The Real Deal - New York Real Estate News

Cushman launches $250M SPAC

Posted: 12 Mar 2021 03:50 PM PST

Yet another major real estate firm is jumping on the blank-check bandwagon. Cushman & Wakefield has formed a special-purpose acquisition company, C&W Acquisition Corp., that aims to raise $250 million from investors to take a company public, according to the firm’s filing with the Securities & Exchange Commission. The firm’s executive chairman and CEO Brett White and CIO Nathanial Robinson will lead the SPAC as board chairman and CEO, respectively. But unlike some of the

Taconic, Nuveen land $600M recapitalization for life sciences hub

Posted: 12 Mar 2021 03:00 PM PST

A major life sciences hub on the Upper West Side has completed a $600 million recapitalization. Taconic Partners, in partnership with Nuveen Real Estate, has been at work to transform an office building at 125 West End Avenue, and recently secured $393 million in construction financing from Apollo Global Management and Oaktree Management, the Commercial Observer reported. In addition, as part of a $600 million capitalization, LaSalle Investment Management has joined the project as an

Compass slams REBNY with antitrust suit

Posted: 12 Mar 2021 02:31 PM PST

The Real Estate Board of New York represents the interests of the city’s many residential brokerages. Compass says it’s not one of them. The brokerage alleges in a new lawsuit that REBNY has conspired with Douglas Elliman and the Corcoran Group to “thwart” its business in New York City. The complaint was filed in federal court for the Southern District of New York Friday afternoon. (Elliman and Corcoran are not defendants in the case, but

Condo, co-op boards mull vaccine mandates for building workers

Posted: 12 Mar 2021 02:00 PM PST

As more New Yorkers become eligible for the Covid-19 vaccine, some condominiums and cooperatives are considering whether to mandate that building workers be inoculated. Attorney Leni Morrison Cummins said she has begun drafting vaccination policies for a handful of the 75 condominium and cooperative boards she represents. “I am recommending that boards consider adopting a policy,” she said. “You have every legal right.” Such policies would apply to doormen, building managers, security guards, cleaners and

Labor groups pitch alternatives to comply with emission caps law

Posted: 12 Mar 2021 01:15 PM PST

Gov. Andrew Cuomo wanted to make it easier for owners to comply with New York City’s building emission caps. But as budget negotiations heat up, labor groups are suggesting tweaks, while others are calling for a completely alternative path. As part of his proposed budget, the governor wants to allow property owners to buy renewable energy credits generated outside New York City to help meet new carbon emission caps put in place by the city’s

Soho slowly bounces back with new retail leases

Posted: 12 Mar 2021 11:45 AM PST

Like many of the city’s major retail districts, Soho has been hit hard by the pandemic, with foot traffic falling and landlords taking a hit on rents. But there are some signs of life in the neighborhood, with new leases being signed in recent weeks. Notably, women’s clothing store Pinko inked a deal to take over a former Bed, Bath & Beyond at 143 Spring Street, the Wall Street Journal reported. The Italian brand will

The Hamptons housing market is sitting pretty

Posted: 12 Mar 2021 11:00 AM PST

The Hamptons property continues to tighten in the post-coronavirus era. Homes are hitting the market, but even more are selling, according to Behind the Hedges. New listings in the first week of March were 72 percent higher than the same time a year ago, but contracts still outpaced what was hitting the market. Some agents are seeing properties selling above asking price. The shrinking inventory is also affecting the rental market. Gross booking value increased

Target moves to hybrid work-from-home model for corporate office

Posted: 12 Mar 2021 09:00 AM PST

Target is making moves to take its corporate workforce remote after a banner year in sales. The company will cease operations at the City Center building in downtown Minneapolis and will find alternative office accommodations for its 3,500 workers, the New York Times reported. More than 25 percent of the big-box retailer’s Minneapolis-area corporate employees work in the building. Company officials said that in the long-term, Target will move toward a “hybrid model of remote

Standard Hotel to erect sidewalk shed on High Line after debris falls

Posted: 12 Mar 2021 08:30 AM PST

A shadow has fallen over a portion of the High Line after a chunk of paneling on an adjacent hotel came off the building. The Standard Hotel, which straddles the southern end of the elevated park, will erect a 450-foot stretch of scaffolding over the High Line to safeguard pedestrians from falling debris, the New York Post reported. On January 2, an 8-foot portion of cement-and-fiberglass paneling tumbled off of the hotel, according to the

Ohio judge blocks federal eviction ban, but stops short of injunction

Posted: 12 Mar 2021 07:45 AM PST

An Ohio judge has ruled that the federal eviction ban is unlawful, but stopped short of issuing an injunction to halt the moratorium across the country. In a March 10 ruling, U.S. District Judge Philip Calabrese said that the Centers for Disease Control lacked the statutory authority to ban evictions. The decision allows landlords in the Northern District of Ohio, which includes Cleveland and Toledo, to issue eviction orders. It may also cast doubt on

Mayoral candidates tackle affordability, cancel rent in housing debate

Posted: 12 Mar 2021 07:00 AM PST

The top mayoral hopefuls agree that more affordable housing for the lowest-income New Yorkers is needed. But the details on how best to do that get a bit fuzzy. During the first televised mayoral forum of the 2021 race, NY1 host Errol Louis asked the Democratic candidates if they would provide a “hard number expressed as household income of the kinds of families” their affordable housing programs would target and if housing that targets families

Blackstone expands Manhattan HQ

Posted: 12 Mar 2021 06:30 AM PST

As office workers continue to shun Manhattan, a leading asset manager is expanding its presence there. Blackstone Group has signed a deal to expand its Midtown office at 345 Park Avenue by an additional 80,000 square feet, bringing its total square footage to 720,000 square feet, Bloomberg News reported. The firm, led by CEO Stephen Schwarzman and president Jon Gray, also extended its lease for an additional year, through 2028. Blackstone’s headquarters have been at

Reality show will follow Black, female-run Tampa brokerage

Posted: 12 Mar 2021 06:00 AM PST

Another real estate reality TV show is coming. This one will be filmed in Tampa and will follow Allure Realty, a Black, female-run real estate brokerage, according to Deadline. So far untitled, it will appear on Netflix, from the executive producer of “Selling Sunset.” Allure’s owner and broker, Sharelle Rosado, is also a military veteran. The brokerage sells luxury waterfront homes along the Suncoast. Rosado has been licensed as a broker in Florida since 2017,

CIM, LIVWRK look to sell Dumbo rentals for $235M

Posted: 12 Mar 2021 06:00 AM PST

Developers behind an amenity-packed residential project in Dumbo are looking to sell its rental portion for $235 million — the biggest offering of its kind so far this year in Brooklyn. CIM Group and LIVWRK have put the 320-unit rental portion of their Front & York project on the market, according to an offering memo for the property. The block of rentals is part of the 1.1 million-square-foot building at 85 Jay Street designed by

NYC’s real estate industry escaped huge job losses. Here’s why:

Posted: 12 Mar 2021 04:00 AM PST

New York City real estate avoided some of the deepest cuts seen during a year of record job losses across most industries. Despite challenges like a temporary ban on in-person property showings and the spring shutdown’s outsized damage to retail and hospitality, the city’s real estate job cuts were mild compared to its broader workforce. Across the five boroughs, jobs in the real estate sector fell 6.7 percent last year to 136,000 positions, according to