The Real Deal - New York Real Estate News

SL Green expands share buybacks by $500M

Posted: 07 Dec 2020 03:45 PM PST

SL Green Realty’s board has authorized another $500 million in share buybacks, bringing the real estate investment trust’s repurchase program to $3.5 billion. For the past three years, Manhattan’s biggest commercial landlord has been aggressively buying back its own stock, while shedding properties. Most recently, the company reached an agreement to sell its Amazon-anchored building at 410 10th Avenue to the 601W Companies for $952.5 million, the most expensive office sale since the start of

HFZ loses stake in national warehouse portfolio

Posted: 07 Dec 2020 01:35 PM PST

Ziel Feldman’s HFZ Capital Group relinquished its interest in more than 10 million square feet of warehouse space across the country — the first major loss for the company as it struggles with a number of troubled investments. The Manhattan-based development firm lost its equity stake in a portfolio of 12 last-mile distribution centers it co-owned with Westchester investor Reich Brothers in a UCC foreclosure auction on Wednesday. HFZ’s lender, Monroe Capital in Chicago, credit

Buyer revealed: Ellen DeGeneres paid $49M for Dennis Miller’s Montecito estate

Posted: 07 Dec 2020 01:15 PM PST

The mystery behind the $49 million purchase of Dennis Miller’s Montecito estate in September has been solved. And the buyers are no surprise. Ellen DeGeneres and Portia de Rossi, two of Southern California’s most active luxury residential investors and home flippers, closed on the estate in an off-market deal, the Wall Street Journal reported. The deal for Miller and his wife Carolyn Espley-Miller’s four-acre estate closed two months before DeGeneres and de Rossi sold their Bali-inspired

All Year faces foreclosure on part of Bushwick apartment complex

Posted: 07 Dec 2020 12:33 PM PST

Brooklyn developer Yoel Goldman can’t seem to catch a break. In the past two weeks, Israeli authorities imposed a fine on Goldman’s company All Year Management for providing misleading financial information, and the firm paused its payments to bondholders. Now, a lender is seeking to foreclose on part of All Year’s trophy asset: The Denizen, a luxury rental complex in Bushwick. An affiliate of Mack Real Estate plans to sell the interests of the collateral

Developers in talks with unions to save $2B Flushing project

Posted: 07 Dec 2020 11:21 AM PST

Days before the City Council is slated to decide the fate of a $2 billion project on the Flushing waterfront, the developers are in late-stage talks with organized labor. An agreement with the unions representing hotel and building service employees could give the development the political backing it needs to be approved. The development team — F&T Group, Young Nian Group and United Construction and Development Group — is negotiating with 32BJ SEIU and the

$88M worth of Brooklyn luxury deals inked last week

Posted: 07 Dec 2020 10:30 AM PST

In the final stretch of 2020, Brooklyn’s luxury market is soaring — and condos are fetching top dollar. Last week, 26 deals were signed for a combined value of $88.2 million, nearly reaching the previous high point set during the pandemic, according to Compass’ weekly report on contracts for properties asking $2 million or more. In late October, Brooklyn’s luxury market had its best week since March with 27 contracts valued at $89 million signed.

Cuomo: Restaurants may have to close this week

Posted: 07 Dec 2020 10:00 AM PST

Restaurants may be forced to shutter once again this week. Gov. Andrew Cuomo is threatening to shut down indoor dining in New York City if after five days the region’s hospital rate has not stabilized. In other parts of New York, restaurants would be reduced to 25 percent capacity, Cuomo said in a tweet. “The CDC has targeted indoor dining as a spreader,” Cuomo said at a press briefing Monday, referring to the Centers for

J.C. Penney has been saved. Now what?

