The Real Deal - New York Real Estate News

NYC floats $5B coastline extension in Lower Manhattan climate change plan

Posted: 30 Dec 2021 08:00 AM PST

New York City is thinking big to protect Lower Manhattan from climate change. A new proposal from the city’s economic and climate leaders calls for a two-level, mile-long esplanade that would protect 140 acres of low-lying land in FiDi and the Seaport from rising seas and storm surges, the Commercial Observer reported. If built, the project would extend the shoreline by 110 feet into the East River and create open public space along the coast.

Goodbye Vector, hello public: Douglas Elliman makes NYSE debut

Posted: 30 Dec 2021 07:30 AM PST

UPDATED, Dec. 30, 11:15 a.m. — Douglas Elliman started trading on the New York Stock Exchange Thursday morning, marking its newfound position as a standalone public company. The news comes nearly two months after the brokerage announced it would spin off from parent holding company Vector Group, which also owns tobacco company Liggett Group. Thanks to the split, wary investors can decide between buying into a cigarette manufacturer or the residential brokerage. “This was a

Jamestown plans New Year’s ball drop at metaverse Times Square

Posted: 30 Dec 2021 06:30 AM PST

A recent surge in Covid-19 cases has scaled down Times Square’s iconic New Year’s Eve celebration, but Jamestown Properties and Digital Currency Group are ringing in the new year in a new way. The firm announced Wednesday plans to host a virtual ball drop celebration at a digitally fabricated Times Square in Decentraland, one of the two main metaverses. The virtual One Times Square drops on New Year’s Eve with the “MetaFest 2022” party slated

Two Hamptons homes packaged into one asking $35M

Posted: 30 Dec 2021 05:00 AM PST

Two homes being wrapped into one property are being offered in Amagansett for a cool $35 million. The two homes are at 271 and 266 Marine Boulevard, located at the end of a cul-de-sac. It is the only double lot oceanfront property in Amagansett. Bespoke has the listing. The homes last belonged to Richard Plotkin, a lawyer who died in 2019. The property has been in the Plotkin family for decades. “We deal with very

Crazy for condos: Manhattan new-development contracts triple in 2021

Posted: 30 Dec 2021 05:00 AM PST

Despite Manhattan’s uncertain pandemic recovery, the borough logged a banner year in new development contracts. Some 1,732 newly-developed units went into contract in 2021, according to a new report from Brown Harris Stevens Development Marketing. That’s a whopping 233 percent increase over last year, and 82 percent over 2019. Signings slowed toward the end of the year, with 353 contracts in the fourth quarter. They peaked in the second quarter with 540. Stephen Kliegerman, president

Exit interview: New York’s climate chief on reshaping the city

Posted: 30 Dec 2021 04:00 AM PST

Whether it’s a creative deal financing structure or a nine-figure apartment sale, if it happens in New York City real estate, the world’s markets pay attention — and take inspiration. The city’s climate czar believes the same could be true of sustainability. “If New York City’s buildings can be a model for climate-friendly real estate development, that’s a model that people are hungry for,” said Ben Furnas, the director of the Mayor’s Office of Climate

November US home contract signings drop. Yes, drop.

Posted: 29 Dec 2021 03:01 PM PST

Pending U.S. home sales slipped last month as prices remained high and supply continued to dry out. Home contract signings fell in November after rising in the previous month, according to the latest report from the National Association of Realtors. The organization’s pending home sales index, which looks at contracts signed for single-family homes, condominiums and co-ops, fell 2.2 percent from October, which had seen a 7.5 percent jump from the month before. The year-over-year

Samsung’s $17B deal came with Texas-sized incentives

Posted: 29 Dec 2021 02:11 PM PST

It took almost $1 billion of publicly funded incentives to swing a Samsung real estate deal that Texas Gov. Greg Abbott’s office called “the largest foreign direct investment in Texas on record.” About $981 million from state and local authorities helped convince the South Korean company this year to build a $17 billion semiconductor factory on a 1,200-acre field near the central Texas town of Taylor, according to the Austin American-Statesman. Taylor, 30 miles northeast

Tough yet schmaltzy landlord scores $53M resi sale

Posted: 29 Dec 2021 01:50 PM PST

A landlord who likes playing hardball recently scored a big payday. Ron Shoshany this month sold three uptown residential buildings spanning 87,508 square feet for a combined $53.5 million, according to property records and brokerage firm Cignature Realty. The buildings include a 65,448-square-foot property in Washington Heights, an Upper East property spanning 13,900 square feet and an 8,160-square-foot building on the Upper West Side. Lazer Sternhell and Peter Vanderpool brokered the sale. After buying the

What to do with a closed Kmart? How about a restaurant?

