The Real Deal - New York Real Estate News

A French startup that offers on-demand photography to real estate firms around the world has raised $230 million in its latest round of funding. Formed in 2016 by CEO Thomas Rebaud, Meero manages a global marketplace of photographers available to clients looking for photos, video or virtual tours. The company previously raised $15 million in a Series A round in September 2017, and $45 million in a Series B round the following year. Announcing the […]

Buyers are snapping up entry-level homes in Fairfield County Entry-level houses in Fairfield County are selling fast — though the definition of “entry-level” varies by town, the Daily Voice Plus reported. Berkshire Hathaway HomeServices New England CEO Candace Adams told the outlet that entry-level houses throughout the county are “selling quickly with multiple offers,” but Scott Elwell, Douglas Elliman’s senior executive regional manager of Westchester and Connecticut, noted that the descriptor “means different things to different […]

The Indian startup company OYO Hotels & Homes plans to invest $300 million in the United States over the next few years, the company announced on Wednesday. The firm currently has more than 50 hotels across 10 states and 35 cities, including Miami, Dallas and Atlanta. Its new investment will introduce it to cities like New York, Los Angeles and San Francisco. The money will also focus on issues like infrastructure development, talent and building […]

The city is suing a total of 13 people and firms for using Airbnb and other platforms to turn housing units in 36 Queens, Manhattan and Bronx buildings into illegal hotels, according to the Mayor’s Office of Special Enforcement. Almost 60,000 guests were misled into booking rentals that they thought were safe and legal between 2015 and 2019, and the operation landed more than $5 million from Airbnb overall, according to the complaint, which the […]

OFFICE LEASING IN MANHATTAN Midtown office leasing continued to rise in April, totalling 1.85 million square feet, a 38 percent increase from the month before. The availability rate stayed flat at 10.7 percent, while the average asking rent hit an all-time high of $88.20, breaking a record set in 2008. The largest deal in Midtown was inked by financial and insurance giant AIG, which picked up 320,237 square feet at 1271 Sixth Avenue. Leasing activity […]

In states like California and New York, agents and prospective home buyers can easily find out if they are overpaying for a home by searching through public records to find out what the home next door sold for. But that luxury isn’t available everywhere, and in states like Texas where such disclosures are prohibited, it appears to be causing more harm than good. There are about a dozen nondisclosure states in the country, the Wall […]

A waterfront estate in Greenwich with a private dock that was once used by famed aviator Charles Lindbergh has hit the market at $25.9 million. The century-old, ivy-covered mansion at 130 Field Point Circle is listed with Compass agent Robin Kencel, Mansion Global reported. Kencel told the outlet that the 2.4-acre property has “truly dramatic views of the Long Island Sound.” The eight-bedroom home is known as the Pryory after its former owner, Remington Arms […]

Facebook’s long-awaited crypto-anchored financial marketplace may emerge as a game-changer for real estate when it debuts next year. The platform, powered by blockchain, could allow tenants to send the rent with a click of a button, and buyers and sellers to complete multi-million-dollar transactions in real-time. But the real estate industry is notoriously slow to embrace tech, and Facebook’s announcement follows years of experiments with niche digital currencies, notably Bitcoin, an online currency that fluctuates […]

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The bankrupt nonbank lender Ditech Holding Corp. is looking to sell much of its mortgage business. New York-based New Residential Investment Corp. made a bid in U.S. Bankruptcy Court to buy all of the forward assets of Ditech Financial, while Washington, D.C.-based Mortgage Assets Management made a bid to buy all of the assets and stock of the company’s reverse mortgage business. Port Washington, Pennsylvania-based Ditech has been in serious financial trouble since 2017 when […]

A real estate tech startup that gives multifamily landlords the ability to control their building’s operational systems with their phones has raised $32 million. In a series B funding round, SmartRent said Wednesday that it received investment from Bain Capital Ventures, RET Ventures and multifamily landlords including UDR Inc., Essex Property Trust and Barry Sternlicht’s Starwood Capital. The Phoenix, Arizona-based startup, which launched in 2017, provides a service to landlords that allows them to automate […]

Russo, Forsgate close on $43M industrial tract purchase Developers Forsgate Industrial Partners and Russo Development have finalized their $42.5 million acquisition of a former Bergen County landfill that they plan to turn into an industrial complex for e-commerce, NorthJersey.com reported. The 718-acre site spanning Lyndhurst, North Arlington and Rutherford is where Russo and Forsgate plan to erect a 3 million-square-foot logistics center after winning a competitive bidding process for the land from the New Jersey […]

Four years ago, exotic party goods and beauty retailer Ricky’s had 29 stores. By the end of the summer, it will have just two. The retailer’s remaining stores, located at 830 Broadway and 590 Broadway in Soho, each have eight years left on their leases, according to the New York Post. Ricky’s has closed nine stores so far this year. Founder Ricky Kenig told the outlet that he understood all the retailer’s stores could be […]

From a church to a slew of apartment buildings, here’s a snapshot of last week’s mid-market investment sales transactions in the world of New York City commercial real estate. 1.) In the Lower East Side, 249 Broome Street — a 235-unit, seven-story multifamily building that sits between Orchard and Ludlow streets — traded for $22.5 million. The buyer was an entity with Mitchell B. Modell, also known as the chief of Modell’s Sporting Goods, as […]

New York City developers who have sounded off alarms over the new prevailing wage bill have found an ally in Gov. Andrew Cuomo. The governor is pushing to leave the city out of a bill that would broaden which public-works projects require higher wages, according to the Wall Street Journal. He has previously expressed support to expand the measure. “This time of year in the Capitol you have a lot of political desires, which are […]

Harry Macklowe is continuing his pursuit of a land assemblage for his Tower Fifth supertall project in Midtown. The developer is currently eyeing a four-story building at 9 East 51st, which houses the Venezuelan consulate, according to the New York Post. While it’s unclear if a contract has been signed for the building, Macklowe told the outlet that it’s “done.” The developer is also in contract to purchase 14 East 52nd Street, on the other […]

Mack-Cali Realty confirmed Tuesday that activist investor Bow Street had won four seats on its board of directors after a months-long proxy fight. Four of Mack-Cali’s current directors opted not to seek reelection during the real estate investment trust’s annual meeting on June 12, GlobeSt reported. That led Bow Street to install four of its chosen candidates, a move that could eventually led to a potential sale of Mack-Cali or a major disposition of the […]

Listings, particularly on the high end, are not easy to unload. Nonetheless, landing a listing when the seller has yet to come to terms with a realistic price is often a necessary evil in the residential real estate world. This month, with help from real estate data firm LavaMap, which pulled thousands of active for-sale properties, The Real Deal ranked Manhattan’s top agents by their total dollar volume of listings in the borough. While the […]