The Real Deal - New York Real Estate News

Douglas Elliman sends NYC employees home as Omicron surges

Posted: 21 Dec 2021 03:15 PM PST

The surge of new Covid cases across the city driven by the Omicron variant has brokerages on edge. Douglas Elliman’s New York City employees must work from home until at least Jan. 3, president Richard Ferrari informed staff in a memo last week. “Employees will work from home while we monitor the situation and devise a return-to-office plan informed by CDC and state and city guidelines,” a Douglas Elliman spokesperson said. The policy applies to

City Council expands access to rental aid ahead of eviction ban expiration

Posted: 21 Dec 2021 02:30 PM PST

In its last session of the year, the City Council passed a bill that would expand access to emergency grants for tenants who have fallen behind on rent — just as evictions are set to resume. The city’s One Shot Deal program previously operated as a stop-gap for tenants sued in housing court. Renters could tap the fund — which distributes about $150 million annually — to cover arrears and stave off eviction. But many

Amazon delivers jobs, picks up office space in Austin

Posted: 21 Dec 2021 01:45 PM PST

Jeff Bezos’ space race isn’t limited to the suborbital sphere. Amazon just added more earthbound property in Austin, Texas, leasing 330,000 square feet of offices at the Domain, according to the Austin American-Statesman. The Domain is a mixed-use development in North Austin referred to as a “second downtown.” Atlanta-based Cousins Properties is developing the office project, which will help accommodate the 2,000 corporate and tech jobs Amazon says it will bring to Austin in the

New data platform finds hot housing markets while they’re still just warm

Posted: 21 Dec 2021 01:00 PM PST

A new real estate intelligence platform wants to give institutional investors a heads-up on hot housing markets while the fervor is still only a whisper. Haystacks.AI says it can give institutions an edge by layering alternative information like sentiment data, culled from sources like Yelp reviews, on top of primary structured real estate data. “Alternative data has never really been incorporated into real estate decision-making, largely because it was difficult to collate,” co-founder and CEO

Miami notches 4-month streak atop migration interest

Posted: 21 Dec 2021 12:15 PM PST

The siren call of South Florida’s beaches and warm weather is still working on homebuyers weighing relocation, according to Redfin. November marked Miami’s fourth consecutive month as the most popular migration location among major metros, according to a report from the company. The net inflow — or the difference between users looking to move into a market versus those looking to leave — was 9,376 in October and November. Miami can tout warm weather and

Proptech breaks annual VC funding record

Posted: 21 Dec 2021 11:30 AM PST

As proptech went mainstream in 2021, investors poured an unprecedented amount of cash into the sector. Venture capital investments in real estate technology companies hit $32 billion this year, according to a report from the Center for Real Estate Technology & Innovation, narrowly beating out the previous annual record of $31.6 billion, set in 2019. The figure represents a significant rebound from 2020, with the sector seeing a 28 percent year-over-year increase in investment as

Suffolk County to developers: Hire local, or forget tax breaks

Posted: 21 Dec 2021 10:45 AM PST

Suffolk County can’t force developers to hire local contractors for their projects, but they can incentivize them to do so. Under a revised “Long Island First” policy adopted by the Suffolk County Industrial Development Agency this month, developers that receive county incentives for their projects must “consider purchasing goods and services from Long Island-based providers,” such as local contractors, construction workers or construction materials. If an IDA beneficiary or any of its subcontractors cannot comply,

HUBB NYC picks up Williamsburg apartments in neighborhood’s biggest deal in 2 years

Posted: 21 Dec 2021 10:15 AM PST

Williamsburg has notched its most expensive deal for an apartment building in two years amid swelling demand for multifamily investments. HUBB NYC bought the 169-unit building at 247 North 7th Street for a little over $116 million from Greystar Real Estate Partners. It’s the most expensive multifamily deal in Williamsburg since January of 2020, when TF Cornerstone paid nearly $138 million to buy the building at 250 North 10th Street just a few blocks away.

