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The Real Deal - New York Real Estate News |
| Judge throws cold water on Extell’s UWS condo development Posted: 28 Sep 2020 03:35 PM PDT A New York judge has chided Extell Development for attempting to extend the height of its proposed Upper West Side condo using mechanical voids, characterizing the plan as a “blatant jacking-up of close to 200 feet.” In a decision handed down Friday in New York’s state Supreme Court, Justice Arthur Engoron voided a city-issued permit to build the 775-foot high tower at 50 West 66th Street, arguing the plan could not be reconciled with zoning |
| In the rough: Trump’s golf clubs and resorts have lost $315M Posted: 28 Sep 2020 03:15 PM PDT President Trump’s golf club and resort properties have long been in the financial rough. Since 2000, Trump has reported combined losses of more than $315 million at his golf courses in the U.S. and in Europe, with nearly half from his largest golf property, Trump National Doral Miami, according to a New York Times investigation into the president’s tax returns. From 2012 — when then-real estate mogul Trump bought the Doral for $150 million — |
| Commercial tenant protections get extension from de Blasio Posted: 28 Sep 2020 03:00 PM PDT “Today is about justice for hard working New Yorkers,” Mayor Bill de Blasio said at a bill-signing ceremony Monday. Commercial landlords might beg to differ. One of the measures de Blasio signed into law essentially rewrites contracts many of them have with small businesses. The measure extends a ban on landlords even threatening to enforce personal-liability clauses designed to encourage business owners to pay rent. The law, sponsored by Manhattan Democrat Carlina Rivera and originally |
| New York’s law firm leasing volume down by 45%: report Posted: 28 Sep 2020 02:15 PM PDT New York City typically leads the nation in leasing demand from law firms, but as with many other things, the pandemic has upended that. Leasing volume from law firms dropped in New York City by 45 percent in the first half of 2020 compared to the same period last year, according to the latest Savills U.S. Law Firm Activity Report. The sharp decline is the result of the industry’s “pandemic pause”; firms have postponed leasing |
| $99M is not enough: Pierce Brosnan lists Malibu manse at massive price Posted: 28 Sep 2020 01:36 PM PDT Pierce Brosnan is hoping to pull off a feat more stunning than anything he did playing James Bond: Sell a 12,500-square-foot home for $100 million, or $8,000 per square foot. The home at 3116 Broad Beach Road in Malibu hit the market at $100 million. Compass’ Malibu specialist, Chris Cortazzo, has the listing. The five-bedroom, 14-bathroom house includes ocean views, a saltwater pool, movie theater, gym, and wine cellar. It sits on an acre of |
| Trump took nearly $100M out of Vornado partnership in 2013 Posted: 28 Sep 2020 12:50 PM PDT Donald Trump pulled out nearly $100 million in 2013 from the office properties he owns with Vornado Realty Trust, which are among the few investments generating money for him. Trump withdrew $95.8 million seven years ago from the partnership he has with the real estate investment trust owning 1290 Sixth Avenue in Manhattan and 555 California Street in San Francisco, according to an investigation by the New York Times. The move came during a period |
| It’s just one week, but Brooklyn luxury contract signings fell 50% Posted: 28 Sep 2020 12:01 PM PDT Brookyn’s luxury market activity shrank last week to half of what it was a week earlier. A mere eight homes asking a combined $22.7 million went into contract last week, according to Compass’ weekly report on contract activity for residential properties listed for $2 million or more. That’s down from 16 contracts signed for homes asking $45.2 million during the previous week. The most expensive deal last week was a four-bedroom condo in Boerum Hill. |
| New York’s residential eviction protections extended through December Posted: 28 Sep 2020 11:35 AM PDT Gov. Andrew Cuomo on Monday extended the state’s protections on certain residential evictions through next year. The governor announced that he signed an executive order extending the Tenant Safe Harbor Act until Jan. 1, 2021. The legislation, signed into law in June, bars the eviction of tenants financially impacted by Covid-19 for non-payment of rent, but allows landlords to obtain money judgments. The law prohibited courts from issuing eviction warrants for unpaid rent that was |
| Manhattan sees highest number of luxury contracts signed since early March Posted: 28 Sep 2020 10:00 AM PDT Manhattan’s luxury market has seen a lot of grim milestones in the past six months: deals at one point fell to the lowest levels since 2009; hoards of wealthy residents decamped to the suburbs; and ambitious asking prices were chopped in half. But now, as activity and interest slowly returns, the market has recorded a milestone it can celebrate: The number of contracts signed last week for properties whose asking price is over $4 million |
