The Real Deal - New York Real Estate News

Dear Mr. President: Landlords urge Biden to let eviction ban expire

Posted: 14 Jun 2021 02:36 PM PDT

Throughout the pandemic, landlords and real estate trade groups have filed lawsuits seeking to end the federal eviction ban. So far, none has succeeded. Now, with the moratorium set to end on June 30, property owners are asking the Biden administration not to issue another extension. Twelve organizations representing landlords, brokers and developers sent a letter to President Biden on Friday, asking him to let the “one-size-fits-all” eviction policy run its course. The group, which

Luxury market hot streak rolls on as Hudson Yards and One57 condos find buyers

Posted: 14 Jun 2021 02:15 PM PDT

Buyers seeking lofty views from penthouse apartments are out in force. Of the 36 luxury contracts inked last week, the most expensive deals were for two units at Extell’s One57 and a penthouse at 15 Hudson Yards, according to the Olshan Report, which tracks contracts for Manhattan homes asking $4 million or more. At One57, the 6,236-square-foot unit occupying the entire 86th floor has four bedrooms and views of Central Park as well as the

Massive Mill Basin townhouse tops Brooklyn contracts

Posted: 14 Jun 2021 01:31 PM PDT

After a year on the market, a huge Brooklyn townhouse has found a buyer. The most expensive property that went into contract in Brooklyn last week was also the largest by far — bigger than the next two priciest properties combined, according to Compass’ weekly report. The 14,000-square-foot waterfront townhouse at 2458 National Drive in Mill Basin went for $8.9 million ($636 per square foot) after 370 days on the market. A house that big

Meet the 20-somethings funneling their crypto millions into real estate

Posted: 14 Jun 2021 01:00 PM PDT

After the 2008 financial crisis, middle schooler Hank Wu traveled with his parents every weekend to places such as Las Vegas and Florida to scout for investment properties. In high school, he found a new, more exciting investment opportunity: cryptocurrency. He invested heavily and made millions riding the meteoric rise of Bitcoin as well as that of lesser-known coins, like Tether. Since then, he’s sold around 80 percent of his crypto portfolio, putting his winnings

Prologis nabs majority stake in Queens industrial site

Posted: 14 Jun 2021 12:23 PM PDT

Three things in life are certain: Death, taxes and demand for logistics space in New York City’s outer boroughs. Prologis, the industrial real estate giant nicknamed “Amazon’s landlord,” bought a controlling stake in an industrial site in Maspeth, Queens for $42.7 million, property records show. The site at 46-81 Metropolitan Avenuecan accommodate a property of just over 390,000 square feet, according to PropertyShark, though only about 15,000 square feet is currently built up. The deal

Mack-Cali offloads Red Bank office complex for $84M

Posted: 14 Jun 2021 11:45 AM PDT

UPDATED, June 14, 2021, 3:24 p.m.: Mack-Cali’s retreat from the suburban office market rolls on. The New Jersey-based real estate investment trust — which has been aggressively divesting office properties in the state in recent months — announced Monday that it has sold River Centre, a 640,000-square-foot, six-building portfolio in Red Bank for $84 million. The buyer is First Mile Properties, an affiliate of New York-based retail developer Crown Acquisitions, which said it intends to

Editor’s note: High stakes, short memories

Posted: 14 Jun 2021 11:00 AM PDT

Developers are eternal optimists. And forgetful masochists. These gruff street fighters of the real estate world often must buck the consensus view, time the market perfectly and take reputational and financial risks that would drive the average person to a breakdown. Few builders better exemplify this type than Jorge Pérez, the condo king of Miami, who is running the Related Group with his son Jon Paul. The focus of our cover story this month, Pérez

Nightingale, Wafra secure $500M loan package to revamp 111 Wall

Posted: 14 Jun 2021 10:15 AM PDT

Nightingale Properties and Wafra Capital Partners landed about $500 million in acquisition and construction financing for 111 Wall Street. The loan package was provided by a lender consortium including SKW Funding, PIMCO, Oaktree Capital and Bain Capital, Commercial Observer reported. With that money, Nightingale and Wafra will redevelop the former Citibank building in the heart of the Financial District. Nightingale, led by Elie Schwartz and Simon Singer, and Wafra, a subsidiary of Kuwait’s sovereign wealth

Washington Prime Group files for Chapter 11 bankruptcy

Posted: 14 Jun 2021 09:30 AM PDT

In November, with mall owners getting crushed, Washington Prime Group CEO Lou Conforti said that bankruptcy was off the table. But in March, it was reported that the mall REIT was preparing for the filing. Now it has done the deed. Washington Prime Group filed for Chapter 11 bankruptcy Sunday. The company has secured $100 million of funding for day-to-day operations while it goes through the process. The real estate investment trust, which owns more

