The Real Deal - New York Real Estate News

Airbnb’s losing spree continues with $1B loss in Q1

Posted: 13 May 2021 04:11 PM PDT

With travel finally picking up 14 months into a pandemic that has wreaked havoc on the industry, Airbnb may finally have the chance to show investors what it’s made of. But for now, the hospitality startup is still dealing with the fallout from the pandemic. Airbnb reported a $1 billion net loss during the first quarter, according to a shareholder’s letter released Thursday. The company — which went public last December — reported a $4.6

Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio

Posted: 13 May 2021 04:00 PM PDT

After four years of legal limbo, Raphael Toledano is no longer the owner of a troubled 15-building apartment portfolio that sent a subsidiary of his firm into bankruptcy. Madison Realty Capital, Toledano’s lender, acquired the East Village properties Wednesday for roughly $153 million, as part of a liquidation plan confirmed in March. The lender acquired the properties through a credit bid, meaning it used the debt Toledano owned toward the purchase. A subsidiary of Toledano’s

Yelp to experiment with return-to-work plans

Posted: 13 May 2021 11:30 AM PDT

Yelp is reviewing its office spaces, and not all will receive five stars. In February, the tech company announced that it will adopt a hybrid office model. Soon it will experiment with what it will ultimately look like. Starting in August, the company will pilot its reopening plan in Phoenix with 150 employees, according to a blog post Thursday by Yelp’s chief people officer, Carolyn Patterson. “Coming into the office will be completely optional unless

Brookfield posts record FFO in Q1 — but not because of real estate

Posted: 13 May 2021 10:35 AM PDT

A year ago, as the impact of the pandemic was just starting to sink in, Brookfield Asset Management reported funds from operations of $884 million. For the first quarter of this year, the asset manager’s FFO more than tripled to $2.8 billion — a record high, and a promising sign for the company’s post-pandemic outlook. “This was a result of strong operating performance, significant realized carried interest and gains generated from capital recycling initiatives,” chief

Landlords sue hospitality stalwart Furnished Quarters

Posted: 13 May 2021 10:30 AM PDT

Furnished Quarters, a short-term rental company that predates Airbnb by a decade, is facing legal challenges. Four landlords have sued the company this year for a total of $1.75 million, representing a mix of alleged rental arrears as well as accelerated damages and attorney fees, according to court filings. AFIAA filed a lawsuit against Furnished Quarters last week for more than $1 million dollars, claiming the company has not paid rent at its Chelsea headquarters

SL Green investment chief David Schonbraun steps down

Posted: 13 May 2021 10:15 AM PDT

SL Green Realty’s top investment executive is leaving the REIT, the latest departure from the investments group that continues to be in sell-off mode. David Schonbraun is stepping down as SL Green’s chief investment officer, sources told The Real Deal. It’s not clear what Schonbraun, who has been with the company since 2002, plans to do next. Schonbraun is the latest top executive to leave the investments group. His former co-CIO, Isaac Zion, left the

April leases soared across city; so did concessions

Posted: 13 May 2021 09:45 AM PDT

Manhattan, Brooklyn and parts of Queens saw record residential lease signings in April, the latest indicator of the market’s steady rebound. But overall rent prices also fell, as landlords across the city were still willing to offer concessions to close deals. In Manhattan, there were 9,087 leases signed last month, while Brooklyn had 2,175, according to Doulgas Elliman’s rental market report. In Long Island City, Astoria and Woodside, there were 570; those Queens signings were

Willets Point redevelopment finally moves ahead

Posted: 13 May 2021 09:15 AM PDT

Plans for Willets Point are actually moving forward. After years of uncertainty, the first phase of the massive redevelopment was approved by the Queens Borough Board on Monday, the Queens Post reported. The approval was granted with only minor conditions, a sign that the City Council could do the same at the end of the process. The initial phase of the proposed redevelopment includes construction of 1,100 affordable apartments, public open space and an elementary

Rental-to-condo conversions drop 80% after 2019 rent law: report

Posted: 13 May 2021 08:35 AM PDT

Changes to New York’s rent laws dealt a severe blow to the business of condo conversions, according to a new study. In the year following the June 2019 passage of the Housing Stability and Tenant Protection Act, just five condo conversion plans were submitted to the Attorney General’s office, the lowest level since the 1960s. In the previous five years, an average of nearly 24 conversion plans were filed each year, according to a recent

GDSNY, Klövern add 407 Park Avenue to project footprint for $31M

Posted: 13 May 2021 07:45 AM PDT

At two stories tall, the building at 407 Park Avenue stands out for being short. The buildings on either side of it are six or seven times taller. One of them, a 14-story, 29-unit cooperative at 417 Park Avenue, was sold for $184 million last year to two real estate firms planning a larger project on the site. That put the owner of 407 Park in an enviable position. Land Finance, based in Washington, D.C.,

City Council bill would tighten screws on Airbnb

Posted: 13 May 2021 06:15 AM PDT

Putting a New York City apartment up for rent could get tougher. City Council member Ben Kallos introduced a bill Wednesday that would require apartments rented through home-sharing sites such as Airbnb to be registered with the city, the Wall Street Journal reported. The bill aims to reduce the number of illegal short-term rentals and increase the stock of permanent housing in the city, the publication reported. It also hopes to reduce competition for the

Blackstone buys San Diego apartment complexes in $1B deal

Posted: 13 May 2021 05:00 AM PDT

Blackstone Group is planning to buy about 5,800 apartment units in San Diego for more than $1 billion. The New York-based private equity and investment firm has agreed to purchase 66 complexes across the city from the Conrad Prebys Foundation, according to the San Diego Union-Tribune. It also plans to make $100 million in improvements to the properties. With the deal, Blackstone will own 6,700 units in the Southern California city. It already owns $4.5

What tenants pay at two Durst towers in Midtown

Posted: 13 May 2021 04:00 AM PDT

Built in 1989, the 25-story office building at 114 West 47th Street represented a generational shift for the Durst Organization. It was the last building developed by brothers Seymour, Roy, and David Durst, and the first major project involving Seymour’s son, Douglas, and David’s son, Jonathan “Jody” Durst. The Midtown building is now 60 percent occupied by Bank of America, which has its Private Wealth Management division based there. Three blocks south, the bank is