The Real Deal - New York Real Estate News

Socialist notches key NY Senate appointment

Posted: 13 Jan 2021 02:20 PM PST

The Democratic Socialists of America just got another seat at the table where New York state housing laws are decided. Sen. Jabari Brisport, a newly elected Democrat from Crown Heights, was named to the Senate’s Committee on Housing, Construction and Community Development. Housing bills must typically be passed by the panel to come up for a vote on the Senate floor. Brisport, a public school teacher who ousted incumbent Sen. Tremaine Wright with the support

What’s in a name? If it’s Trump, alderman wants it gone

Posted: 13 Jan 2021 01:26 PM PST

Days may be numbered for the 3,000-square-foot “TRUMP” sign that has been affixed to the Trump International Hotel & Tower along the Chicago River. Alderman Gilbert Villegas said he would introduce an ordinance to yank the 20-foot tall sign from the skyscraper at 401 North Wabash Avenue, according to the Chicago Tribune. Villegas’ measure would prohibit a person convicted of treason, sedition or subversive actions from doing business with the city, according to the report.

Greenwich Village penthouse once asking $50M sells for $14M

Posted: 13 Jan 2021 12:24 PM PST

A Greenwich Village penthouse has just sold for roughly half its original asking price — the second time that has happened. Michael Nierenberg, the head of mortgage REIT New Residential Investment, and his wife Elin bought the penthouse at 66 East 11th Street for $14 million, the New York Post reported. It was listed in 2017 for $33.75 million, then went through a series of price cuts before the Nierenbergs scooped it up for a

Cushman & Wakefield, NYC cut ties to Trump Organization

Posted: 13 Jan 2021 11:10 AM PST

A week after Capitol Hill was stormed by a mob at the encouragement of President Donald Trump, his family real estate company lost its leasing team and $17 million in contracts with New York City. Since the Jan. 6 attack, companies have been distancing themselves from the president’s brand and the Trump Organization has seen one relationship after another come undone. Among them are Deutsche Bank, Signature Bank, social media and eCommerce companies of all

Hicksville Home Depot distribution center sells for $74.5M

Posted: 13 Jan 2021 10:30 AM PST

A Minnesota-based insurance company has acquired a new Home Depot distribution center on Long Island. Lincoln Equities Group of East Rutherford, New Jersey, sold the 197,000-square-foot warehouse at 344 Duffy Avenue in Hicksville for $74.5 million. The buyer was St. Paul Fire and Marine Insurance Company, an affiliate of the insurance firm Travelers, which is based in St. Paul, Minnesota. Travelers did not immediately respond to a request for comment. Lincoln Equities acquired the 9-acre

Airbnb cancels all DC-area bookings for inauguration week

Posted: 13 Jan 2021 09:43 AM PST

Airbnb is taking the unprecedented step of canceling all reservations in the Washington, D.C., area during the week of President-elect Joe Biden’s inauguration, the company said Wednesday. Airbnb said the policy is a response to “various local, state and federal officials asking people not to travel to Washington, D.C.” In addition to canceling reservations, Airbnb said it would block new bookings. “Guests whose reservations are canceled will be refunded in full,” Airbnb said on its

Related closes Vessel after third suicide

Posted: 13 Jan 2021 09:35 AM PST

Related Companies has closed the Vessel, the Thomas Heatherwick-designed sculpture at the Hudson Yards megaproject, after a third person committed suicide by jumping from the structure. The developer is working with suicide prevention experts in an effort to stop such events happening in the future, the New York Times reported. In the meantime, the attraction will be “temporarily closed,” a Related spokesperson said. On Monday, a 21-year-old man leapt to his death from the structure.

