The Real Deal - New York Real Estate News

The developer of a Westchester condo project has now filed two bankruptcy petitions in an attempt to avoid paying millions of dollars to his former construction manager. John Fareri of Fareri Associates, the developer of the 53-unit Villa BXV complex in Bronxville, filed for Chapter 7 bankruptcy in late May on behalf of Gateway Development, an entity that was established to manage construction of the condo complex. Fareri owns a 51 percent stake in Gateway

It was another record month for Manhattan’s office market — but not in the way landlords are hoping for. Manhattan’s office availability rate hit another all-time high of 17.1 percent in May, according to Colliers International’s monthly market snapshot. Overall, 1.53 million square feet of office space was leased in May, up 8.2 percent from a year ago. The average asking rent last month was $73.26 per square foot, a decrease of 7.5 percent from

After townhouses’ month-long reign, condominiums nabbed the title of the most luxury contracts signed last week. Thirty-six contracts for homes asking $2 million or more were signed in Brooklyn from May 24 to 30, according to Compass’ weekly report. Condos accounted for 21 of those deals, including the top five most expensive contract signings. The median asking price for a condo was $2.9 million with an average price per square foot of $1,588. The borough

Developer Michael Stern’s JDS Fourth Avenue LLC, which owns a majority interest in a Park Slope, Brooklyn condo project, has filed for Chapter 11 bankruptcy protection in Delaware. The company has a 51 percent stake in the Park Slope condo project at 613 Baltic Street, according to bankruptcy documents filed Tuesday. That property is the subject of a legal battle between JDS Development and Staten Island-based construction company Tona Construction & Management. Previously, the construction

Another SoftBank-backed startup has imploded. The construction startup Katerra, which aimed to transform the $12 trillion global construction industry, told employees this week that it is shutting down, The Information reported, citing sources familiar with the matter. According to the publication, the company plans to cut thousands of jobs — potentially without paying out severance packages or unused time off — and may end up walking away from construction jobs it was contracted to build.

Landlords and tenants awaiting the launch of New York’s rent relief program Tuesday morning were met with error messages and a busy helpline. Lisa Fitzgerald, the owner of a two-family home in Albany who’s seeking $15,000 in back rent, was ready to submit her application materials at 9 a.m. when the portal, operated by the state’s Office of Temporary and Disability Assistance, opened. She was prompted to set up an account, but got a 403

Manhattan’s luxury real estate market closed out the month of May with a bang. Last week, 40 contracts with asking prices of $4 million or more were signed in the borough, according to Olshan Realty’s weekly report, surpassing the 37 contracts signed in the previous two weeks. It marked the 17th straight week that more than 30 luxury deals were inked, a streak that Donna Olshan, the report’s author, called “extraordinary.” Condo deals made up

Some of basketball’s biggest stars are getting into the real estate game. Four NBA All-Stars — Kyle Lowry of the Toronto Raptors, Andre Iguodala of the Miami Heat, Jrue Holiday of the Milwaukee Bucks and Andre Drummond of the Los Angeles Lakers — are part of a group investing roughly $30 million into a new development in Boston, the Wall Street Journal reported. The $1 billion mixed-use project is being developed by Tishman Speyer on

New York City’s massive public housing system includes nearly 170,000 apartments serving more than 350,000 people — or 1 in 15 city residents — across more than 2,000 buildings. But while the New York City Housing Authority’s footprint is large, commercial spaces, including retail, make up a relatively small portion of its square footage. NYCHA has approximately 2.5 million square feet of non-residential space dedicated to community uses throughout its portfolio, according to the agency.

Real estate investor and Terra Holdings owner Kent Swig announced earlier this year that he would launch a form of cryptocurrency tied to gold, but a new report has raised questions about the enterprise. Swig, the co-chair of the parent company of Brown Harris Stevens, is attempting to launch a cryptocurrency known as DIGau, which will be backed by $6 billion in gold. Swig’s firm claimed it would be able to extract the gold from

Three Upper East Side buildings are already slated for demolition just a few months after a developer snapped up the properties. EJS Group filed demolition plans with the Department of Buildings for two five-story buildings at 1305 Third Avenue and 1307-1309 Third Avenue, as well as one around the corner at 202 East 75th Street, Patch reported. The site has 75,000 square feet of development potential, which increases to 90,000 with an inclusionary housing bonus.

Some people spend millions of dollars on real estate in New York. But others might be inspired to spend that money on, say, a cave in Arkansas, or a winery or a hidden treehouse. A new series starring celebrity broker Luis Ortiz aims to showcase those unique properties and maybe inspire a bit of wanderlust in the process. In an interview with The Real Deal founder and publisher Amir Korangy, Ortiz — who formerly worked