The Real Deal - New York Real Estate News

Marc Anthony lists waterfront Coral Gables mansion for $27M

Posted: 17 Nov 2020 03:15 PM PST

Marc Anthony listed his sprawling Coral Gables estate for $27 million. The Grammy-winning singer-songwriter, whose real name is Marco Muñiz, is looking to sell the 12-bedroom, 21,000-square-foot, three-story mansion at 300 Costanera Road for $8 million more than he bought it for in 2018. Hilda Maria Bacardi, the great, great-granddaughter of Bacardi founder Facundo Bacardí Massó, sold the Cocoplum estate to Anthony two years ago. Bacardi spent eight years overseeing its construction, and first put

Zara Realty plans 218K-sf Jamaica development

Posted: 17 Nov 2020 01:45 PM PST

Zara Realty is planning a mixed-income residential development in Jamaica, Queens. The 218,000-square foot residential building, at 153-10 88th Avenue, will set aside 30 percent of its units as affordable. Construction of the nine-story, 223-unit building will be completed in 2022. The apartment building will offer tenants a fitness center, recreational space, roof terrace, storage units and garage with valet parking. Solar arrays on the roof will provide green energy. The development will include space

Macerich’s Queens Center Mall emerges from special servicing

Posted: 17 Nov 2020 01:19 PM PST

Macerich’s Queens Center Mall is out of special servicing. The $600 million loan returned to its master servicer Nov. 4 after Macerich made its monthly payments, as well as the repayment amounts required under the Standstill Agreement for the three consecutive months of September, October and November, according to CMBS debt tracker Trepp. The loan was originally transferred to special servicing Apr. 29 due to a default. In May, Macerich entered into a Standstill Agreement

Related to buy Section 8 buildings for $435M

Posted: 17 Nov 2020 01:06 PM PST

As the pandemic continues to squeeze Manhattan’s market-rate rental towers, the island’s affordable apartment buildings are seeing a surge of interest from buyers seeking their stable rent payments. In what is set to be the biggest multifamily trade in Manhattan since the start of the coronavirus, the Related Companies has inked a deal to buy a pair of Section 8 buildings on the Lower East Side for more than $400 million, sources familiar with the

Billionaire developer Sheldon Solow dies at 92

Posted: 17 Nov 2020 12:56 PM PST

Sheldon Solow, the billionaire developer known for his litigious tendencies, died at the age of 92. The cause of death was lymphoma, his wife Mia Fonssagrives Solow told Bloomberg News. The Brooklyn-born developer, whose estimated net worth was $4.4 billion, according to Forbes, is best known for the swooping skyscraper at 9 West 57th Street. But through his firm, Solow Realty & Development, he amassed an extensive portfolio over his 50-plus year career. His holdings

Park Slope townhouse sells after just 36 days on the market

Posted: 17 Nov 2020 12:45 PM PST

As Manhattan logged its best week in luxury contract volume since early March, the number of deals in Brooklyn’s luxury market fell last week. Twelve contracts were inked in the borough last week for a combined volume of $37.8 million, down from 19 deals totaling $50.7 million the prior week, according to Compass. The brokerage’s report tracks contract activity on properties asking $2 million or more. Brooklyn logged its best week of contract activity since

NYC attorney launches virtual closing startup

Posted: 17 Nov 2020 12:30 PM PST

Real estate attorney Peter Zinkovetsky has attended thousands of closings over the past decade. But, convinced there is a better way to finalize deals, he’s now launching a startup that makes the process virtual. His company, InstaClosing, bills itself as an alternative to laborious, document-heavy closings that are currently the norm in residential real estate. Its services are being marketed directly to consumers, with a flat fee of $350 per closing. Typically, buyers and sellers

De Blasio signs bill capping emissions at rent-regulated buildings

Posted: 17 Nov 2020 12:10 PM PST

Touting the measure as an expansion of the city’s Green New Deal, Mayor Bill de Blasio on Tuesday signed into law a bill that requires some rent-regulated buildings to abide by strict carbon emission caps. The new law means that buildings with a small percentage of rent-regulated units must meet emission requirements laid out by Local Law 97, which was approved more than a year ago. That law, which applies to properties larger than 25,000

Ric Clark and Tod Waterman launch investment firm

Posted: 17 Nov 2020 11:39 AM PST

Brookfield Property Partners chairman Ric Clark is partnering with former Tishman Speyer executive Philip “Tod” Waterman to start a new real estate investment firm. Clark and Waterman’s New York-based firm, dubbed WatermanClark, has “already identified emerging opportunities to deploy our resources” despite the pandemic, Bloomberg News reported, citing a memo. The company will oversee properties that Waterman’s company, known as Waterman Interests, currently owns or manages, including Lever House at 390 Park Avenue and Avenue

