The Real Deal - New York Real Estate News

Multifamily honcho sells Fendi Château penthouse in Surfside at a loss

Posted: 12 Jan 2021 02:30 PM PST

Multifamily real estate investor Irving Langer, founder and CEO of E&M Management, and his wife, sold their penthouse at Fendi Château Residences for $16.8 million, roughly $4 million less than their purchase price five years ago. Langer, and his wife, Miriam, sold PH 03 at Fendi Château Residences at 9365 Collins Avenue in Surfside to Daniel Rosenberg and Arielle Rosenberg, records show. Brooklyn-based E&M Management is one of the largest real estate investment and management

Airbnb says it will ban Capitol rioters ahead of inauguration

Posted: 12 Jan 2021 02:00 PM PST

Airbnb says it will ban users from its platform if they are identified as being part of the mob that stormed the Capitol last week. The home-share company announced Monday that it would use law-enforcement sources and media reporting to identify people involved in the Jan. 6 rampage, which led to five deaths. If anyone involved in criminal activity is found to have an Airbnb account, the company said it would “take action, which includes

Cuomo announces plan to get workers back to offices

Posted: 12 Jan 2021 01:28 PM PST

Gov. Andrew Cuomo is pushing a plan to get employees back in office buildings — and office landlords are on board. In the second installment of his 2021 “State of the State” address, Cuomo announced that rapid testing would be used in state-designated orange zones to open office buildings, along with restaurants and theaters. In orange zones — where the seven-day average Covid rate reaches 4 percent for 10 days and hospitals have 85 percent

Cash App takes new Soho office

Posted: 12 Jan 2021 01:15 PM PST

Like a Bitcoin wallet, Cash App is expanding. The popular online-payment app recently signed a lease for a 40,000-square-foot office in Soho, a spokesperson for parent company Square, Inc. confirmed to The Real Deal. The new office at 13 Crosby Street will provide permanent space for current and future Cash App employees, the spokesperson said. Employees currently work out of the nearby office on West Broadway of Square, the mobile-payments company co-founded by Twitter’s Jack

Plotting new direction, Liam Payne sells Monte Nido compound

Posted: 12 Jan 2021 12:45 PM PST

One Direction’s Liam Payne is steering a new course. The singer-songwriter sold his Spanish-style compound in the Santa Monica Mountains for about $10.2 million, according to the Los Angeles Times. That was $160,000 more than what he paid five years ago. Payne first listed the property in 2018, asking $14 million, but he also rented it before then. He dropped the price to $10.8 million over the summer. The property spans almost five acres and

A tale of two logos: Restaurants in CA, NY battle over branding

Posted: 12 Jan 2021 12:15 PM PST

Restaurateurs in recent months have filed several lawsuits to try and ease restrictions on dining that have been put in place due to the pandemic, arguing that those regulations hurt their business. But one eatery has filed a lawsuit against another restaurant — one located clear across the country — for reasons wholly unrelated to Covid. Fat Sal’s, a popular California sandwich chain, is suing Fat Sal’s Bar and Grill in Westchester County for infringing

Oceanfront Palm Beach spec mansion hits the market, asking record $140M

Posted: 12 Jan 2021 11:30 AM PST

An oceanfront spec mansion in Palm Beach hit the market for $140 million, marking the most expensive residential listing in South Florida. Before the estate at 535 North County Road was built, it was part of a larger property that President Donald Trump sold in 2008 for $95 million. Trump sold the property to Russian billionaire Dmitry Rybolovlev in 2016, who knocked down the previous mansion and subdivided the land. In 2018, Rybolovlev sold the

What Brooklyn’s record $25.5M sale means for borough’s resi market

Posted: 12 Jan 2021 10:45 AM PST

Last week, Brooklyn notched its most expensive home sale ever when billionaire Vincent Viola’s Brooklyn Heights mansion sold for $25.5 million — and brokers in the borough are heralding the news as a harbinger of deals to come. “Santa Claus came down a chimney,” said Warburg Realty’s Gerard Splendore about the deal’s quiet Christmas Eve closing. “Anything that sets a record always brings in good news.” Monica Breese, a Douglas Elliman agent, said the sale

Flooding caused by climate change leads to mounting real estate costs

Posted: 12 Jan 2021 10:00 AM PST

As intense rainfall and flooding has increased because of climate change, so too has the financial fallout from the ensuing property damage, according to a new study. The analysis, by Stanford University, found that flooding caused by climate change — which researchers determined by looking at historical precipitation data and intensifying rainfall in recent decades — has cost the U.S. about $75 billion over the past three decades, CNBC reported. The losses from extreme rains

Vacasa hires new CFO to lead “next stage of growth”

