The Real Deal - New York Real Estate News

Vanderbilt mansion condo conversion in foreclosure

Posted: 29 Jun 2020 02:30 PM PDT

Gloria Vanderbilt’s former Upper East Side mansion could be headed for the auction block. The developers who purchased the heiress and fashion icon’s former home with plans to convert it to high-end condos have defaulted on their construction loan, court documents show. And now their lender is trying to foreclose on the property. Ilan Bracha and Haim Binstock’s B+B Capital teamed up with Daniel Minkowitz’s Mink Development to buy the landmarked home for $19 million

Mayor grabs privately owned public spaces for dining outside

Posted: 29 Jun 2020 02:19 PM PDT

Mayor Bill de Blasio is commandeering private property. No, he hasn’t gone full socialist. Rather, he has suspended rules so restaurants can use privately owned public spaces, known as POPS, and public waterfront areas for outdoor dining. The nearly 600 POPs can be temporarily transformed into dining areas, health screening stations, retail stands and other uses, according to an executive order signed by de Blasio Saturday. Waterfront public access areas — where seating, walking paths,

Freddie Mac extends multifamily loan forbearance relief to landlords

Posted: 29 Jun 2020 01:45 PM PDT

Freddie Mac is expanding the mortgage relief options it offers multifamily property owners, but there are strings attached. The agency, which is under government conservatorship, today announced that landlords with federally-backed mortgages can further extend the repayment period. Putting off those payments does come with a price. Landlords who extend the forbearance period may not evict their tenants for nonpayment during that period, and they can’t charge tenants late fees or require a lump-sum repayment

TRD Insights: Homeownership unaffordable for average wage earner across 75% of US counties

Posted: 29 Jun 2020 01:15 PM PDT

Homeownership is unaffordable for the average wage earner in three quarters of counties surveyed across the U.S. That’s according to a second-quarter report from Attom Data Solutions, which studied more than 400 counties covering about 200 million people. The most cost-burdened areas were on the coasts, including the top five. Eighteen of the top 25 priciest markets were in New York or California. To be able to afford a median-priced home in New York County

Poorest face worst odds in city’s housing lotteries

Posted: 29 Jun 2020 12:45 PM PDT

If it’s lonely at the top, it’s lonelier at the bottom for those seeking affordable housing. The less money you earn, the less likely you are to be chosen in New York City’s housing lottery, according to an analysis of 18 million applications by The City. Even before Mayor Bill de Blasio’s proposed cuts to the city’s capital budget — which will mean a loss of 21,000 affordable apartments over the next few years —

Where it all started: WeWork to shutter first-ever location

Posted: 29 Jun 2020 12:20 PM PDT

No one could accuse WeWork of being overly sentimental. The decade-old co-working company is shutting down its first-ever location as the firm overhauls its massive real estate portfolio, sources told The Real Deal. The coworking space at 154 Grand Street was the first WeWork location co-founders Adam Neumann and Miguel McKelvey opened ten years ago on their way to launching the fast-growing company, which at its height was valued at $47 billion. The two opened

A Match made in Meatpacking: Tinder, Hinge parent company signs lease on Gansevoort Row

Posted: 29 Jun 2020 12:00 PM PDT

As Match Group breaks up with its majority stakeholder, the dating service is moving into new digs in the Meatpacking District. Match — which owns dating websites Match.com, PlentyOfFish, Tinder and Hinge — has agreed to lease space at Aurora Capital Associates and William Gottlieb Real Estate’s 60-74 Gansevoort Street, according to filings with the city’s Department of Finance. The company is taking roughly 45,000 square feet on the fourth, fifth and sixth floors, sources

“Wasn’t me”: Toby Moskovits disputes $210,000 legal bill

Posted: 29 Jun 2020 11:20 AM PDT

What’s in a name? That which we call Heritage Equity Partners, by any other name would be as liable. Or not, argues its principal, Toby Moskovits, who claims that a lawsuit against her firm misnamed it and therefore is moot. As lawsuits in New York City have resumed following a coronavirus hiatus, the developer’s legal battles have also sprung back to life. And it’s not just lenders coming after debts — law firm Katsky Korins,

