The Real Deal - New York Real Estate News

Hamptons towns take sale-price rankings hit

Posted: 11 Nov 2021 02:30 PM PST

In the Hamptons, like anywhere else, it’s all relative. Despite home prices climbing in the ritzy enclave, five of the six towns among the nation’s 40 most expensive fell in the rankings this year, according to Property Shark. On the plus side, the Hamptons claimed seven of the 100 most expensive zip codes, one more than last year. The new entry was Sag Harbor at No. 69. The rankings are based on median sale prices

Irish retailer Primark takes 70K sf at City Point

Posted: 11 Nov 2021 01:30 PM PST

Irish retailer Primark is expanding its presence in New York, landing a big lease at the City Point development in Downtown Brooklyn. The company is taking 70,000 square feet at the complex, which is owned by Acadia Realty Trust and Washington Square Partners. According to the Commercial Observer, the store will open next fall. The lease at 445 Albee Square West will be divided between a 50,000-square-foot store and 20,000 square feet for storage. Primark

Witkoff, Kushner, PMG, Crescent Heights talk strategy at TRD’s Miami event

Posted: 11 Nov 2021 12:30 PM PST

The panel topic at The Real Deal’s South Florida Real Estate Showcase and Forum on Wednesday was national development, but the panelists wanted to talk about South Florida. The panelists — Nicole Kushner Meyer, Steve Witkoff, Russell Galbut, and Kevin Maloney — have projects in other markets, such as New Jersey, New York and California. Yet, they said, the warm weather and cultural institutions in South Florida are hard to compare to anywhere else today.

Blackstone secures $1.1B refi on Sun Belt multifamily portfolio

Posted: 11 Nov 2021 12:00 PM PST

Blackstone’s real estate investing arm is following up its record third quarter with a massive refinancing package. Blackstone Real Estate Income Trust nabbed close to $1.1 billion in debt to refinance a 13-property multifamily portfolio, spanning 5,450 apartments across nine markets, most of which are in the Sun Belt. The two-year, interest-only and floating-rate commercial mortgage-backed securities loan was originated by Wells Fargo, Bank of America and Société Générale, the Commercial Observer reported. The loan

Investors surf the life sciences wave in the Bay Area

Posted: 11 Nov 2021 11:00 AM PST

You might think San Francisco’s priciest per-square-foot commercial deal was about tech. You’d be wrong: It was KKR’s $1.1 billion purchase of a life science complex in Mission Bay, among the last available lab spaces in the area. In August, BioMed Realty paid Oracle $160 million for offices and vacant land at the border of Belmont and Redwood City, giving it over 200,000 square feet of existing space with life science conversion potential and the

Buyers, don’t blink: More U.S. homes selling in one week

Posted: 11 Nov 2021 10:30 AM PST

Prospective home buyers in the U.S. are facing record-low times to weigh one of the most important investments in their lives. A survey from the National Association of Realtors says home sales in the last year counted a median listing time of one week before going under contract, the Wall Street Journal reported. The rate — recorded for home sales between July 2020 and June 2021 — was the quickest since 1989. In the same

Burlington opening eighth Long Island store as it doubles locations

Posted: 11 Nov 2021 09:45 AM PST

Burlington is set to open in Farmingville, Long Island, in a stride toward its plans to double its store count. The off-price retailer is opening a store in the Suffolk County hamlet on Nov. 12, Newsday reports. It will be Burlington’s eighth Long Island location and span a modest 32,000 square feet, part of the company’s initiative to reduce the size of its stores. “During the spring season, we opened 16 stores that were 30,000

Fudging the numbers? Landlords say NY gamed survey to save rent stabilization

Posted: 11 Nov 2021 08:45 AM PST

Every three years, New York City checks the temperature of its housing market. Or at least, it’s supposed to. The triennial survey, sponsored by the city’s Department of Housing Preservation and Development, counts apartment vacancies. A rate over 5 percent would mean the housing emergency, and thus rent stabilization for 1 million apartments, is over. Of course, that has never happened. And landlords have long argued that the government would do whatever it takes to

Swiss medical developer boosting Brooklyn Army Terminal incubator

Posted: 11 Nov 2021 08:00 AM PST

The life science incubator at the Brooklyn Army Terminal has officially debuted a fresh tenant. RegenLab USA, a device manufacturer for the production of regenerative cell therapy, opened a research and manufacturing lab at the Brooklyn outpost this week, Crain’s reported. The Swiss company is reportedly looking to more than double its space in the next two years. The initial stage of the company’s $10 million project takes up 15,000 square feet at the incubator.

Hyde Park home nearly hanging over Hudson River asks $45M

Posted: 11 Nov 2021 07:30 AM PST

A sleek mansion on the Hudson River and its surrounding 10 acres has hit the market for $45 million, potentially setting up a record-breaking sale for Dutchess County. Completed a decade ago, the house couldn’t be built under today’s setback laws for waterfront parcels, according to the Albany Times-Union. The 14,800-square-foot home at 46 Ledgerock Lane lives up to its address, sitting on a rocky outcropping in Hyde Park that extends into the river. Homes

State attorneys general call for eviction ban on subsidized renters

Posted: 11 Nov 2021 06:45 AM PST

Tenants in New York may have two more months of eviction protections, but most renters nationwide have been exposed since August. Eviction filings have risen steadily since the Supreme Court tossed President Biden’s eviction ban at the end of the summer. Meanwhile, the glacial pace of rent relief had seen only 6 percent of an over $46 billion pot reach households in need by late October. Those most at risk are low-income renters who are

Dynamic Star files plans for 602-unit project in Bronx’s Fordham Landing

Posted: 11 Nov 2021 06:00 AM PST

A Bronx development project is one step closer to sticking the landing after a Connecticut-based firm filed plans for a massive four-building project. Dynamic Star this week filed plans for the construction of a 582,000-square-foot mixed-use building at the Fordham Landing site in the Bronx’s University Heights neighborhood, according to PincusCo. The project at 320 West Fordham Road is set to deliver 602 units to the neighborhood. For context, PincusCo reports there were 73 new

CRE data crowdsourcer CompStak raises $50M

Posted: 11 Nov 2021 05:00 AM PST

CompStak, which pioneered a crowdsourced approach to commercial real estate data as part of the first wave of startups in what is now known as “proptech,” has raised $50 million in a new fundraising round, the firm told The Real Deal. Morgan Stanley Expansion Capital, the investment giant’s late-stage venture arm, led the Series C round, with participation from Mitsui Fudosan and Crow Holdings, which invests the fortune of the late real estate development giant

Manhattan rents recover to pre-pandemic levels as new leases slow

Posted: 11 Nov 2021 04:00 AM PST

After months of heavy leasing activity even as pandemic-era concessions dried up, Manhattan’s rental market returned to something resembling normal in October. New lease signings in the borough fell 16 percent month-over-month in October and 22 percent year-over-year, according to a report by appraisal firm Miller Samuel for Douglas Elliman. The median rental went for $3,495 per month, a 13 percent increase from last year that propelled it to within $5 of the median rent