The Real Deal - New York Real Estate News

These real estate companies got fat PPP loans

Posted: 06 Jul 2020 03:20 PM PDT

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

“You’ve either made the wrong shoes, or you’ve made too many”: LIC faces a serious condo glut

Posted: 06 Jul 2020 01:30 PM PDT

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 wants to buy New York Mets

Posted: 06 Jul 2020 12:50 PM PDT

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

Private prison REIT threatened inmates for reporting Covid-19 concerns: lawsuit

Posted: 06 Jul 2020 12:25 PM PDT

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

TRD Insights: Hotel CMBS delinquencies jumped in June

Posted: 06 Jul 2020 11:15 AM PDT

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

REITs: A crystal ball for NYC’s commercial real estate

Posted: 06 Jul 2020 10:30 AM PDT

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

Restaurants, gyms to close again in Miami-Dade

Posted: 06 Jul 2020 10:15 AM PDT

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,

Viceroy L’Ermitage is latest Jho Low property feds look to unload

Posted: 06 Jul 2020 10:00 AM PDT

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

Hungry, hungry Hamptons: NYC restaurants follow “gold rush”

Posted: 06 Jul 2020 08:21 AM PDT

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

Eviction bans don’t always protect the most vulnerable

Posted: 06 Jul 2020 07:48 AM PDT

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

City planning through a pandemic

Posted: 06 Jul 2020 05:45 AM PDT

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

TRD Insights: Little evidence that Opportunity Zone program helps poor communities

Posted: 06 Jul 2020 05:00 AM PDT

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