The Real Deal - New York Real Estate News

California passes landmark rent control law

Posted: 08 Oct 2019 03:50 PM PDT

California has become the third state in the nation to pass rent control legislation. On Tuesday afternoon, Gov. Gavin Newsom signed into law the sweeping measure, which aims to strike at the heart of California’s housing crisis. Assembly Bill 1482 sets rent caps and implements “just cause” eviction rules meant to combat rent gouging and landlords who force tenants to vacate in order to raise the rent on a unit. The governor signed the measure —

Not betting on iBuying would be an “existential threat”: Zillow CEO

Posted: 08 Oct 2019 02:47 PM PDT

Since returning in February to lead the company he founded 14 years ago, Rich Barton is muscling Zillow into the crowded instant-homebuying market, setting the listings giant on the course for a major overhaul. The iBuying craze offers sellers a chance to quickly offload their property to Zillow, giving sellers fast access to cash to buy other homes. It’s a business with extremely thin margins, and requires the company to set aside massive amounts of

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Posted: 08 Oct 2019 02:00 PM PDT

Every day, The Real Deal rounds up New York’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com This page was last updated at 9 a.m. Video produced by Sabrina He Amid bankruptcies and closures, online clothing retailers could benefit from brick and mortar. Though online-only retailers have long traded at a premium as

Brokerage slashes agent commissions, delays payments after rent law change

Posted: 08 Oct 2019 01:50 PM PDT

At 10:23 p.m. on September 17, agents at the startup brokerage Nooklyn got an unwelcome email from the firm’s tattooed co-founder Harley Courts. “APPLICATION FEE CHANGES!” the subject screamed — with a red siren emoji. “As of last Friday, the laws have changed and we can now only charge the cost of running a credit report to our renters,” Courts wrote, referring to a decision by the state about how the new rent law applies

Real estate bigwigs get into fistfight at Hamptons hotspot

Posted: 08 Oct 2019 12:21 PM PDT

Two East End real estate bigwigs got into a bare-knuckle brawl at a Hamptons hotspot last week. Andrew Saunders, founder and CEO of the brokerage Saunders & Associates, and Jeffrey Colle — the luxury homebuilder known for developing homes for the likes of Jay-Z and Beyonce — got into a “violent fistfight” at the East Hampton Grill Thursday evening, sources told The Real Deal. One source said the incident ended with the two men rolling

Power lunch: Barry Sternlicht, Ziel Feldman and Aurora execs talk shop at Pastis

Posted: 08 Oct 2019 11:45 AM PDT

It was drizzling when four development pros recently wedged into a half-moon-shaped banquette at Pastis in the Meatpacking District. Amid the din of an animated lunch crowd, The Real Deal sat with Starwood’s Barry Sternlicht, HFZ Capital’s Ziel Feldman and Aurora Capital’s Bobby Cayre and Jared Epstein, listening in during their unscripted conversation. Keith McNally’s iconic French bistro — a trendy eatery favored by celebrities and New York foodies — reopened after a five-year hiatus

Supreme Court ruling could radically change development on the Florida Keys and beyond

Posted: 08 Oct 2019 09:00 AM PDT

The Florida Keys, with their strict limits on growth, have long been a property rights battleground. But while Keys governments have thus far mostly had their way in the courts against disgruntled property owners, a recent U.S. Supreme Court ruling has the potential to be a gamechanger in the high-stakes disputes over the future of Florida’s southernmost string of islands. “You will see more cases. Many more cases,” said Key Largo attorney Andrew Tobin, who

The Daily Dirt: Who needs City Hall?

Posted: 08 Oct 2019 08:00 AM PDT

The de Blasio administration doesn’t want to rezone Morningside Heights. That isn’t stopping a community group from pursuing zoning changes anyway. Last month, the Department of City Planning rejected a community-led proposal to rezone the Manhattan neighborhood, which is all of 15 blocks. The community group, the Morningside Heights Community Coalition, argues that something must be done to rein in massive development that is out of step with the character of the neighborhood. The neighborhood

WATCH: TRD interviews the Property Brothers, smashes a bunch of stuff

Posted: 08 Oct 2019 05:00 AM PDT

October 3 was demolition day with “Property Brothers” Drew and Jonathan Scott at The Break Bar in Chelsea. TRD reporter Eddie Small stopped by the tavern to chat with the identical twins about their favorite things to destroy and break a few things himself with crowbars and sledgehammers. Watch the video above.

How much are NYC hotels hurting?

Posted: 08 Oct 2019 04:30 AM PDT

During a recent earnings call, Starwood Property Trust CEO Barry Sternlicht broached a touchy topic in the real estate world: the possibility of a recession. The head of the $56 billion real estate investment trust told investors and analysts that “the only thing we have to worry about is a calamitous recession,” warning of a slowing economy largely thanks to the national political environment. Specifically, Sternlicht said Starwood needs to be “über-careful” in the hotel

WeWork leases in Soho, Flatiron most at risk: report

Posted: 08 Oct 2019 04:00 AM PDT

WeWork’s recent struggles could put many of its leases in jeopardy. But according to a new report, its Soho and Flatiron deals are the most vulnerable if co-working rates drop. The company’s lease obligations are only 2 percent below market rate in Soho and 4 percent below in Flatiron, the report from Ackman Ziff says. The firm’s average rent in Manhattan is $58.91 per square foot, 20 percent below the average rate of $74.15. Its