EverWest pays $66M for NJ industrial portfolio

Posted: 21 Dec 2021 09:30 AM PST

EverWest Realty Partners’ industrial expansion in the tri-state area continued last week with the purchase of a New Jersey portfolio for almost $66 million. The company acquired a three-building portfolio in Moonachie for about $65.9 million, according to Real Estate Weekly. The 190,000-square-foot portfolio stretches across three addresses: 135, 137-141 and 170 West Commercial Avenue in the Meadowlands, a high-demand infill location in northern New Jersey. Stephen Feinberg, EverWest’s director of Northeast Acquisitions, led the

Gamers at work: As esports goes corporate, LA offices are a training ground

Posted: 21 Dec 2021 09:00 AM PST

Pitch-black rooms with top-of-the-line, ergonomic chairs, ultra-fast internet and massive TVs. It sounds like a gamer’s dream home, but it’s actually the Santa Monica headquarters and training ground of Team Liquid — one of the highest-earning esports teams in the world. Team Liquid is part of a growing legion of competitive video gaming teams that are snatching up physical space across Greater Los Angeles and Orange County for training and content production. Together they make

Boston Properties closes on Midtown South office building

Posted: 21 Dec 2021 08:30 AM PST

Boston Properties has finally sealed the deal on its $300 million purchase of 360 Park Avenue South. The developer purchased the building through a joint venture with the Steinberg family’s Empire Asset Management, the long-time owner of the property, Crain’s reported. After closing, the company owns 42 percent of the building and will handle leasing and management. The landlord refinanced the property with a three-year mortgage loan for $220 million, Crain’s reported. The cost of

Hochul’s solar expansion would power one in six New York homes

Posted: 21 Dec 2021 08:00 AM PST

After the 2019 Climate Act laid out ambitious goals for solar expansion by 2025, New York state says it has nearly met its original targets and now plans to up the amperage. Gov. Kathy Hochul said last week the state would work to distribute at least 10 gigawatts of solar by 2030, a metric that would power almost 700,000 more households — about one in every six owner-occupied homes in New York, according to U.S.

Trump arguing political bias in New York A.G. lawsuit to stop business probe

Posted: 21 Dec 2021 07:15 AM PST

Former president Donald Trump this week moved to hamper investigations into his business practices with a lawsuit against New York State attorney general Letitia James. The lawsuit filed in federal court Monday on behalf of Trump and his family real estate business aims to end her civil inquiry, as well as stop her from being involved in a different criminal investigation, the New York Times reported. The suit alleges James is motivated by a political

In a banner year for NYC’s luxury market, these 10 priciest sales led the way

Posted: 21 Dec 2021 06:30 AM PST

2021 was a year of recovery for Manhattan’s residential market. Home sales in the borough notched their busiest quarter in recorded history. The annual luxury sales record was shattered with a full three months remaining on the calendar. A persistent glut of condo inventory finally started to fall as buyers claimed more units from the market than builders added. Agents and developers, rejoice: New York City is back (at least, for now). The year saw

Steve Croman-inspired bill would block bad landlords from state bank loans

Posted: 21 Dec 2021 05:45 AM PST

The holiday spirit was audible outside Steve Croman’s Upper East Side mansion Thursday night, but the carolers weren’t singing “Jingle Bells.” As members of the Stop Croman Coalition, a tenant group formed in 2007 to hold the notorious landlord accountable, set their feelings about him to music, a colorful rewrite of “You’re a Mean One, Mr. Grinch,” stood out: “You’re a demon, Mr. Croman. You are a devil from Hell. You’re the Bernie Madoff of

A $9M Brooklyn Heights townhouse leads luxury contracts

Posted: 21 Dec 2021 05:00 AM PST

Brooklyn’s luxury market last week ticked down slightly from the pace of the first two weeks of December. A Brooklyn Heights townhouse at 141 State Street asking $9 million led the borough’s luxury contracts signed between Dec. 13 and 19, according to Compass’ weekly report, which tracks residences asking $2 million or more. The 7,600-square-foot home rang in at $1,184 per square foot. The 25-foot-wide, gut-renovated townhouse includes six beds and four baths and has

