The Real Deal - New York Real Estate News

Next up: Coalition pushes for good cause eviction

Posted: 15 Apr 2021 03:20 PM PDT

Lawmakers and tenant advocates are gearing up for their next fight to further limit evictions throughout New York state. Compassionate New York, a coalition of tenant, health and criminal justice advocates, along with several state legislators, are pushing for the passage of good cause eviction, a policy that would limit rent increases and guarantee lease renewals for tenants. Under the proposed bill, which has undergone some tweaks since it was first introduced in 2019, tenants

Aldi signs lease for 20K-sf store in Flatbush

Posted: 15 Apr 2021 03:05 PM PDT

Aldi has signed a lease to open a massive store in Flatbush. The discount supermarket chain inked a lease for 20,110 square feet at 2201 Nostrand Avenue, at Triangle Junction. The store plans to open this fall. The space was previously home to The Children’s Place and David’s Bridal. Ripco Real Estate’s Esther Bukai represented Aldi in the transaction, while Peter Botsaris of Botsaris Morris Realty Group represented the landlord, Triangle Equities. “Aldi is a

Greg Norman picks up Palm Beach Gardens manse after selling Jupiter Island estate for $55M

Posted: 15 Apr 2021 02:45 PM PDT

Golf great Greg Norman and his wife, Kiki, sold their South Florida compound for $55 million, and purchased a smaller mansion for $12.2 million. The Normans sold their nearly 32,000-square-foot estate at 382 South Beach Road on Jupiter Island to the family of billionaire Leslie Wexner, the founder and former CEO of L Brands. The Real Deal previously reported that it was under contract. The deal closed April 7, according to Realtor.com. Greg Norman, once

Texas courts ignore federal ban on evictions

Posted: 15 Apr 2021 02:10 PM PDT

Texas courts are ignoring a federal ban on evictions and allowing landlords to remove tenants who are behind on rent. For much of the pandemic, local courts in Texas were extending eviction cases for tenants who said they suffered financial difficulties. But last month, the Texas Supreme Court let its guidelines for enforcing an eviction ban expire, according to the Wall Street Journal. Texas and a few other states have not released guidance on how

Boston Properties moves forward with teardown of ex-MTA HQ

Posted: 15 Apr 2021 02:05 PM PDT

Boston Properties is moving forward with its plans to replace the MTA’s old Madison Avenue headquarters with a supertall tower. The developer filed a land use application with the Department of City Planning for the site at 341-347 Madison Avenue in Midtown. Boston Properties wants to replace the former MTA HQ, as well as three adjacent MTA-owned lots, with a skyscraper that could rise 1,050 feet. The developer is seeking zoning changes for its proposed

Homebuilder sentiment ticks up in April

Posted: 15 Apr 2021 01:00 PM PDT

April showers may bring brighter days for homebuilders. The National Association of Home Builders/Wells Fargo Housing Market Index increased to 83, seasonally adjusted, compared to March’s reading of 82. The index tracks homebuilder confidence in current and future single-family home sales and traffic of potential homebuyers on a monthly basis. Homebuilders’ outlook on both activity from prospective buyers and single-family sales ticked up this month compared to March, but sentiment around sales in six months’

Feil Organization to buy Downtown Brooklyn development portfolio

Posted: 15 Apr 2021 12:16 PM PDT

The Feil Organization is putting together the next big development site in Downtown Brooklyn. The family-owned real estate investment and development firm confirmed it is in contract to buy a four-parcel portfolio at 360-370 Fulton Street along the Fulton Mall, which includes the site of a former Modell’s store. The company declined to comment on the price, but sources familiar with the deal said the portfolio is going for around $32.5 million. Brian Feil, the

Chera family sues Brooklyn private school over $24M in unpaid rent

Posted: 15 Apr 2021 11:30 AM PDT

The Science, Language and Arts International School in Downtown Brooklyn offers classes in Mandarin and French, but allegedly failed to speak a language its landlord understands: money. Crown Acquisitions, led by the Chera family, filed a lawsuit this week in New York State Supreme Court alleging that the private school owes $6.1 million in back rent and $18.4 million in accelerated damages. The school inked a 10-year lease to lease 40,000 square feet at 9

