The Real Deal - New York Real Estate News

Advocates call on Cuomo to sign fair housing bills before vacating office

Posted: 18 Aug 2021 02:00 PM PDT

The clock is ticking for outgoing Gov. Andrew Cuomo, set to resign on Aug. 24 in the wake of a damning report detailing sexual harassment allegations by nearly a dozen women. After that, Lieutenant Governor Kathy Hochul will assume the role as the state’s first-ever female governor. In the meantime, fair housing activists are calling on Cuomo to sign seven bills awaiting his signature. Each of the bills “represents a significant step in reducing widespread

Secrets of a seasoned Hamptons squatter revealed

Posted: 18 Aug 2021 01:00 PM PDT

A self-described veteran Hamptons squatter has revealed her methods as well as her code of ethics. The mysterious moocher said she spent “summer after summer in my 20s living large” in the Hamptons entirely for free, according to a piece she wrote in the New York Post. The writer is identified only as “anonymous.” More recently, the state’s eviction moratorium has allowed some renters to squat for long periods at their Hamptons rentals. Some owners have

Finance firm leases 100K SF at SL Green’s One Vanderbilt

Posted: 18 Aug 2021 12:42 PM PDT

Stone Ridge Asset Management is the latest tenant to crack open the vault for space at SL Green’s One Vanderbilt. The asset manager agreed to a 100,000-square-foot lease at rents rising to $245 per square foot over 15 years at the trophy tower. That’s approximately three times the average Midtown rent. It’s not clear when the company will move from its spot at 560 Madison Avenue, but the new space will be an increase in

Judge overseeing Surfside collapse litigation chastises town over proposed downzoning

Posted: 18 Aug 2021 10:40 AM PDT

The judge overseeing Surfside condo collapse litigation again implored the town to drop its proposed downzoning of the Champlain Towers South property, nearly two months after a portion of the building came down, killing nearly 100 people. Confusion surrounding the site’s zoning is dampening efforts to sell the oceanfront property for the highest possible price, with proceeds to go to the survivors and the families of the victims. Still, the receiver and the broker tasked

Edison Properties eyes $3B sale of Manhattan Mini Storage

Posted: 18 Aug 2021 10:30 AM PDT

Many New Yorkers put things in storage during the pandemic. Now the dozens of owners of Manhattan Mini Storage are looking to cash in with a mega sale of the company. Edison Properties, which manages the storage provider, is working with Eastdil Secured to find a buyer, Bloomberg reported. The company is believed to possess the largest market share among Manhattan storage providers. Manhattan Mini Storage has grown immensely since being founded in 1978 by

Robert Durst: “I would lie about” killing Susan Berman

Posted: 18 Aug 2021 09:48 AM PDT

Robert Durst testified he would lie to cover up the murder of his friend Susan Berman had he killer her. Durst was cross examined Tuesday in Los Angeles County Superior Court, charged with killing Berman 21 years ago. Prosecutors say Durst shot Berman at her Benedict Canyon home to stop her from speaking with New York investigators looking into the 1982 disappearance of his wife, Kathie. L.A. County Deputy District Attorney John Lewin for the

BlackRock’s real estate unit acquires clean energy developer

Posted: 18 Aug 2021 09:01 AM PDT

BlackRock is turning its eyes towards clean energy, acquiring wind and solar project developer National Renewable Solutions. Terms of the acquisition have not been disclosed, but the firm’s real estate unit, BlackRock Real Assets, is set to take 100 percent control of NRS, which has over 3.5 gigawatts of developments in the works, according to Bloomberg. NRS was founded in 2011 and has developed over 1 gigawatt of projects involving clean energy over the last

Digital Bridge, formerly Colony, sells off remaining hotel portfolio

Posted: 18 Aug 2021 08:31 AM PDT

Digital Bridge, the real estate investment trust formerly known as Colony Capital, is finalizing the disposition of the rest of its troubled hotel portfolio. The company found a buyer for a 48-hotel portfolio that spans 21 states, according to a motion filed in a lawsuit in the Supreme Court of New York in Dutchess County on August 16. The sale was announced as part of a settlement between the company and a trust for bondholders

States look to erase racial covenants from housing deeds

Posted: 18 Aug 2021 07:35 AM PDT

It’s 2021, but the fine print in some housing deeds still reflects an ugly time when minority homeownership was either explicitly or implicitly forbidden. Now, states are working to make it easier to eliminate those racist relics. Racial covenants in housing deeds were not uncommon in the 20th century, with language barring ownership for anyone who wasn’t white. Typically it rejected Black buyers. The covenants have not been legal or enforceable for some time, but

Jeff Bezos buys fifth unit at 212 Fifth Avenue

Posted: 18 Aug 2021 07:00 AM PDT

Jeff Bezos built Amazon into a global behemoth over many years. He’s taking a much quicker approach to building his home above New York City. The founder and former CEO just paid $23 million for another unit at 212 Fifth Avenue in NoMad. The purchase was agreed to in July and closed on Aug. 6, according to the New York Post. Bezos has been creating a sprawling home in the building. He also owns a

A $36M Midtown listing tests Fifth Avenue’s comeback

Posted: 18 Aug 2021 05:30 AM PDT

As Fifth Avenue battles back from the pandemic, a new listing in the heart of the shopping corridor will test the strength of its recovery. The leasehold for 587 Fifth Avenue, a 10-story, mixed-use building between 47th and 48th Streets, is hitting the market asking $36 million. Steve Kassin’s Infinity Collective holds the ground lease, public records show. Zachary Redding and Dylan Kane of B6 Real Estate Advisors have the listing. The building offers 4,000

Pent-up demand: Manhattan penthouse contracts soar

Posted: 18 Aug 2021 05:00 AM PDT

After spending more time inside over the past year, homebuyers desperate to upgrade are looking up — to the penthouse. Through the first five months of the year, 226 penthouse contracts were signed in Manhattan, the most since Corcoran’s market research team began tracking the figure in 2007. From 2010 to 2019, that January through May period usually sees an average of 155 penthouse deals inked, according to Corcoran. Among the sales was supermodel Bella

Empty numbers: Landlords say vacancy survey distorts truth

Posted: 18 Aug 2021 04:00 AM PDT

Manhattan’s vacancy rate hit 10.5 percent in 2020 and the five boroughs averaged 6.5 percent, according to census data released last week. The magic figure that keeps New York rent-stabilized is 5 percent. If vacancies creep above that, the rental surplus voids the housing emergency and with it, rent stabilization. Fortunately for renters who benefit from the program, it does not use the 10-year census. Instead, it goes by a triennial poll called the Housing