The Real Deal - New York Real Estate News

Massive $9.2M townhouse tops Brooklyn’s luxury contracts

Posted: 26 Apr 2021 03:00 PM PDT

The most expensive townhouse that went into contract last week is big, even by Brooklyn standards. Thirty-five homes in the borough asking over $2 million went into contract last week, according to Compass’ weekly report. Of those, 18 were condos and 17 were townhouses. The total of those asking prices was $108 million, up from $97.5 million the week before. A 10,000-square-foot townhouse at 280 Washington Avenue in Clinton Hill topped the list. The four-story

Churchill Real Estate snags funding to expand residential loan biz

Posted: 26 Apr 2021 02:30 PM PDT

Churchill Real Estate is known in New York City for betting on distress. Over the past few years, the firm has snapped up troubled loans from overeager or desperate developers that have ended up in hot water. But the firm is increasingly targeting a more secure product: single-family home loans. And recently, it took a big step in that direction thanks to a direct equity investment from Redwood Trust, a publicly traded REIT that focuses

Industrial firms are buying out suburban homeowners

Posted: 26 Apr 2021 02:06 PM PDT

Demand for industrial real estate is so strong in suburban Chicago that firms are buying out homeowners in order to assemble enough property to build warehouses. The latest example is in Bensenville, where industrial investors ML Realty Partners and Prologis spent $64 million to purchase more than 100 homes that will be cleared for two complexes, Crain’s reported. Located in the O’Hare submarket, the homes comprise the Mohawk Terrace subdivision. In some cases owners received

Compass buys Glide, RE transaction management platform

Posted: 26 Apr 2021 01:10 PM PDT

Compass is getting its latest tech fix. Just a few weeks after going public, the brokerage announced that it would acquire San Francisco-based Glide Labs, a real estate transaction management platform. More than 60,000 industry professionals in California, including Compass agents, already use the platform, which streamlines transaction management, digital disclosures, eSignatures and other forms agents typically need during home purchases. Compass hopes to grow that number by expanding the platform across the country and

NY raises office capacity to 75% starting May 15

Posted: 26 Apr 2021 11:00 AM PDT

Perhaps to the dismay of office employees who planned to spend the summer working from their backyards, Gov. Andrew Cuomo announced Monday that office capacity will be expanded starting May 15. Under the new guidelines, offices will be able to fill their space to 75 percent of capacity, up from the current 50 percent. Other facilities will also see restrictions eased. Gyms outside of New York City will go from 33 percent to 50 percent

Manhattan luxury contracts continue winning streak

Posted: 26 Apr 2021 10:15 AM PDT

Manhattan’s luxury market logged another banner week, marking three months of elevated contract activity. There were 56 contracts signed for properties asking $4 million or more last week, according to Olshan Realty’s report. That’s up from 47 contracts the week before. It was the 12th consecutive week that more than 30 luxury contracts were inked in the borough, the longest period of time for that level of activity since the report’s author, Donna Olshan, began

Lawmakers to extend eviction, foreclosure protections through August

Posted: 26 Apr 2021 09:34 AM PDT

Lawmakers are poised to extend commercial and residential eviction protections until the end of August, despite opposition from landlords. The Senate Committee on Housing, Construction and Community Development is slated to vote Tuesday on a measure that would prevent evictions and foreclosures for residential tenants and small landlords, as well as small businesses, who fill out hardship declaration forms. The newly proposed bill extends two separate laws — the Emergency Eviction and Foreclosure Prevention Act

Restaurant real estate firms merge to spur tristate expansion

Posted: 26 Apr 2021 09:00 AM PDT

Two firms that work to help restaurants expand their footprint are set to merge. Philadelphia-based Watchdog Real Estate Project Management, a real estate consulting firm, has acquired the project management division of Branded Concept Development, which specializes in restaurant development. By acquiring the New York City-based firm, Watchdog hopes to expand its customer base throughout the tristate area. For BCD, the deal offers an opportunity to take its services nationwide. BCD has worked with a