Eric Trump is in driver’s seat as Trump Org reopens properties

Posted: 29 Jun 2020 10:15 AM PDT

One of the Trump family’s most profitable pieces of real estate, Trump Doral golf resort in Miami, has reopened in Florida as Covid-19 infections spike across the state. In early April, the property had to furlough 500 employees, after it was forced to close. President Trump’s son, Eric, who now leads the Trump Organization, is steering the company through the reopenings, according to the Wall Street Journal. That included reopening Trump National Doral Miami, located

Brooklyn’s luxury market slumped as in-person showings began

Posted: 29 Jun 2020 09:45 AM PDT

New York City’s first full week of in-person showings since March didn’t tempt many Brooklyn buyers. Last week, four homes in the borough went into contract, according to Compass weekly luxury market report, which tracks contract activity among homes last asking $2 million or more. The properties’ combined value was $9.5 million. The prior week saw six homes go into contract for a total of $17.4 million. The first and second weeks of June saw

Barry Sternlicht predicts “tipping point” for NYC

Posted: 29 Jun 2020 08:30 AM PDT

Until a vaccine can prevent the spread of Covid-19, New York City risks losing residents and tax revenue, creating a “vicious cycle” that could hobble the city, according to Barry Sternlicht. The Starwood Capital Group CEO said in an interview on Bloomberg that once people and capital leave, it will be hard to get them back because of New York City’s relatively high taxes, rent law and support for unions. “If they raise taxes, more

Not so fast, NYC: Cuomo might delay indoor dining

Posted: 29 Jun 2020 07:54 AM PDT

UPDATED 4 p.m.: Gov. Andrew Cuomo hinted Monday that he might postpone plans to resume indoor dining in New York City on July 6. And New Jersey put its start date on ice. During a morning interview with NY1, the New York governor pointed to “troubling signs” including large social gatherings on city sidewalks, public demonstrations and coronavirus spikes in other states that have reopened malls and indoor dining. He said indoor dining could be

Blackstone misses payment on $274M hotel loan

Posted: 29 Jun 2020 07:20 AM PDT

As the hospitality sector struggles to regain its footing, Blackstone skipped a payment on a $274 million hotel loan. The mammoth firm described the hotel deal as “a very small investment that had been written down prior to Covid-19 as a result of unique operational challenges,” the Financial Times reported. Blackstone added that it would work with its lenders and Club Quarters, the company managing the four hotels securing the loan, “to create the best

Hackman, Square Mile in talks to buy Silvercup Studios

Posted: 29 Jun 2020 06:15 AM PDT

Real estate investors are looking for a lead role in New York City’s film and television industry. Hackman Capital and Square Mile Capital Management are reportedly in “advanced talks” to acquire Silvercup Studios in a deal capitalized at roughly $500 million, Commercial Observer reported. Brothers Stuart and Alan Suna founded and co-own the studio — the largest in New York City — and would retain an ownership stake. The deal for Silvercup would be a

TRD Insights: The rents at Paramount Group’s 1633 Broadway

Posted: 29 Jun 2020 05:00 AM PDT

The 48-story, 2.5 million-square-foot tower at 1633 Broadway is the largest and longest-owned asset in Paramount Group’s 15-property office portfolio. And in the difficult economic environment caused by coronavirus, the building has also proven to be a source of much-needed cash. In April, Paramount announced the sale of a 10 percent stake in the building to an unnamed institutional investor, netting proceeds of about $114 million in a deal that valued the property at $2.4

Will Lemonade’s IPO be sweet or sour?

Posted: 29 Jun 2020 04:00 AM PDT

To investors, Lemonade bills itself as the evolutionary successor to the old insurance guard. Instead of luring established customers with the “I switched-and-saved” value proposition, Lemonade hooks them when they’re young. The armies of apartment renters will eventually become homeowners, the thinking goes, and they’ll turn to Lemonade for pricier insurance policies. The insure-tech startup says this strategy can achieve 10x and even 100x gains in revenue. And by issuing policies in mere seconds through