The Real Deal - New York Real Estate News

A-Rod, ex-brother-in-law skip trial, settle dispute over multifamily empire

Posted: 15 Nov 2021 03:30 PM PST

Former baseball slugger Alexander Rodriguez and his ex-brother-in-law, Constantine Scurtis, settled their remaining claims in their seven-year dispute over a once-burgeoning real estate empire, avoiding a trial that was set to begin on Monday. Scurtis, whose sister Cynthia Scurtis was married to Rodriguez, had sued A-Rod, claiming he had cut him out of their multifamily venture and earnings, according to his complaint. The properties spanned 5,000 units purchased for $300 million in the early 2000s

Compass, Avi Dorfman settle as brokerage’s shares hit all-time low

Posted: 15 Nov 2021 03:22 PM PST

After a seven-year legal battle, Compass has rewritten its history to include tech entrepreneur Avi Dorfman as one of the brokerage’s founders. Dorfman sued Compass and CEO Robert Reffkin in 2014 after Reffkin allegedly reneged on an agreement to acquire Dorfman’s rental startup, RentJolt, cutting Dorfman out of a founding stake in the company. The case was headed for trial until the parties settled this month for an undisclosed sum, court records show. Neither Compass

Planning Commission approves permanent outdoor dining sheds

Posted: 15 Nov 2021 03:06 PM PST

In a win for the restaurant industry, the City Planning Commission on Monday voted to allow Open Restaurants, and the sheds that come with the program, to become permanent. The zoning text amendment it approved wipes out geographic restrictions on sidewalk cafes in the city. The vote was 10-0 with one recusal. The program, created during the pandemic to aid restaurants (but also benefiting their landlords), allows eateries to set up tables on sidewalks and

Condos at 85 Jay Street claimed last week’s 3 priciest Brooklyn contracts

Posted: 15 Nov 2021 02:15 PM PST

If three is a magic number, last week was pretty magical for Front & York. Each of the three priciest contracts signed in Brooklyn last week were for units in the luxury condo building at 85 Jay Street in Dumbo, according to Compass’ weekly report. The three units were last asking $8.75 million, $6.25 million and $4.63 million, respectively. If it fetches its asking price, the priciest of the three will be Dumbo’s most expensive

Republicans game to live in blue states — unless there’s a Covid mandate

Posted: 15 Nov 2021 01:45 PM PST

Where you live and whom you vote for have never been more closely tied. Mapped election results over the past few decades show the red middle has grown redder and the blue coasts bluer. But when it comes to settling down in another party’s territory, a report by apartment-listing site Zumper shows registered Republicans are more liberal about living among Democrats than the other way around — with one caveat. To conduct the survey, Zumper

Oklahoma City developer reviving shuttered Martinique Hotel

Posted: 15 Nov 2021 01:00 PM PST

Left for dead during the pandemic, the Martinique Hotel is suddenly receiving new life from an unexpected buyer. Burnett Equity, a developer based in Oklahoma City, purchased the shuttered hotel’s leasehold for $55 million last week, according to the New York Post. The deal will allow the hotel to reopen in the coming months. According to the Post, the boutique Greeley Square property could begin to reopen as soon as next month. The hotel will

WeWork reports $802M loss in first earnings as public company

Posted: 15 Nov 2021 12:40 PM PST

Despite an uptick in revenue, WeWork’s first earnings report as a publicly traded company revealed that it continues to hemorrhage hundreds of millions of dollars. The flex-office company, which went public in a SPAC merger last month, reported a net loss of $802 million in the third quarter, a $139 million improvement over the $941 million it lost in the same period last year. Total revenue during the third quarter was $661 million, down from

CMBS delinquencies plunge, but still above pre-pandemic levels

Posted: 15 Nov 2021 12:30 PM PST

Bad commercial debt is getting harder to find. Since peaking at 10 percent last June, the delinquency rate for CMBS loans has fallen for 16 consecutive months, but remains above pre-pandemic levels. Industrial, hotel, retail and multifamily delinquency rates have all improved significantly in the past year, according to a report from Morningstar. In October, the overall delinquency rate was 4 percent. That’s down 69 basis points from September, but well above the low of

Year-high 60 Manhattan luxury contracts signed as travel ban lifts

Posted: 15 Nov 2021 11:45 AM PST

As the international travel ban lifted, so did Manhattan’s luxury home market. Sixty contracts for homes asking at least $4 million were signed last week, the most in 2021. Altogether the asking prices were $553.8 million, according to Olshan Realty’s weekly report. That’s the highest weekly total in more than eight years. This year’s busiest week had been in October, with 50 contracts and asking prices totaling $484 million. The record holder remains a week

