The Real Deal - New York Real Estate News

The City Council will vote on a bill Thursday that would put off new construction safety training requirements for another six months. The bill would extend the deadline for new safety requirements from Sept. 1 to March 1, 2021, when workers would have to show they underwent 40 hours of mandated training. Public Advocate Jumaane Williams and City Council members Carlos Menchaca and Robert Cornegy are the bill sponsors. “Unfortunately, the Covid-19 crisis has impacted

Bondholders behind The American Dream Mall in New Jersey could be in for some pain. Mutual funds and investors that bought bonds backing the construction of the American Dream Mall near the Meadowlands have seen hundreds of millions of dollars in losses and more could be on the way, according to the Wall Street Journal. The price of some of the almost $1 billion of municipal bonds fell to about 87 cents on the dollar

It promises to be a fall like no other.  The presidential election will collide with the pandemic and an already volatile economy has upended investment strategies, homebuying and the office market.  For The Real Deal’s September national issue, we’ll continue our in-depth coverage of all aspects of the real estate market, what’s happening now and what to look out for in the future. And if you sign up here, you’ll get next month’s issue for

A luxury condo at Related Companies’ 35 Hudson Yards has sold for just under $7 million in an all-cash deal — a bright spot for the Far West Side development after months of setbacks. The buyer is identified in the deed as David Rutter, the same name as the founder and CEO of blockchain technology company, R3. Rutter went into contract on March 13, a little over a week before the state’s shutdown order went

Housing builders and policy pros on Wednesday laid bare some hard facts about New York City’s affordability crisis. Politicians don’t get the math. Construction costs too much. Neighborhoods reject development. The result is a mismatch between what most New Yorkers need and what gets built, the policymakers and developers said at a discussion convened by the Citizens Budget Commission. “State and city legislators who are trying to represent their constituency mean well, but do not

Restaurant dining rooms in Miami-Dade County can reopen beginning on Monday, more than a month after restaurants were ordered to close indoor seating due to spiking coronavirus cases. Miami-Dade Mayor Carlos Gimenez said restaurants will be able to operate at 50 percent capacity indoors, as long as tables are spaced at least six feet apart with a maximum of six people per table. He said the decision came after consulting with medical experts and the

UPDATED Aug. 26, 2020, 7:25 pm: Ziel Feldman and his firm, HFZ Capital, are being sued for not vacating the sales gallery for the XI condominium complex when the lease expired in June. Greenway Mews Realty filed the lawsuit Monday against its tenant, 76 Eleventh Avenue Property Owner, a limited liability company that leased the lower-level space at 25-27 Little West 12th Street. HFZ is behind the tenant entity and has been using the Meatpacking

New documents reveal the properties in the crosshairs of New York’s investigation into the Trump Organization. The documents were filed in court Monday as Attorney General Letitia James asked a judge to demand the company produce documents and to order Eric Trump, the executive vice president of his father’s company, to answer questions, the New York Times reported. The filings reveal the state is examining four properties: the mixed-use Manhattan building 40 Wall Street, Seven

Discrimination against Black homeowners in appraisals has been laid bare thanks to one Florida woman’s viral social media post. Abena Horton suspected something was wrong when the appraisal of her four-bedroom home in a white Jacksonville neighborhood came in surprisingly low, the New York Times reported. Horton, who is Black, removed all traces of herself and her 6-year-old son before a second appraiser visited. Absent any indication that a Black family lived there, the appraisal

A consulting firm just signed one of the largest office leases of the Covid era in Midtown. FTI Consulting inked a deal for more than 120,000 square feet at Edward Minskoff’s 1166 Sixth Avenue tower, where it will relocate and consolidate several Manhattan offices, the landlord told The Real Deal. “We have recently completed a comprehensive renovation of the property, and we continue to expand services and amenities for our tenants,” Minskoff said in a

In the debate over flood risk for home buyers, real estate websites are choosing sides. Realtor.com has become the first site to disclose public and private data about flood risk for every home listing, but its competitors are resistant to follow, arguing that the disclosures will devalue homes, NPR reports. The difference in strategy is laying bare a chasm between companies that exist to help homebuyers and those advocating for homesellers. Realtor.com’s position is that

Vornado’s Penn Plaza properties have been a hotbed of tech leasing activity this year. Months before Facebook’s 730,000-square-foot lease at the Farley Post Office redevelopment was officially announced, the social media giant had already sent a fellow FAANG firm looking for space elsewhere. In February, Apple signed a 220,000-square-foot lease at 11 Penn Plaza, Vornado’s massive 23-story building across the street. Apple’s new lease has it taking four floors at the office tower from Macy’s,

Refinancing activity plummeted last week while applications to purchase homes remained flat — and substantially higher than a year ago. An index tracking the volume of mortgage applications to buy homes each week, known as the purchase index, fell 0.4 percent, seasonally adjusted, from the prior week. The metric, from the Mortgage Bankers Association, was up 33 percent year-over-year, however, marking the 14th consecutive week of annual gains. The year-over-year growth in applications to buy

Preliminary estimates by the Palm Beach County Property Appraiser’s Office show that companies linked to President Trump could pay as much as $1.49 million in property taxes for 2020. That’s only slightly higher than the $1.48 million estimates from last year, according to the Palm Beach Daily News. Trump has 10 local properties, including Mar-a-Lago Club, whose taxable value of $26.6 million is unchanged, year-over-year. Trump-linked companies own two houses and a vacant parcel on

New York City built just 19 housing units for every 100 new jobs from 2010 to 2018, a new report shows. The disparity between housing and job growth is caused in part by low-density zoning throughout the city, a paucity of sites which do not require political approval for projects and a property tax system that penalizes multifamily properties, according to the report. The analysis, by the Citizens Budget Commission, also pointed to restrictions on

The tenant coalition behind New York’s biggest legislative shocker in half a century has had little success replicating that victory a year later. Housing Justice for All’s top-priority bills would extend an eviction moratorium indefinitely, cancel rent and expand housing vouchers for low-income tenants. None has attracted enough support to get a vote from the Democrats who passed a sweeping reform of rent stabilization last year. “With a lot of the [Senate Democratic conference] members,