The Real Deal - New York Real Estate News

Watch: Here are the key drivers of the industrial real estate boom

Posted: 19 Jan 2022 08:45 AM PST

We’ve become a nation of one-click wonders. And that has led to a historic boom in what was once considered the sleepiest asset class: Industrial real estate. In this episode of “Paydirt,” The Real Deal’s Hiten Samtani breaks down the shifts in shopping patterns that led to a transformation of the supply chain, explores pricing and demand in the sector, and takes a look at what the biggest players in the space are doing. It

New York AG alleges Trump altered values at 6 properties

Posted: 19 Jan 2022 08:00 AM PST

The office of New York attorney general Letitia James this week filed its most detailed allegations in its investigation into whether Donald Trump’s family business has inflated property values for financial gain. Investigators said in the court papers filed late Tuesday they have “uncovered significant evidence” that suggests the company used “fraudulent or misleading asset valuations” to lenders, insurers and the IRS to secure favorable loans, tax benefits and insurance coverage. The filing said investigators

Better.com CEO returns to role after Zoom layoffs controversy

Posted: 19 Jan 2022 07:15 AM PST

Better.com CEO Vishal Garg has returned to his post as head of the digital mortgage company after more than a month away. The company’s board emailed staff on Tuesday to announce Garg is resuming his role, The New York Times reported. The chief executive’s return comes after he laid off roughly 900 employees in a Zoom call, triggering backlash and an independent review led by Anthony Barkow, a partner at the Jenner & Block law

Lawmakers push for heat sensor mandate in wake of Bronx fire

Posted: 19 Jan 2022 06:30 AM PST

Lawmakers are moving to mandate heat sensors in all federally funded buildings in the wake of a deadly fire at a Bronx apartment complex earlier this month. Sen. Kirsten Gillibrand and Rep. Ritchie Torres, both Democrats from New York, plan to introduce a bill in the Senate and House that will require heat sensors in residential buildings across the U.S. that receive federal funding such as Section 8. The proposal would enable the U.S. Department

Black mortgage applicants’ rejection disparity surges

Posted: 19 Jan 2022 05:45 AM PST

Black applicants are being denied mortgages at a significantly higher rate than white ones — and the gap has widened during the pandemic, a study found. A Zillow analysis of data from the Home Mortgage Disclosure Act revealed the rejection rate was 84 percent higher for Black applicants than white counterparts in 2020. That’s 10 percentage points higher than it was the year before. Overall, 19.8 percent Black applicants were denied a mortgage in 2020,

Manhattan’s retail market ticks up toward rebound

Posted: 19 Jan 2022 05:00 AM PST

Manhattan’s retail market is slowly making a comeback. Retail leasing velocity increased in the fourth quarter of 2021, according to a report by CBRE, as the rolling four-quarter aggregate leasing velocity — which measures renewals and new leases for the four prior quarters — rose to approximately 1.86 million square feet. The figure is up 17 percent from the prior quarter, but still 14 percent below the prior year. The number of direct ground-floor availabilities

After 10-year saga, judge’s delay keeps senior housing unbuilt

Posted: 19 Jan 2022 04:00 AM PST

It’s been 10 years since then-City Council member Margaret Chin persuaded the city to raze a modest community garden in Nolita and replace it with a 123-unit, low-income apartment complex for seniors, along with ground-floor retail and a community open space. But despite city approval and a developer that’s ready to build, the garden endures. The story begins in 1991, when the city leased the empty parcel between Prince and Spring streets to local gallerist

Don’t call it a comeback: Austin hotels rebound but building never slowed

Posted: 18 Jan 2022 03:33 PM PST

Two new Hyatt hotels in Downtown Austin are leading the charge in the city’s hospitality industry rebound. Last week’s opening of the Tommie Austin and the Thompson Austin signals the beginning of the hotel sector’s recovery, Axios Austin reported. The hotels share a recently completed high-rise at 506 San Jacinto Boulevard. While Axios’ description of the two as “boutique hotels” might be stretching the definition—they have a total of 492 guest rooms—they represent two of

Service divide at forefront of Redfin discrimination suit

Posted: 18 Jan 2022 03:00 PM PST

Redfin has long emphasized its commitment to combating systemic inequality in the housing market, but critics say the discount brokerage contributes to discrimination by making it more difficult to buy homes in non-white communities. As a lawsuit against the company drags on, additional information is being revealed about its alleged practices. Bloomberg reported that Redfin is in negotiations to settle a lawsuit brought in 2020 by fair housing groups, which accused the brokerage of engaging

Watermark Capital looks to sell indebted Holiday Inn in Chelsea

Posted: 18 Jan 2022 02:20 PM PST

A national hotel investor is choosing to cut its losses at a Holiday Inn in Chelsea rather than wait for the city’s hospitality sector to recover. Watermark Capital is exploring a sale of the 226-key hotel at 125 West 26th Street, between Sixth and Seventh avenues, Crains reported. The investment firm has owned the building since 2013, when it purchased it from Magna Hospitality for $113 million. The hotel has managed to stay open for

$2B in Hochul budget could fund rent relief

Posted: 18 Jan 2022 01:38 PM PST

Gov. Kathy Hochul dangled a bone in front of rent-starved landlords Tuesday, proposing a budget including $2 billion in pandemic relief — money that could fund the tapped-out emergency rental assistance program. “I’ll work with the legislature to identify the most impactful use of these funds in the short term, whether that’s for struggling, small landlords and their tenants, or the hardest-hurt industries and workers,” Hochul said. State Budget Director Robert Mujica confirmed that the

Hochul seeks to fast-track NYC-area casinos

Posted: 18 Jan 2022 12:30 PM PST

Gov. Kathy Hochul laid her cards on the table Tuesday, calling for New York City to get new casinos earlier than expected. As part of her proposed budget, the governor called for speeding up authorization for as many as three casinos in or around the city. The state Gaming Commission was poised to issue the licenses after 2023, but Hochul wants it done this year. When asked by a reporter if the gambling establishments would

Boston investor snags office building near Love Field in Dallas

Posted: 18 Jan 2022 12:21 PM PST

Boston’s Albany Road Real Estate Partners added another Dallas property to its Texas portfolio. Albany Road bought an office building at 1250 W. Mockingbird Lane, next to Love Field, the city’s main airport until the 1970s, the Dallas Morning News reported. The seller was TXRE Properties of Dallas, which had owned it since 2007, according to TXRE’s Justin Smith, who served as the broker. The building is 94 percent occupied and has tenants including Comerica

Park Slope townhouses top Brooklyn’s luxury contracts

Posted: 18 Jan 2022 12:00 PM PST

Two Park Slope townhouses topped the list of Brooklyn’s luxury contracts asking $2 million or more last week, according to Compass’ weekly report. The first was a 3,084-square-foot renovated townhouse at 385 12th Street that was last asking $3.8 million, or $1,231 per square foot. The home has five bedrooms and four and a half bathrooms, as well as a 700-square-foot backyard with a steel deck. Next on the list was a 2,670-square-foot townhouse at

“It’s a good time to make loans:” Multifamily lender smashes earnings record

Posted: 18 Jan 2022 11:30 AM PST

Signature Bank, a major lender on rent-regulated buildings, posted another record quarter and unveiled plans to beef up commercial lending after pulling back during the pandemic. Its fourth-quarter earnings and revenue trounced estimates and gained over the same period last year. The bank reported record earnings per share of $4.34, up from $3.26 in the last quarter of 2020. Revenue last quarter clocked in at over $569 million, a record increase of about $419 million