The Real Deal - New York Real Estate News

Rent board approves first full-year, post-Covid hike: 3.25%

Posted: 21 Jun 2022 06:43 PM PDT

Another rent board vote, another disappointment for tenants and landlords. To the chagrin of both sides, the Rent Guidelines Board voted 5-4 Tuesday night to raise stabilized rents 3.25 percent on one-year leases and 5 percent on two-year leases. Separately, the board voted 7-2 to freeze rents on stabilized hotels. Both adjustments take effect Oct. 1, 2022. The full-year hike for rent-stabilized apartments was the first since Covid hit and signaled an end to the

Lennar’s $1.3B profit tempered by what’s coming

Posted: 21 Jun 2022 03:13 PM PDT

Lennar’s second-quarter earnings surpassed expectations, though the company tempered the good news with a warning about what lies ahead for the housing market and the overall economy. The Miami-based home construction giant reported a 49 percent increase in net earnings, bringing the company’s profit to $1.3 billion. During the same period, new orders increased 4 percent from last year’s second quarter, exceeding predictions despite continued supply chain slowdowns and rising inflation. Lennar’s stock spiked by

Existing-home sales slide in May as price passes $407K

Posted: 21 Jun 2022 03:05 PM PDT

– By Nisha Shetty Existing-home sales went down for the fourth consecutive month, slumping by 3.4 percent in May from the previous month, the National Association of Realtors reported Tuesday. The tide isn’t turning anytime soon, with low inventory, high mortgage rates and higher prices limiting deals and sidelining some would-be buyers. “Further sales declines should be expected in the upcoming months given housing affordability challenges from the sharp rise in mortgage rates this year,”

Gaia, SMA trade LES buildings in busy week for i-sales

Posted: 21 Jun 2022 01:30 PM PDT

June continues to be a strong month for mid-market investment sales in New York City despite worries of a slowdown in dealmaking because of rising interest rates. Six transactions involving commercial properties between $10 million and $40 million hit city records last week. Three of the deals were in Brooklyn, two were in Manhattan and one was in Queens. Below is each transaction, ranked by dollar amount. 1. A pair of entities connected to Read

Chipotle founder flips $35M West Village townhouse

Posted: 21 Jun 2022 12:30 PM PDT

Chipotle founder Steve Ells made some major cheddar on a West Village townhouse flip. Ells sold the property at 27 East 11th Street for $35 million, the New York Post reported. The identity of the buyer in the off-market transaction is unclear. The sale happened shortly after Ells bought the property for $29.5 million in October. The fast food chain’s former chief executive reportedly beat multiple buyers to secure the 9,000-square-foot row house. The place

Zeckendorf’s 15 CPW snatches Manhattan’s top contract amid market dip

Posted: 21 Jun 2022 11:30 AM PDT

Zeckendorf Development’s 15 Central Park West came out on top in the Manhattan luxury market’s worst week in 18 months. For the third time this year, a unit in the Upper West Side building grabbed the top spot among Manhattan’s luxury market. This time it was 37A asking $26 million, reduced from $28 million when it was listed in April, according to the weekly Olshan Report, which tracks contracts signed for Manhattan residential properties priced

Carroll Gardens, Park Slope townhouses top Brooklyn luxury contracts list

Posted: 21 Jun 2022 10:30 AM PDT

A 19th century townhouse in Carroll Gardens and a 20th century one in Park Slope topped the Brooklyn luxury market last week. The townhouse at 221 Carroll Street asking $7.5 million was the most expensive home in Brooklyn to go into contract last week, according to Compass’ weekly report of contracts signed for homes asking $2 million or more. The Italianate townhouse is over 4,000 square feet and has five bedrooms and four full bathrooms.

