The Real Deal - New York Real Estate News

City’s oldest bar gets last-minute lifeline

Posted: 10 Jan 2020 03:58 PM PST

The city’s oldest bar won’t be running dry after all. Neir’s Tavern in Woodside, which was facing closure this weekend thanks to an impending rent hike, got a last-minute reprieve Friday afternoon. Supporters of Neir’s stepped in and negotiated an agreement between the watering hole’s owner and its landlord, the Queens Chamber of Commerce announced. “It would be a shame to lose an institution with as much history as Neir’s, and we’re thrilled the bar

Landlord to bar owner: You don’t have to go home but you can’t stay here

Posted: 10 Jan 2020 01:30 PM PST

The oldest bar in the city is the latest to close its doors after a rent hike. Neir’s Tavern in Woodhaven, Queens has operated continuously in the same place for 190 years, the oldest bar in the city to do so. But the bar’s long reign as a community hub came to an abrupt end when its landlord, Henry Shi, raised the monthly rent to $3,000 from $2,000 and said it would rise again to

Airbnb hammers out partnership with carpenters’ union

Posted: 10 Jan 2020 01:00 PM PST

Airbnb has partnered up with one of North America’s biggest trade unions as it deepens its foothold in real estate development. Under the agreement, signed Friday in Manhattan, the startup agreed to use labor from the United Brotherhood of Carpenters and Joiners of America on real estate projects in which it invests. Strategically, the alliance is a win for Airbnb as it looks for political allies following a major loss in Jersey City last November

London megamansion sale bests NYC’s $238M condo record

Posted: 10 Jan 2020 12:15 PM PST

In the competition between the U.S. and the U.K. for the priciest home sale, the British may soon have the upper hand again. A 45-room mansion in London’s Knightsbridge neighborhood is in contract to be sold for more than 200 million pounds, or $262 million, Bloomberg reported. Chinese property magnate Cheung Chung-Kiu, whose property firm briefly held the record for most expensive London office purchase, in 2017, is the buyer. Elsewhere in the world, luxury

Data Alert! Manhattan condo inventory through November 2019

Posted: 10 Jan 2020 10:15 AM PST

New development condo report Manhattan • Inventory contracted as developers filed fewer units than were purchased • Developers filed 3 plans with a total of 46 units • The state approved 1 plan with 100 units valued at $223 million for sale • Buyers purchased 133 units valued at $544 million Supply Demand

Heastie drills down on homelessness, affordable housing

Posted: 10 Jan 2020 09:30 AM PST

Assembly Speaker Carl Heastie surprised observers Thursday night when he highlighted homelessness in his opening remarks for the 2020 legislative session. Heastie cited several figures that called attention to the problem of homelessness across the state and spoke at length about the issue, signaling that he, too, may be feeling pressure from the left. Yesterday, hundreds of tenants from Housing Justice For All, the group that pushed successfully for changes to the rent law last

Looking for NYC real estate events? Here are three next week

Posted: 10 Jan 2020 08:15 AM PST

Host: National Retail Federation Date: Jan. 12 to Jan. 14 Time: 7 a.m. to 5 p.m. The National Retail Federation is hosting Retail’s Big Show at the Javits Center, 429 11th Avenue, from Jan. 12 to Jan. 14. This event will offer tours, exhibitions, and keynote sessions on a range of topics such as the importance of technological innovation and the ability to create consumer experiences in the retail space. Speakers include Corrie Barry of

The real story behind Faith Hope Consolo’s glamorous life

Posted: 10 Jan 2020 07:45 AM PST

She positioned herself as a child of privilege, a product of the right schools and someone very much at home in the tony world of luxury New York City real estate. But in reality, Faith Hope Consolo grew up on a dead-end street in Brooklyn’s Sheepshead Bay, born to a father with an extensive criminal background and a mother who was a hairdresser, according to the New York Times. And Consolo, who chaired Douglas Elliman’s

Quantifying the rise and fall of NYC’s condo market

Posted: 10 Jan 2020 06:45 AM PST

The last decade saw the development of ultra-luxury condos that altered New York City’s skyline — and the rise of gentrification and need for affordable housing. More than 54,000 condos were erected in the last decade in the five boroughs by firms including Extell Development, which built some of the priciest. But a slow market at the top and excess inventory has led developers to offer concessions to convince buyers to sign on the dotted

Fintech firm signs on for massive lease at 28 Liberty

Posted: 10 Jan 2020 06:00 AM PST

Another fintech firm is eschewing Midtown Manhattan for Lower Manhattan. London-based Refinitiv, a financial markets data firm, took three floors at 28 Liberty Street, according to Commercial Observer. JLL negotiated both sides of the deal, with the asking rent in the upper $70s per square foot. Blackstone acquired a 55 percent stake in the company in 2018 valued at $20 billion. Thomson Reuters owns the other 45 percent of Refinitiv, which currently has offices at

This just in: Zillow co-founder launches LA-focused tech industry news site

Posted: 10 Jan 2020 05:30 AM PST

Spencer Rascoff, who co-founded Zillow and was its CEO for nearly a decade, is the ultimate tech industry insider. Rascoff’s newest venture then, doesn’t seem like such a leap. Nearly a year after he left as head of Zillow, Rascoff will launch a news site dedicated to covering the Southern California technology industry, with a focus on Los Angeles. Rascoff introduced the site, dot.LA, in a press release on Thursday. The Los Angeles Times first

Est4te Four gets $74M inventory loan for Red Hook condo

Posted: 10 Jan 2020 05:00 AM PST

Italian developer Est4te Four closed a $74 million inventory loan for its stalled, 70-unit condominium in Red Hook. The project, at 160 Imlay Street, has been in various stages of development for eight years. Churchill Real Estate Holdings provided the new financing, which closed late last month. It replaces a $79.4 million construction loan from Apollo Commercial Real Estate Finance. Maverick Capital Partners’ Adi Church represented Est4te Four. The developer bought 160 Imlay, a former

Inside Related’s growing reach beyond real estate

Posted: 10 Jan 2020 04:30 AM PST

It was the spring of 2014 when the Related Companies’ president, Bruce Beal, realized he had a façade problem. Construction was finally booming again after grinding to a halt during the financial crisis. But a scarcity of glass for a new crop of skyscrapers was driving up prices and delaying projects nationwide — including Hunter’s Point South, a 925-unit affordable development where Related and its partners waited several months for a $13 million delivery of windows.

Crunch sues landlord for trying to evict it from 54th Street location

Posted: 10 Jan 2020 04:00 AM PST

Crunch is suing one of its Manhattan landlords, who is trying to kick out the fitness chain for using space without an official OK to do so from the city. Crunch claims that its landlord at 250 West 54th Street – Zar Property NY – is trying to evict it because Crunch is using the space as a gym — violating the legal occupancy use for the building — and doesn’t have public assembly certificate