The Real Deal - New York Real Estate News

JLL purchases artificial intelligence startup

Posted: 11 Aug 2021 02:15 PM PDT

As the saying goes, it’s difficult to make predictions, especially about the future. But through a new acquisition, commercial brokerage JLL thinks it’s found a way for clients to see where property values are headed — and what tenants will be willing to pay down the road. JLL is set to close on the purchase of artificial intelligence startup Skyline AI, the Wall Street Journal reported. The firm aims to use Skyline’s technology to help

U.S. investment sales rebound with one of busiest quarters ever

Posted: 11 Aug 2021 01:53 PM PDT

U.S. commercial real estate investment bounced back in the second quarter, reversing the downward trend of the previous year. Total dollar volume was $130.9 billion, up 169.5 percent from a year ago and just 2.2 percent shy of 2019’s figure, which was the No. 2 second quarter on record, according to CBRE. Multifamily property transactions accounted for the biggest share among asset types at 37.4 percent, totaling $49 billion — more than triple the amount

Three key Cuomo projects now on Kathy Hochul’s plate

Posted: 11 Aug 2021 01:10 PM PDT

Gov. Andrew Cuomo’s resignation leaves an air of uncertainty hanging over several big-scale projects and initiatives significant to the real estate industry. Earlier this year, the governor outlined a $306 billion infrastructure spending plan that involved an array of projects across New York. But now many of the initiatives championed by Cuomo — who sought to burnish his legacy with large and sometimes controversial development projects — will be left in the hands of Lt.

How the pandemic both hampered and aided LA hotel development

Posted: 11 Aug 2021 12:00 PM PDT

Last May, Lightstone Group started work on its $500 million, 755-key hotel project in Downtown Los Angeles, a dual-branded AC and Moxy. One of the first steps was to pour a mat slab — a 12-hour continuous process to create a thick concrete plate that would serve as the 42-story building’s foundation. The pandemic gave construction workers a hassle-free opportunity to do this. Given that Downtown was a ghost town, Lightstone could shut down lanes

Billions in allotted rent aid hasn’t gone out

Posted: 11 Aug 2021 11:25 AM PDT

The federal government has appropriated billions of dollars to help besieged renters and landlords across the U.S. weather the economic storm, but states and municipalities have yet to distribute most of the money. As of June, just $3 billion of the $46.6 billion Congress allotted in rent relief has reached those who need it, according to the Wall Street Journal. The Biden administration hopes another $2 billion was sent out in July, but that data

Commack shopping complex adding five new tenants

Posted: 11 Aug 2021 10:15 AM PDT

A shopping center in Commack is transforming following the pandemic-forced exit of several tenants, bringing in new retailers and restaurants. The Mayfair Shopping Center on Jericho Turnpike lost one of its anchor tenants, Stein Mart, after the company declared bankruptcy during the pandemic. But the complex will soon be adding a Planet Fitness, a Lidl supermarket and three restaurants, according to Newsday. A Planet Fitness will be opening by the end of the year, occupying

Builders selling new homes faster than they can construct them

Posted: 11 Aug 2021 09:20 AM PDT

Can the housing market get too hot? It’s starting to appear that way, with builders struggling to keep up with demand for new homes. After selling more homes than they’re able to construct, builders are now restricting sales to avoid being overwhelmed — causing prices to climb even higher, according to the Wall Street Journal. Low interest rates and work-from-home edicts pushed sales of new homes to levels not seen in years during the pandemic.

Real estate stung by “sobering” climate report

Posted: 11 Aug 2021 08:30 AM PDT

A new United Nations report paints a bleak picture: The world is on a path toward climate destruction, sea levels will continue to rise, ice caps will melt, and temperatures will reach insufferable levels. The impact on real estate could be enormous. The report, published Monday by the U.N.’s Intergovernmental Panel on Climate Change, says there are ways to mitigate the worst effects of climate change. But at the least, human activity will cause temperatures

Hochul has conflict with husband’s casino company

Posted: 11 Aug 2021 07:47 AM PDT

Having ascended to governor-in-waiting status, Lt. Gov. Kathy Hochul is pondering how to separate herself from state decisions affecting her husband’s employer, a casino operator. William Hochul is general counsel and senior vice president at Delaware North, a Buffalo-based casino and hospitality company that has much at stake in Albany. Kathy Hochul’s team is already mentioning a recusal process for matters related to the business, according to The Daily Beast. The recusal process will be

“Real housewife” Dorinda Medley lists Berkshires mansion on Airbnb

Posted: 11 Aug 2021 07:00 AM PDT

The opportunity to live like a real housewife of New York is at hand, thanks to Dorinda Medley. Medley, 56, the “Real Housewives of New York” alumna, is putting her Great Barrington, Massachusetts mansion on Airbnb for two nights only this month. The entire 11,000-square-foot mansion will be available to two groups of up to four, People reported. The listing will go live on Airbnb Aug. 18, with the two nights available being Aug. 23

Kathy Hochul faces tough decisions on real estate

Posted: 11 Aug 2021 06:20 AM PDT

Real estate has a lot riding on Kathy Hochul. Billions of dollars in rent aid. An expiring ban on evictions. Big development projects. And a huge tax break that’s about to run out. When the lieutenant governor takes over for Gov. Andrew Cuomo in two weeks, she will be met on day one with a $2.7 billion rent relief program mired in delays and technical glitches. Last month Cuomo vowed to speed up the distribution

July new development sales contracts shoot up 94%

Posted: 11 Aug 2021 05:30 AM PDT

New condos in the city continued to fly off the shelves last month. In July, 366 units went into contract, a 94 percent increase from a year ago and 28 percent more than in pre-pandemic July 2019. The figures on new development deals come from Marketproof, a real estate analytics company that tracks sponsor sales in the city across all price points. July’s activity was shy of the record levels in April and May The

City settles two Airbnb rental lawsuits for $1.2 million

Posted: 11 Aug 2021 05:00 AM PDT

Landlords Rose King and Maxine Gilbert don’t know each other, but according to their lawyers, they have something in common: ignorance of illegal Airbnb rentals in their buildings. King was orchestrating the rentals, but claims she did not know they were illegal. Gilbert says she didn’t know the rentals were going on at all. City officials are dubious of those claims, but point to the bottom line: The city is getting six-figure settlements in each

Black homeownership’s Catch-22

Posted: 11 Aug 2021 04:30 AM PDT

Randal Wyatt was renting a mouse-infested apartment in a Portland, Oregon, neighborhood known for its high crime rate. When he wasn’t working as a student advocate or raising his twin sons, he attended a homebuyer seminar and saved money to buy a place. It wasn’t enough: After two years, he still had not found anything in his price range. It took a stroke of luck to get his name on a deed. Last August, an

What’s in the $1T infrastructure bill for real estate

Posted: 11 Aug 2021 04:00 AM PDT

The Senate on Tuesday passed a $1 trillion infrastructure package, then turned to a $3.5 trillion measure that could include more extensive investments in housing and changes to zoning policies. The infrastructure bill includes $550 billion for bridges, roads, high-speed internet and other projects. The White House has billed the spending package as the largest-ever investment in public transit. Under the measure, Amtrak receives $66 billion, which is the most the rail service has received