| Biden vs. Trump: What’s at stake for real estate? Posted: 28 Sep 2020 09:15 AM PDT Biden’s $775B ‘caring economy’ plan would kill 1031 exchanges Joe Biden went after one of the real estate industry’s favorite tax benefits last month. The presumptive Democratic presidential nominee proposed his “caring economy” plan to fund a child- and elderly-care spending platform, in part by closing a loophole used by many commercial property investors. Biden proposed eliminating 1031 “like-kind” exchanges for investors with annual incomes greater than $400,000 as part of his plan to finance |
| TikTok, savior of NYC’s office market, not yet banned in US Posted: 28 Sep 2020 08:43 AM PDT TikTok was granted a last-minute reprieve Sunday as a federal judge issued a preliminary injunction against the Trump administration’s order to ban the popular social media app. The injunction, however, does not cover a broader restriction set to take effect in November, the New York Times reported. The injunction does not apply to WeChat, which is owned by the Chinese company Tencent Holdings. WeChat has emerged as the preferred mode of communication for property owners |
| Troubled commercial properties see values fall 27%: report Posted: 28 Sep 2020 07:45 AM PDT Commercial properties such as hotels and malls may have lost as much as a quarter of their value as the pandemic devastated the retail and hospitality businesses, along with other sectors. The value of the collateral for commercial mortgage-backed securities has been written down by 27 percent on average when properties get into trouble, the Financial Times reported, citing data from Wells Fargo. New appraisals are done when commercial real estate property owners fall behind |
| 5 real estate takeaways from 20 years of Trump’s taxes Posted: 28 Sep 2020 07:02 AM PDT Donald Trump carried forward nearly $1 billion in losses from his 1990s real estate bust to avoid paying virtually all personal income taxes, and then repeated the process with a bevy of money-losing businesses during his second act as a reality TV star. But the president has expended much of his ability to avoid paying taxes as he has several hundred millions of dollars worth of loans coming due, according to an investigation by the |
| Facebook snagged $100M discount on Farley Post Office deal Posted: 28 Sep 2020 06:20 AM PDT Facebook’s huge lease at the Farley Post Office redevelopment in Midtown came with a pretty nice perk: The tech giant got a 9 percent discount when it signed the 730,000-square-foot lease last month. Facebook agreed to pay $109 per square foot in rent, with that rate increasing by $10 per square foot every five years over a 15-year period, according to Business Insider. That, plus other concessions, means the company is saving about $100 million |
| Future City: Behind Zillow’s brokerage play, Common’s $50M for co-living Posted: 28 Sep 2020 05:30 AM PDT Why Zillow bet on brokerage for profits For years, Zillow said it wouldn’t become a brokerage. But in a sharp reversal, the Seattle-based listing goliath said it will employ salaried agents to boost its iBuying business. The move drew immediate backlash from brokers, who didn’t quite buy that Zillow just wants to streamline the process of buying and selling homes. In fact, Zillow has a sharp eye on profits for iBuying, and hiring agents will |
| From unthinkable to reality: Cheap NYC apartments sit vacant Posted: 28 Sep 2020 05:00 AM PDT Sharon Redhead, a second-generation landlord in East Flatbush, is having second thoughts about continuing the family business. She blames not Covid, but the state’s rent law. Redhead’s father immigrated to New York from the Caribbean in the 1970s and bought buildings out of tax foreclosure. Her family eventually accumulated 100 apartments — many of them rent-stabilized — and landlord-friendly regulations helped keep them profitable. When units were vacated, Redhead made upgrades, such as installing modern |
| Posted: 28 Sep 2020 04:00 AM PDT Starwood Capital Group finally lost control of its troubled regional mall portfolio this month, when trustees appointed by an Israeli court selected a partnership to take over the seven properties. While that joint venture has already begun strategizing about how best to revitalize those malls, the handover is not complete. The portfolio’s senior lenders in the U.S. must still approve the deal, creating uncertainty for an already complicated transaction. Maneuvering over the retail properties that |
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