The Real Deal - New York Real Estate News

In a win for construction unions, a bill that shifts more liability to contractors is heading to the governor’s desk. The state Senate on Wednesday voted in favor of the measure, which forces construction managers to assume responsibility for unpaid wages, benefits and attorney fees on their projects. Typically, a worker will file a lawsuit against their direct employer, a subcontractor, to recoup wages. The bill, sponsored by Sen. Jessica Ramos and Assembly member Latoya

Mynd Management is gearing up to dominate the single-family rental market with help from one major investor. Thanks to Invesco Real Estate, Mynd will receive $5 billion to purchase 20,000 single-family rental homes in the U.S. over the next three years, Bloomberg News first reported. The partnership will make Mynd one of the largest purchasers and managers of those homes in the U.S., the company said in a press release. The company will focus on

EB-5 chief Nick Mastroianni II bought a waterfront mansion in Jupiter for $7.3 million. Workers’ rights attorney Jerry Neil Paul and his wife, Elizabeth Ann Paul, sold their seven-bedroom, 11-bathroom home to Mastroianni’s family trust, according to property records. Paul is a founding partner of Paul & Hanley, now called The Paul Law Firm, which specializes in mesothelioma and asbestos claims. The 8,891-square-foot Jupiter estate, at 19681 Loxahatchee River Road, sits on a 1.7-acre riverfront

For years, Unibail-Rodamco-Westfield has been engaged in a legal dispute with Victoria’s Secret over its Westfield World Trade Center location. Now, the mall landlord is firing back. Westfield is suing the retailer, claiming that it has stopped paying rent and wrongfully abandoned its store in the downtown shopping mall, according to a complaint filed in a New York court Friday. On Jan. 4, Victoria’s Secret informed Westfield that it had terminated its lease as of

Eleven months after it filed for bankruptcy, changes are afoot at an inactive Bushwick hotel development site owned by Toby Moskovits’ Heritage Equity Partners. Fortress Investment Group has filed to foreclose on the property at 232 Seigel Street, in conjunction with a court order allowing Heritage to pay off the mezzanine debt, PincusCo reported. “The COVID-19 Emergency Protect Our Small Businesses Act of 2021 is not applicable to this matter,” Fortress notes in its complaint,

Three words to describe Triplemint’s new growth strategy: Divide and conquer. The residential brokerage is moving forward with three new offices in the Tri-state area, including its new, smaller headquarters in Union Square. The team moved out of its Midtown office at 1500 Broadway and into its new 5,500-square-foot HQ at 7 West 18th Street in May. Triplemint is leasing the office from George Comfort & Sons and plans to open more space as more

Blackstone Group and Starwood Capital Group are once again trying to woo Extended Stay America’s shareholders. The two firms announced Tuesday that they would increase their offer to buy the hotel operator to $20.50 per share, Bloomberg News reported. In March, they agreed to buy the company at $19.50 per share. But some of Extended Stay’s shareholders have voiced opposition to the deal, questioning the timing, how the sale proceeded — one group, Tarsadia Capital,

Broker confidence hit record lows at the height of the pandemic, but a year later, agents are feeling more hopeful about the future. During the first quarter, brokers’ overall confidence was 6.7 out of 10, a 53 percent jump from the fourth quarter of 2020 and a 79 percent year-over-year increase, according to the confidence index report from the Real Estate Board of New York. Crain’s first reported on the survey. That confidence level is

The future of the office sector remains largely uncertain at this point post-pandemic, but there’s one segment that continues to see huge gains. Investors have spent more than $10 billion on buying life sciences buildings this year, Bloomberg News reported, citing data from Real Capital Analytics. That’s about 4 percent of all global commercial real estate transactions through May, twice what was recorded at the same time last year. And those numbers don’t even include

One co-living operator is out and another is in at a Long Island City rental complex. Simon Baron Development announced that Common will take over operations for the co-living units at Alta, its 419-unit tower at 29-22 Northern Boulevard. Until recently, those units were operated by Ollie, another co-living startup. But that company had a tumultuous year: In February 2020, its co-founders, brothers Andrew and Chris Bledsoe, left the company. And in December, yet another co-living

Manhattan has made deal makers smile again. The borough captured three of four investment sales recorded last week in the $10 million to $30 million range. Premier Equities bought a hotel in Tribeca that closed during the pandemic, a West Village rental building sold for just 11 percent more than it did in 2015 and a 96-unit apartment building traded hands in Hudson Heights. The word of the week in Queens was “warehouse,” as strong

A property tech startup is betting that New Yorkers, after a year spent huddled inside, could use a little help meeting and mingling with their neighbors. The firm, Venn, just raised $60 million in venture capital — funds earmarked, in part, to build out its New York footprint. The company launched its eponymous app in 2017 as a hyperlocal social network designed to connect users with nearby events and businesses and each other. In 2019,

An increasing number of startups are taking on the titans of the title insurance industry, with one of those digital firms recently scoring some major funding. Digital title startup Spruce raised $60 million in a Series C funding round that was led by Zigg Capital. The new funding will bring Spruce’s total raise to $110 million; it previously raised $29 million in a Series B round in 2020, and about $21 million in several smaller