Future City: An Airbnb for glamping

Posted: 21 Dec 2021 04:00 AM PST

Make it out to… Blank-check companies have hauled in billions in 2021 despite the controversy surrounding the investment model. A new name, Southport Acquisition Corp., entered the SPAC arena in early December with plans to target a mortgage or other real estate-related startup. Southport raised $230 million in an initial public offering that closed Dec. 14. It is looking to invest in a “leading financial services software of FinTech partner, with particular focus on mortgage

Isaac Chetrit, Yadidis again planning Garment District skyscraper

Posted: 20 Dec 2021 03:02 PM PST

Five years after completing their assemblage at West 37th Street and Sixth Avenue, the Chetrit and Yadidi families are moving ahead with plans for a mixed-use skyscraper at the site. The developers and frequent partners intend to build a 370,000-square-foot, 69-story tower with 300 residential units on the parcel, which includes 100 West 37th Street and 993 Sixth Avenue, according to filings submitted last week. Damir Sehic of C3D Architecture is listed as the architect

Blackstone buying multifamily REIT Bluerock for $3.6B

Posted: 20 Dec 2021 02:12 PM PST

Blackstone is acquiring Bluerock Residential, a real estate investment trust focused on multifamily properties, for $3.6 billion as part of the investment giant’s continued push into the rental market. New York-based Bluerock Residential Growth REIT announced Monday that it had reached an agreement to sell its outstanding common stock to affiliates of Blackstone Real Estate for $24.25 per share — an all-cash deal that Bluerock said represented a 125 percent premium over it closing price

CIM Real Estate Finance Trust selling retail portfolio for $1.3B

Posted: 20 Dec 2021 02:08 PM PST

CIM Real Estate Finance Trust announced Monday it entered an agreement to sell all of its shopping centers to American Finance Trust Inc. for $1.3 billion. The deal includes 81 properties, anchored with major retail tenants and grocery centers, according to a release. Upon closing, the New York-based real estate investment trust will have a portfolio that will comprise over 1,000 properties and 29 million square feet. Upon closing, American Finance will rebrand itself as

Report: U.S. rents surged 7% from October to November

Posted: 20 Dec 2021 01:36 PM PST

As inflation accelerated in November, so did rents across the country. Nationwide average monthly rents surged 6.8 percent from October to November, a 20.5 percent increase from the same time last year, according to the latest data from Redfin. Both were the highest increases recorded since Redfin began tracking rental data two years ago. Average rent increased to $1,985 per month in November, up from $1,858 in October and $1,647 in November 2020. Three markets

Samsung plant may bring the infobahn – literally – to Texas

Posted: 20 Dec 2021 01:04 PM PST

The infobahn is coming to central Texas – or at least to one 17-mile stretch of highway. The section of US Highway 79 near the small town of Taylor, where Samsung plans to build a $17 billion semiconductor factory, may be poised to be a destination for more tech facilities, according to the Austin Business Journal. That would draw residential subdivisions, mixed-use properties and commercial projects aimed at serving the communities around them. While the

L&L secures nearly $1B financing package to complete 425 Park Ave

Posted: 20 Dec 2021 12:30 PM PST

L&L Holding has secured a nearly $1 billion financing package to complete its 47-story office tower at 425 Park Avenue. Led by Blackstone Real Estate Debt Strategies, the $911.4 million debt package will retire the building’s original construction loan and cover the final stages of the project, which is expected to be completed early next year. A JLL Capital Markets team led by Michael Tepedino and Michael Gigliotti represented L&L Holding and its partners, BentallGreenOak