David Barclay, British hotel titan, dies at 86

Posted: 13 Jan 2021 09:00 AM PST

British billionaire David Barlcay, the co-founder of a business empire that includes retail, newspapers and some of the world’s most prominent hotels, has died at the age of 86. Barclay died after a short illness, according to Bloomberg News. Between ownership of The Telegraph, the Ritz Hotel in London’s Mayfair district and other real estate investments, Barclay and his twin brother Frederick are among the richest executives in the U.K. Their net worth is estimated

Shake Shack to add 60 new locations this year

Posted: 13 Jan 2021 08:15 AM PST

Shake Shack has plans to shake things up. The burger chain plans to open 60 restaurants across the country this year, more than twice as many as it opened last year, according to Crain’s. “We believe there is pent-up demand for food and experiences,” CEO Randy Garutti said at an investor conference. “Adversity is a terrible thing to waste.” The burger chain has $175 million in the bank, allowing it to grow even through an

Survey reveals why employees stay home or return to work

Posted: 13 Jan 2021 07:30 AM PST

Americans are divided on whether to return to the office — and on the reasons for their choice. Fifty-two percent of respondents to a large annual survey are choosing to work from home, and of those, 58 percent cited Covid-19 risks while commuting or working as a reason, according to the Wall Street Journal. One in three remote workers cited an enhanced work-life balance, while 26 percent said they are more productive at home, according

Walmart cuts off cash to pols who opposed election certification

Posted: 13 Jan 2021 07:00 AM PST

Walmart has ceased donations to the members of Congress who opposed President-elect Joe Biden’s election certification following the storming of the Capital last week. Walmart, the world’s largest retailer by revenue and head count, made about $4.8 million in political contributions and spent more than $6.4 million on lobbying in 2019. President Donald Trump was the largest single recipient of its donations in 2019, according to Newsweek. “We examine and adjust our political giving strategy

These were the top outer-borough loans in December

Posted: 13 Jan 2021 06:30 AM PST

The 10 largest outer-borough loans in December totaled $1.17 billion, a sharp drop-off — about 40 percent — from the November total of nearly $2 billion. But one loan stood out from rest, and it’s no surprise Amazon was involved. That $272.9 million loan from JPMorgan Chase partially finances a project to develop a mega warehouse in Queens for the e-commerce behemoth. Five of the loans last month were for properties in Queens and four

Sustainable housing is focus of Damien Dwin’s social justice effort

Posted: 13 Jan 2021 06:10 AM PST

Private-credit entrepreneur Damien Dwin has scored a pile of cash from Wall Street for his new social justice–driven investment firm, Lafayette Square Holding. Morgan Stanley just became the effort’s largest backer, providing $100 million of financing that will help the firm expand from 17 employees to 65 by next year, according to Bloomberg. The minority-owned Lafayette — named after the square that President Donald Trump cleared of police–brutality protesters for a photo op last year

Mortgage applications reach pandemic peak

Posted: 13 Jan 2021 05:30 AM PST

A surge in home mortgage applications has set the bar high for 2021. An index tracking applications to buy homes jumped 8 percent, seasonally adjusted, last week, up from the prior week when it declined in the final fortnight of 2020. The metric, kept by the Mortgage Bankers Association, gained despite rising mortgage rates and was up 10 percent from the same period in 2020. The average 30-year, fixed-rate mortgage increased to 2.88 percent, up

Mid-market investment sales off to strong start in 2021

Posted: 13 Jan 2021 05:00 AM PST

The middle of the investment sales market is off to a running start in 2021. Seven sales in the $10 to $30 million range — plus one just outside of it, at $32 million — combined for a total weekly volume of $143 million. That’s a good deal more than the $81 million across four sales the week before. A retail condo sale by an LLC affiliated with SL Green topped the list, and there

Compass’ IPO means payday for these investors

Posted: 13 Jan 2021 04:00 AM PST

Compass investors could be in line for a windfall when the residential brokerage goes public later this year. Since its launch in 2012, Compass has raised more than $1.5 billion from investors, who collectively hold a 60.25 percent stake in the startup, according to data from Pitchbook. That group includes late-stage backers SoftBank Group, Wellington Management and Dragoneer. It also includes Joshua Kushner’s Thrive Capital, Salesforce CEO Marc Benioff and American Express CEO Kenneth Chenault,