The Real Deal - New York Real Estate News

Airbnb boasts second-quarter revenue beat but sounds Delta variant warning

Posted: 12 Aug 2021 04:17 PM PDT

Airbnb’s business has rebounded decisively from the depths of the pandemic, but the near-term outlook for the business is still unclear as the virus mutates and resurges. Airbnb shares tumbled about 5 percent in after-market trading after the company issued a warning about “volatile and non-linear” year-over-year performance to come. “In the near term, we anticipate that the impact of Covid-19 and the introduction and spread of new variants of the virus, including the Delta

Billionaire Mets owner Steven Cohen buys South Florida mansion for nearly $22M

Posted: 12 Aug 2021 03:35 PM PDT

New York Mets owner and billionaire hedge fund manager Steven Cohen paid $21.6 million for a waterfront home in South Florida. The 31,000-square-foot, seven-bedroom estate at 9192 Rockybrook Way sold just five months earlier for $19 million. This latest deal marks a record for that area of unincorporated Palm Beach County, near Boca Raton and west of Delray Beach. Property records show a company led by Apogee Physicians Chairman Michael W. Gregory sold the mansion

Slate buys out Adam America’s stake in Park Slope homeless shelter building

Posted: 12 Aug 2021 02:51 PM PDT

Slate Property Group is now the sole owner of a Park Slope building containing a homeless shelter and affordable housing. The developer bought out AEW’s and Adam America’s stake in the property at 541-555 Fourth Avenue for $86 million, records show. The 11-story property has 134 units, including 99 shelter units operated by the nonprofit Women in Need and 35 affordable housing units. In a statement, Slate said that as a sole owner, “we are

Westchester condo complex dumps Trump name

Posted: 12 Aug 2021 02:45 PM PDT

Donald Trump has been dumped again, this time by condo owners at a complex in White Plains. The Trump Tower at City Center will be losing its name in the coming weeks, according to LoHud. Unit owners in the 35-story luxury tower voted to drop the affiliation with the former president and real estate mogul in February, leading to an announcement about the decision last week, the report noted. Because the owners also voted to

Here are the most and least affordable cities for first-time homebuyers

Posted: 12 Aug 2021 01:15 PM PDT

Are you an Angeleno looking to fulfill your dream of owning a home? The odds are stacked against you. A new study from NerdWallet examined home affordability across the U.S. during the second quarter. Los Angeles easily ranked as the least affordable city for first-time homebuyers, with an affordability ratio of 13.0. The estimated median income was $82,350, while the average median list price was $1,072,203; Los Angeles has finished last every quarter in NerdWallet’s

Dixie fire has burned more than 1,000 structures — over half were homes

Posted: 12 Aug 2021 11:30 AM PDT

The Dixie fire has destroyed more than 1,000 structures and 550 of them were single-family homes. The wildfire has burned more than 510,000 acres and is just 30 percent contained, according to the Los Angeles Times. It started in mid-July and has more than doubled in size since the start of August. It’s now the second-largest fire in California history by acreage, behind last summer’s August Complex fire, which ultimately killed one person, burned more

“They are destroying my dreams”: LA small landlords stretched thin

Posted: 12 Aug 2021 11:00 AM PDT

Two decades ago and with $400 in her pocket, Giselle Cevini moved from her native Argentina to Dallas and finally to Los Angeles. There, she took jobs as a house cleaner, babysitter and fast food worker while studying to become a medical sonographer and dreaming of one day buying a home. By 2009, she had saved up enough to close on a $150,000 two-bedroom condo in Whittier, California, which she turned into a rental property

Opendoor stock spikes following strong Q2 earnings

Posted: 12 Aug 2021 10:08 AM PDT

Opendoor’s stock jumped 17 percent from Wednesday’s market closing after it reported strong second quarter earnings. Its shares closed at $14.50 on Wednesday but leaped to $16.98 when markets opened the next morning. Investors pushed the price close to $18 Thursday afternoon. Bloomberg reported in the late morning that Opendoor is seeking a $2 billion revolving credit facility to buy more homes. The iBuyer reported $1.2 billion revenue in the second quarter, up from the

Chloe’s soft serve fruit treat founder closes on UES condo

Posted: 12 Aug 2021 09:45 AM PDT

Now for a slightly cooling thought to prepare for this two-day scorcher. Chloe Epstein, founder of Chloe’s soft serve fruit treats and other icey desserts, paid $10.5 million for a condo unit at Icon Realty’s 301 East 80th Street, according to property records filed Wednesday. Epstein and her financier husband Jason Epstein, closed on the 3,800-square-foot unit at Beckford Tower, which includes five bedrooms and five bathrooms. It was among a pair of notable residential

Fannie Mae to count rent payments toward mortgage approval process

Posted: 12 Aug 2021 09:15 AM PDT

Pay your mortgage bill on time and your credit score will go up. Pay your rent and it won’t. That dynamic has made it harder for renters to qualify for an affordable mortgage and become homeowners. Now Fannie Mae is trying to change that. The finance giant is making a change to its underwriting system that will factor in borrowers’ rent payment history when looking at qualifications for a mortgage application. The change is set