Bridgehampton home flipped for $1M profit in 4 weeks

Posted: 20 Dec 2021 11:45 AM PST

A quick-moving buyer scored a $1.3 million profit from a home in Bridgehampton just one month after purchasing it. The 2.2-acre property at 100 Trelawney Road and its traditional-style home initially traded hands for $7.2 million on Oct. 22. Almost before the ink on the contract was dry, it was back on the market 11 days later asking $8.5 million, according to 27East. It was in contract at its asking price on Nov. 19, exactly

$26M UWS duplex leads busy week for Manhattan luxury deals

Posted: 20 Dec 2021 11:00 AM PST

For just the sixth time this year, more than 50 Manhattan luxury homes changed hands in a single week. Fifty-four contracts were signed for homes asking at least $4 million in Manhattan in the third week of December, up from 30 contracts the week before. Thirty-six deals were for condos, 11 for co-ops, and seven for townhouses, according to Olshan Realty’s weekly report. The priciest contract was for a 7,500-square-foot condo at 378 West End

New York City hotel occupancy hit pandemic record, but new cases loom

Posted: 20 Dec 2021 10:15 AM PST

New York City hotels marked a peak in occupancy in early December, but the industry’s rebound was reported under a resurgence in new virus cases. The city’s hotel occupancy rate hit 81.5 percent in the week ending on Dec. 11, according to data from analytics firm STR reported by Crain’s. The figure marks the city’s highest since the onset of the pandemic. The rate is still about 13 percent below the same week in 2019,

Manhattan Borough Board approves Radson’s slaughterhouse towers

Posted: 20 Dec 2021 09:00 AM PST

A former Hell’s Kitchen slaughterhouse site is on its way to a transformation. The Manhattan Borough Board approved a New York City Economic Development Corporation project that will bring affordable housing — in addition to a hotel, office space and a supermarket — to Midtown Manhattan. Radson Development and Kingspoint Heights will develop 495 11th Avenue to bring two towers — set to stand 56 and 57 stories tall, respectively – between West 39th and

These were the five largest development plans filed in NYC in 2021

Posted: 20 Dec 2021 08:20 AM PST

As New York’s real estate market bounced back from the pandemic, the city’s largest developers moved ahead with their next megaprojects. While demand for warehouses has a pair of developers building a 1.2-million-square-foot industrial project in the Bronx on spec, others continued to file plans for residential high-rises as well, despite uncertainty over the long-term prospects of the city’s condo and rental markets. Steve Roth’s Vornado Realty Trust is planning a 573-unit residential tower in

Blackstone close to $930M purchase of Lower Manhattan apartment building

Posted: 20 Dec 2021 07:25 AM PST

Blackstone continues to make big bets on New York City real estate, with its latest reportedly placing it on the verge of a major multifamily purchase. The firm is close to acquiring the luxury apartment rentals at 8 Spruce Street in Lower Manhattan from Brookfield Asset Management and Nuveen for $930 million, people familiar with the matter told Bloomberg. The Real Deal reported in November Brookfield and Nuveen were seeking north of $850 million to

TikTok to launch 300 delivery-only kitchens offering app’s viral dishes

Posted: 20 Dec 2021 06:38 AM PST

A new ghost kitchen concept will soon bring TikTok’s greatest cooking creations off the “For You” page and into users’ hands. The social media platform announced last week it’s partnering with Virtual Dining Concepts to open about 300 delivery-only kitchens across the United States. The concept is expected to launch in March and include more than 1,000 locations by the end of 2022. The menu will include viral dishes from the app, such as baked

Peloton CEO is buyer of $55M East Hampton estate

Posted: 20 Dec 2021 05:45 AM PST

John Foley’s customers are pedaling in place, but the Peloton CEO is on the move — trading in his woodsy East Hampton home for one on the ocean. The stationary-bike executive, whose company’s fortunes soared when the pandemic trapped people in their residences, was the buyer of an estate at 442 Further Lane, according to the New York Post. The property went into contract several months ago and closed at $55 million, $2.5 million above

