The Real Deal - New York Real Estate News

Zillow profits hit record $52M in Q1

Posted: 04 May 2021 03:07 PM PDT

High demand for housing and low supply delivered another quarter of record profits for Zillow. The Seattle-based real estate giant notched $52 million in net income during the first quarter, bolstered by a booming U.S. housing market. That compares to a $163.3 million loss during last year’s first quarter, as Zillow invested heavily in its nascent home-buying program, Zillow Offers. During the quarter Zillow generated $1.2 billion in revenue, up 8 percent year-over-year. By and

Pandemic pushed more New York City residents to these 2 upstate counties

Posted: 04 May 2021 01:30 PM PDT

The numbers don’t lie: Many more New York City residents relocated upstate last year than in 2019. But where specifically did they go? Three times as many New Yorkers switched addresses to Columbia County in 2020 than the previous year, and twice as many moved to Ulster County, according to the Times-Union. The data comes form a CBRE analysis of 29 million address changes reported by the U.S. Postal Service in 2020. New York wasn’t

Colliers’ acquisitions help boost company’s Q1 revenue

Posted: 04 May 2021 01:01 PM PDT

Colliers International reported strong results in the first quarter of 2021 — a rebound that company executives attributed, in part, to the firm’s strategy of acquiring companies that will diversify its portfolio. Last summer, the brokerage acquired Dougherty, whose subsidiaries provide loan servicing and mortgage lending, and Maser Consulting, an engineering and design consulting firm. Those new streams of revenue helped boost the company’s first quarter results: Its revenue was $775 million, up 23 percent

Ryan Serhant’s brokerage takes over sales at Brooklyn Bridge Park condo

Posted: 04 May 2021 12:30 PM PDT

Last Saturday, hundreds of guests gathered on Brooklyn Bridge Park’s Pier 6 for an event hosted by celebrity broker Ryan Serhant. The outdoor festivities culminated in more than 36 lights illuminating Quay Tower, the condo building that sits adjacent to the pier. The flashy message was intended to make a point: Douglas Elliman was out, and Serhant was in. Serhant’s upstart brokerage has replaced Elliman as the sales and marketing team for Quay Tower, developed

Howard Hughes’ (slightly less) big Seaport project approved

Posted: 04 May 2021 12:05 PM PDT

If any pigs were seen flying over Lower Manhattan Tuesday, this would explain it: An $850 million development planned for the South Street Seaport Historic District was approved. The third time before the fussy Landmarks Preservation Commission was the charm for the Howard Hughes Corporation as the board voted 6 to 2 in favor of its downsized — but still sizable — project at 250 Water Street. The company’s proposal was among the most controversial

Vornado’s Roth “disappointed” in lack of distress as market shows signs of recovery

Posted: 04 May 2021 11:45 AM PDT

With a post-pandemic economic recovery on the horizon, Vornado Realty Trust CEO Steve Roth is excited for the future — but a bit disappointed at the lack of distress in the market. While the real estate investment trust has been able to take advantage of previous downturns to find unique value-add opportunities, things haven’t worked out that way in this cycle, Roth said on Tuesday’s first quarter earnings call. “This has been kind of a

Former Coconut Grove mansion of LeBron James sells for $13M

Posted: 04 May 2021 11:15 AM PDT

LeBron James’ former Miami mansion has a new owner. Timo Kipp sold the waterfront Coconut Grove home at 3590 Crystal View Court to Jeff Conry, president of charter airline iAero Airways, for $12.8 million. Kipp and his now ex-wife Nathalia paid $13.4 million for the six-bedroom, 13,930-square-foot estate in 2015. Kipp formerly owned the Mayfair hotel nearby in Coconut Grove. The three-story home features eight bathrooms and one half-bath, a gym, playroom, theater, wine cellar,