Posted: 07 Dec 2020 09:30 AM PST

J.C. Penney has been rescued from bankruptcy, but challenges remain for the beleaguered retailer. The department store chain completed the sale of its retail operations to Simon Property Group and Brookfield Asset Management on Monday, Bloomberg News reported. J.C. Penney will essentially be split into two: an operations firm led by Simon and Brookfield, and a property one that its lenders will control. The former is now out of Chapter 11 bankruptcy, while the latter

Target’s big NYC expansion continues with Soho lease

Posted: 07 Dec 2020 09:00 AM PST

Target is rapidly ramping up its stores in New York City, signing yet another lease. The big-box retailer signed a lease for over 27,000 square feet of space at Aurora Capital Associates and Alex Adjmi’s 600 Broadway in Soho. A representative confirmed the company’s plans to open the store. The memorandum was signed on Nov. 25 and was recorded on Dec. 4, according to PincusCo, which first reported the news. The store is also listed

Goldman Sachs plans move to South Florida

Posted: 07 Dec 2020 08:40 AM PST

Goldman Sachs Group is considering moving its asset management division to South Florida, potentially joining other financial giants who have left New York for the Miami area. The investment bank has looked at spaces in Palm Beach County and Fort Lauderdale, Bloomberg reported. Goldman Sachs is looking to take advantage of tax benefits if it opens a home base in Florida. Florida, which lacks a state income tax, has increasingly attracted wealthy executives throughout the

Deeply discounted One57 condo tops Manhattan’s luxury deals last week

Posted: 07 Dec 2020 08:15 AM PST

Luxury real estate brokers and developers in Manhattan have grown accustomed to bad news in a year that saw deals in an already-soft market plunge to eye-watering lows. But there are some promising signs for them to hold onto. Last week, 21 contracts were signed for properties above $4 million, a healthy bump from 14 the week prior, according to data from Olshan Realty. Since the start of September, a total of 227 luxury deals

Airbnb now targeting $42B valuation for IPO

Posted: 07 Dec 2020 07:45 AM PST

Airbnb is going even bigger for its IPO. The home-rental company wants to boost the proposed share price, which would give it a valuation of as much as $42 billion, according to Bloomberg. Airbnb now wants to set the share price range at between $56 to $60 according to the report. That’s up from $44 to $50, which gave it a target valuation of up to $33 billion. Airbnb’s stock market debut is scheduled for

NYC lawmakers call on Cuomo to end indoor dining, close nonessential offices

Posted: 07 Dec 2020 07:05 AM PST

Four elected officials in New York City have called on Gov. Andrew Cuomo to designate the entire city an “orange zone,” which would impose stricter Covid restrictions, including ending indoor dining and closing gyms. In a statement issued Sunday night, first reported by the New York Daily News, the legislators also called for all non-essential offices to be closed. “New York City is facing a perilous surge in COVID-19,” the statement reads. “To avoid overcrowded

State pols make pied-à-terre tax a priority for 2021

Posted: 07 Dec 2020 06:06 AM PST

The pied-à-terre tax is back. Come January, state legislators are likely to restart discussions on taxing part-time homeowners in New York City to fill the growing budget gap, Bloomberg News reported. The current proposal would hike property taxes by varying amounts for one- to three-family homes with market values exceeding $5 million and condos and co-ops with assessed values over $300,000. Its proponents say it could raise about $390 million annually for the state. In

Which SoftBank startups are going public, the FTC’s CoStar crackdown

Posted: 07 Dec 2020 05:00 AM PST

SoftBank feasts on flurry of IPOs WeWork’s botched IPO left SoftBank with egg on its face — and red on its balance sheet. But a flurry of IPO-bound portfolio companies could rewrite the Japanese conglomerate’s recent track record. In May, Masayoshi Son told Forbes that as many as 15 of the Vision Fund’s 88 portfolio companies could go bankrupt but another 15 are likely to succeed. Here are recent IPO updates from its proptech bets:

WATCH: Common’s Brad Hargreaves on the future of multifamily

Posted: 07 Dec 2020 04:30 AM PST

The co-living space is going through an era of consolidation and investment. Last week, Ollie was scooped up by rival firm Starcity, after the latter raised $30 million in April. The biggest player in the space is Common, which closed on a $50 million Series D funding round in September, cementing its position as the most well-capitalized co-living startup. The firm is also partnering with institutional players such as Nuveen and Tishman Speyer on projects.

Here’s what 2021 has in store for the RMBS market: Kroll

Posted: 07 Dec 2020 04:00 AM PST

With nearly $20 billion in loans issued, the first quarter of 2020 was the residential mortgage-backed securities market’s strongest quarter since the 2008 financial crisis. But then came Covid-19, which brought several years of rapid expansion to a halt. Total RMBS issuance for 2020 is now expected to reach $55 billion, according to a recent report from Kroll Bond Rating Agency. That’s down 10 percent year-over-year, and down more than 20 percent from the $70