The Real Deal - New York Real Estate News

City board casts preliminary vote in favor of rent hike

Posted: 05 May 2021 05:34 PM PDT

Landlords called for a 5 percent hike; tenants groups, a 5 percent roll back. The Rent Guidelines Board didn’t quite meet them in the middle. In a preliminary vote Wednesday night, the city board approved a proposal to increase rents on stabilized apartments and lofts by 0 to 2 percent on one-year leases and 1 to 3 percent on two-year leases. Last year, the board froze rents to alleviate the pandemic’s impact on renters. The

Tommy Hilfiger selling waterfront South Florida mansion to Grant Cardone for $28M: sources

Posted: 05 May 2021 02:35 PM PDT

Tommy Hilfiger and his wife, Dee Ocleppo Hilfiger, are selling their oceanfront Golden Beach estate for about $28 million to real estate investor and author Grant Cardone, The Real Deal has learned. Hilfiger, who recently spoke at Cardone’s 10X Growth Conference, and his wife first listed their colorful mansion for $27.5 million in 2017. The property features patterned ceilings, walls and floors, sculptures, bright carpeting and more. It was featured in Architectural Digest. The mansion

SL Green to offer flex offices at One Vanderbilt

Posted: 05 May 2021 02:01 PM PDT

One of Manhattan’s biggest office landlords is hopping on the flex-office bandwagon. SL Green will dedicate the entire 54th floor of One Vanderbuilt, its 58-story Midtown East skyscraper, to flexible offices that will be known as Altus Suites, Crain’s reported. The offices range in size from 6,300 to 7,500 square feet, and tenants will have access to the building’s high-end amenities, including a lounge, valet parking and fully stock pantries. “It’s a high-design, high-service offering,”

Phil Spector’s infamous Alhambra mansion sells

Posted: 05 May 2021 12:35 PM PDT

The Alhambra mansion where famed music producer Phil Spector shot and killed Lana Clarkson in 2003 has sold after two years on the market. The castle-like home at 1700 Grand View Drive sold for $3.3 million, well under the $5.5 million original listing from 2019, according to Redfin. The Los Angeles Times first reported the sale. The home has undergone a series of price cuts since that initial offering. Spector bought the property in 1998

Silverstein Properties hires Katie Kurtz as new CFO

Posted: 05 May 2021 11:45 AM PDT

Silverstein Properties has a new finance chief. Katie Kurtz, who was previously an executive vice president at AR Global, has joined the family-owned real estate development and investment firm as chief financial officer, the company announced Wednesday. Former CFO Leor Siri has been promoted to serve as an executive vice president in charge of global accounting and treasurer. Siri continues to serve as CFO of Silverstein Properties Limited, the firm’s Israeli entity listed on the

Kushner Companies violated multiple laws in massive tenant dispute, judge rules

Posted: 05 May 2021 11:05 AM PDT

This story was originally published by ProPublica. ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story newsletter to receive stories like this one in your inbox. It’s been six years since Dionne Mont first saw her apartment at Fontana Village, a rental housing complex just east of Baltimore. She was aghast that day to find the front door coming off its hinges, the kitchen cabinet doors stuck to their frames, mouse

Judge strikes down federal eviction ban

Posted: 05 May 2021 09:55 AM PDT

UPDATED May 5, 2021, 2:50 p.m.: A federal judge in the District of Columbia on Wednesday voided the nationwide moratorium on evictions. U.S. District Court Judge Dabney Friedrich wrote in an opinion that although the pandemic is a health crisis, the Centers for Disease Control and Prevention lacks the legal authority to ban evictions. The order does not supersede statewide moratoriums, such as New York’s statewide ban on evictions extended by legislators Monday through Aug.

