The Real Deal - New York Real Estate News

Low space and high prices boosted self-storage stocks amid pandemic

Posted: 22 Dec 2021 02:00 PM PST

People across the United States locked down by the pandemic needed space to lock their extra things away, boosting self-storage properties to the top of the market. Self-storage shares on the FTSE Nareit All Equity REITs Index have returned more than 85 percent between price gains and dividend payments since Feb. 21, 2020, according to the Wall Street Journal. This figure greatly outpaces the broader REIT index, which returned only 18 percent in the same

Tides Equities inks $80M deal for 650-unit Dallas apartment complex

Posted: 22 Dec 2021 01:52 PM PST

The multifamily market in Texas is scorching, and Tides Equities is poised to strike while the iron is hot. The California-based investment firm inked a deal to buy the Montecito Creek Apartments, a 650-unit complex at 11330 Amanda Lane in Dallas, for $79.5 million. Tides bought the 484,269-square-foot complex, located on more than 23 acres in the Highland Meadows neighborhood, from Texas’ Exponential Property Group. The purchase brings Tides’ investment in Dallas-Fort Worth multifamily properties

Silverstein buys FiDi apartment building for $248M

Posted: 22 Dec 2021 01:18 PM PST

Larry Silverstein is getting in on the flurry of last-minute deals to close out the year. Silverstein Properties bought the 400-unit apartment building at 116 John Street in the Financial District from Nathan Berman’s Metro Loft Management for $248 million, sources familiar with the sale told The Real Deal. The deal closed today. It’s the latest in a series of big-ticket transactions to materialize before the end of the year, as investors show increasing demand

CIM hits back at board’s allegations in 432 Park lawsuit

Posted: 22 Dec 2021 01:00 PM PST

Developer CIM Group hit back at an explosive lawsuit from the condo board at 432 Park Avenue, its luxury supertall where residents have alleged widespread construction defects. In legal documents filed in New York Supreme Court Wednesday, the developer called the board’s lawsuit “ill-advised” and dismissed it as a “publicity campaign.” The board sued the developers of the Billionaires’ Row tower in September for issues related to flooding, broken elevators, noise from the building’s sway

Hochul signs package of laws aimed at fighting housing discrimination

Posted: 22 Dec 2021 12:21 PM PST

Two years ago, a Newsday investigation into Long Island’s housing market shed light on widespread racial discrimination against prospective homebuyers. The exposé prompted the New York State Senate to pass a measure last year enabling regulators to suspend or revoke the licenses of real estate agents found to have violated fair housing laws. State lawmakers also launched their own probe into the matter, churning out a list of recommendations to end what their report called

Canada’s Intracorp makes another foray into Austin

Posted: 22 Dec 2021 11:45 AM PST

North American real estate developer Intracorp is relatively new to Austin, Texas, but it’s not shy about making high-profile money moves in the city. On Friday, the Vancouver-based company released details about its newest foray and third Austin development, Congress Lofts at St. Elmo. The five-story building at 4315 South Congress will include nine live-work storefronts on the ground floor and 139 warehouse style residential lofts on upper floors, totaling around 139,000 square feet of

RXR, TF Cornerstone cleared for 1,500-foot tower at Grand Central

Posted: 22 Dec 2021 10:58 AM PST

A building set to be one of New York City’s tallest office towers is one step closer to reality. RXR Realty and TF Cornerstone’s development at 175 Park Avenue has received approval from the City Council, Bloomberg reported. The mixed-use building at the Grand Hyatt site next to Grand Central Terminal will include more than 2 million square feet of office space and up to 500 hotel rooms. The developers unveiled plans in February for

Longfellow inks first NYC purchase with stake in LIC life sciences property

Posted: 22 Dec 2021 09:45 AM PST

New York City’s life sciences push has brought a new developer to the area: Longfellow Real Estate Partners. The developer is buying a majority equity interest in 43-10 23rd Street in Long Island City, Queens, the Commercial Observer reported. The 200,000-square-foot building is owned by a private real estate fund, which in turn is managed by Columbia Property Trust and Kassabian Realty. Longfellow is paying $95 million for the majority equity interest, equivalent to $475

SHoP Architects employees eyeing unionization effort

Posted: 22 Dec 2021 08:15 AM PST

Employees at one of New York’s top architecture firms are reportedly poised to lead a change in the industry. Well over half of SHoP Architects’ eligible employees have pledged support for a union, organizers told The New York Times. David DiMaria, an organizer for the union the employees hope to affiliate with, told the outlet architects at two other prominent New York firms are also in the process of organizing. SHoP has earned numerous accolades

After disastrous 2020, retail chains stage modest NYC comeback

Posted: 22 Dec 2021 07:26 AM PST

The number of chain stores and restaurants in New York City increased this year in a welcome sign for retail landlords after four straight years of declines. The bar was set pretty low. The 2.7 percent year-over-year increase pales in comparison to last year’s 12.8 percent decline, according to a report by the Center for an Urban Future. Chains added 190 locations across the five boroughs as the pace of commercial activity picked up following

Super-luxury home sales in 2021 notched a record-shattering year

Posted: 22 Dec 2021 06:42 AM PST

The luxury housing market in the United States thrived this year like never before, notching at least 40 homes sold for at least $50 million. Home sales for at least $50 million increased 35 percent year-over-year, according to data from appraiser Miller Samuel reported by Bloomberg. The surge means sales in the sector this year shattered the previous record set in 2020. Low interest rates and a hot stock market were among the contributing factors

Inside the rental tech ecosystem, with RET Ventures’ Chris Yip

Posted: 22 Dec 2021 05:45 AM PST

In proptech, the early bird doesn’t always get the worm. It can take a lot of time to overcome owners’ reluctance to bet on a new product, and those long sales cycles have been the undoing of many a startup, according to Christopher Yip. “Historically, there’s not been a first-mover advantage because the worst thing you want to do is deploy a new technology in your portfolio and have the startup fail,” said Yip, a

Black Spruce picks up UWS apartments in slow week for mid-market deals

Posted: 22 Dec 2021 04:00 AM PST

Despite a flurry of nine-figure blockbusters across multiple asset classes, middle-market deals for investment properties slowed to a trickle in New York City last week, with just four sales fetching a total of $85.9 million. Josh Gotlib’s Black Spruce Management picked up a multifamily building in Manhattan Valley — a slightly less splashy follow-up to its $850 million deal for the American Copper buildings — while affordable housing developer L+M picked up an apartment building