The Real Deal - New York Real Estate News

Kushner Companies won approval to bring a four-tower, mixed-use development to downtown Fort Lauderdale, with 1,300 apartments, office and retail, and possibly a hotel. Construction of the Broward Boulevard project is expected to start in the first quarter of 2022 and finish in phases in 2026, Laurent Morali, president of New York-based Kushner Companies, told The Real Deal. The Fort Lauderdale City Commission Tuesday night gave final approval to a rezoning that Kushner proposed for

The largest Realtors association in the country is the latest to sue the Centers for Disease Control and Prevention over its ban on evictions, which is set to expire June 30. Florida Realtors filed the federal suit, alleging many of its 200,000 members who handle residential leases have been “detrimentally impacted” by the ban. Margy Grant, CEO of the association, said in a statement that “private property rights must be restored.” R.W. Caldwell, a real

Sparks are flying in the legal feud between the Real Estate Board of New York and Compass. REBNY filed a motion Tuesday to dismiss the brokerage’s federal lawsuit against it, saying Compass’ allegations lack credibility. Compass sued in March, accusing the trade organization of conspiring with its biggest New York City rivals, the Corcoran Group and Douglas Elliman. All three brokerages are REBNY members and subject to a REBNY policy that governs how New York

The battle over Howard Hughes’ proposed tower at 250 Water Street isn’t over just yet. Several community groups have sued the Landmarks Preservation Commission, alleging that the city agency violated its duties in approving the 25-story project. The Village Sun first reported the lawsuit. The plaintiffs claim that Landmarks misconstrued the basic tenets of historic preservation, were unlawfully swayed by the developers’ promise of community benefits and acted in the political interest of its committee

As more Americans get vaccinated, the return-to-office movement is gathering steam. Companies that a month ago were merely speculating about recalling workers are now setting firm deadlines. JPMorgan Chase CEO Jamie Dimon told staff to start reporting to the office part-time by July, a move widely interpreted as a signal to other Wall Street firms that the end of working from home full-time is nigh. “By early July, all U.S.-based employees will be in the

North Point Management, a multifamily investment group, acquired a 150-unit apartment building in the Hudson Valley for $19 million from Tower Management Service. Tower had purchased the Crestwood Apartments at 92 Fitzgerald Drive in Middletown, New York, in late 2015. The building was most recently valued at $7.8 million, according to data from PropertyShark. The deal marks North Point’s second Middletown acquisition in the past year. In July, the firm snapped up a 112-unit multifamily

Prosecutors and defense attorneys in the murder trial of real estate heir Robert Durst reprised their opening statements to jurors on Tuesday. Los Angeles County Superior Court Judge Mark Windham gave attorneys a second chance because it has been more than a year since the trial was suspended because of the pandemic, according to the L.A. Times. Durst is charged with the 2000 murder of his friend Susan Berman at her Benedict Canyon home. Prosecutors

A Denver-based startup that hopes to streamline the construction process is getting backing from some big investors. Fifth Wall Ventures led a $20 million Series B round for Assignar, whose platform is used by infrastructure contractors and subcontractors. Tola Capital and Ironspring Ventures also participated in the Series B. It had previously raised a total of $10.7 million in a seed round and a subsequent Series A round. The company, founded in 2014, seeks to

Commercial real estate lender Blackstone Mortgage Trust has a new CEO. Katie Keenan, who has served as the REIT’s president since last year, will succeed current CEO Steve Plavin, who will be overseeing Blackstone Group’s European debt business, the Wall Street Journal reported. The company announced the move in a filing with the U.S. Securities and Exchange Commission on Wednesday. Keenan joined Blackstone in 2012 and became part of the company’s management team in 2018.

New York Attorney General Letitia James is joining Manhattan District Attorney Cy Vance’s criminal investigation into the Trump Organization, CNN first reported. “We have informed the Trump Organization that our investigation into the organization is no longer purely civil in nature. We are now actively investigating the Trump Organization in a criminal capacity, along with the Manhattan DA,” James’ spokesman, Fabien Levy, told the outlet. James’ office will continue its civil probe into former President

The number of restaurant casualties resulting from the pandemic may be far less than expected. The National Restaurant Association found that 90,000 restaurants — approximately 14 percent of all eateries — across the U.S. have closed permanently or long-term, according to Bloomberg News. It was once predicted that one-third would shutter. In a normal year, 50,000 restaurants close. That number rose during the pandemic, but initiatives such as the Paycheck Protection Program have limited the

SL Green Realty has sold 635-641 Sixth Avenue to Spear Street Capital for $325 million. The transaction, which values the Midtown property at more than $1,200 per square foot, is expected to close in the second quarter. The Commercial Observer first reported the deal. “New York City’s revitalization continues as does the demand for Class A office buildings,” Harrison Sitomer, an SL Green senior vice president, told the publication in a statement. He credited the

Sol Arker, who embraced affordable housing as the head of the Arker Companies, died Monday after a battle with cancer. He was 73. Working alongside his father, Arker began acquiring affordable housing assets in 1989. Over time, the company amassed more than 10,000 affordable units across New York City. “The city has lost a visionary leader and tireless advocate for affordable housing, Sol Arker,” said Vicki Been, New York City’s deputy mayor for housing and

UPDATED, May 18,  9:35 p.m.: Continuum South Beach developer Ian Bruce Eichner acquired two waterfront sites from Bay Harbor Islands-based Taubco, with plans to build two condo projects. Eichner’s Continuum Company paid $29.5 million for the land at 9201 and 9461 East Bay Harbor Drive, according to a press release. He’s planning to build two buildings with a combined 142 units with 34 boat slips on the sites. Eichner expects there will be a six-month

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro, the one-stop real estate terminal that provides you with all the data and market information you need. Which appliance brands are favored by Manhattan’s elite? TRD Pro analyzed nearly 15,000 active luxury real estate listings to find the answer, identifying the most popular appliance brands in high-end homes. The analysis included nearly 15,000 Manhattan properties

Stefani Berkin spent much of 2019 visiting apartments with two of her clients, a gay couple in their 30s. The pair looked at about 50 units, hoping for a two-bedroom Downtown, preferably with private outdoor space. They thought they struck gold with a $6.8 million co-op in Chelsea — until the board turned them down. “It definitely wasn’t because they didn’t have the financial wherewithal. They could have bought out the entire building,” said Berkin,

The glut of sublease space in Manhattan’s office market may soon be a thing of the past. As more workers are vaccinated and New York City relaxes its Covid restrictions, companies that previously listed their offices for sublease are now pulling them off the market. At least 589,000 square feet of space that was previously being offered for sublease has been de-listed as firms re-evaluate their spatial needs, according to a new report from JLL.