The Real Deal - New York Real Estate News

Manhattan’s luxury residential market is notoriously fickle, but the pandemic has made things even more unpredictable. A dozen properties listed above $4 million went into contract in the first week of July, tying for the highest total in the pandemic period. A third of the properties were townhouses. The number was four more than last week and three more than the same week in 2019, illustrating the weakness in the market even before the coronavirus.

The search for a cure for Covid-19 is lining the pockets of some landlords. While the pandemic wreaks financial havoc on hotels and retailers, landlords who cater to biotech and pharmaceutical tenants are seeing increased demand as companies research treatments for the coronavirus, according to the Wall Street Journal. The work of those tenants, too, is more difficult to replicate in a work-from-home setup than the typical office employee. Alexandria Real Estate Equities, one of

A new bill in Albany would eliminate a state tax break that benefits real estate developers in New York City. The legislation would end New York’s share of the Opportunity Zone tax break for projects in the city by decoupling the state’s capital gains tax code from the federal government’s and amending the city’s administrative code. Sponsored by Queens state Sen. Michael Gianaris and Assembly member Jeffrey Dinowitz of the Bronx, the bill takes aim

Deadbeat tenants on one side, demanding lenders on the other — it’s the classic landlord dilemma of the coronavirus era. The retail condominium at 170 Broadway in Lower Manhattan is among the latest properties to feel this double squeeze, as its CMBS lender has cancelled Covid-19 relief while the sole tenant, Gap Inc., refuses to pay rent — and is even demanding a refund. The property, of which 25 percent is owned by Crown Acquisitions

Most know it as “Greenwich.” But to Danielle Malloy, it’s become “Manhattan North.” The managing broker for Nest Seekers International in Connecticut has seen so many families moving into the area, first as renters, then buying secondary homes, then moving into primary residences, that it’s transforming the market. “It was surprising to everyone,” Malloy said. “Now every broker I know, we’re busier than ever right now.” As the pandemic continues, New Yorkers who fled the

Suri Kasirer — one of New York City’s top lobbyists — has helped influence major initiatives like the rezoning of Midtown’s Vanderbilt Corridor and the Cornell Tech campus on Roosevelt Island. And she works with some of the biggest names in real estate development and ownership in the city, including SL Green, Vornado and Tishman Speyer. Kasirer is often recognized as one of the most powerful women in the city and her firm earned the

Former WeWork CEO Adam Neumann and partner Jeffrey Dagowitz have secured a $75 million refinancing for a Chelsea development site. The new financing from G4 Capital Partners replaces an existing $65 million mortgage on the property at 123 West 23rd Street, Commercial Observer reported. Neumann took over that mortgage from Bank of America in 2017. At the time, sources told The Real Deal that Neumann’s firm had considered building a WeLive co-living tower on the

It’s not all doom and gloom for WeWork these days. The co-working company has landed a big deal in Jersey City while also avoiding more liabilities on its balance sheet. WeWork has leased roughly 110,000 square feet at Goldman Sachs’ 30 Hudson Street to be used as the global headquarters of Organon & Co., a planned spinoff of pharmaceutical company Merck, Business Insider reported. Organon, which will encompass Merck’s “women’s health, legacy brands and biosimilars

The developer behind the Times Square Edition has worked out a deal to keep the hotel open. Following reports that the hotel would permanently shutter after only a year of operations, Maefield Development and its lenders and operator Marriott International have come to an agreement to reopen the property in the fall, Commercial Observer reported. Marriott gave notice in May that the Times Square Edition hotel, which went dark in March due to coronavirus, would

New York & Company’s parent company is the latest chain to file for bankruptcy as the coronavirus has piled additional pressure on an already challenging retail landscape. RTW Retailwinds, whose other brands include Fashion to Figure and Happy x Nature, filed for Chapter 11 protection Monday, and has already kicked off liquidation sales, CNBC reported. “The combined effects of a challenging retail environment coupled with the impact of the Coronavirus pandemic have caused significant financial

There was just one transaction in the $10 million to $30 million New York City investment-sales market for the week of July 6 to July 10. Two buildings in Related Companies’ vast Bronx portfolio sold in an off-market transaction to a private seller that closed Thursday, July 9. Located in Soundview, the two properties are at 1050 Wheeler Avenue and 1085 Colgate Avenue. The combined price of the buildings was $13 million, roughly $154,000 per

After rising in May, dollar volume for the 10 largest outer-borough loans of the month declined, making June’s total the lowest this year. The 10 largest loans were worth $656 million in June, 21 percent below May’s total of $828 million and five percent below April’s $689 million. Only one deal in the four boroughs outside Manhattan broke the $100 million mark: Clipper Equity landed a hefty construction loan for a three-tower apartment complex in

When Colony Capital revealed in May that it was in discussions with lenders after having defaulted on $3.2 billion in hotel loans, the Tom Barrack-led firm cautioned “there can be no assurances that the company will be successful in such negotiations.” In fact, at the time the Los Angeles-based investment firm had already defaulted on a forbearance agreement following earlier negotiations with one lender. Now, Colony is in jeopardy of losing control of its two