The Real Deal - New York Real Estate News

Chetrit to open flex-office location near Penn Station

Posted: 31 Mar 2021 03:50 PM PDT

Eli and Isaac Chetrit are joining a growing number of landlords trying to attract tenants by offering more flexibility. Workville, a flex-office company founded by Isaac Chetrit, Jacob Aini and D.J. Dashti, is opening a 60,000-square-foot location, occupying the entire building at 315 West 35th Street, Crain’s reported. The 14-story building is owned by Eli and Isaac Chetrit as well as Aini, according to public records. Isaac Chetrit and Aini purchased the property for $43

Feds settle housing discrimination lawsuit against firm, broker

Posted: 31 Mar 2021 03:20 PM PDT

A Staten Island brokerage and agent will pay $17,500 to settle a Department of Justice lawsuit alleging Black prospective tenants were not shown rentals in white neighborhoods, the agency announced Tuesday. Village Realty of Staten Island and its former broker Denis Donovan agreed to the terms after Black and white testers were treated differently, according to the suit. The brokerage and Donovan have been out of the rental business since April 2019 and don’t plan

Second foreclosure suit filed against owner of Sousa townhouse in West Village

Posted: 31 Mar 2021 02:03 PM PDT

Another foreclosure lawsuit has been filed against the owner of a West Village townhouse once owned by American composer and conductor John Philip Sousa. On Wednesday, Emigrant Bank filed a foreclosure notice against 80 West Washington Place Real Estate Holdings, the limited liability company that owns the property at 80 West Washington Place. The complaint, filed in New York State Supreme Court, claims that the owner owes the bank a mortgage principal of $13 million,

Filipino billionaire bought NYC homes with Manila casino’s money: lawsuit

Posted: 31 Mar 2021 01:12 PM PDT

Filipino gaming billionaire Enrique Razon Jr. is said to have spent nearly $60 million in recent years on luxury real estate in New York City, including $24 million for fellow casino mogul Steve Wynn’s lavish penthouse at the Plaza Hotel. But Razon allegedly bought those properties with money set aside for a casino project in Manila, according to his U.S.-based partner that claims it was cut out of the deal. “Razon has invested significant funds

Towers planned around Penn Station face backlash

Posted: 31 Mar 2021 11:00 AM PDT

Razing Midtown buildings to make way for an expanded Penn Station and nearly a dozen new towers isn’t sitting well with some community members and elected officials. The plan, announced by Gov. Andrew Cuomo in January, calls for 20 million square feet of new office, retail, hotel and residential space surrounding the transit hub and nearby. But the details remain fuzzy. More than 50 properties would be affected, and eminent domain might be necessary. Revenue

Pending home sales plunged nearly 11% in February

Posted: 31 Mar 2021 08:45 AM PDT

Home prices are soaring, but low inventory continues to hamper home sales. The pace of homes under contract fell 10.6 percent in February, marking the sixth straight monthly decline, according to the National Association of Realtors’ monthly index. February’s pending home sales were down 0.5 percent compared to a year ago, marking the first time in eight months that they fell year-over-year. NAR’s index is seen as a leading indicator of existing home sales, and

Compass cuts valuation to $7B ahead of IPO

Posted: 31 Mar 2021 08:38 AM PDT

UPDATED, March 31, 2021, 3:48 p.m.: Compass has slashed the price of shares and reduced the size of its total stock offering ahead of its IPO. In an updated S-1 filed with the U.S. Securities and Exchange Commission on Wednesday, Compass said it lowered its maximum share price to $19, a 26.9 percent drop from $26. The venture-backed brokerage is now offering 25 million shares, down from 36 million. At the new price, Compass now seeks

Survey finds huge pay gap between white and Black realtors

Posted: 31 Mar 2021 08:00 AM PDT

There’s a huge income gap between white realtors and their Black, Hispanic/Latino and Asian counterparts. White realtors made nearly three times as much in 2020 as Black agents, according to an annual survey from the National Association of Realtors, first reported by Inman. The median gross personal income for the former hit $49,400 last year. For the latter, it was just $16,700. Among Hispanic/Latino members, the median gross personal income was $26,600; for Asian/Pacific Islander

SALT shakeup: Democrats pressure Biden to repeal tax cap

Posted: 31 Mar 2021 07:36 AM PDT

As President Joe Biden unveils a multi-trillion-dollar infrastructure proposal this week, House Democrats are calling on him to repeal the Trump-era limit on state and local tax deductions, or SALT. Rep. Tom Suozzi, who represents parts of Queens and Long Island, along with Reps. Mikie Sherrill, Josh Gottheimer and Bill Pascrell of New Jersey, have publicly stated that they want to see SALT reinstated in the upcoming package, Politico reported. The legislators went so far

Banks, real estate investors circle Mall of America

Posted: 31 Mar 2021 07:00 AM PDT

A group of banks and real estate investors is poised to take over a chunk of Triple Five Group’s Mall of America in Minneapolis. JPMorgan Chase, Goldman Sachs and others are in the final stages of securing a minority stake in the property, according to the Financial Times. In 2017, Triple Five put a 49 percent stake in the Mall of America and the West Edmonton Mall in Canada as collateral to secure the $1.2

Mortgage applications dip for second straight week

Posted: 31 Mar 2021 06:30 AM PDT

A perfect storm of problems for home buyers — lack of inventory, high prices and bidding wars — may finally be putting pressure on mortgage applications. An index tracking those applications decreased 2.2 percent, seasonally adjusted, from one week earlier, according to the Mortgage Bankers Association. It’s the second week in a row that applications dipped. Mortgage rates, meanwhile, have been rising steadily for seven consecutive weeks. “Many prospective homebuyers this spring are feeling the

What you need to know about Compass’ IPO this week

Posted: 31 Mar 2021 05:45 AM PDT

Compass’ hotly anticipated IPO is finally (almost) here. The venture capital-backed residential firm is set to go public in the coming days, after federal regulators on Monday approved its initial public offering, SEC filings show. Compass could start trading under the ticker symbol “COMP” as early as today, according to the New York Stock Exchange. Founded in 2012 by Robert Reffkin and Ori Allon, Compass jolted the brokerage industry by raising $1.5 billion from investors,

Watch: Gil Dezer on guerrilla marketing and working with Donald Trump

Posted: 31 Mar 2021 05:00 AM PDT

For this month’s The Closing, The Real Deal sat down with Gil Dezer, the head of Dezer Development and one of the most active real estate players in South Florida. The family-run firm, which was started in 1970 by Dezer’s father, Michael, is behind flashy projects such as the Porsche Design Tower and Residences by Armani/Casa. The elder Dezer influenced his son’s approach to real estate, according to the developer, teaching him “[h]ow to negotiate,

$145M Hamptons estate languishes on market despite surging demand

Posted: 31 Mar 2021 04:00 AM PDT

The Hamptons real estate market was red-hot in the past year as the pandemic drove the well-heeled to flee New York City. But how much are buyers willing to pay? A Southampton property has put skyrocketing demand out east to the test with a price tag of $145 million — and if that sounds high, consider that it was once asking $30 million more. The massive estate at 90 Jule Pond Drive is co-listed by