The Real Deal - New York Real Estate News

Airbnb sues Miami partner in branded apartments concept

Posted: 24 Jan 2020 03:58 PM PST

Airbnb accuses Miami real estate developer Harvey Hernandez of defrauding the short-term rental company and diverting funds that were to be used for an apartment-sharing concept. Airbnb claims it invested $11 million in a partnership with Hernandez’s Newgard Development Group to offer Airbnb-branded apartments. Newgard was supposed to open at least seven of these projects, including in one in Kissimmee, Florida, in in 2019, according to Airbnb’s lawsuit filed Thursday in Northern California. So far,

Forever 21’s biggest landlord could become its new owner

Posted: 24 Jan 2020 03:08 PM PST

Last summer, struggling fast-fashion retailer Forever 21 reportedly reached out to its landlords to ask for investment in the company. Now, with bankruptcy proceedings well underway, one landlord might be ready to take up that offer. Simon Property Group is considering a bid to acquire Forever 21 as it teeters on the edge of liquidation, Bloomberg reported. The Indianapolis-based mall owner would team up with Authentic Brands Group in this potential deal to operate the

The mortgage industry is booming

Posted: 24 Jan 2020 03:00 PM PST

Now sure is a great time to be a mortgage lender – they issued $2.4 trillion in home loans last year, which was the most since 2006. In fact, the $2.4 trillion was a 46 percent increase from 2018, according to industry research group Inside Mortgage Finance. Many homeowners are looking to refinance their mortgages after the Federal Reserve lowered interest rates three times last year. Lowering interest rates also makes other asset classes such

AOC resigns from Queens megadevelopment steering committee

Posted: 24 Jan 2020 02:26 PM PST

Rep. Alexandria Ocasio-Cortez resigned from the steering committee planning the development of a 180-acre Queens site after being pressured by community groups. In a letter today, AOC said she quit the Sunnyside Yard Steering Committee because not enough feedback was being incorporated into the New York Economic Development Corporation’s vision for the massive project, which opponents fear will cause gentrification. “This feedback, both from community members and from my office, includes but is not limited

Michelle Williams, Tommy Kail buy $10.8M home in Brooklyn Heights

Posted: 24 Jan 2020 01:41 PM PST

Actress Michelle Williams and Hamilton director Tommy Kail scooped up a $10.8 million townhouse in Brooklyn Heights. The deal for the 3,000-square-foot home may be one of the most expensive for the neighborhood, according to the Wall Street Journal. The couple, who paid for the 1820s-era home through a trust connected to Kail also acquired a plot of land behind the house, according to the WSJ. The property was not on the market when it

Aby Rosen’s new landlords move to take control of Lever House

Posted: 24 Jan 2020 01:31 PM PST

Aby Rosen’s new landlords at Lever House are trying to wrest control of the Park Avenue landmark. Brookfield Office Properties and Waterman Interests filed a petition in court asking a judge to appoint an appraiser to help settle a dispute over the rent reset on the property, Crain’s reported. Rosen and the Brookfield-Waterman partnership each commissioned their own appraisals of the property last year. But when the two sides couldn’t come to an agreement, Rosen

Brooklyn multifamily building leads NYC’s mid-market i-sales

Posted: 24 Jan 2020 12:45 PM PST

Just two mid-market investment deals were made public this week in New York City: a multifamily building in Brooklyn and a commercial condo unit in Manhattan. Here are the details: 1. A Midtown-based LLC purchased 83 Clifton Place in Clinton Hill for $22.9 million from an LLC linked to G-Way Management. The six-story Brooklyn apartment building contains 40 residential units and spans about 58,000 square feet, according to the city. 2. Acadia Realty Trust bought

Data Alert! Manhattan office leasing through November 2019

Posted: 24 Jan 2020 12:00 PM PST

Office leasing in Manhattan • Midtown office leasing hit a new all-year high in November with 2,750,000 square feet in leases inked, up 36% from the prior month’s record and up 58% year-over-year. The leasing spurt pushed the availability rate down to 11.3%, while the average asking rent fell by nearly $2 to $87.03, all thanks to the month’s headline deal — Facebook’s 1.5 million-square-foot lease across three buildings at Hudson Yards, which accounted for

Curb your enthusiasm: Homes with spruced-up outsides sell at premium

Posted: 24 Jan 2020 11:15 AM PST

Inner beauty is something we all strive for. But when it comes to selling homes, that may not be enough. Keeping lawns freshly cut and outdoor spaces in tip-top shape could result in greater rewards for sellers. A new analysis of Google Street View and data from nearly 90,000 home sales found that, on average, a property with strong curb appeal sells at a 7 percent premium to a comparable home in the same neighborhood

Real estate events next week include Inman, Bisnow gatherings

Posted: 24 Jan 2020 10:30 AM PST

Here are two real estate events next week. Host: Inman Date: Jan. 28 to Jan. 31 Time: 7 a.m. to 11:30 a.m. Inman is hosting its Inman Connect New York 2020 event over four days at the Marriott Marquis Times Square, 1535 Broadway. The event will provide chances to network along with panel discussions, exhibitions and town halls addressing an array of trending real estate topics. Speakers include Adam Contos of RE/MAX and Josh Team