Silverstein, Metro Loft eye resi conversion of 55 Broad Street

Posted: 21 Jun 2022 09:30 AM PDT

Silverstein Properties and Metro Loft Management have revealed their plans for 55 Broad Street: one of the largest office conversions since the beginning of the pandemic. The developers are buying the Financial District building from Rudin Management in a deal reported last month. Rather than keeping the office property in place, however, the Wall Street Journal reported the developers plan on converting it into a residential building. The 30-story building will be turned into 571

Affordable housing project proposed for Sag Harbor

Posted: 21 Jun 2022 08:45 AM PDT

The Hamptons are in dire need of affordable housing. A local leader is ready to step into the lurch. Adam Potter, chairman of Friends of Bay Street, is proposing a 79-unit affordable housing complex along Bridge and Rose streets, the Sag Harbor Express reported. The development would span five lots across 1.4 acres at 11, 12, and 23 Bridge Street, and 8 and 12 Rose Street. The project is being designed by BHC Architects of

Sanctioned Russian’s disputed developer in attempt to “blow up” projects, suit says

Posted: 21 Jun 2022 07:30 AM PDT

A Russian bank board member threw three Manhattan projects into turmoil after disputing the developer, according to a lawsuit. Sovcombank board member Mikhail Vasilyevich Klyukin wrote to financial institutions, attorneys and lenders in the days leading up to Russia’s invasion of Ukraine, claiming Gary Vinbaytel needed to be removed as the developer of the projects, according to Manhattan Supreme Court filings reported by the New York Post. The projects in question are a six-story condo

Williamsburg hotel project up for bankruptcy sale

Posted: 21 Jun 2022 06:30 AM PDT

A Williamsburg hotel project is up for grabs in a bankruptcy sale more than four years after plans were filed for the tower at 159 Broadway. The project, which is under construction, is being marketed by Rosewood Realty Group, the Commercial Observer reported. Bidding for the project will start at $28 million. The owners of the planned 26-story hotel and residential tower, 159 Broadway Member and WB Bridge Hotel, reportedly filed for bankruptcy towards the

‘Tenacre’ estate is only 3 acres, but lists for $25M

Posted: 21 Jun 2022 05:00 AM PDT

A shipping magnate is ready to put his inaccurately named Southampton estate out to pasture. Zenith Shipping CEO Sophocles Zoullas listed the Tenacre estate at 275 Ox Pasture Road for $25 million, Dirt reported. Despite the property’s name, the estate covers a mere three acres. The home, commissioned in 1920, was designed by famed architect John Russell Pope and was originally owned by publisher J.P. Knapp and his wife, Elizabeth. Other previous owners include hedge

Oxford Property Group and Level Group joining forces

Posted: 21 Jun 2022 04:00 AM PDT

Level Group has merged with Oxford Property Group effective last week, The Real Deal has learned. The deal brings the total number of agents operating under the Oxford umbrella to nearly 1,000, with the vast majority operating in New York City, according to Level Group Co-Founder and President Larry Link — and the combined company is looking for more firms to absorb. “We’re actively on the hunt for other companies,” Link said, adding that the

Rising costs plunge Arizona’s Salt River Valley into affordability crisis

Posted: 20 Jun 2022 09:00 AM PDT

Emily Allen was sure her seventh offer on a home in Phoenix, Arizona, where she and her husband, Ryan, planned to move from San Diego, would be the charm. The couple bid $70,000 above the listing price, waived the appraisal and agreed to a 14-day close. It wasn’t enough. “I was convinced we were going to get it, and we were like the fourth-best offer,” she said. Unfortunately for the Allens, both 27, they were

Sister act: How CBRE’s Darla Longo and Barbara Perrier became an industrial force

Posted: 20 Jun 2022 07:00 AM PDT

When Darla Longo arrives at CBRE’s office in Glendale, California, Barbara Perrier is already waiting, wearing a blue pantsuit. Longo, with a perfectly framed blonde fringe, walks into the room — also wearing a blue pantsuit. “I asked Barbara what she was wearing,” Longo says, looking over at Perrier, her younger sister, who nods with approval. It’s a rare feminine moment in the testosterone-fueled world of commercial real estate. The two sisters have personally sold

National Juneteenth Museum in Fort Worth, Texas moving forward

Posted: 19 Jun 2022 11:36 AM PDT

Plans to build a $70 million National Juneteenth Museum in Fort Worth, Texas are steadily moving forward, with shovels scheduled to get in the ground later this year and doors opening in time for the national holiday in 2024. The New York Times is reporting exhibits at the 50,000-square-foot museum designed by the architecture firm Bjarke Ingels Group will focus on the June day in 1865 when Maj. Gen. Gordon Granger in Galveston, Texas, issued