Posted: 12 Jan 2021 09:15 AM PST

Vacation rental startup Vacasa has hired a new CFO with IPO experience, as the company lays the groundwork for a post-Covid recovery. The company said Tuesday that it hired Jamie Cohen, the former chief financial officer of ANGI Homeservices, to join the executive team during its “next stage of growth.” Cohen will assume the role in March. She replaces Jim Grube, who left Vacasa in November after about a year on the job. While weathering

Veteran broker Brock Emmetsberger joins B6

Posted: 12 Jan 2021 08:45 AM PST

Another former Massey Knakal broker is getting back together with the gang. Brock Emmetsberger, who was let go from JLL in the fall amid a round of belt-tightening, has joined Paul Massey’s B6 Real Estate Advisors, the company told The Real Deal. Emmetsberger is a veteran of Massey’s previous firm, Massey Knakal Realty Services. The B6 CEO cited his close ties with the broker and his track record — particularly in the Chelsea and Greenwich

Millennials flock to short-term rentals during pandemic

Posted: 12 Jan 2021 08:15 AM PST

With many millennials choosing to lease apartments on a short-term basis, some property startups are looking to fill a growing demand for furnished housing. One is Landing, which leases furnished apartments throughout the country, the Wall Street Journal reports. The company originally planned to operate in about 30 cities last year, but instead grew to 75 thanks to the pandemic, according to Landing CEO Bill Smith. With Landing, renters buy an annual membership that gives

Noho offices move forward where city wants housing

Posted: 12 Jan 2021 07:45 AM PST

UPDATED, Jan. 12 2020, 5:20 p.m.: On a corner of the Bowery that’s currently occupied by a one-story bar, the city envisioned a 110-unit residential building as part of its larger plans to rezone Soho and Noho. But the site’s owners have other plans: They’re building offices instead. Last week, the developers — a collaboration between SK Development, Ironstate and CB Development — filed plans for a 21-story office building at 358 Bowery, spanning approximately

Banks, business partners cut Trump Org ties after Capitol attacks

Posted: 12 Jan 2021 07:15 AM PST

President Donald Trump’s family business is facing mounting challenges after last week’s violent attack in Washington, D.C., as banks, business partners and political allies seek to distance themselves from the president. New York City said it is “reviewing whether legal grounds exist” to exit its business deals with the Trump Organization, the Washington Post reported. The Trump name is on the carousel and two ice-skating rinks in Central Park, as well as the Ferry Point

Casino magnate Sheldon Adelson dies at 87

Posted: 12 Jan 2021 06:45 AM PST

Billionaire Sheldon Adelson, who developed and operated casinos throughout Las Vegas and Asia and was a major donor to the Republican Party, died at 87. The cause was complications from lymphoma, the New York Times reported. Adelson, CEO of the Las Vegas Sands Corp., pioneered the concept of casinos as resorts, building properties like the Venetian in Las Vegas and Marina Bay Sands in Singapore that included shopping centers, museums and convention centers along with

VC-backed Sonder beefs up executive suite

Posted: 12 Jan 2021 06:00 AM PST

Sonder, a VC-backed hospitality startup, is beefing up its C-suite as it looks to move past a volatile few months for the travel industry. The San Francisco-based company, which leases apartments and turns them into furnished, short-term rentals, said CFO Sanjay Banker, who joined in 2019, would add “president” to his title to help oversee the company’s growth, including a major expansion in Montreal, where the company has roots. In a blog post Tuesday, Sonder

Inside the $1.6B Moynihan Train Hall redevelopment

Posted: 12 Jan 2021 05:30 AM PST

It took nearly three decades for the Moynihan Train Hall transformation to reach its destination. The successful conversion of the massive Farley Post Office building on Eighth Avenue into a modern train station was overshadowed by the pandemic, which has decimated train ridership. But the newly opened 255,000-square-foot hall just west of Penn Station has already brought mask-wearing Instagrammers and others, all eager to wander through the skylit space and art-filled interior. The original Pennsylvania

Here’s what tenants are paying at Brookfield and CIC’s One New York Plaza

Posted: 12 Jan 2021 05:00 AM PST

Since CMBS markets came back to life towards the end of 2020, Brookfield has been on a roll with a series of massive single-asset refinancings, locking in the largest Manhattan real estate loans for three of the past four months. The latest was a $835 million refinancing of One New York Plaza, originated by Wells Fargo, Goldman Sachs and BMO Harris Bank. The 50-story office building is situated at Manhattan’s southern tip in the Financial

These blank-check firms are courting proptech deals

Posted: 12 Jan 2021 04:00 AM PST

It’s a good time to be a startup aspiring to go public. Investors plowed more than $83 billion into blank-check companies last year — and 11 days into 2021, they’ve invested $7.2 billion more. More than a half-dozen of those entities, also known as special-purpose acquisition companies, are targeting proptech startups. The VC firm Fifth Wall Ventures was the latest to jump into the fray, and other big firms — including CBRE and SoftBank —