Related Group’s condo kings expand their realm

Posted: 14 Jun 2021 08:45 AM PDT

Getting burned twice in Las Vegas didn’t kill Related Group’s dream of national expansion. But it taught the megadeveloper the importance of boots on the ground. Miami condo king Jorge Pérez and his son Jon Paul are expanding their Related Group with a $13 billion pipeline of projects throughout the Americas, their boldest move beyond Florida since their first Las Vegas venture in 2005, when they teamed up with George Clooney and Cindy Crawford’s husband,

Coinbase opening first NYC office at 55 Hudson Yards

Posted: 14 Jun 2021 08:01 AM PDT

Coinbase’s next big move? Opening its first New York City office. Fresh off its IPO, the cryptocurrency exchange platform has inked a 30,000-square-foot sublease at 55 Hudson Yards, the New York Post reported. Coinbase is taking part of Point72 Asset Management’s 339,000-square-foot space at Related Companies’ tower. The terms of the deal were not clear, but Point72’s lease runs until 2034, paying $88.37 per square foot. Sublease rents are usually less than the original leases.

Pandemic squeeze forces Abu Dhabi fund to reassess real estate exposure

Posted: 14 Jun 2021 07:15 AM PDT

Abu Dhabi’s sovereign wealth fund may be having second thoughts about its real estate investment strategy as the pandemic ravages certain asset classes. The Abu Dhabi Investment Authority, one of the biggest government-backed investment funds, is reviewing financial performance of the shopping malls and office buildings in its portfolio, Bloomberg News reported, citing anonymous sources. Depending on the outcome, the authority may consider reducing its exposure to some troubled investments. The retail and office markets

European co-living company Cohabs plans $50M NYC expansion

Posted: 14 Jun 2021 06:30 AM PDT

A European co-living company is making a push to scoop up properties in New York City. Since the Belgium-based firm, Cohabs, closed on €58 million, or $70.2 million, in funding this spring, the firm has started scouring New York for small vacant buildings that could be outfitted as co-living properties with between 10 to 30 bedrooms, according to its executives. The company’s portfolio has 760 bedrooms, 480 of which are operational in Brussels, Paris and

These were the top outer-borough loans in May

Posted: 14 Jun 2021 06:00 AM PDT

Dollar volume for the 10 largest outer-borough commercial real estate loans in May was $1.6 billion, almost double that of a year ago as well as the April total. But it is too early to tell if the spike is a sign of recovery: The volume was much higher in March at $1.96 billion. And these are just the 10 fattest loans, not the whole universe of loans. Two loans cracked the $100 million mark,

A win by losing: Failure to score financing gets HFZ off hook for project

Posted: 14 Jun 2021 05:35 AM PDT

HFZ Capital Group is off the hook from paying $6 million to the planned operator of the Shore Club in South Beach, following litigation tied to the companies’ failed deal. HFZ Capital Group wanted to redevelop the property at 1901 Collins Avenue in Miami Beach into a condo-hotel, and signed luxury Brazilian hospitality brand Fasano to manage the revived project. In 2017, HFZ Capital canceled both its redevelopment plan and Fasano’s contract, in light of

The drama behind Jay Bialsky’s $25M listing in Sag Harbor

Posted: 14 Jun 2021 05:00 AM PDT

It seems that Jay Bialsky has played his cards right in Sag Harbor. The Hamptons developer’s Residence B at 2 West Water Street has hit the market, asking nearly $25 million, a year before the unit is expected to be finished. It will follow residence A, which will be Bialsky’s home after its completion in November, and residence C, scheduled to be ready in May. The homes boast curated interiors, expansive terraces and two private

TRD’s June issue is live for subscribers!

Posted: 14 Jun 2021 04:30 AM PDT

The Real Deal’s June issue is live for digital subscribers and soon to hit doorsteps across the country. As a long-awaited semblance of normalcy returns, the fruits of dogged persistence in the face of adversity are being realized in key real estate markets around the U.S. Whether it’s crypto millionaires pumping their gains into property, or Miami’s condo king taking yet another shot at expanding his realm, several stories this month illustrate that if you

Katerra employees fire back with lawsuit over abrupt closure

Posted: 14 Jun 2021 04:00 AM PDT

Reports surfaced June 1 that construction startup Katerra was shutting down its U.S. operations. Three days later, mass layoffs began. Now, three former employees are pursuing a class-action lawsuit against the construction startup, alleging it failed to provide adequate notice of their termination. The lawsuit, which is seeking to certify a class of some 700 laid off Katerra employees, was filed as an adversary complaint in Katerra’s bankruptcy case. The employees worked in Seattle, Jersey