The Real Deal - New York Real Estate News

Lawmakers near deal on $2B in rent relief

Posted: 05 Apr 2021 03:36 PM PDT

Lawmakers and the governor have agreed on a framework to distribute more than $2 billion in rent relief. In addition to federal relief, the agreement, which is part of the state’s delayed budget, includes $100 million in state funds, according to landlord and tenant groups. That is $300 million less than what the Senate and Assembly had proposed. The proposal also leaves out the Senate’s request for a $200 million voucher program for homeless New

Manhattan luxury deal streak continues for 9th week

Posted: 05 Apr 2021 03:00 PM PDT

There was no holiday slowdown when it came to Manhattan’s luxury market. Last week there were 34 contracts signed, down from 47 the week before, according to Olshan Realty’s weekly report on deals for Manhattan homes asking $4 million or more. It marked the ninth straight week where there were more than 30 luxury contracts signed. The nine-week streak has seen more than $2.86 billion worth of transactions across 340 contracts. The average discount from

Vanke files $680K suit in condo dispute with RFR

Posted: 05 Apr 2021 01:32 PM PDT

Vanke US has opened up a new front in its ongoing battle with RFR Holding over control of a Midtown condo tower project that defaulted on its construction loan last year. The company, which is the U.S. subsidiary of one of China’s largest real estate developers, is seeking a judgment of nearly $680,000 against RFR co-founders Aby Rosen and Michael Fuchs according to a new lawsuit filed in New York County Supreme Court. That sum

Chicago-area signed contracts hit a new record in March

Posted: 05 Apr 2021 01:30 PM PDT

More than 18,750 Chicago-area homes went into contract in March, a record-setting number amid a supercharged residential market. It was the highest monthly total since Midwest Real Estate Data began tracking the category 13 years ago, according to Crain’s. The previous high was 14,200 contracts signed in June. The runaway record was attributed in part to low mortgage rates and homebuyers’ increasing desire for more space outside the city. Andrea Leu of the brokerage @properties

Manhattan, Elmhurst notch $83M in mid-market sales

Posted: 05 Apr 2021 01:10 PM PDT

One trashed condo project is another developer’s treasure: Last week, an Upper East Side parcel that was previously earmarked for condos changed hands, with the new owner planning his own residential project on the site. It was one of four mid-market investment sales last week, defined by The Real Deal as transactions that closed for between $10 million and $30 million. Of the four deals, two were in Manhattan, and two were in Elmhurst, Queens.

Lil Wayne pays $15M for LA mansion

Posted: 05 Apr 2021 12:15 PM PDT

Lil Wayne is the latest star to pay big bucks for Los Angeles residential real estate. The rapper dropped $15.4 million on a 12,000-square-foot home on Lasher Road, according to Dirt. The mansion was completed in 2019 and sits on 3.3 acres. It’s in the modern farmhouse style, which is becoming the go-to for spec developers around L.A. The home has seven bedrooms and 7.5 bathrooms, and there is a guest house. Lil Wayne —

Watch: Real estate brought the planet to the brink. Can it now save it?

Posted: 05 Apr 2021 11:35 AM PDT

There’s a triple threat for real estate players who take a head-in-the-sand approach to climate change, according to Brendan Wallace and Greg Smithies: Tenants will refuse to rent from you, regulators will throw the book at you and the capital markets will make doing business very expensive for you. To Wallace and Smithies of Fifth Wall, however, the climate crisis is an opportunity for the real estate industry. Investing in Climate Tech will not only

200 Amsterdam’s condos are back on the market

Posted: 05 Apr 2021 10:00 AM PDT

After a year of court battles, the condos at 200 Amsterdam Avenue are back on the market. Developer SJP Properties and partner Mitsui Fudosan have resumed marketing 120 units in the controversial Upper West Side tower, the New York Post reported. Brown Harris Stevens will market the apartments, per the report, with units starting at $3.1 million, according to listings on StreetEasy. Opponents of the project initially challenged the tower’s approval to the Board of

Investors increasingly compete with first-time buyers for homes

Posted: 05 Apr 2021 09:15 AM PDT

Another housing bubble is inflating — but unlike the one that burst in 2008, buyers contributing to this bubble are less likely to live in those properties. This time, investors are pouring money into the growing single-family home rental market. Investors have been gobbling up distressed single-family homes in the wake of the Great Recession, which led to foreclosures on hundreds of thousands of homes. But as the supply of those distressed properties dried up,

LA office market has 51M sf of available space

Posted: 05 Apr 2021 09:10 AM PDT

The numbers are staggering. Nearly one quarter of all office space in Los Angeles is available for rent, a level not seen since 2009. Around 51 million square feet of space is vacant or available for sublease. And overall sublease vacancy is up 90 percent since the start of the pandemic. Those were among the key findings from Savills’ first quarter office market report, according to Commercial Observer. Savills attributes the spike in subleasing to

Rudin taps Cushman to market 3 Times Square, plans makeover

Posted: 05 Apr 2021 08:06 AM PDT

In anticipation of several tenants’ departure, Rudin Management will give 3 Times Square a $25 million makeover and has retained Cushman and Wakefield to market it to tenants. Prospective tenants will have the opportunity to lease the entire 885,000-square-foot building, with floor plates ranging from 28,000 to 35,000 square feet, according to the Rudin family, which owns a majority stake in the 30-story office tower. The renovation project was prompted by the impending departure of

NY lawmakers near deal to hike income tax for top earners

Posted: 05 Apr 2021 07:00 AM PDT

New York state’s budget, which was due on April 1, is still being hashed out, but one thing it now appears likely to include is higher taxes for the state’s highest earners. Gov. Andrew Cuomo and state lawmakers are closing in on an agreement to increase corporate and personal income taxes, the Wall Street Journal reported. The proposed hikes include raising the income tax rate to 9.65 percent for individuals making more than $1 million,

Here’s who made bank in Compass’ IPO

Posted: 05 Apr 2021 06:04 AM PDT

UPDATED, April 5, 2021, 12:03 p.m.: Compass’ initial public offering last week made its founders and top executives millions — or billions in the case of its largest investor, SoftBank Group, at least on paper. Though Compass priced its stock at $18 — more conservative than the $23 to $26 per share it initially targeted — it closed at $20.15 on its first day of trading. The IPO raised $450 million for the company, minus

A post-IPO trip into the Compass archives

Posted: 05 Apr 2021 05:00 AM PDT

8 years, $1.5B and 19,000 agents later … Compass goes public From Compass’ launch in 2012 to its IPO last week, The Real Deal has chronicled the startup’s unmatched growth. On its first day of trading on April 1, the company’s stock closed at $20.15 per share — giving it a $7.7 billion market cap, or nearly $10 billion including fully diluted shares. The IPO raised a total of $450 million. “The goal was never

Argent Ventures, H&R advance 18-acre Jersey City development

Posted: 05 Apr 2021 04:00 AM PDT

Developers planning a two-tower, mixed-use project near downtown Jersey City have completed the $10 million first phase of cleaning up their 18-acre brownfield site. The joint venture between Argent Ventures and H&R Reit, dubbed the Cove, is scheduled to begin construction in 2022 following infrastructure upgrades and land-use permitting. Sited along Aetna Street and Jersey Avenue near Liberty State Park, the project will consist of mixed-use residential, retail and life-science buildings, plus a two-acre public