The Real Deal - New York Real Estate News

Equity Residential decries rent control’s “chilling effect” on development

Posted: 23 Oct 2019 03:44 PM PDT

Sam Zell’s Equity Residential said rent control is having a “chilling effect” on capital going into development. The real estate investment trust, which owns 80,000 units nationwide, saw its total revenue from rental income and fee and asset management increase to $685 million in the third quarter, from $652 million a year earlier. But on Wednesday’s third-quarter earnings call, executives pointed to how the recent overhaul of rent laws in New York and California were

Gimme squatter: When iBuying homes draw unwanted attention

Posted: 23 Oct 2019 03:00 PM PDT

A prospective buyer who toured an Opendoor house in Arizona last month was surprised to find a couple with two children inside, apparently living there. Police were called to the scene and found a woman, Adriana Gamboa, 26, giving one of her children a bath while Gary Lynn, 29, was charging his phone in another room, authorities said. As the instant-homebuying model has grown in popularity in recent years, its self-guided tours have created an

WeWork to focus on profitability, I.M. Pei’s townhouse listed for $8M: Daily Digest

Posted: 23 Oct 2019 02:30 PM PDT

Every day, The Real Deal rounds up New York’s biggest real estate news. We update this page in real time, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com This was last updated at 5:30 p.m. WeWork will now focus on profitability. As mass layoffs loom, company executives told employees Wednesday that the company will spend the next month focusing on a plan to shun growth and build its bottom line. It

Blackstone reports boost in Q3 net income; eyes more industrial buys

Posted: 23 Oct 2019 02:20 PM PDT

Blackstone Group, which has been on an industrial-buying binge, reported a jump in overall net income in the third quarter compared to the same period last year. Blackstone’s $779 million in net income from July through September was up more than 75 percent from the $442 million it reported over the same period in 2018, the company announced Wednesday. The numbers were also higher than the second quarter, when Blackstone reported a net income of

Crowdfunding: Crowded out?

Posted: 23 Oct 2019 12:15 PM PDT

Crowdfunding was once touted as the next big thing — a way for average investors to get into the lucrative world of real estate and a way for platforms to tap a new spigot of funding. The space took off around 2013, when the U.S. Securities and Exchange Commission announced new rules allowing private companies to sell securities to the general public. That one small change — which was tucked into the 2012 federal JOBS

WATCH: Developers and brokers weigh in on Miami sea level rise

Posted: 23 Oct 2019 11:00 AM PDT

Miami developers and brokers offered their views on the effects of sea level rise on the Miami market, backstage at The Real Deal’s sixth annual Miami Showcase & Forum at Mana Wynwood.

TF Cornerstone’s Prospect Heights two-tower project unveiled

Posted: 23 Oct 2019 10:15 AM PDT

TF Cornerstone has released the details on its Pacific Park towers. The developer plans to construct a residential and commercial building with an east and west tower at 595 Dean Street in Prospect Heights, according to a pre-filed application with the city’s Department of Buildings. (YIMBY first reported the news.) The project will house 798 apartments with the east tower standing 29 stories (and 298 feet tall) and the west one 24. Together, the development

Here are the week’s top luxury sales

Posted: 23 Oct 2019 08:00 AM PDT

Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales.

Small Talk: Every community meeting. About every development project. Ever.

Posted: 23 Oct 2019 06:45 AM PDT

COMMUNITY LEADER: Hi, everyone. Thank you for attending tonight’s meeting. We promise to run things as poorly and inefficiently as possible so that we can all get home to our families in a tight seven hours. As most of you know, except for the one person here who is going to talk about whatever she wants to talk about regardless of the agenda, we’re here to discuss the new Big Tower that Development Company wants

Luxury-rental startup raises $50M in equity

Posted: 23 Oct 2019 06:00 AM PDT

Blueground and its new investors are banking on fast growth and a “recession resistant” model. The luxury-rental company announced its Series B funding round raised $50 million in equity financing. The round was led by Airbnb investor Laurence Tosi’s investment firm Westcap Group and Europe-based Prime Ventures. It brings Blueground’s total equity funding to $78 million. CEO Alex Chatzieleftheriou said the cash infusion will allow the company to expand to London, Paris and Seattle before

Triplemint expands to New Jersey

Posted: 23 Oct 2019 05:15 AM PDT

Triplemint is expanding its footprint for the first time. The brokerage officially merged with Hoboken-based Court Street Property Group in July. While Triplemint CEO David Walker declined to disclose details of the deal, he said they would be “investing heavily” in the Hudson County market. The venture-backed brokerage, which has raised more than $17.7 million to date, develops operational technology systems in-house. One of its top brokers, Tyler Whitman, is also co-starring on the Bravo

Panic at Prodigy

Posted: 23 Oct 2019 04:30 AM PDT

In 2011, Rodrigo Niño was weighing his own mortality. The real estate executive, originally from Colombia, had been diagnosed with stage three melanoma. After two surgeries, his only choice, he later recounted in a heavily produced video, was to “venture into the unknown.” Niño, who is tall and thin with wavy gray hair, flew to Peru and traveled into the jungle, where he spent two weeks taking ayahuasca, a traditional brew and spiritual medicine known

Victoria’s Secret sues WTC landlord amid store closures and layoffs

Posted: 23 Oct 2019 04:00 AM PDT

Embattled lingerie chain Victoria’s Secret is baring its knuckles for a fight with its landlord. As the company copes with slowing sales and flagging relevance in the #MeToo era, it’s suing to terminate one of its leases for retail space in the Westfield World Trade Center Shopping Center. According to a complaint filed in New York’s Supreme Court last week, Victoria’s Secret signed a lease for 1,536 square feet on the building’s lower level in