Chetrit plans fifth apartment building at Jamaica hospital site

Posted: 24 Jan 2020 10:00 AM PST

The Chetrit Group is planning another major project at its Mary Immaculate Hospital site in Queens. The company will build an eight-story, 207-unit residential building at 88-20 153rd Street in Jamaica of about 133,000 square feet, according to plans pre-filed with the Department of Buildings Wednesday. The project will stand 80 feet tall. Chetrit is also planning a four-building, 481-unit complex on the hospital site at 150-13 89th Avenue. The project in Wednesday’s filing will

Second suspect charged in real estate agent’s abduction, murder

Posted: 24 Jan 2020 09:00 AM PST

A second suspect is in custody in connection with the brutal murder of Minneapolis real estate agent Monique Baugh. Criminal charges for kidnapping were filed against 28-year-old Elsa Segura by the Hennepin County attorney’s office last week, according to KARE and other local news outlets. Baugh was abducted from a home she was showing on New Years’ Eve and driven in a rental truck to an alley where she was shot in the head. At

Hotel management startup Life House raises $30M for national expansion

Posted: 24 Jan 2020 08:00 AM PST

Hotel management startup Life House raised $30 million to invest in technology as it seeks to expand into properties across the country. Its tech is now in hotels in the Miami area and Denver. The Series B fundraising round was led by Thayer Ventures, which invests in technology companies in the travel industry. Other investors include Ashton Kutcher and Guy Oseary’s Sound Ventures, Tiger Global, JLL Spark, former Morgans Hotel Group chairman David Hamamoto and

Richard Neutra’s Lovell House in LA, in need of TLC, invites buyers in

Posted: 24 Jan 2020 08:00 AM PST

Richard Neutra’s austerely elegant, extravagantly windowed Lovell Health House in Los Angeles has long been regarded as a residential icon of International Style. Built on a Los Feliz hillside just east of the Griffith Park Observatory, the modern steel-framed residence helped propel Neutra to worldwide fame when finished in 1929. But these days, the historic home has grown a bit tattered. With the recent death of its longtime owner, Betty Topper, the Lovell House will

Prosecutor quits after revelations in construction bribery cases

Posted: 24 Jan 2020 07:45 AM PST

A Manhattan prosecutor who won convictions in several high-profile construction fraud cases has resigned over allegations she withheld evidence. Assistant district attorney Diana Florence, the attorney-in-charge of Manhattan D.A. Cy Vance’s Construction Fraud Task Force, withheld evidence that contradicted the testimony of her star witness in seven bribery trials, the City reported. The convictions of several high-profile defendants hinged on bribes that Ifeanyi “Manny” Madu, a former city Department of Environmental Protection manager, purportedly received.

NRT sells On Collaborative by Coldwell Banker to division CEO

Posted: 24 Jan 2020 06:35 AM PST

Reology’s NRT business sold its development marketing and sales firm, On Collaborative by Coldwell Banker, to the division CEO David Wolf, The Real Deal has learned. Wolf joined NRT in 2015 to develop and launch On Collaborative. It began operating two years later, with offices in Chicago and Los Angeles. The Chicago-based division handled new development sales for a handful of projects across the country, in addition to offering planning and advisory services for residential

Coach abruptly shuts doors at Vornado’s 595 Madison

Posted: 24 Jan 2020 06:00 AM PST

Coach is the latest retailer to close its doors in Manhattan’s iconic shopping district. The leather goods retailer closed its 6,000-square foot flagship at 595 Madison Avenue, where it had been for 30 years, the New York Post reported. The closure leaves the entire retail portion of the Vornado Realty Trust-owned building vacant. A Coach spokesperson said the closing was part of the plan since the retailer opened its Coach House store at 685 Fifth

Feud with de Blasio pushes Durst to shelve Halletts Point

Posted: 24 Jan 2020 05:50 AM PST

A longstanding feud between a scion of real estate and the mayor’s office has reached a breaking point. The Durst Organization, one of the city’s most prominent real estate developers, is stalling plans for its sprawling Halletts Point development in Astoria, Queens, after the city declined to provide a subsidy, according to Politico. The Douglas Durst-led firm and the de Blasio administration clashed over a city subsidy and affordability requirements for the seven-building, 2,000-unit rental

Real estate seeks changes to city’s green buildings bill

Posted: 24 Jan 2020 05:00 AM PST

In four years, tens of thousands of buildings in New York City will need to meet strict carbon emission caps. But landlords are hopeful that key changes will be made before then. Local Law 97, enacted in May 2019, is part of a push for a 40 percent reduction in citywide emissions by 2030 and 80 percent by 2050. To achieve these goals, most properties larger than 25,000 square feet must limit emissions based on

Co-working will outlive WeWork

Posted: 24 Jan 2020 04:30 AM PST

WeWork’s valuation has collapsed, and now the company is selling off acquisitions. Knotel is grappling with nearly 1 million square feet of vacancies. WeWork and other co-working companies are slashing their workforces. With headlines like that, you might think the whole sector is in trouble. But flexible office space isn’t going anywhere — and will likely continue expanding. The number of co-working spaces worldwide is expected to double by 2025, according to estimates, with growth

Triple-digit office rents, once a rarity, are now a major piece of Manhattan deals

Posted: 24 Jan 2020 04:00 AM PST

The list of office buildings that command triple-digit rents was limited just a few years ago to a handful of exclusive towers mostly in the Plaza District. But that’s not the case anymore. In submarkets like the Far West Side, Hudson Square and Bryant Park, office tenants inked a recorded 145 leases with starting rents at $100 per square foot or higher last year – a new record. What’s even more staggering is the fact