These startups are radically reimagining cities

Posted: 26 Apr 2021 08:20 AM PDT

Imagine a world in which much-needed multifamily housing could be built in less time — and for less money. Or one in which owning a car wasn’t a requirement for living outside of transit-rich, densely populated neighborhoods. Or one in which your home could be assembled as a kit-of-parts. You actually don’t need to imagine it: Startups are thinking about how to approach some of the biggest challenges in urban planning in ways that are

Pharma developer takes 109K sf in Times Square

Posted: 26 Apr 2021 07:30 AM PDT

A Midtown office building just snagged a tenant for a big lease. Pharmaceutical developer Schrödinger inked a deal for nearly 109,000 square feet at Edge Fund Advisors’ 1540 Broadway, the New York Post reported. The company will occupy the 21st to 24th floors of the Times Square tower, which recently underwent a $40 million makeover that includes a 27,000-square-foot amenity center. The company is moving from a 63,000-square-foot space at Kamber Management Company’s 120 West

Rent hikes are back

Posted: 26 Apr 2021 07:00 AM PDT

The pandemic did not stop rents from increasing, but it steadily slowed that increase to almost nothing. However, the trend ended last month, according to a new report. In March, year-over-year rent growth was 1.1 percent, the Wall Street Journal reported, citing an analysis by Realtor.com. It had fallen from 2.2 percent last June to 0.6 percent in February. Stimulus payments, the vaccine rollout, low inventory of homes for sale and the recovering economy likely

Blood Center’s plans for big Upper East Side HQ draw criticism

Posted: 26 Apr 2021 06:30 AM PDT

The New York Blood Center is close to getting approval to begin the city’s seven-month public review process for a new headquarters on the Upper East Side. But some neighborhood residents are pushing back, saying the new building is too big and the organization hasn’t been transparent about its plans. The organization, working with developer Longfellow Real Estate Partners, is seeking a rezoning that would allow it to replace its current, three-story headquarters at 310

Real estate industry to kick it into high gear, as Miami joins F1’s circuit

Posted: 26 Apr 2021 06:00 AM PDT

Formula One’s plan to race in Miami starting next year has developers and brokers ready to kick their marketing efforts into high gear to appeal to the fast-driving crowd. Efforts to bring the elite race to Miami culminated this month with a city vote that clinched a 10-year deal at Hard Rock Stadium with Related Companies’ chairman and founder Stephen Ross. The approval followed years of negotiations and opposition. Exotic cars are synonymous with high-end

SPAC slowdown, SmartRent strikes a $2.2B deal

Posted: 26 Apr 2021 05:00 AM PDT

SPACs go cold SPAC deals are drying up amid mounting questions from regulators. After a record 109 SPAC deals in March, there have been just 10 this month, according to SPAC Research. Proptech is no exception, with 15 new SPACs in February followed by 16 in March and just one so far in April, according to TRD’s SPAC tracker. (Fifth Wall Ventures is aiming to raise $250 million for its third SPAC.) The popularity of

Bloomfield, NJ office complex sells for $52M

Posted: 26 Apr 2021 04:30 AM PDT

An office complex in Bloomfield, New Jersey, sold for $52 million in an off-market transaction. ERCT Capital Group, a real estate investment firm based in Montclair, New Jersey, bought the four-building campus from P3 Properties, who paid $31 million for the property in 2017, according to public records. ERCT Capital was not immediately available for comment. The Broadacres Office Park spans 398,000 square feet across three buildings at 200, 300 and 400 Broadacres Drive, and

To REIT or not to REIT

Posted: 26 Apr 2021 04:00 AM PDT

Alex Sapir, whose family famously sold 11 Madison Avenue in New York for a record $2.6 billion, recently went shopping for real estate. But instead of buying a trophy asset or two, he decided to buy a whole company’s worth of them. In March, Sapir and an investment team he helped pull together made an offer to buy the publicly traded office REIT Columbia Property Trust for $2.4 billion with plans to take the company