Fetner to finally break ground on 23-story UWS apartment building

Posted: 20 Dec 2021 05:00 AM PST

At long last, Fetner Properties is ready to begin construction on its 23-story apartment building on the Upper West Side. On Thursday, the developer and its partners, PGIM and Peakhill Equity Partners, closed on the three-lot assemblage at 270 West 96th Street and sewed up an $80 million construction loan from Wells Fargo, CEO Hal Fetner said. “[We] have been assembling this site for almost four and a half, five years,” he said. “It has

The “worst” landlords? Depends how you count

Posted: 20 Dec 2021 04:00 AM PST

Right in time for the holiday season, Public Advocate Jumaane Williams’ list of naughty landlords went live this week, just as tenant groups released a round-up of the city’s “worst evictors.” But are the firms that got fingered really the worst? Over the years, the public advocate’s office has dropped that word and renamed its tracker the “landlord watchlist,” as well as changed its methodology in an effort to single out sleaze rather than size.

Richard Rogers, heralded architect, dies at 88

Posted: 19 Dec 2021 11:30 AM PST

Pritzker Prize-winning architect Richard Rogers, known for his work that transformed the cityscapes of Paris and London, died Sunday at 88. The New York Times is reporting his death was confirmed by his son, Roo, with no cause of death given. The British designer took home architecture’s biggest prize in 2007 for his “unique interpretation of the Modern Movement’s fascination with the building as a machine, an interest in architectural clarity and transparency, the integration

In Amsterdam, embracing life on the water

Posted: 19 Dec 2021 10:00 AM PST

There’s a waterworld afloat in Amsterdam. A group of pioneers worried about climate change and encroaching sea levels have created a buoyant neighborhood, where homes share electricity via a local smart grid and bob with the tied thanks to steel foundation poles that allow them to rise and fall, the Washington Post reports. In the town of Schoonschip, a neighborhood in the north of Amsterdam, about 150 residents live in 30 industrial-chic-style floating homes in

Santa’s a great selling point for these Christmas-themed towns

Posted: 19 Dec 2021 08:15 AM PST

There is a place where it’s Christmas 365 days a year. Well, make that at least two places. And according to the New York Times, creating a Yuletide-themed town has been merry for the pandemic-era real estate business in Santa Claus, Indiana and Frankenmuth, Michigan — two towns that have taken their love of the holiday to Griswoldian levels. Both lit up their homes and commercial strips for the holidays and never took the decorations

Governor’s daughter got a third chance to obtain appraisal license

Posted: 19 Dec 2021 08:00 AM PST

The daughter of South Dakota Governor Kristi Noem got an unusual third chance to successfully obtain her real estate appraiser’s license, according to a former state employee. Kassidy Peters was given an opportunity to correct her application, said Sherry Bren, formerly the executive director of the state’s appraiser certification program, according to CNN. Bren testified to lawmakers that the state’s process of handling the application was unusual and came as Peters faced a denial because

“Den of Debauchery” site in Bel-Air, once home to Sly Stone, finds buyer

Posted: 19 Dec 2021 07:45 AM PST

A Bel-Air vineyard that was once home to funk musician Sly Stone has found a buyer. The 1.4-acre property, at 783 North Bel Air Road, went into contract with an asking price of $24 million, according to a listing on Zillow. It was previously the site of a Tudor-style mansion that was owned by the Mamas & Papas’ John Phillips. More recently, it was owned by late billionaire A. Jerrold Perrenchio, who converted it to

Beverly Hills home where Howard Hughes almost died in plane crash hits market

Posted: 19 Dec 2021 06:00 AM PST

It’s got location: Beverly Hills. Add a dash of true crime: It’s owned by convicted fraudster Morad “Ben” Neman. And history: Howard Hughes almost died there in the 1946 crash of his experimental aircraft. Now the 6,500-square-foot home at 805 N. Linden Drive, designed by renowned LA architect Wallace Nefff, is for sale for a bit less than $16 million, according to Mansion Global. Neff, active from the 1920s to his death in the early