The Real Deal - New York Real Estate News

Cuomo’s executive order tells banks to give homeowners a break

Posted: 21 Mar 2020 06:04 PM PDT

Gov. Andrew Cuomo issued an executive order Saturday urging banks to postpone mortgage payments for 90 days for homeowners in financial distress because of the coronavirus pandemic. The order states that “it shall be deemed an unsafe and unsound business practice” if state-regulated banks do not offer strapped borrowers forbearance on mortgages for 90 days. It demands the superintendent of the Department of Financial services write “emergency regulations” to ensure banks make the applications to

Houston’s office market faces a double whammy from oil turmoil and coronavirus

Posted: 21 Mar 2020 11:00 AM PDT

The Houston office market is bracing for an economic storm. Weakening oil demand and oil prices together with the wider economic downturn caused by the coronavirus COVID-19 pandemic could deal a significant blow to the city’s economy, according to the Wall Street Journal. The office market is heavily dependent on an oil and gas industry hit hard by a production disagreement between the Organization of Petroleum Exporting Countries (OPEC) and Russia. The city’s energy sector

European property markets are at a near standstill over coronavirus

Posted: 21 Mar 2020 09:00 AM PDT

European real estate markets have all but ground to a halt as the threat grows from the coronavirus COVID-19 pandemic. The pandemic is impacting just about every sector in Europe, from retail to residential, according to Bloomberg. Property sales are on hold across the continent and landlords are trying to assess which tenants will be able to make rent. There is about $12.7 billion frozen in British property funds because managers struggle to valuate assets.

Thoroughbred horse sales plummet amid coronavirus fears

Posted: 21 Mar 2020 06:00 AM PDT

Thoroughbred horses are the latest asset to take a hit from the weakening global economy. Sales were down by nearly every major metric at day one of Ocala Breeders’ Sales Company’s two-day March auction of horses this week, according to Bloomberg. Overall sales totaled $13 million, nearly half of what they were last year. The priciest sale was just $650,000 — down 68 percent from the $2 million highest sale last year and the average