The Real Deal - New York Real Estate News

One of New York City’s biggest office projects has officially debuted — and may serve as a test case for the broader transformation of its surrounding neighborhood. On Monday, SL Green Realty, along with its partners, the National Pension Service of Korea and Hines, unveiled the 1,401-foot-tall One Vanderbilt to the public. The office tower is one of the marquee projects of Midtown East , which was rezoned in 2017; at least four other major

The City Council on Tuesday will consider a series of bills that would increase protections against renter discrimination. The measures would ban discrimination based on renters’ criminal histories and lawful sources of income — namely federal, state, or local public assistance. Under current law, landlords cannot reject applications for apartments in properties with six or more units based on a prospective tenant’s income source. A bill sponsored by Council member Keith Powers would expand the

The wave of closures hitting New York City hotels has claimed another victim: Herald Square’s Courtyard by Marriott. The hotel’s owner recently filed a notice with the New York State Department of Labor detailing its plan to lay off 59 employees, who have been furloughed since March 21. The reason for layoffs is permanent closure of the 167-room hotel, located at 8 Herald Square, due to “unforeseeable business circumstances prompted by Covid-19.” Layoffs will occur

Grand openings for major Manhattan office towers tend to be self-congratulatory celebrations, marked by proclamations about the city’s bigger and better future. In some cases, such as the opening of the World Trade Center, there’s the added element of overcoming great adversity. It’s unusual, however, to see a prominent skyscraper open during a crisis, especially one that poses an existential threat to the office building as we know it. That’s exactly what happened on Monday,

Stephen Shapiro and Ron Wynn each brokered $68 million in luxury sales across Los Angeles in the first seven months of the year. But they took very different paths to get there. Shapiro, of Westside Estate Agency, closed just one on-market deal in that period. Wynn, of Compass, closed 45. The Real Deal tallied the top-performing agents in L.A. County over a six-month period from Jan. 30 to July 30, using Multiple Listing Service home

Brown Harris Stevens is giving its staff no excuse not to cast their ballots come Nov. 3. CEO Bess Freedman announced in a memo on Monday that BHS employees will not have to report to work on Election Day. “I don’t want anyone feeling like they must choose between work, childcare, or going to the polls,” she wrote in a memo to staff. “This is your day to cast your ballot that will shape the

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More than a year after New York’s rent law was overhauled, the state has proposed cost caps for renovations that allow landlords to increase rents. The Division of Homes and Community Renewal’s proposed schedule of reasonable costs for major capital improvements, or MCIs, drew mixed reactions from landlord groups at a hearing last week. They griped about individual cost caps but cheered a waiver that can allow owners to avoid them. Tenants and their allies,

After getting off to a strong start in September, Brooklyn’s luxury market experienced a slight dip in the past week. The volume of high-end home contracts signed after Labor Day sunk to $33 million over 10 deals, down from 15 contracts totalling $47 million the week before. Last week’s deals were evenly split between townhomes and condos, according to Compass’ weekly report on luxury home contracts of $2 million or more. The median asking price

Ron Perelman may part with his sprawling East Hampton estate for the right price. The billionaire banker and businessman is reportedly searching for a buyer for his 57-acre estate, according to the New York Post. A spokesperson for the billionaire told the publication that the property is not for sale “officially or unofficially,” but brokers who represent high-end buyers said they’ve heard from sources close to Perelman that he would entertain offers of about $180 million.

Amazon is riding the online-shopping boom brought on by the pandemic. The e-commerce giant plans to open 100 facilities, including fulfillment centers, delivery stations and sorting centers, in September, the Wall Street Journal reported. That’s on top of more than 75 others opened this year in the U.S. and Canada. Amazon has seen revenues soar in 2020, as governments’ shelter-in-place orders fueled demand for online shopping. The company saw a record $88.9 billion in second

August foreclosure filings across the U.S. jumped 11 percent from July, as several states ended their relief measures for homeowners who remain hard hit by the pandemic. Banks also repossessed over 2,000 homes last month, down slightly from July. There were 9,889 foreclosure filings nationwide in August, according to Attom Data Solutions’ monthly tally. Rick Sharga of RealtyTrac — an Attom Data subsidiary — said the increase was likely a result of several states having

The sparkle of Labor Day revelry fizzled out when it came to Manhattan’s luxury market this year, as the pandemic continues to wreak havoc on deals. Just 10 contracts were signed last week for properties above $4 million, according to the latest market report from Olshan Realty. It was the same total as last year, and 10 fewer than in 2018. “I think every week is a struggle,” said Donna Olshan, who tracks luxury sales

Allan Zapadinsky describes himself as a “Brooklyn boy, born and raised.” Or at least he did, until he moved to New Jersey. Even then, as a real estate agent with Keller Williams, he focused on Manhattan, Brooklyn and the Bronx. But when the coronavirus pandemic hit and he noticed buyers moving in the tri-state area, that also changed. “I still love the city. Don’t get me wrong, we still do a lot of business there,”

Jeff Winick, the CEO and founder of Winick Realty Group and one of New York’s top retail brokers, has filed for personal bankruptcy. In Chapter 7 bankruptcy filings recorded Aug. 27, Winick claims to have $530,000 in assets and $9.7 million in back taxes and fines owed to the Internal Revenue Service and the New York State Department of Taxation and Finance. He declared $122,800 in monthly income. Over his career, Winick has brokered over

The owner of New York Sports Clubs can’t run away from the pandemic. Town Sports International — which owns sports clubs in New York, Boston, Philadelphia and Washington, D.C. — filed for Chapter 11 bankruptcy on Monday after the forced closure of gyms led to big losses in revenue, Reuters reported. Operators of fitness centers have been hit hard by the pandemic lockdown as much of their revenue comes from monthly membership and personal training

Authentic Brands, one of the most active bidders on bankrupt retail, is joining a deal to take over J.C. Penney. The New York-based brand management company is reportedly in discussions with Simon Property Group and Brookfield Property Group to participate in their plan to rescue J.C. Penney, according to Business Insider. Simon and Brookfield have agreed to buy the department store chain out of bankruptcy in a deal valued at $1.75 billion. A spokesperson for

Amid local mandates for face masks, a Miami real estate agent faces eviction from a downtown condo tower for allegedly appearing maskless in the common areas. The Marquis Miami Condominium Association filed a lawsuit in Miami-Dade Circuit Court last month against unit owner Optibase Real Estate Miami and its tenant, Jalal Abuimweis. The 67-story, 292-unit luxury high-rise at 1100 Biscayne Boulevard bills itself as the fifth tallest building in Miami. The association considers Abuimweis’ behavior

Five months after laying off 800 staffers — or 35 percent of its workforce — iBuying startup Opendoor is eyeing a $5 billion IPO with a blank-check company. Welcome to 2020, the year of unending surprises. Founded in 2014, the San Francisco startup is the undisputed market leader in a nascent but burgeoning sector, which accounted for $8 billion worth of home sales in 2019. The general idea behind iBuying is to make a cash

Facebook grew its New York footprint gradually at first, occupying 55,000 feet at 335 Madison Ave and then 100,000 square feet at 770 Broadway prior to 2014. The company had fewer than 6,500 employees then, and its stock was trading below its IPO price. By 2017, Facebook’s share price had tripled, the company recorded $40.6 billion in revenue and Mark Zuckerberg’s online empire had 1,000 employees working in Manhattan alone — just 4 percent of