The Real Deal - New York Real Estate News

In New York, California, Florida and Illinois a total of more than 1,000 real estate and real estate-related businesses received forgivable loans worth at least $1 million each through the Paycheck Protection Program. That’s just a fraction of the newly-released loan data detailing recipients of PPP assistance, which includes tens of billions of dollars that went to brokerages, landlords, construction firms, architecture firms and hotels. The Trump administration’s release of the massive data set follows

Over the past decade, Long Island City became the ultimate testing ground for New York City’s new development market. Its proximity to Manhattan and mass transit, the availability of relatively cheap land and a promising waterfront combined to create a wave of for-sale towers, each one upping the next in terms of amenities. How those bets will pan out is anybody’s guess. What is clear now, however, is that there remains a significant glut of

West Coast luxury broker and developer Kurt Rappaport is taking a swing at owning an East Coast baseball team. The co-founder and CEO of Los Angeles’ Westside Estate Agency is reportedly leading a group of investors looking to purchase the New York Mets, according to the New York Daily News. Their competition includes A-Rod and JLo, among others. The move by one of L.A.’s top brokers comes as the Major League Baseball season gets ready

Geo Group, one of the largest private prison operators in the country, is putting inmates at risk of contracting Covid-19, and is failing to report on inmates who have died from the virus at one of its facilities in Houston, according to a recent lawsuit. Avery Ayers, an inmate in a federal halfway house in Houston, alleges GEO Group, a real estate investment trust, has failed to abide by the proper safety and health protocols

Hotels’ occupancy rates have been rising, but their loan troubles are through the roof. Hotel delinquencies among commercial mortgage-backed security (CMBS) loans rated by Kroll Bond Ratings Agency reached 21.6 percent last month, up from 13.6 percent in May. That was the highest among all property types, with delinquencies on loans secured by retail and mixed-use properties at 12.8 percent and 9.4 percent, respectively. Even though hotel loan delinquencies spiked last month, there’s some evidence

How quickly will New York City recover from the pandemic’s jiu jitsu move that uses the city’s greatest strengths against it? The answer may lie in real estate investment trusts. The fate of four major REITs whose assets are concentrated in New York City — Empire State Realty Trust, SL Green Realty, Vornado and Paramount — suggests that Covid-19 has hastened the cyclical decline of office-anchored investment properties, according to the Wall Street Journal. The

Miami-Dade County Mayor Carlos Gimenez is ordering restaurants to close their dining rooms effective Wednesday, marking a major blow to the struggling industry. Gyms, fitness centers and short-term rentals will also shut down. State and local officials have started rolling back openings due to the record number of positive Covid-19 cases. As of Monday, more than 206,000 people had tested positive for the virus in Florida. Nearly 49,000 of those cases were reported in Miami-Dade,

In March, the federal government sold a 13,000-square-foot mansion in the exclusive Bird Streets neighborhood that once belonged to Malaysian fugitive Jho Low. In May, it unloaded a condo in New York City’s trendy Soho neighborhood that Low had also owned. Now, the government wants to sell off another property it seized from him, the 116-room Viceroy L’Ermitage Beverly Hills, according to the New York Times. An auction planned for this summer could bring in

For the Hamptons crowd, summer began in mid-March this year as they fled a city becoming the global epicenter of the pandemic. Many of their beloved Manhattan restaurants were in tow, reports The Wall Street Journal. As New York City enters phase three of its reopening today, an indefinite ban on indoor dining continues. Elsewhere in the state, restaurants can seat patrons indoors at 50 percent capacity. Café Boulud, Carbone and Il Buco have established

Fearing homelessness and deportation, Wilfredo Avila found himself sleeping on a park bench, along with his girlfriend, Patricia Carillo, in Washington, D.C. Two weeks after they lost their jobs at an auto body shop and a bakery, their landlord had given them just a day to leave their apartment, The New York Times reports. The threat of eviction hangs heavily above immigrant families, especially the undocumented, who have lost work as a result of the

Floor by floor, construction workers are dismantling JPMorgan’s 52-story office tower at 270 Park Avenue. And while their work represents the largest intentional demolition in New York City’s history, it has come to signify much more than that. City officials have hailed the replacement of the more than 60-year-old tower with a new glass and steel headquarters for the banking giant as the culmination of years-long planning. And preservationists have condemned it as the wasteful

The Opportunity Zone program has been a huge success for well-capitalized real estate developers, but not for the disadvantaged people it’s ostensibly designed to help. A new study from the Urban Institute (UI) suggests that Opportunity Zones have largely failed to promote investment in local small businesses, create new jobs or boost the development of affordable housing in low-income neighborhoods across the United States. Rather, Opportunity Zones incentivize investment in real estate projects that yield