The Real Deal - New York Real Estate News

MetaProp, a New York-based venture capital firm, is looking to raise $200 million — its biggest fund yet — to back later-stage proptech startups. The five-year-old company disclosed the fund, dubbed MetaProp Growth Select I, in a regulatory filing with the U.S. Securities and Exchange Commission on Wednesday. Co-founder Aaron Block is listed as the fund manager. MetaProp declined to comment. But in raising a growth fund, it appears to be shifting its focus from

Ready or not, California is poised to end its historic ban on evictions and foreclosures, a possibility that has lawmakers rushing to extend the measure. Remarks released this week by California Chief Justice Tani Cantil-Sakauye indicate that the temporary ban could be lifted as soon as Aug. 14, when the state Judicial Council will vote again. In April, the Judicial Council ruled that California courts would not process orders related to commercial and residential evictions

A West Hollywood spec mansion tied to an heiress and accused sex cult financier has a problem with its pool. An LLC created by Clare Bronfman, daughter of former Seagram’s CEO Edgar Bronfman, has filed suit against general contractor Epic Construction and subcontractors for botching the pool design at a planned 7,000-square-foot home at 8517 Franklin Avenue. “Defendants completely failed to properly construct the pool,” states the complaint from 8517 Franklin LLC, filed Friday in

This story was originally published in July 2020. Just over a year ago, Lyric was riding high. On the heels of a $160 million funding round led by Airbnb, the short-term rental startup was plotting a massive expansion in the spring of 2019. Employees mused about buyouts and stock options. “It was a big deal,” said a former Lyric executive who asked not to be named. “We were depending on a fundraise to grow the

A commercial tenant looking to skip rent in light of pandemic-related closures just suffered a setback. Backal Hospitality Group argued that because Gov. Andrew Cuomo banned large gatherings, it could walk away from its lease at the Moinian Group’s 627 West 42nd Street. Backal brought the case after Moinian drew down a $500,000 letter of credit in June to collect more than $400,000 in rent. But a state judge ruled the tenant is still on

Barry Sternlicht compares the coronavirus pandemic to a race at the Indianapolis Speedway gone wrong. As a pace car laps around the track, lenders have to pull into the pit to change the tires and replace auto bodies. “We have never experienced that,” said Sternlicht, chairman and CEO of Miami Beach-based Starwood Property Trust, during a second quarter earnings call with analysts on Wednesday. Sternlicht previously compared the pandemic to World War III, as well

After being sued for bailing on its lease as New York City became the epicenter of the coronavirus pandemic, co-living firm Quarters is taking its would-be landlord to task. The Germany-based company filed a motion for sanctions in federal court, accusing investor Mark Tress and his affiliated entities of using litigation “as a cover to damage Quarters’ reputation.” The motion alleges that Tress’ lawsuit violates federal rules of civil procedure. Tress sued the co-living company

Virtual brokerage eXp Realty’s profits surged to a record $8.3 million during the second quarter as homebuying was forced to go remote, the firm’s parent company said Wednesday. For the quarter ending June 30, eXp World Holdings said revenue grew 33 percent year over year to $354 million. For the third consecutive quarter, eXp was in the black. The company reported a net loss of $2.2 million during the second quarter of 2019. The strong

Florida Gov. Ron DeSantis’ latest extension of the ban on residential foreclosures and evictions is expected to flood the courts with new filings once it is lifted, as layoffs continue to mount and federal funding runs out, real estate attorneys told The Real Deal. “Mortgage lenders are getting nervous that the people they’re lending money to are no longer getting paid,” said Victor Petrescu, a partner at Miami-based Levine Kellogg Lehman Schneider + Grossman. The

Just two properties traded for between $10 million and $30 million in the week ending July 31. A one-story retail building in Queens sold for triple its purchase price more than 15 years ago, and a multifamily property sold for 54 percent more than it did six years ago. The week’s two sales marks a 50 percent drop in trades from the previous week, but activity is still up from a near halt between March

Home sale prices nationwide rose in June, though experts predict price growth will falter in July when the numbers come in. Prices rose nearly 5 percent year-over-year compared to June 2019, and prices in June increased 1 percent from May prices, according to Mansion Global, citing an analysis from CoreLogic. July home prices have not been released. CoreLogic’s chief economist attributed the June uptick to a decline in inventory and record-low mortgage rates, which enabled

Condé Nast wants to change the terms of its lease at One World Trade Center, and the publisher may be prepared to walk if it can’t get what it wants. The publisher’s parent, Advance Publications, confirmed it’s looking for a new Midtown headquarters as it continues talks to modify its 25-year lease at the iconic tower, the New York Post reports. “Advance Publications is in discussions about bringing the lease at One World Trade Center

Outdoor dining, which has provided a lifeline for many restaurant owners, may continue through the winter. City and state officials are in discussions to extend the Open Restaurants program, which currently expires Oct. 31, according to the Wall Street Journal. Some restaurants feel the continued ability to serve sit-down patrons despite colder weather will allow a much-needed income stream to continue, especially as there’s been no movement on when indoor dining could resume. Others say

The volume of applications for home loans fell again last week, due to a weak job market and tightening credit rules. The weekly survey tracking purchase loans saw a seasonally adjusted decline of 2 percent in the final week of July. The Mortgage Bankers Association metric, known as the purchase index, is still up 20 percent year over year, according to Joel Kan, head of MBA’s industry forecasting. It marks the eleventh week of consecutive

Guesty, a software startup that services property managers who use Airbnb and other sites for short-term rentals, is in talks with the city to resolve a dispute about illegal listings. The city accused the company in a March court filing of “providing services to those that actively choose to flout New York’s laws by facilitating multiple illegal short-term rentals.” The Mayor’s Office of Special Enforcement demanded records and testimony from the startup. According to a

Google and ADT are teaming up to go after the burgeoning smart-home market. In a partnership announced Monday, Google said it will invest $450 million for a 6.6 percent stake in the security giant. In exchange, Google will receive access to about 6.5 million of ADT’s customers to drive sales of Nest products. ADT, meanwhile, will get the backing of a Silicon Valley heavyweight as it competes against tech-driven security solutions. Although the companies said

Responding to an eviction in progress in South Central Los Angeles, tenant organizers didn’t call a defense attorney. They called a contractor, who came equipped with a power drill. When a local landlord removed a resident’s belongings and changed the locks on his apartment a week after he missed rent, Paul Lanctot, an organizer with the Los Angeles Tenant Union, said he put out a call to a network of supporters. Soon after, more than