The Real Deal - New York Real Estate News

Evictions banned through December for most US tenants

Posted: 01 Sep 2020 03:15 PM PDT

The Trump administration today announced sweeping eviction protections in light of the health crisis. The public health order, a draft of which the Centers for Disease Control posted Tuesday afternoon, will halt evictions from Sept. 4 through the end of the year for residential tenants who qualify. To be eligible, tenants must file a form to their landlord declaring they cannot pay rent, have availed themselves of available assistance and make less than $99,000 per

Chetrit battles Discovery Channel at 850 3rd Avenue

Posted: 01 Sep 2020 01:20 PM PDT

As people spend more evenings at home, media and television companies are benefiting from a largely captive audience. That’s one reason Discovery Communications should pay rent at 850 Third Avenue, according to Michael Chetrit, principal at Chetrit Group, who is suing its entertainment industry tenant for June and July rent. Discovery’s lease expired at the end of May, but Chetrit says it did not vacate. Discovery — owner of the Discovery Channel, HGTV, Food Network,

Future City: A weekly guide to everything proptech

Posted: 01 Sep 2020 01:15 PM PDT

Investors have been pouring billions of dollars a year into proptech. The Real Deal has been tracking the exponential growth of the industry from its humble beginnings, such as startup Sunflower labs, to its IPO aspirations such as the highly anticipated AirBNB offering. Future City is The Real Deal’s weekly newsletter providing what you need to know about the technology that is poised to change real estate. Sent each Friday, the popular and readable newsletter

Cindat looks to sell stake in Manhattan hotel portfolio at discount

Posted: 01 Sep 2020 12:50 PM PDT

A Chinese private equity firm is looking to sell a stake in its large Manhattan hospitality portfolio at a discount, in one of the largest hotel offerings to hit the market since the start of the pandemic. Cindat USA is looking to sell a preferred equity stake in a portfolio of seven select-service Manhattan hotels it bought in 2016 as part of a joint-venture with Hersha Hospitality Trust. The company, which is backed by China’s

Amazon opens first online-only Whole Foods, in Industry City

Posted: 01 Sep 2020 12:00 PM PDT

As more consumers turn to pick-up and delivery grocery options, Whole Foods has opened its first online-only store in Industry City. Amazon, which owns the grocery chain, announced that the store opened Tuesday at the industrial and retail campus in Sunset Park, Brooklyn, owned by Jamestown Properties. The online retailer has been planning the new store format for more than a year, well before the pandemic increased demand for such services. Amazon has temporarily turned

WFH saved Americans $90B in commuting costs: analysis

Posted: 01 Sep 2020 11:36 AM PDT

During the pandemic, many companies implemented a work-from-home policy to comply with local rules and to keep their employees safe. The policy — which has rocked the office real estate market — has also resulted in huge savings on commuting costs: Americans collectively saved $90 billion by not commuting by car in the months since the pandemic-induced lockdown, according to new research from freelancing platform Upwork cited by CNN. Americans traveled nearly 37 billion fewer

David Werner misses deposit deadline on $300M deal with All Year

Posted: 01 Sep 2020 11:20 AM PDT

All Year Management’s months-long effort to sell a $300 million Brooklyn multifamily portfolio has hit another snag — and bondholders in Israel are spooked. Yoel Goldman’s firm disclosed Sunday on the Tel Aviv Stock Exchange the buyer of the portfolio, had yet to pay the remainder of the deposit for both stages of the deal. That $6.5 million sum was due on Aug. 27. The buyer — undisclosed in Tel Aviv Stock Exchange filings —

“How I Met Your Mother” creator lists Bedford Hills estate

Posted: 01 Sep 2020 10:35 AM PDT

One of the minds behind the hit sitcom “How I Met Your Mother” is listing his Bedford Hills estate, according to Variety. Carter Bays is asking just under $4 million for 6.1-acre estate and its 9,310-square-foot home. While the coronavirus pandemic has increased demand and fueled deals in towns and cities outside New York, Bay and his wife Denise Cox aren’t expecting a big profit — they’re asking just $50,000 more than they paid for

Original Barneys building in Chelsea faces foreclosure

Posted: 01 Sep 2020 09:45 AM PDT

The original Barneys New York department store building in Chelsea is on the verge of foreclosure. A limited liability company owned by Argentic Real Estate Investment has filed a lawsuit against 17th Street Property Owner, a shell company established by the owner of the former Barneys building at 115 Seventh Avenue, Ashkenazy Acquisition, a New York-based real estate investment firm. The court filing says Ashkenazy has failed to pay back a $46.2 million loan backed

