The Real Deal - New York Real Estate News

It’s live: After a month-long wait, information about New York’s Emergency Rental Assistance Program appeared on the website for the state’s Office of Temporary and Disability Assistance. The page includes details on eligibility for the program, benefits and the necessary application materials, but skips a key detail: when the program will actually launch. The site says applications will be accepted “soon.” The Office of Temporary and Disability Assistance, which runs the program, had previously said

UPDATED, May 12 2021, 6:35 p.m.: The bar was set high for Compass’ first quarterly earnings report as a public company. The brokerage, which went public on April 1, reported $1.1 billion in revenue for the quarter across 40,268 transactions valued at $43.8 billion. Compass’ revenue is up 80 percent year-over-year from the first quarter of 2020, while the number of transactions increased 67 percent. According to Bloomberg, analysts expected the company to report $968.67

Aby Rosen is betting big on Manhattan’s office market. Rosen’s RFR Holding is in contract to buy the retail portion of 522 Fifth Avenue, Commercial Observer reported. That follows its acquisition last fall of the office portion of the property from Morgan Stanley. Rosen told the publication that RFR is planning to offer the building as a “build-to-suit” headquarters for one company. “You need a fresh space to start the new ‘story’ after the pandemic,

A Brooklyn community board rejected a proposed new building on Atlantic Avenue, even after the developers gave the project a haircut. CB 8’s land use committee said no on Tuesday to the proposal from Vanderbilt Atlantic Holding, which would bring a residential development to 840 Atlantic Avenue, Bklyner reported. The board is advisory but its opinion matters here because the local City Council member, Laurie Cumbo, said she will respect its wishes on the project.

Opendoor had some good news to share in its second earnings call as a publicly traded company. The company reported $747 million in revenue in the first quarter of 2021, an increase of 200 percent from the previous quarter, it announced Tuesday. The earnings were a result of Opendoor reselling 2,462 homes, a 190 percent jump from the previous quarter. The quarterly growth was driven by more homes on the market and transactions moving at

Brookfield Property Partners is selling an office property in Downtown Brooklyn for $130 million — one of the borough’s first big office sales since the start of the pandemic. A partnership between 60 Guilders and the hedge fund Davidson Kempner is in contract to buy an office condominium at the 12 Metrotech building in Brookfield’s office complex, sources told The Real Deal. The contract price for the 186,000-square-foot office condo values the property at nearly

Joan Rivers’ longtime Upper East Side home is back on the market. The legendary comedian lived in the penthouse at 1 East 62nd Street for 28 years. Following her death in 2014, it sold for $28 million. Now, the buyer, who is reportedly a member of a Middle Eastern royal family, has put it back on the market for $38 million, according to the New York Post. The 11-room spread has four bedrooms, four and

Only in a New Yorker’s wildest dreams does a home in Brooklyn cost $100,000. Someone had better wake up Shaun Donovan and Ray McGuire. When the two mayoral candidates were asked to estimate the median sale price of a Brooklyn home, that’s what they guessed. The correct answer is $900,000. With New York City’s expensive housing a key issue in the race, the New York Times editorial board posed the question to candidates. “In Brooklyn,

The Real Deal has won a general excellence award from the Society for Advancing Business Editing and Writing. TRD received the honor — its third general excellence award from SABEW — in the industry publication category for stories published in 2020. The winning submission included: An in-depth feature about 220 Central Park South, the world’s most successful condominium, by E.B. Solomont and Hiten Samtani. The story examined how a limestone tower overlooking Central Park reaped

Even cheap homes have gotten expensive. In ZIP codes where the median home price was less than $100,000 in early 2018, it has since risen by 42 percent, according to a CoreLogic Inc. analysis for the Wall Street Journal. That is double the increase for areas where the median was between $150,000 and $200,000 and triple for those where it was above $300,000. Low-cost homes that need a lot of work and are frowned upon

Where should you invest when seas are rising, temperatures and going up, and extreme weather events are looming? “There is no place on earth that is completely safe and no risk,” CBRE Global Investors’ Aleksandra (Sasha) Njagulj said in the latest installation of TRD Tips. “It doesn’t really depend that much on the building type or use… where the risks become more complex is actually infrastructure.” Njagulj, who oversees CBRE’s Environmental, Social, and Governance team,

Home prices are so high, not even low mortgage rates put them within buyers’ reach. The median sale price for most existing single-family homes was higher in the first quarter of 2021 than it was a year ago, thanks to high demand and limited inventory, according to data from the National Association of Realtors, first reported by the Wall Street Journal. Across the country, the median existing home sale price rose by 16.2 percent to

The spin class at the New York Sports Club near City Hall was a popular lunchtime workout for landlords and real estate attorneys. They would go for the intense instructor, Mitch Kossoff, a spinning evangelist and one of New York City’s most prominent landlord lawyers. In the studio, Kossoff cranked up a soundtrack of thumping club music, motivating his class to “dance on the bike” as they worked up a sweat. In his law practice,

Cost-conscious consumers have gotten the attention of retailers. Nearly half of the 3,597 stores expected to open nationwide this year will be no-frills discount shops, according to a report from Coresight Research. Dollar General will open 1,035 locations, Dollar Tree will cut the ribbon on 393 stores and Family Dollar will open up 200 shops. Dollar Tree also owns Family Dollar. The new brick-and-mortar stores stand in contrast to the 3,395 retailers expected to close