Posted: 29 Dec 2021 01:00 PM PST

Upstate New York residents accustomed to buying wares at the old Kmart in Latham will soon get a taste of something entirely different. Literally. The Times Union reported that New Jersey chef Paul Dimm is opening an eatery called the Scarlet Knife at 195 Troy Schenectady Road. He is leasing the 15,000-square-foot space from local car dealer Bill Lia Jr. Terms were not disclosed. Lia Group Realty has owned the Kmart site and 12-acre plaza

NYC home sales slowdown coming in 2022, Brown Harris Stevens CEO says

Posted: 29 Dec 2021 11:00 AM PST

After 2021 marked a banner year for housing markets inManhattan and Brooklyn, New York City home sales could slow in 2022, BHS CEO Bess Freedman said. Freedman told Bloomberg TV’s Surveillance that higher interest rates and housing supply woes could spur the change of pace among the city’s sales. “The Fed announced that rates will go up maybe two to three times next year, so we may see a little bit of a slowdown,” Freedman

Hot or not? Texas 2022 real estate trends

Posted: 29 Dec 2021 10:45 AM PST

The booming Texas property market shows few signs of faltering in 2022, at least when it comes to the state’s four largest cities. That’s the conclusion of four commercial real estate lawyers interviewed by Texas Lawyer who point to strong demand for housing and development as companies expand local operations and hire more workers. Austin Expansions or relocations by the likes of Oracle, Facebook, Apple, Tesla and Samsung that spurred Austin’s explosive growth will drive

Brooklyn new development sales top $1.5 billion in 2021

Posted: 29 Dec 2021 10:05 AM PST

Believe the homebuying hype: Brooklyn new development contracts this year smashed recent years’ totals with larger, more expensive homes leading the charge. New development contracts in 2021 totaled $1.54 billion, a 150 percent increase from last year and 77 percent jump from 2019, according to a year-end report from Brown Harris Stevens Development Marketing (BHSDM). This year, 898 new development contracts were signed. The average home signed was 1,220 square feet, a five-year high, and

Howard Hughes scores final approval for $850M Seaport project

Posted: 29 Dec 2021 08:50 AM PST

Howard Hughes Corporation scored final approval from New York City for its mixed-use project in the South Seaport Historical District after years of pushback from neighborhood activists. The developer announced Wednesday it can finally start building its 26-story project at 250 Water Street, which will include 270 rentals above a five-story base with Class A office, retail and community space.The $850 million project will also include 70 affordable housing units. Howard Hughes is able to

Luxury clothing company signs at Reuben Brothers’ 769 Madison Ave.

Posted: 29 Dec 2021 07:50 AM PST

On the heels of new ownership at 769 Madison Avenue, luxury clothing company Eleventy has signed up for 10 years at the property. The company signed a lease at the Madison Avenue building, also known as 40 East 66th Street, with an asking rent of $900 per square foot. It’s not clear what Eleventy ended up paying for the space. Eleventy will take over 5,000 square feet across two floors. Oded Nachmani, Adam Henick and

Inflation woes split prospective homebuyers, sellers on property plans

Posted: 29 Dec 2021 07:07 AM PST

Homebuyers and sellers appear poised to respond to rising costs, but are split on how historic peaks in inflation are changing their property plans. A Redfin survey found 73 percent of homebuyers and sellers are being influenced by inflation, which hit a 39-year peak in November. The influence varies widely, however, as 29 percent are looking to delay home buying plans, while 24 percent are looking to accelerate them. Another 11 percent are going a

Shuttered Excelsior Hotel sold for $80M

Posted: 29 Dec 2021 06:11 AM PST

The pandemic may have closed the Excelsior Hotel, but the Upper West Side establishment may soon take on a new life. John Young’s Emmut Properties picked up the shuttered property at 45 West 81st Street from Harry Krakowski for $80 million, according to the New York Post. RMB Properties had been marketing the century-old hotel prior to the sale. Neither the buyer or seller have commented on the deal, but Krakowski had hinted that a

Manhattan’s 10 biggest office leases in 2021

Posted: 29 Dec 2021 05:00 AM PST

With his reflective sunglasses, sharp suit and phosphorescent teeth, Eric Adams fit right in at Summit One Vanderbilt, the mirrored observation deck atop SL Green’s new trophy tower near Grand Central. It was October 2021, and New York’s next mayor was ringing in a tourist trap at the city’s priciest office building, even though both tourism and office occupancy remained abysmal. As Adams and other figureheads predicted a bright future for the edifice, and by

Here are the priciest outer-borough condo filings of 2021

Posted: 29 Dec 2021 04:00 AM PST

Fuhgeddaboudit. For Brooklyn and Queens condo plans, this year blew 2020 out of the water. With a total of $1.29 billion in total projected sellout, the 10 largest projects registered with the state this year nearly quadrupled the $384 million total of last year’s top 10. It was still behind the $2 billion from pre-pandemic 2019. The most expensive Brooklyn or Queens condo filing of 2020 — a Long Island City project with a projected