NY Dems lay out ultimatum on SALT repeal

Posted: 15 Apr 2021 11:00 AM PDT

New York Democrats are turning up the heat on their party to repeal the cap on state and local tax deductions. Most of the state’s House delegation threatened to oppose future tax legislation unless Congress gets rid of the so-called SALT provision enacted in 2017, the Times Union reported. That would appear to include President Joe Biden’s infrastructure bill. “This issue is so critical to our state and our constituents that we will reserve the

Bella Hadid’s $6.5M Soho penthouse finds a buyer

Posted: 15 Apr 2021 08:30 AM PDT

That was fast: Bella Hadid’s $6.5 million Soho penthouse is now in contract, according to the New York Post. The supermodel listed the apartment just about a month ago. Hadid purchased the condo at 63 Greene Street in December 2019 for $6.1 million from Joe & the Juice founder Kaspar Basse. Hadid’s 2,180-square-foot penthouse has two bedrooms, two bathrooms and also features a home office. It also has a 779-square-foot private roof terrace complete with

Madonna heads for the Hills; she’ll stay more than The Weeknd

Posted: 15 Apr 2021 08:00 AM PDT

Music stars Madonna and The Weeknd collaborated on a multimillion-dollar real estate deal in Hidden Hills, a city and gated community in Los Angeles County. Madonna forked over $19.3 million for The Weeknd’s 12,500-square-foot estate that’s been on the market since last June, according to the New York Post. The deal for the 3-acre spread closed April 9. The Weeknd, real name Abel Tesfaye, first listed the property for $25 million and dropped the price

US needs 4M homes to meet demand from buyers

Posted: 15 Apr 2021 07:30 AM PDT

The U.S. is facing an unprecedented housing shortage — one that’s creating problems for millennials. The housing market needs 3.8 million single-family homes to meet current demand, according to an analysis by Freddie Mac, first reported by the Wall Street Journal. That’s 52 percent higher than 2018, when the mortgage company first began looking at housing shortages. While the shortage was exacerbated by pandemic-related moratoriums and investors turning starter homes into single-family rentals, the main

Struggling hotel company handing Brookfield the keys

Posted: 15 Apr 2021 06:35 AM PDT

Out of options, a struggling hospitality trust is handing over its control to Brookfield Asset Management through the bankruptcy process. Hospitality Investors Trust is negotiating a deal that would give Brookfield financial control over its 100 hotels as part of a possible Chapter 11 filing, Bloomberg News reported. The trust doesn’t have enough cash to fund its duties, and Brookfield, its largest investor, might be its only source of additional liquidity, the publication reported. The

Eichner sells his Continuum South Beach penthouse for $35M

Posted: 15 Apr 2021 06:00 AM PDT

Continuum South Beach developer Ian Bruce Eichner sold his penthouse at the condo tower for $35 million, more than two years after it was listed for $48 million. Eichner sold the 11,031-square-foot, seven-bedroom unit, according to the Wall Street Journal. He had been renting it out on a short-term basis since December, at one point for $200,000 a month, he told The Real Deal. Eichner declined to disclose the buyer. Eichner, founder of the New

New York deals a blow to Opportunity Zones program

Posted: 15 Apr 2021 05:30 AM PDT

New York will no longer offer some state tax benefits to real estate investors funding Opportunity Zone projects, dealing another blow to the program and developers taking advantage of it. A measure pushed by New York state Sen. Michael Gianaris to decouple New York state’s capital gains tax code from the federal program was included in the recently passed state budget. The change means developers and investors cannot defer state taxes on profits from asset

Wolkoff’s $300M for 5Pointz tops outer-borough loan list

Posted: 15 Apr 2021 05:00 AM PDT

The 10 largest outer-borough commercial real estate loans in March totaled $1.96 billion, more than twice the figure for March 2019 when the pandemic took hold of New York City. Last month’s total was nearly 50 percent higher than February’s $1.3 billion. Of the top 10 loans, five were issued for Queens, three for Brooklyn and two for the Bronx. Most were to refinance existing loans, perhaps because as long-term Treasury yields started to rise,

Greenwich home sales double and hit 16-year high countywide

Posted: 15 Apr 2021 04:00 AM PDT

Though home sales have soared across the tri-state area in the past year, Connecticut’s are off the charts. The state’s housing market was slow before the pandemic. But since buyers began looking for more space, sales have nearly doubled in some areas, according to a new report by appraiser Miller Samuel for Douglas Elliman. Fairfield County had its most first-quarter sales in 16 years and its lowest inventory total in 25 years. For single-family homes