Rent woes had tenant hotline ringing off hook

Posted: 01 Sep 2020 09:00 AM PDT

As Covid-19 raged in New York City, calls from tenants who said they couldn’t pay rent overwhelmed a tenant hotline. Some 403 calls to the Metropolitan Council on Housing from March 15 to May 15 were from tenants who said they were unable to pay, a nine-fold increase from 45 during the same period last year. As calls surged, legislators passed two bills to help with rent, but the Met Council — which aims to

Group opposing NY tax hikes off to rough start

Posted: 01 Sep 2020 08:30 AM PDT

Opposing tax increases in New York is not for the faint of heart, it turns out. A business group purporting to represent real estate interests, among others, partially disintegrated in its first month amid a backlash against its objection to tax increases, the Wall Street Journal reported. Former New York governor David Paterson quit as chairman last week and the New York City Hospitality Alliance, Riders Alliance, Tech:NYC and New York League of Conservation Voters

J.C. Penney’s lenders could take it over, liquidate assets

Posted: 01 Sep 2020 07:46 AM PDT

J.C. Penney’s lenders are preparing to take control of the struggling retailer after discussions with its bidders have hit a dead end, Bloomberg News reported. J.C. Penney filed for bankruptcy May 15 and has since been in talks with large mall and retail operators, including Simon Property Group and Brookfield Property Partners. But those discussions have reached a stalemate, according to Bloomberg. If the lenders take control of the retailer it will likely lead to

Flood of retail evictions expected as courts reopen

Posted: 01 Sep 2020 07:30 AM PDT

For months, retail landlords have been negotiating lease modification and rent breaks with tenants. But talks that reached a stalemate may soon end in litigation. A wave of retail evictions among big tenants and small businesses is expected to flood in as courts reopen and eviction moratoriums across the country expire, according to the Wall Street Journal. In Miami, Whitman Family Development began legal proceedings to evict Saks Fifth Avenue from its Bal Harbour Shops

Aby Rosen buys Midtown office building for $350M

Posted: 01 Sep 2020 06:31 AM PDT

Who says Manhattan is dead? Aby Rosen’s RFR just closed on a 23-story, 575,000-square-foot office tower in Midtown Manhattan for $350 million. Morgan Stanley sold the property at 522 Fifth Avenue, which it used as its headquarters for its wealth management division. Rosen agreed to buy the building in mid-March. Morgan Stanley has consented to stay as a tenant for at least three years after the sale. After the firm departs, Rosen is seeking to

Empire Outlets months behind on debt payments to city

Posted: 01 Sep 2020 06:15 AM PDT

Empire Outlets was meant to draw “New Yorkers and visitors from across the world.” The pandemic has put that dream on hold — along with its debt payments. BFC Partners, the developer behind the 340,000-square-foot retail complex on Staten Island’s North Shore, is months behind on payments on its loan from the New York City Economic Development Corporation, according to corporation reports cited by The City. The project cost $350 million, about $100 million of

Layoffs at Blackstone’s Stuy Town management firm

Posted: 01 Sep 2020 05:30 AM PDT

Beam Living, the management company at the sprawling Stuyvesant Town complex in Manhattan, has let some employees go. The layoffs occurred in the administration, construction and real estate departments, sources said. Beam Living is owned by asset management firm Blackstone Group, the world’s largest commercial landlord, which last quarter reported having $156 billion in dry powder. “We value the hard work of every member of our team and the decision to part with any of

Week’s mid-market sales run gamut from $80 to $500 psf

Posted: 01 Sep 2020 05:00 AM PDT

Residential deals accounted for all middle-market investment sales for the week ending Aug. 28. One deal in Brooklyn and two in Manhattan brought in a range of prices per square foot from about $500 to $80. Within Harlem, where the Manhattan sales took place, prices per unit ranged from about $230,000 to $75,000. The Real Deal defines mid-market sales as from $10 million to $30 million. 1. In Williamsburg, a 29,250-square-foot multifamily building at 21

Cities dying? Suburbs booming? Data don’t show it

Posted: 01 Sep 2020 04:30 AM PDT

The early coronavirus outbreaks and exodus of New York City residents had some folks biting their nails over the future of American cities. Would the pandemic cause urban areas like New York to regress into 1970s versions of themselves, characterized by population loss, crumbling infrastructure and plummeting property values? Recent data on home sales and values show the answer is no. A report from Zillow found urban and suburban residential real estate markets have fared

City moves to speed opening of new and renovated properties

Posted: 01 Sep 2020 04:00 AM PDT

A proposed City Council bill aims to streamline how new and renovated buildings are opened. The measure, sponsored by Council member Robert Cornegy and backed by the de Blasio administration, would create an interim certificate of occupancy for parts of buildings where construction is complete. The certificate would take the place of temporary certificates for certain buildings but with a key difference: It would not have to be renewed every 90 days. That would reduce