Jeff Sutton will replace Midtown retail space with hotel

Posted: 04 May 2021 10:40 AM PDT

Developer Jeff Sutton is betting big on the revival of New York City’s tourism industry. The founder of Wharton Properties filed a permit on April 29 to build a 26-story, 176,375-square-foot hotel at 25 West 34th Street, according to the Commercial Observer. The site is currently home to a 16,000-square-foot retail space that is being subleased by the fashion company Superdry. The new hotel would have 336 rooms, and retail on the ground floor. Sutton

Medical marijuana company bags Long Island grow site

Posted: 04 May 2021 09:17 AM PDT

A New York medical marijuana company is dipping its feet into real estate. Columbia Care purchased a 34-acre site in Long Island to grow medicinal marijuana for $42.5 million in cash and stock, according to Crain’s. The site includes 740,000 square feet of operational greenhouse space. The Long Island site will produce newly approved cannabis forms, including the flower, according to Crain’s. Columbia Care operates 87 dispensaries in 11 states and Washington, D.C., and has

Renters prepare for eviction crisis as aid is held up

Posted: 04 May 2021 08:40 AM PDT

The U.S. may be past the worst of the pandemic, but it could be in for another major crisis. With a federal moratorium on evictions scheduled to end June 30, millions of people who owe back rent could lose their homes if federal aid does not arrive in time, according to Politico. Congress has allocated about $50 billion to help struggling tenants and landlords, but most of it is being held up as state and

Patriots owner Robert Kraft buys Nir Meir’s Hamptons home for $43M

Posted: 04 May 2021 07:20 AM PDT

The mystery buyer of former HFZ Capital executive Nir Meir’s Hamptons home has finally been revealed. New England Patriots owner Robert Kraft purchased the estate at 40 Meadow Lane in Bridgehampton in an off-market deal for $43 million, according to the Wall Street Journal. The property was at the center of litigation between Meir, who was previously a principal at HFZ, and the development firm’s founder, Ziel Feldman, along with the firm’s creditors. The wealthy

Compass hit with another lawsuit from former agents

Posted: 04 May 2021 06:30 AM PDT

Compass is once again facing allegations of fraud by former employees. A lawsuit filed by two agents in Northern California alleges that Compass defrauded them out of millions of dollars in sales and commissions, HousingWire reported. The suit also claims that the New York-based brokerage reneged on its promises to give agents shares in the company. The plaintiffs are seeking class-action status for their suit. The complaint was filed by Lisa and Todd Sheppard, a

Part of Chaskiel Strulovitch’s Brooklyn portfolio to be sold at auction

Posted: 04 May 2021 05:30 AM PDT

The lengthy saga between lender Maverick Real Estate Partners and landlord Chaskiel Strulovitch could be nearing an end. Of Strulovitch’s 31-building portfolio, 13 properties are up for sale while loans on the rest of the portfolio are either being reinstated or paid off, according to David Goldwasser, the chief restructuring officer handling the Chapter 11 bankruptcy. The dispute, which involves 18 entities connected to Strulovitch’s Brooklyn multifamily portfolio, goes back to 2017, when Maverick purchased

Alex Adjmi’s A&H Acquisitions buys Crown Heights industrial complex

Posted: 04 May 2021 05:00 AM PDT

Alex Adjmi’s A&H Acquisitions bought a Crown Heights warehouse, one of eight mid-market investment sales in the city last week. Adjmi — who received a presidential pardon on Donald Trump’s last day in office in January — paid $15 million for the complex. Overall, the eight deals in the city totaled $127 million, and included three industrial complexes and two multifamily buildings. The total was far higher than the previous week’s $90 million for four

Innovo Property Group aims to raise $140M for Bronx industrial site

Posted: 04 May 2021 04:00 AM PDT

Andrew Chung’s Innovo Property Group is making another big bet on an industrial project in the Bronx. The developer is in contract to purchase a nine-acre site at 1110 Oak Point Avenue and 155 Tiffany Street in Hunts Point, according to materials posted on the real estate investing platform Crowdstreet. Innovo is aiming to raise equity for the $144 million project through the platform. Innovo plans to expand an existing structure to create a 340,000-square-foot