The Real Deal - New York Real Estate News

With just 17 days before the deadline, the City Council is considering giving construction workers more time to meet new safety training requirements. The Committee on Housing and Buildings on Tuesday will discuss a bill that would push the deadline from Sept. 1 to March 1, 2021. By then, workers must log a total of 40 hours of training. Under Local Law 196, enacted in 2017, construction workers must complete a combination of training courses

For landlords stuck with non-paying commercial tenants, new evictions can be filed starting Aug. 20 — but don’t expect the cases to go anywhere. The courts allowed for the filing of new commercial and residential evictions starting June 22, but did not move forward with the cases. Now, guidance issued this week by the Office of Court Administration said that commercial evictions can start back up this month — but would immediately be adjourned. “It’s

We get it, it’s been another busy news week in the middle of a pandemic, and an election year to boot. So we understand if you may have missed these excellent TRD videos — some old, some new — that are now trending. Catch up this weekend and don’t forget to subscribe to our YouTube channel. In this interview, Social Construct’s Ben Huh and Michael Yarne talk to TRD’s Hiten Samtani about their startup’s aim

In an age of Zoom calls, remote working, outdoor dining and social distancing, every day is casual Friday. That has meant bad news for Rent the Runway, the subscription-based service that allows women to rent clothing. On Friday, the startup said it will permanently close its retail stores in Chicago, Los Angeles, San Francisco and Washington, D.C., according to CNBC. The company will focus on its digital business, and will convert its New York City

As retail tenants and their landlords battle over unpaid rent, one high-end brand has struck a deal for a new store in Soho. Paul Stuart has signed a lease for 1,000 square feet across a two-level spread at Scott Goldfarb’s 505 Broome Street, according to the deal’s brokers. It is located adjacent to the Oliver Peoples eyewear store at the corner of West Broadway. Known for its menswear, Paul Stuart is opening its first customLAB

Waterbridge Capital and Continental Equities are shopping a 1.1 million-square-foot mixed-use complex in Downtown Los Angeles, a historic property that is vacant and poised for redevelopment. The Beaux Arts building is located at 801 South Broadway, which takes up half a city block. Commercial Observer first reported on the new listing. The massive property is entitled for office, retail, restaurant, hotel and residential use, according to CO, citing market materials. Potential plans include a 100-

AMC theaters will reopen more than 100 of its movie theaters on Aug. 20, with another 300 the following two weeks, according to Newsday. None of those theaters will be in New York, however. The state, where less than 1 percent of coronavirus tests are coming back positive, has indefinitely pushed back the reopening of movie theaters, along with gyms and malls. “Thanks to our data-driven public health policies and New Yorkers’ hard work, we

Donald Trump’s businesses are on the wrong side of the Covid-19 divide. While the stock market has roared back and some tech companies have flourished during the pandemic, the travel and leisure industry on which the president’s properties depend has sustained unprecedented losses. Yet even before the crisis, their value had started to slide, according to Bloomberg, and Trump’s heavy investment in golf is at odds with changing generational tastes. The office sector is not

Jared Kushner will have to hold onto his stake in Cadre, after the pandemic hit the startup’s bottom line. The real estate investment startup, co-founded by CEO Ryan Williams and Jared and Joshua Kushner, was prepared to take over Jared Kushner’s stake in the firm back in February. But in the face of the coronavirus pandemic, the company was forced to cut costs, including the purchase of the White House adviser’s shares, according to Bloomberg.

Downtown Los Angeles is no stranger to protests, but an unexpected group will be hitting the streets on Saturday to raise their signs: Residential landlords. Dozens of landlords are planning an 11 a.m. rally outside the county assessor’s office at 500 W. Temple Street. The event is being organized by Yong Ling Lee, who calls herself a “mom-and-pop landlord.” Lee says she rents out 10 single-family houses in Hawthorne, Redondo and other corners of the

SoftBank is pouring $1.1 billion more into WeWork as the flexible-office giant sees membership fall. In a memo to employees, chief financial officer Kimberly Ross called the infusion “another sign of SoftBank’s continued support for our business,” according to Bloomberg. The funding will come in the form of senior secured notes, and will bring the company’s cash on hand to $4.1 billion. WeWork’s membership fell 12 percent from the first quarter to 612,000, and the

Three months ago, New York City’s major employers thought only 10 percent of their workers would be back in the office by now. It turns out that things are not as bad as expected. They’re worse. Only 8 percent of their employees have returned to workplaces, according to a follow-up to a late-May survey by the Partnership for New York City, a leading business group. Moreover, just 26 percent of them are expected back by

Manhattan co-op prices plummeted in the second quarter. The median sales price for co-ops fell to $750,000 from April through June. That’s a near 11 percent drop from $840,000 in the first quarter, according to a Real Deal analysis of data from listings platform Online Residential. The price drop was about the same from the second quarter of 2019, when the median sales price was almost $850,000. Though the volume of home sales in Manhattan

Kamala Harris has a reputation as a tough negotiator, extracting the second-largest settlement in U.S. history from big banks, which paid $25 billion for their role in the foreclosure crisis. But there’s more to that story. Joe Biden’s just-announced running mate has touted for years that she forced the banks to cough up another $5 billion. “President Obama stood with me and 48 other attorneys general in taking on the banks and winning $25 billion

Presidential candidate Joe Biden’s proposal to axe like-kind exchanges for real estate — part of his plan to offer more federal aid to children, senior citizens and people with disabilities — makes veteran investment sales broker Bob Knakal think of New Years Eve in 2012. Knakal was racing against the clock to close 23 deals with buyers who all wanted to defer taxes by rolling their capital gains on recent sales into new properties using