The Real Deal - New York Real Estate News

Barclays is eyeing a big move to Hudson Yards. The London-based bank is considering moving its U.S. headquarters to the Far West Side megadevelopment from its current location in Times Square, Bloomberg reported. Barclays is looking to lease around 500,000 square feet. The bank is currently headquartered at the former Lehman Brothers building at 747 Seventh Avenue, which it acquired in a deal to buy part of the investment bank’s U.S. operations in 2008. “I

As the pandemic continues to wreak havoc on real estate, industry donors are siding with Joe Biden over President Donald Trump, records show. They have so far given $17.1 million to the former vice president’s campaign and political action committees backing him, and $15.6 million to Trump, according to the Center for Responsive Politics, a nonpartisan research group which tracks money in U.S. politics. Although markets have prospered under presidents of both parties, Republicans have

Edward J. Minskoff Equities is proposing a 220,000-square-foot commercial building in Dumbo on a site that was rezoned to allow for office space. In March, the developer paid $61.5 million for the property at 35 Jay Street. Minskoff plans to build an 11-story structure, according to the application filed with the city Department of Buildings. The site is on nearly a half-acre lot, which currently houses a two-story brick warehouse. The previous owner, Forman Group

UPDATED Sep. 10, 2020, 4:53 pm: Real estate developers are acutely aware of the dismal state of the luxury real estate market in Manhattan. So it’s perhaps unsurprising that developer Keith Rubenstein of Somerset Partners has slashed the price of his palatial New York home at 8 East 62nd Street. Rubenstein originally listed the townhouse in 2016 for $84.5 million with Adam Modlin of Modlin Group. This week — after years on and off the

JPMorgan is heading back to the office. The bank, one of New York City’s largest employers, told senior employees in the sales and trading division that they and their teams are to return to the office by Sept. 21, the Wall Street Journal reported. By directing employees to return after months of working from home, JPMorgan’s message is clear: It’s safe to head back to the office. Executives said employees with childcare issues and medical

Real estate developer Vlad Doronin is suing his ex-girlfriend, supermodel Naomi Campbell, for millions of dollars. Doronin, who develops projects in South Florida and New York, filed a summons in New York County Supreme Court on Friday. He alleges that Campbell wrongfully refused to repay loans that Doronin made to her and failed to return personal property valued at more than $3 million. TMZ first reported the lawsuit. Campbell and Doronin dated between 2008 and

Tommy Hilfiger wants to take advantage of what he’s called the “very strong” residential market of the cities and towns outside New York. The fashion mogul, who has renovated and sold seven homes in Greenwich over the last three-plus decades, has listed a 22-acre estate in the city for $47.5 million, according to the Wall Street Journal. He paid around $31.4 million for the property in 2010 and spent three years renovating the 81-year-old estate.

UPDATED, Sept. 10, 12:40 p.m.: Century 21 Stores is the latest retailer to file for bankruptcy, and it blames insurance providers for its collapse. The New York-based off-price retailer filed for Chapter 11 bankruptcy on Thursday and announced it will wind down operations to close its 13 stores across New York, New Jersey, Pennsylvania, and Florida. The company said it was forced to file for bankruptcy after insurance companies declined to pay its business interruption

Back when it was flush with cash, the de Blasio administration heeded developers’ request to add technical staffers at the Department of Buildings. Now with 350 of them — 20 percent more than in 2016 — the agency gets projects approved and onto the tax rolls faster. For the city and real estate industry, it’s a virtuous cycle. But now they face a vicious one. A budget crisis caused by the pandemic — and exacerbated,

iBuying startup Orchard has raised $69 million in its latest funding round. The New York–based company, formerly known as Perch, allows homeowners to buy a new home before they sell their own. In recent years, it’s broadened its offerings to include a title and escrow unit and a lending service. The Series C round was led by Revolution Growth, according to Housing Wire, which first reported the news. A collection of existing backers, including FirstMark,

Good news for those of you who get a tingly feeling from fresh information on building permits filed in New York City: Marketproof‘s building permit data is now available at The Real Deal. When we began speaking with the Marketproof team, our goal was to find reliable data sources that industry professionals would find helpful for their business. Marketproof’s software is connected to several data sets and then leverages machine learning to provide the essential

The owners of New York fitness studios have sued Mayor Bill de Blasio over the city’s coronavirus closures, which continue to block them from doing business while gyms reopened last week. Led by the Boutique Fitness Alliance and the New York Fitness Coalition — which collectively represent more than 2,000 gyms and studios — the group claims in its lawsuit that, “Studios in New York City continue to be randomly and arbitrarily shut down since

Are there 15,000 people who want to live in Manhattan? Another historic surge in the borough’s empty apartments last month underscores the troubles facing landlords across the city. Manhattan’s vacancy rate climbed to 5.1 percent in August, according to Douglas Elliman’s monthly rental report produced by Miller Samuel Real Estate Appraisers & Consultants. It’s the first time Manhattan vacancy has reached this level in the 14 years that Miller Samuel has tracked its rental market,

The rise of remote work puts cash flows for U.S. office real estate investment trusts at risk in the near and long term, according to a recent report from Fitch Ratings. Trepidation about the future of the U.S. economy has led companies to sign fewer and shorter leases, which hurts cash flows for office REITs in the near future. Moreover, the broader shift toward remote work — reflected by the moves of tech giants such

Real estate tech stocks rallied Wednesday after a three-day tech rout roiled the market. After the market closed yesterday, Zillow stock was up 2 percent while CoStar climbed 1.44 percent. Redfin rose 6.85 percent and eXp World Holdings was up 10.55 percent. Two SoftBank-backed companies that went public this summer — Lemonade, an insurance tech firm, and KE Holdings, a Chinese real estate platform also known as Beike Zhaofang — were up 6.36 percent and