Minskoff’s 1166 Sixth inks 120K sf in leases

Posted: 15 Nov 2021 11:00 AM PST

Edward J. Minskoff Equities is rolling in leases new and renewed at 1166 Sixth Avenue with two recent deals for 120,000 square feet. Financial services company William Blair is taking more than 40,000 square feet on the 19th floor of the building, the Commercial Observer reports. The deal doubles the firm’s space in the building as it joins an extended lease on the 20th floor for the same amount of space, totaling more than 80,000

Bridgeton Holdings lists its 2 East Hampton hotels

Posted: 15 Nov 2021 10:33 AM PST

Bridgeton Holdings has listed its two East Hampton hotels for sale. The Manhattan-based hospitality owner and developer wants to sell the 96-key Marram Montaul at 21 Oceanview Terrace and the 25-key Journey East Hampton at 490 Pantigo Road, according to marketing materials reviewed by The Real Deal. Eastdil Secured is listed as the broker for both properties. Asking prices were not disclosed, but people familiar with the market said resort hotels are performing well and

Namdar Group nabs $96M from Scale to build 800 Jersey City apartments

Posted: 15 Nov 2021 10:15 AM PST

UPDATED Nov. 15, 2021, 3:47 p.m.: Namdar Group secured a $96 million construction-and-land loan for two multifamily development projects in Jersey City. The Long-Island based developer received $73 million for construction of a 235-unit building at 26 Van Reipen Avenue. It also secured $23 million to replace the existing land acquisition loan for a nearby parcel at 626 Newark Avenue, where the developer plans to build 576 units. Scale Lending, a Slate Property Group affiliate,

MSG Entertainment re-ups at Vornado’s 2 Penn for 428K sf

Posted: 15 Nov 2021 08:07 AM PST

MSG Entertainment is keeping its corporate headquarters at 2 Penn Plaza, landlord Vornado Realty Trust announced Monday. The company, which operates Madison Square Garden, Radio City Music Hall and other entertainment venues across the city, signed on to a 20-year lease for 428,000 square feet amid the 31-story building’s renovation. Financial terms of the lease were not announced. MSG Entertainment did not immediately respond to requests for comment. 2 Penn Plaza sits atop Penn Station,

CGI Merchant Group to pay $375M for Trump’s DC hotel

Posted: 15 Nov 2021 07:15 AM PST

Donald Trump is set for his second exit from Washington, D.C., as CGI Merchant Group is reportedly in contract to buy the Trump International Hotel lease. The Miami-based investment firm, helmed by Raoul Thomas is in contract to buy the hotel lease for $375 million, according to the Wall Street Journal. Under its new ownership, the 263-key hotel will reportedly shed the Trump name. People familiar with the deal told the Journal CGI is working

New campaign to pressure Hochul on good cause eviction, 421a

Posted: 15 Nov 2021 06:30 AM PST

Housing advocates will ramp up pressure on Gov. Kathy Hochul to support new eviction restrictions and repeal a lucrative real estate tax break. This week, Housing Justice for All and elected officials will launch a campaign under the banner #HouseNY, calling on the governor and legislators to repeal Affordable Housing New York, a tax break also known as 421a, and to pass good cause eviction. The group plans to hold protests targeting the governor Tuesday

Here’s what tenants pay at Vornado, Trump’s 1290 Sixth Avenue

Posted: 15 Nov 2021 05:45 AM PST

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro, the one-stop real estate terminal that provides you with all the data and market information you need in one single location. No cash-out this time for Vornado and the Trump Organization. The companies have refinanced their 2.1 million-square-foot office tower at 1290 Sixth Avenue with a $950 million loan led by JPMorgan, the proceeds of

Development trio wagers $150M on Newark’s struggling office market

Posted: 15 Nov 2021 05:00 AM PST

Office demand in the Garden State may have ebbed this summer, but three developers are wagering $150 million that it will bounce back. The joint venture of Philadelphia-based developer Shift Capital, Newark’s Hanini Group and CoInvestment Partners — a firm active in New York City — picked up two historic office towers in Downtown Newark plus a 900-space parking garage for $80 million this week. The Class B buildings at 707 Broad Street, sold by

Future City: An iBuying Icarus

Posted: 15 Nov 2021 04:00 AM PST

Make it rain Proptech is on track for a record year fundraising and M&A, according to GCA , the global proptech advisory firm. More than $4.4 billion in equity and debt capital flowed into the U.S. proptech market during the third quarter, bringing the 2021 total so far to $13 billion. The highest fundraising quarter on record is the 2021 first quarter, when investors plowed $4.6 billion into the space. There were 13 financing rounds