Floyd Mayweather drops $18M on Miami Beach mansion

Posted: 12 Aug 2021 08:45 AM PDT

UPDATED, Aug. 12, 5:05 p.m.: Former boxing champion Floyd Mayweather Jr. beat other buyers to the punch with the $18 million purchase of a waterfront Miami Beach mansion. Mayweather acquired the Palm Island home, with an indoor movie theater, gym, dock, pool and space for about 10 cars, on South Coconut Lane. The nine-bedroom, 10.5-bathroom estate was most recently asking $19.9 million. Candido and Anabella Viyella sold the property on a third of a acre

From suits to costumes: Former Barneys on Seventh Avenue to be Spirit Halloween

Posted: 12 Aug 2021 08:25 AM PDT

Barneys New York shoppers are in for a fright next time they try to go to the former luxury department store. Spirit Halloween will be moving into the location soon for at least the season, according to Curbed. The store at 101 Seventh Avenue has been sitting vacant for almost two years. Barneys was at the 101 Seventh Avenue location from 2016 to 2019, when the company went into bankruptcy. The brand was eventually sold

Stalking horse bidder emerges for Surfside condo site offering $110M

Posted: 12 Aug 2021 07:45 AM PDT

A potential bidder has emerged with a $110 million offer for the site of the Surfside condo collapse that killed almost 100 people, leaving survivors and their heirs to try and recover what value they can from the tragedy. The offer from the undisclosed stalking horse, which would set the minimum purchase price, could rise to $120 million. It comes as the site is about to be put on the market, allowing others to outbid

Adam Neumann sells Greenwich Village townhouse

Posted: 12 Aug 2021 07:20 AM PDT

Adam Neumann no longer wants to make it work in Greenwich Village. The WeWork co-founder and former CEO sold his townhouse at 41 West 11th Street for $13.65 million, according to property records spotted by the Wall Street Journal. The buyer was not disclosed. The home, built in 1847, came with a backyard garden and wood-burning fireplaces when Neumann first purchased the townhouse. Neumann and his wife bought the property in 2013 for $10.5 million,

JLL arm buys $560M stake in single-family rental portfolio

Posted: 12 Aug 2021 07:00 AM PDT

UPDATED, 12:02 p.m., August 12: The hot market for single-family rentals is drawing increasing interest from a new player: JLL. JLL Income Property Trust, sponsored by JLL, is acquiring a 47 percent stake in a $1.2 billion portfolio assembled and managed by Amherst Residential, according to Bloomberg News. The trust’s investment in the portfolio comes out to roughly $560 million. The Amherst portfolio is made up of over 4,000 rental homes across the country in

SL Green looks to foreclose on Ashkenazy’s 690 Madison

Posted: 12 Aug 2021 06:00 AM PDT

Ashkenazy Aqcuisition’s 690 Madison Avenue has a one-way ticket to the auction block, courtesy of SL Green. The five-story building at East 62nd Street, whose retail tenants include Hermès, has been owned by the New York-based real estate investment firm since 2015, when the company paid $115.2 million for it. SL Green Realty is taking steps to hold a UCC foreclosure auction of an Ashkenazy entity that owns the mixed-use, 7,850-square-foot building, according to a

Rolex says time’s up for its Fifth Avenue headquarters

Posted: 12 Aug 2021 05:30 AM PDT

UPDATED Aug. 12, 2021, 3:44 p.m.: Rolex’s watches are timeless, but its New York headquarters is not. The luxury watch company filed an application with the New York’s Department of Buildings to begin demolishing its 1970s-era, 12-story headquarters at 665 Fifth Avenue. The Swiss company is partnering with architect David Chipperfield to build a 25-story office tower in its place. Chipperfield was selected to design the Midtown building in 2019. Renderings from March 2020 depict

Plot thickens in case of missing Chinese mogul’s 432 Park Avenue condo

Posted: 12 Aug 2021 05:00 AM PDT

A missing Chinese national who helped buy a $30 million apartment at 432 Park Avenue also has ties to the purchase of a second unit in the building, property records indicate. A company affiliated with Whitney Duan purchased a 2,600-square-foot spread on the 80th floor of the building in 2016 for $19 million in cash, the records show. Three months earlier, as The Real Deal reported, another company connected to Duan purchased a condo on

The Closing: James Patchett

Posted: 12 Aug 2021 04:30 AM PDT

James Patchett has been in the room for some of New York City’s most consequential real estate moments in a generation — both megadeals that happened and those that came agonizingly close. As chief of staff to Deputy Mayor Alicia Glen, he played a key role in the $5.45 billion sale of Stuyvesant Town in 2015 to the Blackstone Group, a transaction that led to the permanent preservation of 5,000 affordable housing units. Four years

Another record month for new leases as Covid discounts dry up

Posted: 12 Aug 2021 04:00 AM PDT

New apartment leases last month set an all-time high for July as tenants continued to take up the slack in New York City’s rental market. Manhattan, Brooklyn and Northwest Queens each had their busiest July ever, according to a Douglas Elliman report compiled by appraisal firm Miller Samuel. The results come on the heels of a record-setting June, when vaccine adoption and rent discounts fueled a spring surge. Manhattan saw 7,656 new leases signed last