The Real Deal - New York Real Estate News

Clipper Equity sued — again — over building receiving 421g tax break

Posted: 10 Mar 2021 12:45 PM PST

In June 2019, a judge ruled in favor of tenants at two Lower Manhattan buildings, finding that their apartments should have been rent stabilized under the 421g tax program. In both cases, the landlords — Clipper Equity and an entity tied to Kibel Companies — were found to have deregulated units at buildings they own that have received the 421g tax break. In its ruling, the court decided that the legislature’s intent to ensure that

NYC, New Jersey restaurants to open at 50% capacity

Posted: 10 Mar 2021 12:07 PM PST

New York City restaurants are on a rapid pace to reopening. Gov. Andrew Cuomo announced Wednesday that restaurants in the city will increase indoor dining capacity to 50 percent starting March 19. Restaurants in New Jersey will similarly reopen at 50 percent capacity the same day. “In New York State, our decisions are based on science and data and we are encouraged by the continued decline in infection and hospitalization rates,” Cuomo said in a

One of Soho’s priciest retail spaces sells at UCC foreclosure auction

Posted: 10 Mar 2021 12:00 PM PST

One of Soho’s priciest retail properties, which SL Green Realty owned then lost, traded hands at a UCC foreclosure auction. The roughly 6,000-square-foot retail space at 106 Spring Street, which has been vacant for years, sold to a Texas private equity firm earlier this month, Commercial Observer reported. The sale price was not disclosed. The buyer, Paceline Equity Partners, called it a “unique asset” that could benefit from the post-pandemic economic recovery. CEO Sam Loughlin

These were the largest Manhattan real estate loans in February

Posted: 10 Mar 2021 11:20 AM PST

The 10 largest Manhattan loans recorded in February totaled $700 million, a 63 percent decline from January’s total. Seasonality may have been a factor in the drop in activity, as February was also a slow month for real estate lending in 2019 and 2020. This February wasn’t the slowest month since the start of the pandemic, however — that was August, when the top 10 Manhattan real estate loans totaled just $428 million. As was

Happiest Place on Earth has good news

Posted: 10 Mar 2021 09:45 AM PST

It was a sad day last March when the Happiest Place on Earth had to close because of Covid. But Disneyland is now targeting a late April reopening, according to the Los Angeles Times. Disney Company executives announced the news at Tuesday’s shareholder meeting. Disneyland in Anaheim employs upwards of 10,000 people. The news coincided with California’s decision this week to loosen restrictions for theme park reopenings. Statewide, theme parks can open their doors as

Real estate plots to prevent second de Blasio disaster

Posted: 10 Mar 2021 09:00 AM PST

The last thing Stephen Ross wants is another eight years with a mayor like Bill de Blasio. He has three months to do something about it. The billionaire developer and Related Companies chairman will pitch other business leaders Monday about funding an eight-figure effort to help one or more candidates in the June Democratic primary. Ross says he wants a mayor who can lead the city’s recovery and “change the future course of the city,”

The year ahead for Manhattan’s struggling condo projects

Posted: 10 Mar 2021 08:15 AM PST

Developers have been saddled with an oversupply of new condos for years, and now — thanks in part to the pandemic, which further hobbled the luxury market — they’re taking steps to turn the tide. It’s estimated that there are more than 15,000 unsold units across 900 projects, largely in Manhattan, with a total listed value of $45 billion, Bloomberg News reported. That’s resulted in developers lowering their prices, investors amassing funds to buy unsold

Seven Springs investigation heats up in broader probe of Trump

Posted: 10 Mar 2021 07:00 AM PST

As part of a broader probe into the Trump Organization, Manhattan prosecutors are taking a closer look at Seven Springs. Former President Donald Trump spent years attempting to develop the bucolic Westchester site. In recent weeks, the Manhattan district attorney’s office has issued subpoenas and requested recordings of local government meetings related to those plans, according to the Wall Street Journal. Trump bought the 213-acre property in 1995 for $7.5 million and later valued it

Flight to Florida? Data show few Manhattanites moved permanently

Posted: 10 Mar 2021 06:35 AM PST

Headline after headline made it seem like half of Manhattan had moved to Florida for good. Chefs, celebrities and bankers alike relocated to the Sunshine State during the pandemic. Reality check: Only a small percentage of Manhattanites relocated permanently to Florida last year. And as vaccinations amp up, many might be returning — or changing their plans to move in the first place, according to Bloomberg News. Only 2,246 people filed a permanent address change

Jing Fong shutters as Chinatown faces long road back

Posted: 10 Mar 2021 06:00 AM PST

After 28 years of serving customers, Jing Fong closed permanently on Sunday. The 20,000 square foot Chinatown restaurant would typically serve 10,000 guests a week in its large banquet hall. Not only has the pandemic sent restaurants reeling but the devastation to Chinatown’s economy has been especially pronounced, the New York Times reported. “An empty Jing Fong leaves a crater in the middle of Chinatown,” Andrew Rigie, the executive director of the New York City

Homebuyers get ready to “spring” into action

Posted: 10 Mar 2021 05:30 AM PST

Homebuying season is nearly here and the demand for mortgages is accelerating. An index tracking the applications to purchase homes increased 7 percent, seasonally adjusted, last week compared to the prior week, according to the Mortgage Bankers Association. MBA’s weekly metric, known as the purchase index, presages the seasonal uptick the housing market sees every spring, according to Joel Kan, head of industry forecasting for the association. “With the spring buying season at the doorstep,

Delshah Capital buys Midtown commercial condo at former TGI Friday’s

Posted: 10 Mar 2021 05:00 AM PST

Two of the four mid-market sales in New York City last week involved properties that had been leased by restaurants. One of those eateries, TGI Friday’s in Midtown Manhattan, closed because of the pandemic. The four investment sales combined for $81.2 million, a jump from the previous week’s $24.3 million total across two transactions. Mid-market sales involve properties that change hands for between $10 million and $30 million each. The other two deals last week

Healthcare data exec snaps up Woolworth condo at 40% discount

Posted: 10 Mar 2021 04:00 AM PST

UPDATED, March 10, 2021, 6:57 p.m.: After selling his company late last year, healthcare data entrepreneur Rudra Pandey snapped up a sprawling condominium at the Woolworth Building at a hearty discount. Founder of healthcare software company Deerwalk, Pandey and his wife Muna Joshi, purchased a 4,623-square-foot unit on the 29th floor of the tower last month, property records show. The unit sold for $13.5 million, or $2,920 per square foot. Their unit, dubbed Pavilion B,