U.S. retail spending slows but still higher than last year

Posted: 17 Nov 2020 11:20 AM PST

Americans are spending more money than they did at this time last year — and even last month — but the trend may slow as Covid-19 cases spike throughout the country. According to the latest statistics from the Census Bureau, American shoppers spent $553.3 billion in October, a 0.3 percent increase from $551.9 billion in September, and 5.7 percent above the same time last year. But the rate of growth has slowed over the past

NYC requires new safety measures for outdoor dining

Posted: 17 Nov 2020 11:19 AM PST

As New York heads into the winter months, the city is placing more restrictions on outdoor dining and pop-up “streeteries,” which may cause more challenges for struggling restaurants. The NYC Department of Transportation will now require restaurants to retrofit their curbside outdoor dining with more safety features, including heavy filler material, reflective strips and brightly-colored snow sticks, Eater reported. The new measures must be implemented by Dec. 15. Outdoor dining setups in roads must be

Homebuilder confidence soars to another record high

Posted: 17 Nov 2020 09:45 AM PST

Homebuilders’ faith in the housing market continues to reach new heights, even as the country braces itself for a second wave of coronavirus infections. The National Association of Home Builders/Wells Fargo Housing Market Index reached 90 in November, seasonally adjusted, which breaks the record for the index’s highest reading in its 35-year history. It’s the third consecutive month that the NAHB index has broken a record. In October, it hit a high of 85. The

New York’s tourism industry faces long recovery

Posted: 17 Nov 2020 08:10 AM PST

A new forecast projects New York’s tourism industry might not recover from its pandemic-related woes for at least four more years, dampening hope that the hospitality sector will stage a rapid recovery when a coronavirus vaccine arrives. Last year, over 66 million visitors traveled to New York and the city’s tourism agency, NYC & Company, expected there would be even more this year, the New York Times reported. Now, the agency projects tourism to reach

Billionaire developer Ben Ashkenazy in feud with investor over reputation, cash

Posted: 17 Nov 2020 06:56 AM PST

Billionaire real estate developer Ben Ashkenazy claims the family behind the bankrupt retailer Century 21 has diverted money from him and damaged his reputation. In a suit filed in New York State Supreme Court, Ashkenazy alleges that the Gindi family, which founded Century 21, falsely accused him of stealing millions of dollars from their company, Crain’s reported. The developer alleges that it was actually the Gindis who diverted money from their business for personal gain.

State investigation takes issue with faulty lease riders

Posted: 17 Nov 2020 06:15 AM PST

A state investigation into rent-regulation practices prevented unlawful rent increases for thousands — but the landlord said the action amounted to a clerical change. The New York Division of Homes and Community Renewal touted the results of its investigation into Chestnut Holdings, carried out by its Tenant Protection unit, which found that the landlord gave 2,200 tenants unlawful preferential rent lease riders. “This is an enormous win for tenants, as Chestnut Holdings saw the writing

Sister of Dr. Oz pulls back curtain on family dispute

Posted: 17 Nov 2020 05:30 AM PST

UPDATED Nov. 17, 3:08 p.m.: Dr. Mehmet Oz, the controversial television personality, is a piece of work as a business manager and sibling, too, according to his sister Nazlim. And she aims to prove that in court. In a complaint filed Monday in Manhattan, Nazlim Oz claims Dr. Oz shut off the $15,000 a month that she was getting from two Upper East Side condo units. Nazlim alleges that the payments stopped shortly after the

“I don’t buy that NY is dead”: Naftali, Seinfeld team up on billboard

Posted: 17 Nov 2020 05:00 AM PST

Miki Naftali got some unexpected partners for his latest venture. The residential developer has joined forces with comedian Jerry Seinfeld and the New York Times on a marketing maneuver to bolster enthusiasm for New York City. On Friday night, a crane erected a giant billboard on the side of the Naftali Group’s under-construction condominium at 1045 Madison Avenue featuring an image of Seinfeld’s ode to the city published in the Times in August. Seinfeld penned

Climate concern driving down sales and prices along coastal Florida: report

Posted: 17 Nov 2020 04:30 AM PST

Concern over climate change may be driving down sales volume and prices for homes along coastal Florida, according to a recently released report. The study published by two researchers at The Wharton School at the University of Pennsylvania found that from 2013 to 2018, sales in coastal Florida census tracts with the most exposure to sea level rise declined between 15 percent and 20 percent, compared to tracts with low exposure. During the same period,

Tenant group sees opportunity in multifamily foreclosures: report

Posted: 17 Nov 2020 04:00 AM PST

Distressed debt fund managers aren’t the only ones smelling opportunity from a coming foreclosure crisis. A nonprofit seeking to help the poor says rental properties’ struggles present a chance to decommodify multifamily buildings. The Community Service Society, which looks for systemic solutions to problems that create a “permanent poverty class” in New York City, expects non-payment of rent to trigger a wave of apartment building foreclosures. When that wave hits, the group argues in a