Sam Zell acquires Monmouth Real Estate for $3.4B

Posted: 05 May 2021 08:30 AM PDT

As the industrial real estate sector booms, Sam Zell’s Equity Commonwealth is expanding into the field. The billionaire’s company, which focuses on office real estate, is acquiring the big industrial firm Monmouth Real Estate Investment in a $3.4 billion, all-stock deal, according to Crain’s Chicago Business. Based in Holmdel, New Jersey, Monmouth owns 120 properties totaling 24.5 million square feet. “The transaction provides Equity Commonwealth with a high-quality, net-leased industrial business with stable cash flows

Grant Cardone crushes lawsuit accusing him of misleading real estate investors

Posted: 05 May 2021 08:00 AM PDT

A legal offensive that attempted to use Grant Cardone’s outsized social media presence against him has failed. U.S. District Judge John F. Walter last week dismissed a lawsuit filed by disgruntled investor Luis Pino in Los Angeles against the real estate crowdfunding guru and his Aventura-based company Cardone Capital. In dismissing the case, Walter concluded that Pino failed to adequately allege that Cardone made material misstatements and omissions about a 15 percent annual rate of

Rudy Giuliani’s ex-wife sells Hampton home for $5M

Posted: 05 May 2021 07:34 AM PDT

In 2005, Rudy Giuliani and his ex-wife, Judith Nathan, built their Hamptons dream home on a one-acre site in Water Mill. But now that the pair has divorced, the home is a dream no longer. In an off-market deal, Nathan sold the home at 353 Lopers Path for $5 million, according to the New York Post. The home was awarded to her as part of the divorce settlement. “Lucky Judy,” said a source familiar with

Amazon leases massive warehouse near JFK Airport

Posted: 05 May 2021 07:08 AM PDT

Amazon has signed a lease to open yet another last-mile distribution center, this time in Woodmere. Manhattan-based developer Wildflower had been granted $16 million in economic development incentives by the Town of Hempstead IDA to acquire the property and is constructing a warehouse for the e-commerce giant, Newsday reported. The 422,000-square-foot, $76 million facility, dubbed the JFK Logistics Center, is on Rockaway Boulevard south of Kennedy Airport. It will be Amazon’s second largest in the

More urban areas lost population in 2020

Posted: 05 May 2021 06:35 AM PDT

Americans made some major moves in 2020, draining the population of key cities. Urban counties saw the greatest impact of pandemic-year migration, according to an analysis of census data by the New York Times. Urban populations had also fallen in 2019 after seeing growth slow since 2012, largely from a lack of housing, but last year accelerated that trend. New York, Los Angeles and Chicago were among the 10 cities with the steepest losses. Of

Manhattan office availability hits record high…again

Posted: 05 May 2021 06:00 AM PDT

Manhattan’s office market reached another new record last month, but it wasn’t one any landlord would boast about. Office availability rate in the borough climbed to 16.5 percent in April, the highest it’s ever been, according to Colliers International’s monthly market snapshot. Despite falling Covid cases and rising vaccinations across the city, availability in the borough has steadily ticked up since the start of the year. April was also the 11th consecutive month Manhattan’s availability

Park Slope tenants fight landlord’s order to vacate

Posted: 05 May 2021 05:30 AM PDT

Cassie Newsom was celebrating her birthday with her spouse and two children at their Park Slope home when she read a notice from her landlord saying that they would have to move. The landlord, real estate investment and development firm Greenbrook Partners, had bought the 30-unit building at 70 Prospect Park West less than a week before for $15 million. The message said Newsom’s family had 90 days to vacate the apartment, which they have

Untangling Manhattan’s myriad market reports

Posted: 05 May 2021 05:00 AM PDT

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro, the one-stop real estate terminal that provides you with all the data and market information you need in one single location. Arriving summer 2021. Mind the gap? Each quarter brings reports from brokerages tracking Manhattan’s residential market — and each quarter there are unexplained gaps in those figures, painting a sometimes murky picture of the

Rent relief hinges on dwindling goodwill

Posted: 05 May 2021 04:00 AM PDT

Sometime this month, New York landlords and tenants will gain access to $2.3 billion in federal aid allocated by the state. The catch: They’ll have to work together to get it. In a year that’s pushed the cat-dog dichotomy of the landlord-tenant relationship to extremes, cooperation could be elusive. The law allows either party to start an application for relief. But for money to be doled out, tenants must request funds that will go directly