The Real Deal - New York Real Estate News

Slate, Fortress score $78M Manhattan multifamily portfolio

Posted: 31 May 2022 04:05 PM PDT

Slate Property Group and Fortress Investment Group have picked up a pair of Manhattan apartment buildings for $78 million. Both belonged to Rose Associates, a New York multifamily firm led by Amy Rose. The larger of the two buildings, a prewar rental at 231 East 76th Street, contains 90 apartments. The other, at 340 East 52nd Street in Midtown East, features 66 rentals and rises nine stories. Slate will operate both buildings, which combine for

Ryan Serhant plans South Florida expansion, launches $100M Golden Beach listing

Posted: 31 May 2022 02:00 PM PDT

Ryan Serhant is expanding to South Florida with a $100 million listing of an oceanfront estate in Golden Beach. Serhant is co-listing the property at 355 Ocean Boulevard with top Douglas Elliman broker Dina Goldentayer. If sold at that price, the mansion would set a record for single-family home sales in Miami-Dade County. The 32,000-square-foot, nine-bedroom estate is owned by Edith Newman, who lived there with her late husband, former electronics company owner Joel Newman.

SafeRent accused of unfairly labeling Black, Hispanic applicants high-risk

Posted: 31 May 2022 02:00 PM PDT

A tenant-screening service is being accused of violating fair housing laws by discriminating against low-income tenants of color. The National Consumer Law Center filed a lawsuit in federal court last week against Texas-based SafeRent Solutions, Law360 reported. The center alleged SafeRent violated the Fair Housing Act and state laws by giving poor risk-profile scores to Black and Hispanic rental applicants with housing vouchers, the suit claimed. The risk scores resulted in some of those carrying

Hamptons rental market slumps. Yes, slumps

Posted: 31 May 2022 11:47 AM PDT

For the past two summers, Hamptons home owners had prospective tenants at their mercy. This year, it’s the renters who have leverage. A surge in the supply of rental properties and a drop in the number of renters has weakened the summer market for landlords, CNBC reported. Miller Samuel CEO Jonathan Miller said median rental prices in the Hamptons fell 26 percent in the first quarter, and although that’s the offseason, it appears to be

Manhattan luxury contracts kick back for Memorial Day

Posted: 31 May 2022 10:45 AM PDT

Rising interest rates and economic turbulence may finally be taking a toll on Manhattan’s luxury market. The borough counted 21 contracts signed between May 23 and 29 at $4 million and above, according to a weekly report by Olshan Realty. The total came just under the the 10-year average of signed contracts recorded the week prior at 26. May has seen Manhattan luxury market slow following the 43 contracts signed in the first week and

Harlem affordable resi project withdrawn, appears dead

Posted: 31 May 2022 09:30 AM PDT

Harlem had 458 new, affordable apartments in its grasp. Instead it will get none. Developers withdrew their application for the zoning they needed to build the mixed-use project after the local City Council member, Kristin Richardson Jordan, rejected it as not affordable enough — even though it would have been perhaps the most affordable development of its kind ever built in the city. Barring an extraordinary turn of events, the 917-apartment plan, dubbed One45 for

Times Square lands Manhattan’s biggest loan deals in April

Posted: 31 May 2022 08:30 AM PDT

The 10 largest Manhattan real estate loans recorded in April totaled about $1.7 billion, a good $500 million over March’s total and nearly double last April’s amount. Times Square was the center of some of last month’s biggest deals, including a refinance of the former Bertelsmann’s building and an extension of One Times Square, where the New Year’s Eve ball drops. Below are more details on the borough’s largest real estate loans in April: 1.

Redfin CEO says sellers are “starting to freak out” as market shifts

Posted: 31 May 2022 08:22 AM PDT

The housing market has been the record-shattering domain of sellers since the start of the pandemic, but Redfin CEO Glenn Kelman believes a shift is coming. Kelman told CNBC’s Closing Bell the housing market will look relatively similar to now in six months. He did have an encouraging prediction for buyers, though. “Rates are probably six percent, inventories are increasing, sales volume will be somewhat fine, but prices are going to soften,” Kelman said. Softening

Commutes remain top obstacle to filling offices

Posted: 31 May 2022 06:45 AM PDT

The prospects of getting up early to catch the morning train or sitting in an hour of traffic are still deterring employees from filling offices across the country. EIght of the 10 major cities with the largest decline in office occupancy during the pandemic had averaged one-way commutes longer than a half-hour, according to the Wall Street Journal’s analysis. The analysis used data from the U.S. Census Bureau and building-access company Kastle Systems. New York

Casa Cipriani owners land $100M refinancing

Posted: 31 May 2022 05:45 AM PDT

Casa Cipriani’s owners can kick back and enjoy a Bellini after scoring a $100 million refinancing of the Lower Manhattan property. The ownership trio of Midtown Equities, Centaur Properties and Cipriani S.A. landed the refinancing from Acore Capital, the Commercial Observer reported. The refinancing came in the form of a three-year bridge loan, including two one-year extension options. A Walker & Dunlop team including Jonathan Schwartz and Aaron Appel arranged the debt. The refinancing is

Mayor eyes longtime planner as BSA chair

Posted: 31 May 2022 05:00 AM PDT

Mayor Eric Adams will soon tap a new chair for the Board of Standards and Appeals in one of his final real estate–related appointments since taking office in January. The administration is considering city planner Shampa Chanda as the chair of the agency, according to five people with knowledge of the situation. The selection is not set in stone and would ultimately need approval from the City Council. Chanda spent more than 25 years in

Lender plans unusual loan sale on Chinese developer’s troubled NJ project

Posted: 31 May 2022 04:00 AM PDT

An affiliate of Chinese developer Hongkun is likely going to lose its marquee property overlooking the Hudson River. Lender Parkview Financial recently initiated a foreclosure on an equity stake in Hongkun’s planned 282-unit condo development in Weehawken, New Jersey. An auction is set for the end of June. But a different lender may end up taking over the property. In an unusual move, Parkview is putting its $66.7 million loan up for sale, while simultaneously