The Real Deal - New York Real Estate News

Brooklyn luxury market surges with nearly $73M in contracts

Posted: 23 Nov 2020 03:06 PM PST

Brooklyn’s luxury market got an early holiday gift last week. Some 25 contracts were signed last week for homes asking $2 million or more, according to Compass’ weekly report. Combined, the price tags totaled $73 million. The previous week had 12 contracts signed for homes asking a combined $37.8 million. The median asking price for last week’s deals was $2.6 million with an average listing discount of 2 percent. The average property spent 127 days

Extell makes its Diamond District hotel official

Posted: 23 Nov 2020 11:32 AM PST

Hotels have faced their fair share of trouble during the pandemic, with some defaulting on their loans and others shutting down for good. But Extell Development is pressing on with its plans for a huge Midtown hotel regardless. The development firm has filed a permit application with the city’s Department of Buildings for a 168,897-square-foot hotel at 32 West 48th Street in the Diamond District. Pincus first reported the news. Extell did not respond to

Manhattan luxury market shows signs of progress with 25 deals

Posted: 23 Nov 2020 10:50 AM PST

A condo project recently fitted with a billboard declaring New York City is “not dead” has, for the second week in a row, taken the top spot on Manhattan’s luxury deals. The penthouse at Naftali Group’s under-construction 1045 Madison Avenue went into contract asking $22 million, according to the latest market report from Olshan Realty. The 3,780-square-foot apartment features three bedrooms, three and a half bathrooms and three terraces. The unit was one of 25

Serhant, B6 team up to market UES rent-to-condo conversion

Posted: 23 Nov 2020 10:18 AM PST

In the usual division of labor in real estate brokerage, commercial is commercial, residential is residential and never the twain shall meet. Now, brokers from either side of that seemingly impassable border are joining forces to market a listing on Madison Avenue and 68th Street. Zach Redding and Dylan Kane of B6 Real Estate Advisors and celebrity resi agent Ryan Serhant — who recently launched his own brokerage — are working together to find a

Real estate execs, business leaders urge Trump to begin transition

Posted: 23 Nov 2020 09:24 AM PST

More than 100 business leaders have signed a letter demanding that President Donald Trump’s administration cease its challenges to the presidential election and let President-elect Joe Biden’s transition begin. Tishman Speyer CEO Rob Speyer, Blackstone president Jon Gray and KKR co-CEO Henry R. Kravis are among the real estate and business leaders who plan to sign the letter, according to the New York Times. In light of the Trump administration’s continued challenges to the election

Inwood rezoning is a done deal

Posted: 23 Nov 2020 08:41 AM PST

The state’s highest court rejected a community coalition’s bid to revive its legal fight against Inwood’s rezoning, likely ending a two-year battle over the fate of the neighborhood. The New York Court of Appeals on Monday denied a motion by Northern Manhattan is Not for Sale seeking to appeal an appellate panel’s reinstatement of the rezoning. Because the appellate court’s July decision was unanimous, the coalition needed permission from the Court of Appeals to continue

Firm that manages TikTok party houses goes public

Posted: 23 Nov 2020 08:30 AM PST

West of Hudson Group, which operates a network of houses where TikTok influencers live and perform, went public last week, the New York Times reported. Tongji Healthcare Group, a Las Vegas-based entity incorporated by a Chinese hospital in 2006, acquired the company and has moved to rename the new entity Clubhouse Media Group, according to the Times. On Friday, Tongji’s stock closed at $2.30, 38 percent below its August high. What’s happening behind the scenes

Danny Meyer’s Union Square Hospitality halts indoor, outdoor dining

Posted: 23 Nov 2020 07:35 AM PST

As Covid-19 infection rates spike throughout New York City, city and state officials have closed schools and threatened to impose new restrictions in neighborhoods with rising case numbers. But in the absence of a firm decision on indoor and outdoor dining — which could be halted if the citywide infection rate is high enough — some restaurants have decided to close on their own. Danny Meyer’s Union Square Hospitality Group suspended indoor and outdoor dining

Grand Hyatt redevelopment could be 1,600-foot supertall

Posted: 23 Nov 2020 07:05 AM PST

The planned redevelopment of the Grand Hyatt Hotel next to Grand Central Terminal could result in a supertall tower rising more than 1,600 feet above Midtown. The development at 109 East 42nd Street is tentatively dubbed Project Commodore, New York YIMBY reports, citing an Environmental Assessment Statement for the project. If it rises to the proposed height of 1,646 feet, it would become the tallest building by roof height in the city. (Extell Development’s Central

CoStar to acquire Homesnap for $250M

Posted: 23 Nov 2020 06:35 AM PST

CoStar Group is set to buy Homesnap, an app and technology provider for residential real estate agents, for $250 million, the Wall Street Journal reported. The all-cash acquisition is expected to close later this year. The acquisition would mark CoStar’s first major step into the single-family-home market, which dwarfs the size of the commercial real estate market. CoStar bills itself as the world’s largest provider of commercial real estate information and analysis. Homesnap has about

These are the best watches to gift this holiday season

Posted: 23 Nov 2020 06:00 AM PST

Note: These items are independently selected by our team. However, TRD may receive a commission when you purchase products through affiliate links. You can’t give anyone more hours in the day, but you can give the busiest of business people a fashionable way to stay on time. Whether it’s a gift to yourself for clinching a tough close, or for a colleague who needs that subtle reminder to show up on time, a luxury watch

Inside Airbnb’s S-1, and Better.com CEO hit with fraud claims

Posted: 23 Nov 2020 05:30 AM PST

Top 5 takeaways from Airbnb’s S-1 Airbnb’s prospectus dropped this week, giving investors their first glimpse at the company’s books. What did they find? Nearly 350 pages detailing a rollercoaster of revenue and losses. Airbnb’s gross bookings totaled $38 billion in 2019, up 29 percent year over year, with $4.8 billion in revenue, compared to $3.7 billion in 2018. It lost $674.3 million last year. Below are 5 more highlights: 1. Covid made a big

These are the biggest malls landlords ready to hand over to CMBS lenders

Posted: 23 Nov 2020 05:00 AM PST

As shopping centers across the country continue to struggle with a new surge in infections and lockdowns, the expiry of forbearance agreements, and secular headwinds that predated the pandemic, a growing number of mall owners are ready to hand back the keys to their lenders. This trend has been particularly notable in the commercial mortgage-backed securities sector, where non-recourse loans are the norm and the costs of letting lenders clean up a mess are less

RMBS then and now: Do securitized home loans still matter?

Posted: 23 Nov 2020 04:30 AM PST

Between April and June, when the pandemic went from a shocking jolt to a daily reality, a record number of people fell behind on their home loans. “The Covid-19 pandemic’s effect on homeowners’ ability to make their mortgage payments could not be more apparent,” said Marina Walsh of the Mortgage Bankers Association, noting that the second quarter had the highest overall delinquency rates in nine years. It was a worrying trend, particularly given that the

New platform aims to be “Neiman Marcus” of luxury listings

Posted: 23 Nov 2020 04:00 AM PST

StreetEasy has another new competitor. LX Collection is a new platform that aims to sell luxury condominiums in a handful of cities to wealthy homebuyers across the globe. Its current inventory includes 40 high-end developments in New York City, Miami, Los Angeles and San Francisco, with projects in London and Toronto due to launch soon. Developers who’ve signed on include Extell Development, Related Companies, Silverstein Properties and Lightstone. In New York, those include Extell’s Central