Lakestar also participated in the round, which is likely to be the final one before Rhino goes public, according to co-founder Ankur Jain. “There are 43 million

Tishman Speyer seeks $250M for second blank-check firm

Posted: 26 Jan 2021 05:06 AM PST

With the ink barely dry on a deal to take smart-lock maker Latch public, Tishman Speyer has launched a second blank-check firm. Through Tishman Speyer Innovation Corp. II, a new special-purpose acquisition company, the New York-based commercial landlord is looking to raise $250 million for another proptech deal, it disclosed in a regulatory filing Tuesday. Over the past five years, Tishman has strategically invested in proptech startups. “Building on these relationships, we believe our management

Real estate prices fell more in Manhattan than anywhere else in 2020

Posted: 26 Jan 2021 05:00 AM PST

Real estate prices in the U.S. have risen at a steady pace since the last recession, and even a pandemic didn’t slow things down much in 2020, according to a new report. But your mileage may vary depending on the asset class you’re interested in. Real Capital Analytics’ US National All-Property Index ended 2020 up 7.3 percent year-over-year, with a late surge following a mid-year slowdown. Growth was particularly strong for industrial and multifamily properties,

What last year’s biggest real estate lawsuits mean for 2021

Posted: 26 Jan 2021 04:30 AM PST

Partnerships crumbled, billion-dollar condo plans collapsed and commercial bankruptcies climbed. While there’s never a shortage of conflicts in a business built on big money and bigger egos, the pandemic made 2020 exceptionally catastrophic when it came to real estate litigation. Of course, even in a good year, the industry is renowned for dramatic lawsuits. But stay-at-home orders and social distancing brought a flood of new and unexpected legal problems for landlords, developers and their investors

Five key real estate proposals in Cuomo’s budget

Posted: 26 Jan 2021 04:00 AM PST

Gov. Andrew Cuomo’s $193 billion budget proposes several provisions that could benefit real estate, but the next two months will determine if any of them survive the legislative gauntlet. New York needs to close a $15 billion deficit, and the pressure is on to raise taxes on the wealthy. Cuomo has been reluctant to do that, however, but allows it would be necessary without ample federal aid. The governor has also proposed legalizing marijuana and